*Updated April 7* It’s finally April and, after the unprecedented changes and challenges that have unfolded over the past month, we would love to say that current world events are nothing but an April Fool’s Day joke gone wrong but sadly, that isn’t the case.
To start off the month, online brokerages have opted to stick to tried-and-true offerings, perhaps as a result of the air of uncertainty and instability that currently looms over the markets.
Even with volatility and turbulence rocking the markets in the past month, which has rightfully left many investors feeling panicked, there has been an emergence of risk-taking investors who have been trying to hastily enter the markets in hopes of making fast money or picking up assets at low prices.
That said, investors should be prepared to wait. Increased interest and call volumes have put a strain on online brokerage technical systems and client service teams – here’s hoping there’s some good music to pass the time on hold.
For investors who are keen on moving fast and stepping into the present market, scroll on to review the current deals and promotions activity from Canadian discount brokerages this month.
Two deals officially concluded at the end of March. The first was RBC Direct Investing’s promotion that offered 25 commission-free trades with the opening of a new account, which ended on March 27th.
Another deal that expired in March was Qtrade Investor’s cash back promotion, which officially concluded on March 31st. If cash back promotions are what you’re in the market for, though, be sure to scroll down to the table below for similar offerings.
No extended deals to report at this time.
*Update: Apr. 7 – This month, we’re introducing a new category of deals to the tables below: offers for young investors. Whether for yourself, or for someone you may know, this is a great resource for younger investors who may be looking to get started in the markets. It is worth mentioning that different online brokerages have different definitions of what a “young investor” means, so be sure to check to see if you qualify.
CIBC Investor’s Edge offers special student pricing of $5.95 per trade if you already have an eligible CIBC Account for students, plus save on annual account fees. Scroll down for more details.
Investors within the age range of 18 to 30 are eligible for two current deals. The first is the [email protected] 18-30 promotion from Desjardins Online Brokerage (Disnat), which they’ve stated is “the perfect starter kit to help you invest in the markets.” The second promotion available for investors within this age group is the special Young Investor Pricing offered by Qtrade Investor. For more details, see the tables below.
Investors who are up to 26 years in age are eligible for two promotions. At Scotia iTrade, young investors can save on administration fees with their Young Investors Offer. At Virtual Brokers, clients in this age range can take advantage of their zero account administration fee offer. See tables below for more details.
National Bank Direct Brokerage is offering a reduced pricing structure for young professionals and students of various fields. Scroll down to discover which fields are eligible.
Finally, RBC Direct Investing is offering to waive the account maintenance fee for clients who currently have or had an RBC Student Account (within the past five years) with them. More details in the tables below.*
Discount Brokerage Deals
- Cash Back/Free Trade/Product Offer Promotions
- Referral Promotions
- Transfer Fee Promotions
- Contests & Other Offers
- Digital Advice + Roboadvisor Promotions
- Offers for Young Investors
Cash Back/Free Trade/Product Offer Promotions
|Company||Brief Description||Minimum Deposit Amount||Commission/Cash Offer/Promotion Type||Time Limit to Use Commission/Cash Offer||Details Link||Deadline|
|Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully.||$1,000||$88 commission credit||60 days||Access this offer by clicking here: $88 commission-credit offer . For full terms and conditions, |
|Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive 5 commission-free trades. Use promo code 5FREETRADES when signing up. Be sure to read terms and conditions carefully.||$1,000||5 commission-free trades||60 days||5 commission-free trade offer||December 31, 2020|
|Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details.||$25,000||commission-free trades for 1 month + 1 month of advanced data.||1 month||Active Trader Program||December 31, 2020|
|Open a new qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+, and you may be eligible to receive a cash back reward of up to A) $250; B) $450; C) $800; D) $1,000 or E) $2,000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions.||A) $50,000|
|Cash back will be deposited week of December 14, 2020||BMO InvestorLine Cash Back Offer Details||June 1, 2020|
|Last Updated: Apr. 01, 2020 15:44PT|
|Company||Brief Description||Minimum Deposit Amount||Incentive Structure||Time Limit to Use Commission/Cash Offer Deposit||Details Link||Deadline|
|Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements.||A) $1,000|
|$25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral)|
For referred individuals:
A) $25 cash back
B) $50 cash back
C) $75 cash back
D) $100 cash back
E) $250 cash back
|Cash deposited into Questrade billing account within 7 days after funding period ends (90 days)||Refer a friend terms and conditions Code Number: 476104302388759||none|
|If you refer a friend/family member who is not already a Scotia iTRADE account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members' contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link.||A) $10,000|
|A) You(referrer): $50 or 10 free trades; Your "Friend": $50 or 10 free trades (max total value:$99.90)|
B) You(referrer): $100 cash or 50 free trades; Your "Friend": $100 cash or 50 free trades (max total value: $499.50)
