*Updated Feb. 27th 2014*
Now that February is here, the RSP contribution deadline (March 3rd) is in the crosshairs of many investors. Canadian discount brokerages have already stepped up the deals & promotions activities with last month seeing over 20 deals offered. The most active of all the discount brokerages was Questrade followed by BMO InvestorLine however RBC Direct Investing’s commission lowering announcement also had brokerages scrambling to provide offers to get investors’ attention.
With 7 of the deals set to expire within the first few days of March, the sprint to the RSP deadline is on. Given the combination of news from RBC and the scramble for new client assets at this time of year, February should hold its own fair share of surprises. Be sure to check back regularly for updates or follow @SparxTrading on Twitter for announcements of deal/promo updates. So, without further ado, here’s the discount broker deal rundown at the beginning of February.
Most of the deals that expired in January did so at the beginning of the month. These deals included:
- Questrade’s Boxing Day Promo
- RBC Direct Investing’s 25 Free Trade offer
- BMO InvestorLine’s 250 free trade promo
Interestingly, a deal that was a bit of a ‘flash’ offer from CIBC Investor’s Edge that started and finished in January. They were offering $400 + 50 free trades for $50,000 deposits and $200 + 25 free trades for $25,000 deposits. It has been quite some time since CIBC has offered a special however given the changes going on in the marketplace, it may not be long until we hear from them again.
There was one deal that had its deadline extended out: Scotia iTrade’s refer-a-friend offer. This promotion now expires at the end of March.
Updated Feb. 27/14: HSBC InvestDirect has launched a promotion for new and existing clients to celebrate their performance on Dalbar’s direct brokerage service evaluation. The promotion offers clients 30 days of unlimited commission-free equity trading of North American and international equities (including ETFs). Commissions generated from this 30 day period will be refunded within 90 days. The terms and conditions are very manageable to get through and there is a well prepared FAQ document that explains how the deal works. This promotion is set to run until March 31/2014. See table below for more info.
Technically this is the section for ‘new deals’ however Scotia iTrade’s 100 free trade + Flight Desk offer has been substantially modified to warrant placing it in the ‘new’ section. It appears that Scotia iTrade has reduced the deposit amount required to qualify for this deal from $25,000 to $15,000 and has extended the deadline from the end of March until the end of June. For those considering the deal, be sure to note the change in promo code also.
Discount Brokerage Deals
|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 at HSBC Invest Direct by March 31st, 2014 and receive 30 calendar days of free equity (including ETF) trading of North American and International equities. This offer is open to new and existing HSBC InvestDirect clients. Be sure to read the terms and conditions and the FAQs for more details.||$0||Unlimited equity trades (commissions to be rebated within 90d)||30 days||HSBC Dalbar Award Offer Terms & Conditions. For FAQ information, click here||March 31, 2014|
|Open a new account with RBC Direct Investing before March 3, 2014 and they will offer 20 commission free trades that are good for use for up to 90 days. Use promo code: 20W17 when opening the account. Be sure to read the offer page and the terms and conditions page for full information.||$0||20 free trades (equity & etf)||90 days||For the offer page, click here and for the terms and conditions, click here||March 3, 2014|
|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 an account with Virtual Brokers with a deposit at least $1,000 and Virtual Brokers will offer 25 commission free trades which can be used for up to 1 year. Use promo code “25FTNE” when signing up. This offer is open to new clients only. Be sure to read the terms and conditions for full details on this offer.||$1,000||25 commission-free trades||365 days||25 free trades offer||March 31, 2014|
|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|
|Open a new account (TFSA, Margin or RRSP) by March 1 2014 A) $1000 or B) $10,000 to receive either A)10 commission-free trades or B)100 commission-free trades. The promo code QT100 must be used at time of account opening. There are many conditions attached to this offer so be sure to read the details link for more information.||A)$1,000 B)$10,000||A)10 free trades B)100 free trades||60 days||100 commission-free trades||March 1, 2014|
|Open a new TFSA, margin or registered account with Questrade and receive either A) 31 days B) 62 days or C) 90 days of unlimited commission-free stock & options trades. Use promo code UNLIMITEDW14 when signing up. Be sure to read the terms and conditions for more information.||A)$1,000 B)$25,000 C)$50,000||Unlimited commission-free trades during associated period.||A) 31 days B) 62 days C) 90 days||Questrade Unlimited Trade Promo||March 3, 2014|
|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||March 31, 2014|
|Deposit $5,000 into an RSP and $5,000 into either a cash or TFSA account and Credential Direct will waive the $50 administration fee for the RSP account. Be sure to contact their customer service to clarify the exact terms & conditions.||$10,000 ($5000 into RSP + $5000 into TFSA/Cash account)||$50 admin fee waived||none||5+5 Promotion||March 3, 2014|
