*Updated Oct. 9* October is typically the month when little ghouls and goblins put on their best costumes and head out in search of treats. For DIY investors, Canadian discount brokerages have quite a few treats in the form of deals and promotions running this month, and perhaps even a few tricks.
Heading into this month, there was a flurry of activity from five brokerages, each of whom launched new offers in September. While BMO InvestorLine and Questrade kicked off last month’s deal action, and Scotia iTrade launching a new offer to replace an expiring one mid-month, it was National Bank Direct Brokerage and Virtual Brokers who stepped back into the deals pool with some interesting offers. NBDB launched a commission free trade offer which coincided with their top finish in the latest JD Power Investor Satisfaction Survey while Virtual Brokers timed their university student oriented cash back promotion around the back-to-school window.
Extensions on two other long-standing offers also showed up for the start of another round of deals. Scotia iTrade’s ‘Refer a Friend’ offer has been extended to the end of 2015 as has Desjardins Online Brokerage’s $500 commission credit.
Canadian online brokers are in a bit of a holding pattern at the start of the month. With big announcements coming weekly at this point and the fiscal year end for many of the banks/brokerages at the end of October, there may be a few treats left for patient DIY investors. Be sure to check back through the month or follow us on Twitter for updates.
There was one offer that officially expired mid-month last month from Scotia iTrade – their 1000 trade or $1000 cash back offer. This deal was replaced with a less headline grabbing 500 trade or $500 cash back offer.
As mentioned above, Scotia iTrade and Desjardins Online Brokerage each had deals they extended out to the end of the year. For Scotia iTrade, the ‘refer a friend’ offer has been extended yet again, this time putting another three months on its game clock. For regular readers of the deals section, this is one offer that has reliably been extended every time it has come up for expiry, although this time around it has been extended for three months instead of the usual one month.
Desjardins Online Brokerage has also extended their signature offer for another three months keeping them on the deals board through the end of 2015.
*Update: Oct. 9 – Virtual Brokers added another deal to its promotional offers this week with a revival of their 25 commission-free trade deal. Individuals depositing at least $5,000 of new assets into a new Virtual Brokers account can receive 25 commission-free trades which are good for use for one full year. See table below for more details.*
*Update: Oct. 6 – After a long hiatus from the deals and promotions section, TD Direct Investing is stepping back into the ring with a commission-free trade offer that lasts until November 30th. TD Direct Investing’s latest deal offers DIY investors either 50, 100 or 200 commission-free trades for minimum deposits of $25,000, $50,000 or $100,000 respectively. To help sweeten the deal, they’re also offering 90 days of free access to their Advanced Dashboard platform. See table below for more details.*
There’s nothing to officially report in the new deals department at the beginning of October, however it is worth noting that Virtual Brokers’ new student-oriented cash back deal just got launched less than a week before the start of a new month and runs until the end of this month.
As always, if there are any new deals or promotions that you’d like to share with us, please drop us a note or comment below.
Discount Brokerage Deals
|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 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|
|Individuals between 18 and 35 years of age who open a new qualifying account with BMO InvestorLine, may be eligible to receive 35 commission-free trades, an eBook on investing, $50 cash back and potentially waived account minimum fees. Use promo code “YOUNG” when signing up. Be sure to read the terms and conditions for more details on the offer.||A) for commission free trades: n/a B) for cash back: $25,000||A) 35 commission-free trades (rebate for free trades to be applied week of March 28/2016) B) $50 cash back + 35 commission-free trades (cash back bonus to be applied week of March 28/2016)||90 days||Youth Promotion||October 31, 2015|
|For students and recent graduates (within the past 2 years), open a new account with Virtual Brokers with at least $1,000 and you may be eligible to receive $50 cash back. Use promo code UN332015 when registering to qualify. Be sure to read full terms and conditions.||$1,000||$50 cash back||Cash deposited shortly after Dec. 31/15||Student Promo||October 31, 2015|
|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|
|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 – $9,999 B) $10,000 – $24,999 C) $25,000 – $49,999 D) $50,000 -$99,999 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|
|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, 2016|
|Open and fund a new online trading account with Questrade with at least A)$1,000 or B)$10,000 and you could be eligible to receive either A)10 or B) 100 commission-free trades. Use promo code 100LOWCOM2015 when applying to be eligible for this offer. Be sure to read the full terms and conditions for this promotion.||A)$1,000 B)$10,000||A) 10 commission-free trades B) 100 commission-free trades||60 days||Commission-free Trade Promotion||December 31, 2015|