|60 days||Refer A Friend to Scotia iTrade||tbd|
|If you (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details.||$1,000||$25 cash back (for both referrer and referee)||Cash deposited at the end of the month in which referee's account funded||Refer A Friend to Qtrade Investor||none|
|If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $5,000 the referrer and the referee may both be eligible to receive $50 cash. To qualify the referee must use the email of the referrer that is linked to their BMO InvestorLine account. See terms and conditions for full details.||$5,000||You(referrer): $50; Your Friend(referee): $50||Payout occurs 45 days after minimum 90 day holding period (subject to conditions).||BMO InvestorLine Refer-a-Friend||January 5, 2021|
|Last Updated: Apr. 01, 2020 15:55PT|
Transfer Fee Promotions
|Company||Brief Description||Maximum Transfer Fee Coverage Amount||Minimum Deposit Amount for Transfer Fee Eligibility||Details Link||Deadline|
|Move your brokerage account to Questrade and they'll cover the transfer-out fee up to $150.||$150||n/a||Transfer Fee Promo||none|
|Transfer $15,000 or more to RBC Direct Investing and they will pay up to $200 in transfer fees.||$200||$15,000||Transfer Fee Rebate Details||none|
|Transfer $15,000 or more into a new HSBC InvestDirect account and you may be eligible to have up to $152.55 in transfer fees covered.||$152.55||$15,000||Confirmed via email contact with HSBC InvestDirect Rep. Contact client service for more information.||none|
|Transfer $15,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details.||$150||$15,000||Transfer Fee Rebate||none|
|Transfer $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees.||$135||$20,000||Transfer Fee Rebate||none|
|Transfer at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details.||$150||$25,000|| Transfer Fee Promo |
Contact client service for more information (1-800-465-5463).
|Transfer $25,000 or more into a CIBC Investor's Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made.||$135||$25,000||Confirmed with reps. Contact client service for more information (1-800-567-3343).||none|
|Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account and you may be eligible to have transfer fees covered up to $200. Contact client service for more details.||$200||Contact client service for more information||Contact client service for more information (1-888-776-6886)||none|
|Last Updated: Apr. 01, 2020 15:47PT|
|Company||Brief Description||Minimum Deposit Amount Required||Details Link||Deadline|
|Submit your information via the Hardbacon website to be referred to National Bank Direct Brokerage. Open and fund a qualifying account and you may receive up to 20 commission-free trades and discounted trading commissions. Be sure to read full terms and conditions.||n/a||Hardbacon Free Trade Promo||none|
|Desjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details.||$1,000||[email protected] 18-30 Promotion||none|
|Scotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details.||$1,000||StartRight Free Trade offer||none|
|Last Updated: Apr. 01, 2020 15:49PT|
Digital Advice + Roboadvisor Promotions
|Robo-advisor / Digital advisor||Offer Type||Offer Description||Min. Deposit||Reward / Promotion||Promo Code||Expiry Date||Link|
|Discounted Management||Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link.||$1,000||1st month no management fees||KDKFNBBC||None||Questrade Portfolio IQ Promo Offer|
|Cash Back - Referral||BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details.||$1,000||$50 cash back (referrer)|
$50 cash back (referee)
|Unique link generated from SmartFolio required.||None||SmartFolio Website|
|Transfer Fee Coverage||Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth.||$25,000||up to $150 in transfer fees covered||None||None||Contact customer service directly for more information.|
|Last Updated: Apr. 01, 2020 15:54PT|
Offers for Young Investors
|Brokerage||Offer Type||Eligible Age Range / Client Segment||Offer Description||Min. Deposit||Expiry Date||Link|
|Student Pricing||Clients with CIBC Smart™ Account for students||$5.95 per trade and zero annual account fees||not required||None||CIBC Student Pricing|
|[email protected] 18-30||18-30 years old investors||Benefits:|
* 5 free transactions (Minimum deposit of $1,000 required)
* No inactivity fees
* No asset minimum to maintain for free registered accounts
* Exclusive events
* Disnat Mobile App
|$1,000||None||[email protected] 18-30|
|Offers for professionals & Students||Students in selected fields of study||Professionals and students in the below fields can benefit from a reduced pricing structure:|
* Engineering students
* Legal, accounting and business students
* Healthcare students
* Health sciences students
* Nursing students
* $5.95 commission on equities
* $0 commission on ETFs
* $0 annual administration fee
|not required||None||NBDB Student Pricing|
|Young investor pricing||18-30 years old investors||Benefits:|
* $7.75 commissions for stock and ETF trades
* No account minimums
* No quarterly admin fees
|min. $50 a month through pre-authorized contributions.||None||Young Investor Pricing|
|Waiver of account maintenance fee||Clients who have RBC Student account, currently or in the past 5 years.||The Maintenance Fee ($25 per quarter) is waived, regardless of the account balance.||not required||None||Zero Account Management Fee|
|Young Investors Offer||Clients below 26 years old||Low activity account administration fee and the RSP account administration fee are waived.||not required||None||Young Investors Offer|
|Zero Account Administration Fee||Clients below 26 years old||The account administration fee ($24.95 per quarter) is waived.||not required||None||$0 Account Administration Fee|
|Last Updated: Apr. 01, 2020 15:54PT|