*Updated: July 8* Despite all the fanfare and celebration that typically accompanies the beginning of July, it seems like many Canadian online brokerages are taking a bit of a break from the promotional game. Heading into the first official month of the summer, the discount brokerage deals section appears to be keeping its cool with […]
*Updated: July 8* Despite all the fanfare and celebration that typically accompanies the beginning of July, it seems like many Canadian online brokerages are taking a bit of a break from the promotional game. Heading into the first official month of the summer, the discount brokerage deals section appears to be keeping its cool with two big offers expiring in June and no new offers coming to market just yet.
Of course, it being Canada Day, online brokerages are closed at the time of posting this update so there may be something interesting to emerge in the early part of July. Even so, this is one deals pool that we’re not holding our breath in at this point.
Despite rallying markets, a rebound in cryptocurrency and hot IPOs, there’s been muted participation in the deals section – which is not to say that there aren’t promotions in the works – but for the time being, it’s more of a lazy river than a wild water park of savings for DIY investors.
It’s not all bad news for investors or the online brokerages who are still hanging in there with promotional offers, however. There are still a handful of offers – ranging from commission free trades to cash-back offers – for DIY investors to choose from.
As always, we’ll be keeping an eye out on the deals activity during the summer months but if there are any you think would be great to share with readers that we’ve not posted yet, please mention them in the comments or let us know.
There were two noteworthy offers that expired in June. The first was the RBC Direct Investing cash back offer. This promotion was fairly short-lived and offered up between $100 and $1,000 depending on the amount deposited (ranging between $25,000 and $500,000+).
The second big offer to finally expire was Questrade’s transfer fee coverage promotion. It was a definite game changer in that there was no stated minimum deposit required to have transfer fees covered. Now that the offer has expired though, Questrade is reverting back to the standard minimum deposit requirement of $25,000 to have transfer fees waived.
*Update July 22 – CIBC Investor’s Edge have extended their commission-free trades promotion for an extra 9 days.
*Update July 8 – Much like a cat, the Questrade transfer fee promotion has found yet another life and is now extended until the end of September. See table below for more details.*
No deals were extended at the outset of July.
*Update July 8 – HSBC InvestDirect jumped back into the deals pool with a new commission-free trading offer. This promotion offers up 30 commission-free trades to new and existing clients who open an eligible account. There is no minimum deposit required for this offer. See table below for more details*
No new deals crossed the wire at the beginning of July, however there was a new deal from BMO InvestorLine which did launch in June and which is a unique offer in that it targets a very high minimum deposit tier for investors to qualify. This offer is a cash back promotion that offers between $500 and $2,500 cash back for deposits ranging from $250,000 to $2M+. It is the first time in recent memory that an online brokerage has created a cash back tier for a deposit level so high. Also, it is one of the highest starting points for an offer – perhaps a signal that BMO InvestorLine is targeting higher deposit amounts across the summer (given that this offer is live until the beginning of September).
|Company||Brief Description||Minimum Deposit Amount||Commission/Cash Offer/Promotion Type||Time Limit to Use Commission/Cash Offer||Details Link||Deadline|
|A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitneytrade and receive access to their preferred pricing package.||n/a||Discounted Commission Rates||none||For more details click here||none|
|Open a new qualifying account with CIBC Investor’s Edge and you may be eligible to receive 100 commission-free trades. Eligible trades include equity, ETF and options trades (per contract charges still apply). Commission-free trades are good for up to 90 days after account opening date. Use promo code EDGE28 when signing up. Be sure to read terms and conditions for full details.||n/a||100 commission-free trades||90 days||CIBC Investor’s Edge Free Trade Promotion||August 9, 2019|
|Open a qualifying account at HSBC InvestDirect and you may be eligible to receive up to 30 commission-free North American equity or ETF trades. No minimum deposit is required for this offer and it is open to new and existing clients. Trades are eligible to be used for up to 60 days. See terms and conditions for full details.||n/a||30 commission-free trades||60 days||HSBC InvestDirect Summer Offer||September 30, 2019|
|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, click here.||none|
|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, 2019|
|Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatTransfer or email: [email protected] See details link for more info.||$10,000||1% of assets transferred in the form of commission-credits (max credits: $1,000)||6 months||Disnat 1% Commission Credit Promo||none|
|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, 2019|
|Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $250,000; B) $500,000 or C) $2M+ and you may be eligible to a cash back reward of up to A) $500; B) $1,000 or C) $2,500. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions.||A) $250,000 B) $500,000 C) $2M+||A) $500 B) $1,000 C) $2,500||Cash back will be deposited the week of March 16, 2020.||BMO InvestorLine Summer 2019 Campaign||September 3, 2019|
|Last Updated: July 22, 2019 11:30 PT|
|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 B) $10,000 C) $25,000 D) $50,000 E) $100,000+||$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 (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 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 B) $50,000+||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 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 2, 2020|
|Last Updated: July. 1, 2019 17:45 PT|
|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||September 30, 2019|
|Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 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||Contact client service for more information (1-800-465-5463).||none|
|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|
|Desjardins Online Brokerage is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Desjardins Online Brokerage account. You’ll have to call 1-866-873-7103 and mention promo code DisnatTransfer. See details link for more info.||$150||$50,000||Disnat 1% Commission Credit Promo||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: July 8, 2019 16:30 PT|
|Company||Brief Description||Minimum Deposit Amount Required||Details Link||Deadline|
|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: July 1, 2019 17:30 PT|
|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||Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $1000. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion.||$1,000||0.5% cash back to a maximum of $1000.||PROMO1000||January 2, 2020||SmartFolio Cash Back Promo|
|Discounted Management||Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details.||$1,000||1 year no management fees||STSF||April 30, 2019||SmartFolio New Account Promotion|
|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: July 1, 2019 17:30PT|