|Open a new account with Scotia iTrade and fund it with at least $15,000, and you can receive 100 commission-free trades, 60 days of FlightDesk and be entered into a contest for a trip to the Stanley Cup Finals or one of 5 runner-up prizes of iPad Air (64gb). Use Promo code RS13-SCE when opening the account. Existing clients must call customer service to qualify for contest entry. There are lots of terms, conditions, and rules/regulations so be sure to read them for more details.||$15,000||100 free trades ($999 max value @ 9.99 commission rate)||60 days||Stake Your Claim to the Stanley Cup Promotion||March 24, 2014|
|Transfer $15,000 from another institution into an HSBC InvestDirect account and receive 5 commission-free equity trades. This deal also offers a transfer-fee rebate of up to $150 per account transferred.||$15,000||5 commission-free equity trades||Trades valid for use until May 31, 2014||HSBC InvestDirect Transfer Fee Promo||February 28, 2014|
|Open a new account before March 31, 2014 with at least a)$20,000 or b)$100,000 and National Bank Direct Brokerage will offer up to a)$500 or b)$1000 in commission fee credits. Use the promo code “CASHBACK2014” when signing up to qualify for this offer. Be sure to read the terms and conditions for this offer especially the refund dates for commission credits.||A)$20,000 B)$100,000||A)$500 commission credit B)$1000 commission credit||90 days||Invest and get cash back offer||March 31, 2014|
|Open and fund a new Scotia iTRADE account with at least $25,000 before March 31, 2014 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code HUN-SP. See details link for further terms and conditions.||$15,000||100 commission-free trades ($999 value @ $9.99 commission rate)||60 days||Scotia iTrade 100 free trades + FlightDesk||June 30, 2014|
|Open and fund a new account at CIBC Investor’s Edge with either A)$25,000 or B)$50,000 and receive either A)$200 + 25 free equity trades or B)$400 + 50 free equity trades. This is an in-branch promotion so contact either customer service or a branch for specific terms and conditions.||A)$25,000 B)$50,000||A)$200 + 25 commission-free equity trades B)$400 + 50 commission-free equity trades||1 year||Must visit branch to qualify||February 1, 2014|
|Open and fund a new RSP or TFSA account with BMO InvestorLine with either A)$25,000 or B)$50,000 and they will pay either A)$100 or B)$250 cash back. The promo code for the $100 cash back is “SELECTR100” and for the $250 cash back offer is “SELECTR250”. Be sure to read the terms & conditions for more information.||A)$25,000 B)$50,000||A)$100 B)$250||Payout occurs after 6 months||Registered Account Cross Sell Campaign||March 31, 2014|
|Open and fund a new Cash, Margin, or RSP account with BMO InvestorLine with $25,000 or more and receive $88 cash back. The promo code for the $88 cash back offer is LUNAR2014. Be sure to read the terms & conditions for more information.||$25,000||$88||Payout occurs after 3 months||2014 Lunar New Year Promotion||February 22, 2014|
|Disnat is 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 Disnat300. See details link for more info.||$50,000||$300 commission credit||6 months||Disnat $300 Commission Credit Promo||March 31, 2014|
|If you refer a new client to BMO InvestorLine and they open an account with a)$50,000 – $249,999 or b)$250,000+ the referrer and the referee will both receive cash. The new account must be opened with the referral code specific to the referrer.||A) $50,000 – $249,000 B) $250,000+||A) You(referrer): $200; Your Friend(referee): $50 B) You(referrer): $300; Your Friend: $100||Payout occurs after 60 days (subject to conditions).||Refer A Friend Terms & Conditions||October 31, 2014|
|[Main offer]Open a new account or deposit new funds of $100,00 or more and you can be eligible for cash rebates of $250 and 250 commission-free trades (Promo code: RSP250). [Bonus Offer] If you open a new account or fund another account you could also be eligible for an additional $50 and 50 commission-free trades (Promo code ADD50). Be sure to read the full details & terms of this offer.||$100,000 (main offer) $5000 (bonus offer)||[main offer] $250 cash back + 250 commission-free trades (max value $2500) [Bonus offer] $50 + 50 commission-free trades||90 days||$300 + 300 trade offer||March 10, 2014|
|Open a new account or transfer new assets of $100,000 or more and choose between receiving either a)A 16GB iPad Mini or B)$250 cash back. Be sure to choose the appropriate code (IPADMINIW13 for the iPad Mini and CASH250W13 for the cash back offer) for each offer. There are several important conditions so be sure to read the terms and conditions for this offer.||$100,000||A) iPad Mini (16 GB) [~$270-320 value] B) $250 Cash||Payout/iPad delivery occurs after 30 days.||iPad Mini or $250 Cash Back||March 1, 2014|
Transfer Fee Deals
|Company||Brief Description||Maximum Transfer Fee Coverage Amount||Deposit Amount for Transfer Fee Eligibility||Details Link||Deadline|
|Transfer in $15,000 or more into an HSBC InvestDirect account from another institution, and HSBC will cover up to $150 of transfer fees per funded account.||$150||$15,000||HSBC InvestDirect Transfer Fee Promo||February 28, 2014|
|Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees||$135||$15,000||Transfer Fee Rebate Details||none|
|Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.||$150||$25,000||Transfer Fee Promo||none|
|Virtual Brokers will cover transfer fees from your transferring institution to a maximum of $150 per account. This offer is only applicable to accounts opened with at least $25,000 in equity before March 31, 2014||$150||$25,000||Transfer Fee Promo||March 31, 2014|
|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|
|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||$25,000||Transfer Fee Promo||none|
|Disnat 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 Disnat account. You’ll have to call 1 800 268-8471 and mention promo code Disnat300. See details link for more info.||$150||$50,000||Disnat $300 Commission Credit Promo||March 31, 2014|