This February will be the busiest month for football, love and RRSP deals. Winning new business is clearly on the minds of big and small discount brokerages with a number of promotions aimed squarely at Canadian investors looking to open RRSP accounts.
Kicking off the RRSP-specific deals are a couple transfer deals from the usually quiet TD Direct Investing (formerly TD Waterhouse Discount Brokerage) and Credential Direct. Credential Direct’s offer of $200 to cover transfer fees for accounts of $10,000 and over is currently the most competitive transfer fee deal. For those looking to transfer with less than $10,000 but who have more than $5,000, Credential Direct is also offering to waive the first year’s account administration fee of $50. TD Direct Investing, by comparison, is offering to cover up to $150 in transfer fees for a $25,000 account.
Of course, February is also about love so what better way to show someone you care than offering them a referral to your favourite discount brokerage? Refer-a-friend programs appear to be the preferred strategy for National Bank Direct Brokerage, Questrade and Scotia iTrade. National Bank Direct Brokerage is willing to pony up $200 for referral business with $100 going to each the referrer and referee, with a catch being that payment will take place after 6 months and a cap of $1000 in referral payouts per client. The 6 month payout time will give both parties plenty of time to think about where to spend their bonus dough. The Scotia iTrade and National Bank Direct Brokerage deals do come with a number of strings attached (the fine print alone on the iTrade deal is over 1400 words long vs ~450 words on the National Bank Direct Brokerage deal) so be sure to read the details carefully and while fully alert. Questrade’s offer of commission credits for referral business – $50 in credits for the referee and $100 for the referrer, is much simpler to follow and even comes with a link to share the deal.
We’ll keep our eyes peeled for any more promotions, deals and special offers during February for investors and if you know of any we’ve missed, feel free to message us to have them added.
Discount Brokerage Deals & Promos
|Company||Brief Description||Minimum Deposit Amount||Commission/Cash Offer 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 Jitney and receive access to their preferred pricing package and a massive 45% discount on the Real Tick trading platform.||n/a||Discounted Commission Rates||none||For more details click here||none|
|Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc||$1,000||$50 commission credit||none||none||none|
|Open and fund a new registered, margin or TFSA account and fund it within 30 days with either A)$1,000 B )$25,000 or C)$50,000 and you will be eligible to receive either unlimited free trading for A) 1 month, B) 2 months or C) 3 months depending on your deposit amounts. You must the code RSP2013 to qualify. This is open to new and existing clients. There’s lots of fine print so be sure to read the details link.||A) $1,000 B) $25,000 C) $30,000||Unlimited trading (No commissions charged on any trades placed)||A) 31 days B) 62 days C) 90 days||Unlimited Free Trades Promotion||March 1, 2013|
|Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account.||$1,000||$50 commission credit (friend) $100 commission credit (referrer bonus)||60 days||Refer a friend||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:$199.80) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $999)||60 days||Refer A Friend to Scotia iTrade||February 28, 2013|
|Open and fund a new Scotia iTRADE account with at least $25,000 before March 31, 2013 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code WAC13-EN. See details link for further terms and conditions.||$25,000||100 free trades ($999 value @ $9.99 commission rate)||60 days||Scotia iTrade 100 free trades + FlightDesk||March 31, 2013|
|Open and fund a new account with National Bank Direct Brokerage with $25 000 or more, and your commission rate for 6 months will be $6.95 Flat.||$25,000||$6.95 Flat commission rate||6 months||Take Control of the Markets Promo||February 28, 2013|
|If you refer a friend/family member who is not already a National Bank Direct Brokerage account holder to them, both you and your friend get a bonus of $100 each. The promotion code “FRIEND” must be used on the account application form. Read the details link for full terms and conditions. Note the maximum referral bonus per client is $1000.||$25,000||$100 referral bonus (referrer) $100 referee (your “friend”)||Payout occurs after 6 months||Share $200 with a Friend Promotion||October 31, 2013|
|Open an account with either: A) $25,000 or more and receive a $100 cash credit and 25 free equity trades. or B) $50,000 or more to receive $200 cash back and 50 free equity trades.||A) $25,000 B) $50,000+||A) $100 cash credit + 25 free equity trades ($823.75 (min)total value @ standard equity rate $28.95) B) $200 Cash credit +50 free equity trades ($697.50 total value @ active trader rate $9.95)||60 days||Cash back offer||March 1, 2013|
|Disnat is celebrating its 30th anniversary by offering new & existing clients $300 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat30. See details link for more info.||$50,000||$300 commission credit||6 months||Disnat 30th Anniversary Promo||February 1, 2013|
|Open a new account or upgrade an existing account with either A) $100,000 or B)$250,000 to receive 250 trades (for those who deposit $100K) or 250 trades + $250 (for those who deposit $250K). Use Promo Code: RSP2013. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully.||A) $100,000 B) $250,000||A) 250 Free Trades ($2497.50 value @ $9.99/trade) B) 250 Free Trades + $250 ( $2747.50 value @$9.99/trade)||90 days||Path to Online Investing Promotion||March 4, 2013|
Transfer Fee Deals
Below are the discount brokerages deals that cover transfer out fees from other discount brokerages.
|Company||Brief Description||Maximum Transfer Fee Coverage Amount||Deposit Amount for Transfer Fee Eligibility||Details Link||Deadline|
|Transfer an RRSP worth at least $10,000 to Credential Direct and they will cover up to $200 worth of transfer fees. The promo code RRSP must be used on the application||$200||$10,000||RRSP Transfer Promo||March 1, 2013|
|Qtrade Investor will reimburse your transfer fee up to $125 when transferring a balance of $25,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number.||$125||$10,000||Transfer Fee Promo||March 31, 2013|
|Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.||$150||$25,000||Transfer Fee Promo||none|
|Open a TD Direct Investing account with a minimum of $25,000 by March 1, 2013, and get up to $150 to cover your account transfer fees.||$150||$25,000||Switch for free||March 31, 2013|
|Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees||$135||$25,000||Transfer Fee Rebate||none|
|Disnat is celebrating its 30th anniversary by 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 Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat30. See details link for more info.||$150||$50,000||Disnat 30th Anniversary Promo||March 1, 2013|