*Update July 13* It looks like the ‘brexit’ wasn’t the only big exit to happen this week. Closer to home, the Canadian online brokerage deals and promotions space also saw a number of promotional offers take off, perhaps for the summer, perhaps longer.
The trend towards promotional offers continues to be a volatile one, which isn’t great news for DIY investors. Compared to this point last year, the total number of cash-back and/or commission-free trade offers has contracted significantly – a development we continue to track. Even though the number of offers has contracted, there are still signs that things are evolving. Interestingly, there has been a rise in the number of contest-related promotional offers.
Despite the turnover in offers, the news isn’t all bad.
Virtual Brokers continued its streak of new offers by launching a Canada Day themed promotion that is highly targeted to Ontario, particularly GTA based, DIY investors that have a penchant for roller coasters and funnel cake.
As part of their latest promotion, Virtual Brokers is offering up a raffle for 4 day passes to Canada’s Wonderland for individuals signing up for a new account during July. Alternatively, for those not in the Toronto area, or who’ve outgrown Canada’s Wonderland, there’s an alternate prize for 20 commission-free trades that potential winners can elect to receive.
Another Canadian discount broker, National Bank Direct Brokerage, also appears to be active in promotions space during the summer. Last month they launched an offer for a margin trading account which offers discounted borrowing rates (0.75%) for margin lending as well as discounted commission trading rates ($6.95) for 3 months. The offer is open to new and existing clients signing up for a margin trading account. As we pointed to in a previous weekly roundup, however, here is a lag time for opening an account at National Bank Direct Brokerage because documents need to be submitted by mail. With a possible strike by Canada Post, there could be an additional delay attached to this process.
We’re already hearing whispers of more offers coming this Fall so it will be interesting to see whether brokerages will be getting ahead of the promotional storm or will be taking it easy for July and August. With competition coming from robo-advisors, recent volatility in the markets and also competition from summer weather, brokerages will no doubt have to get very creative to win the attention of DIY investors.
Expired Deals
There were a number of expired offers from June but among them were a couple of big ones.
*Update July 13: Virtual Brokers has updated their website to include the reinstatement of their transfer fee rebate.*
*Update July 8: Desjardins has extended their $500 commission-credit offer* First, Desjardins Online Brokerage has elected to not extend their long running $500 commission-credit offer. This means that for the time being their best promotional offer is their ‘Broker@ge 18-30’ $50 commission credit.
*Update July 8: Both BMO InvestorLine and Scotia iTrade have extended their refer-a-friend offers* Next, a pair of referral offers also expired at the end of June and as of Canada Day, these offers have yet to be renewed on their respective websites. BMO InvestorLine and Scotia iTrade both had their refer-a-friend offers expire however in the past both of these firms haven’t let these kinds of low-cost promotions lay fallow for too long.
Another offer from Virtual Brokers, the draw for an Apple gift card, also expired at the end of the month and took with it the associated transfer fee rebate.
Extended Deals
*Update July 13: Virtual Brokers has re-posted the transfer fee deal on their website in the terms and conditions section. See table below for more information*
*Update July 8: Three brokerages, Desjardins Online Brokerage, BMO InvestorLine and Scotia iTrade have each extended previously expired offers* At the moment, no deals have been extended.
New Deals
Virtual Brokers was the only Canadian discount brokerage to launch a promotion this month with their Canada Day themed raffle for either a series of 4 day passes to Canada’s Wonderland or 20 commission-free trades. See the table below for more details.
Discount Brokerage Deals
- Cash Back/Free Trade/Product Offer Promotions
- Referral Promotions
- Transfer Fee Promotions
- Contests & Other Offers
Cash Back/Free Trade/Product Offer Promotions
| Company | Brief Description | Maximum Transfer Fee Coverage Amount | Minimum Deposit Amount for Transfer Fee Eligibility | Details Link | Deadline |
|---|---|---|---|---|---|
 |
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 |
 |
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 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 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 | $25,000 | Transfer Fee Rebate | none |
 |
Transfer $25,000 or more to Virtual Brokers and they may cover up to $150 in transfer fees. | $150 | $25,000 | Transfer Fee promo | September 30, 2016 |
 |
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 |
 |
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 | August 30, 2016 |
Expired Offers |
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| Last Updated: July 13, 2016 11:30 PT |
Referral Promotions
[table id=173/]
Transfer Fee Promotions
| Company | Brief Description | Maximum Transfer Fee Coverage Amount | Minimum Deposit Amount for Transfer Fee Eligibility | Details Link | Deadline |
|---|---|---|---|---|---|
|
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 |
|
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 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 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 | $25,000 | Transfer Fee Rebate | none |
|
Transfer $25,000 or more to Virtual Brokers and they may cover up to $150 in transfer fees. | $150 | $25,000 | Transfer Fee promo | September 30, 2016 |
|
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 |
|
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 | August 30, 2016 |
Expired Offers |
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| Last Updated: July 13, 2016 11:30 PT |
Other Promotions
| Company | Brief Description | Minimum Deposit Amount Required | Details Link | Deadline |
|---|---|---|---|---|
|
Credential Direct has partnered with Trend Micro to offer 50% off Trend Micro Titanium Internet Security. Use code “TrendCF” at checkout. | n/a | Trend Micro Special Offer Code | none |
 |
National Bank Direct Brokerage is offering a discount of 0.75% on it’s current margin lending rate for new margin accounts for a period of 3 months. In addition, new margin account registrants will receive a commission rate of $6.95 per equity trade. This offer is open to new and existing clients. Use promo code MARGIN2016 when signing up. Be sure to read the terms and conditions for full details. | n/a | Margin Account Promotion | August 31, 2016 |
 |
Scotia iTRADE is offering a no-purchase entry option to their Stock Shopping Spree contest. There is a limit of one (1) ballot per person using the no purchase required method. Top prize is $10,000 and there are 5 runner-up prizes of $1,000. Be sure to read full contest rules and regulations for eligibility. | n/a | No Purchase Entry Link . Click here for full contest rules. | July 31, 2016 |
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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 | Broker@ge 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 |
|
Virtual Brokers is offering the chance for individuals who sign up for a new online trading account on the classic commission structure with a deposit of at least $1,000 to win an Apple $500 gift card. Be sure to read terms and conditions for more information. | $1,000 | Apple Gift Card Promotion | June 30, 2016 |
Expired Offers |
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| Last Updated: July 1, 2016 15:50 PT |