|Open a new online trading account (registered, margin or FX and CFD) with Questrade and deposit at least $5,000 in order to be eligible to qualify for a $50 prepaid Visa gift card. Clients must also place at least one commission-generating trade within 60 days. Use promo code VISA502015 when signing up. Be sure to read terms and conditions for full details.||$5,000||$50 prepaid Visa card||Prepaid Visa cards will be mailed after clients complete eligibility requirements.||Prepaid Visa Promotion||October 30, 2015|
|Open and fund a new account at Virtual Brokers with at least $5,000 and you could be eligible to receive up to 25 commission-free stock or ETF trades good for use for up to one year. Use promo code “TRADEFREE2015” when signing up to qualify. Be sure to read full terms and conditions carefully.||$5,000||25 commission-free trades||365 days||25 commission-free trades||December 31, 2015|
|Open a new online trading account with National Bank Direct Brokerage and deposit either A) $5000 – $24,999; B) $25,000 – $49,999 or C) $50,000 and you may be eligible to receive either A) 25; B) 50 or C) 100 commission-free trades. Use promo code “Trade” when applying to qualify. Be sure to read full terms and conditions carefully.||A) $5,000 – $24,999 B) $25,000 – $49,999 C) $50,000+||A) 25 commission-free trades B) 50 commission-free trades C) 100 commission-free trades||90 days||Commission-free Trades Offer||November 30, 2015|
|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||December 31, 2015|
|Open and fund a new Scotia iTRADE account with at least A) $15,000 – $49,999; B) $50,000 -$99,999; C)$100,000 – $249,999; or D)$250,000+ and you may be eligible to receive a corresponding cash back or commission rebate. For commission-free trades use code: FTN-F15 or for cash rebates use code: NC-F15. Be sure to read the terms and conditions carefully for rebate and cash back eligibility. Contact Scotia iTrade for full details on this offer.||A) $15,000 – $49,999 B) $50,000 -$99,999 C) $100,000 – $249,999 D) $250,000+||A) 75 commission-free trades OR $75 cash back B) 125 commission-free trades OR $125 cash back C) 250 commission free trades OR $250 cash back D) 500 commission-free trades OR $500 cash back||120 days for commission-free trades; Cash for the cash back offer will be deposited directly by September 30, 2016.||500 free trade or $500 cash back promo||December 31, 2015|
|Open and fund an eligible TD Direct Investing account with at least a) $25,000 b) $50,000 or c) $100,000 in new (to TD) assets and you could be eligible to receive a) 50 b) 100 or c) 200 commission-free trades. Be sure to read the full terms and conditions for this offer.||A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,000+||A) 50 commission-free trades B) 100 commission-free trades C) 200 commission-free trades||45 days; commission-rebates will be paid by June 3, 2016||200 Free Trades Promo||November 30, 2015|
|Disnat is offering new & existing clients $500 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 1-866-873-7103 and mention promo code Disnat500. See details link for more info.||$50,000||$500 commission credit||6 months||Disnat $500 Commission Credit Promo||December 31, 2015|
|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 – $249,999 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).||BMO InvestorLine Refer-a-Friend||October 30, 2015|
|Open and fund a new online trading account with Questrade with at least A)$50,000 to $99,999 or B)$100,000+ and you could be eligible to receive either A)$100 or B) $250 cash back. Use promo code CASHBACK2015 when applying to be eligible for this offer. Be sure to read the full terms and conditions for this promotion.||A) $50,000 -$99,999 B) $100,000+||A) $100 cash back B) $250 cash back||Cash will be deposited within 30 days of account being properly funded.||$250 Cash Back Promo||October 30, 2015|
|Open a new qualifying account with BMO InvestorLine, and fund it with at least $100,000 in net new assets and you may be eligible to receive either A)$200 cash back plus 20 commission-free equity trades. Use promo code FALL2015 when signing up to be eligible. Be sure to read the terms and conditions for more details on the offer.||$100,000||$200 + 20 commission-free equity trades||Cash award will be paid the week of June 6, 2016. Trades are good for 1 year from signing up for promotional offer.||Fall 2015 Promotion||October 31, 2015|
|Last Updated: October 9, 17:05 PST|
Transfer Fee Deals
|Company||Brief Description||Maximum Transfer Fee Coverage Amount||Minimum Deposit Amount for Transfer Fee Eligibility||Details Link||Deadline|
|Transfer $15,000 or more to Scotia iTrade from another Canadian brokerage, and iTrade may pay up to $150 in transfer fees.||$150||$15,000||500 Free Trade or $500 Cash Back Offer||December 31, 2015|
|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|
|Transfer $25,000 or more from another brokerage and Credential Direct will cover up to $150 in transfer fees. Use promo code SWITCHME when signing up to qualify for the transfer promotion.||$150||$25,000||Credential Direct Transfer Fee Rebate||none|
|Qtrade Investor will reimburse your transfer fee up to $150 when transferring a balance of $10,000 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.||$150||$25,000||Transfer Fee Rebate||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|
|Transfer $25,000 or more from another brokerage and TD Direct Investing will cover up to $150 in transfer fees.||$150||$25,000||200 commission-free trades||November 30, 2015|
|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 info (1-800-567-3343)||none|
|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 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 1-866-873-7103 and mention promo code Disnat500. See details link for more info.||$150||$50,000||Disnat $500 Commission Credit Promo||December 31, 2015|