*Update: 9/23/16* At the outset of September, the discount brokerage deals & promotions activity appears to have contracted slightly but still remains reasonably healthy for any DIY investor searching for a deal.
With 21 offers in the mix, there are certainly deals to be had and certain brokerages, such as Desjardins Online Brokerage (Disnat) and Questrade, are extra hungry for business and are offering up multiple incentives. Based on the time of year and from discussions with brokerages over the summer, there are likely more offers coming across the fall however the exact timing and nature of those is not quite confirmed so deal watchers will want to continue monitoring.
Another exciting development is that we’re curious to know what you, our valued readers, find to be the best deal from a Canadian discount brokerage. Be sure to fill out the following survey to let us know.
We’ll continue to monitor the deals and promotions activity and report back here when we have an update. As always, if there’s an offer out there that we’ve missed, let us know and we’ll post it here.
Of the handful of promos that were scheduled to expire at the end of August, the deal that made it through was Desjardins Online Brokerage’s long-standing commission credit offer. The new expiry date has been bumped to September 30th.
The sun has gone down on three offers heading into September. The first is National Bank Direct Brokerage’s discounted margin promotion. Folks on the inside are going to be crunching some numbers to see if or when something like this might make a comeback. A second offer to expire is the Virtual Brokers 7th anniversary contest draw. This promotion required entrants to not only track down a special symbol on a page (think scavenger hunt) but also open an account with the code they retrieved by finding the special symbol. Points for creativity. Finally, BMO InvestorLine retired their summer cash back offer and kept the seasonal theme alive by replacing it with a ‘Fall’ themed one (more details on that below)
*Update: 9/23/16 – HSBC InvestDirect has joined the deals & promotions section this month with a new and potentially disruptive cash back offer. Starting at $88 cash back for deposits of at least $25,000 and going up to $988 back for $1M+ deposits, this offer is sure to get attention from other discount brokerages as it is one of the highest cash-back only offers currently available. See table below for more details*
*Update: 9/16/16 – Scotia iTRADE has jumped back into the deals game in a big way this week by adding in two new offers. The first is a combination offer that consists of commission-free trades and SCENE points. These points can be redeemed either for free movies at Cineplex theaters or at partners that accept SCENE points such as Sport Chek or restaurants owned by CARA (such as Harveys and Swiss Chalet). The second offer to hit the deals wire is a basic commission-free trade offer. Depending on the amount deposited (minimum tier is at least $25,000) eligible clients can receive between 75 and 250 commission-free trades. See table below for more info.
BMO InvestorLine was the only Canadian discount brokerage to launch into the new month with a brand new promotion. On deck for DIY investors with $100,000 or more is an offer for $200 cash back and 20 commission free trades. This fall-season offer lasts until October 31st and features some very detailed (and well-explained) terms and conditions. More info below.
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||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 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 account at Virtual Brokers with at least $5,000 and you may be eligible to receive 3 months of commission-free equity trading and a $150 USD/mo credit towards Edge Trader Pro for 3 months. Use promo code sent at sign up to qualify. Be sure to read full terms and conditions for details.||$5,000||3 months commission-free equity trading + $150 USD/mo platform fee rebate.||3 months||3 months free trading / Sign up form for promo code available here||none|
|Open and fund a new account with HSBC InvestDirect with at least A) $25,000; B) $50,000; C) $100,000; D) $250,000; E) $500,000 or F) $1,000,000+ and you may be eligible to receive a cash bonus offer of A) $88; B) $188; C) $288; D) $388; E) $688 or F) $988. Be sure to read terms and conditions for full offer details.||A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,000 – $249,999 D) $250,000- $499,999 E) $500,000 – $999,999 F) 1,000,000+||Cash back bonus A) $88 B) $188 C) $288 D) $388 E) $688 F) $988||Bonus will be credited to the qualified accounts by July 31, 2017||HSBC InvestDirect Cash Bonus Promo||December 30, 2016|
|Open and fund a new account with Scotia iTRADE with at least A) $25,000; B) $50,000; C) $100,00 or D) $250,000+ and you may be eligible to receive A) 75; B) 150; C) 200 or D) 250 commission-free trades. Use promo code F16FT when signing up. Be sure to read terms and conditions for full details.||A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,000 – $249,999 D) $250,000+||Commission-free trades||90 days||250 free trade offer||November 30, 2016|
|Open and fund a new account with Scotia iTRADE with at least A) $25,000; B) $50,000; C) $100,00 or D) $250,000; E) $500,000 or F) $1,000,000+ and you may be eligible to receive 50 commission free trades plus A) 5,000; B) 7,500; C) 20,000; D) 35,000; E) 50,000 or F) 100,000 SCENE points. Use promo code F16SC when signing up to qualify. Be sure to read terms & conditions for full details.||A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,000 – $249,999 D) $250,000- $499,999 E) $500,000 – $999,999 F) 1,000,000+||A) Commission-free trades + B) SCENE reward points||90 days (for trades) SCENE points will be awarded by June 30, 2017.||Free trade + SCENE points offer||November 30, 2016|
|Disnat is offering new & existing clients up to $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||September 30, 2016|
|Open a new qualifying account with BMO InvestorLine, and fund it with at least $100,000 and you may be eligible to receive $200 cash back as well as 20 commission free trades. Use promo code Fall200 when signing up to be eligible. Be sure to read the terms and conditions for more details on the offer.||$100,000||$200 cash back + 20 commission-free equity trades||Cash back will be deposited the week of June 5, 2017.||Fall 2016 Promotion||October 31, 2016|
|Last Updated: Sep 23 23:30 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 – $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|
|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 Virtual Brokers client) refer a friend or family member to open a new account with at least $5,000 you may be eligible to receive $25 cash per referral. For 3 or more referrals Virtual Brokers will add a $50 bonus. Referred individuals depositing either A) $5,000 – $50,000 or B) $50,000+ may be eligible to receive A) $25 or B) $50 cash back. Be sure to read the full terms and conditions carefully for full details. Be sure to read the terms and conditions to this offer carefully for full details.||A) $5,000 – $50,000 B) $50,000+||Referrer: $25 per referral; $50 bonus for each 3 or more referrals. Referee: A) $25 B) $50||Cash to be deposited to VB account by August 15, 2016.||Cash Referral Program||May 31, 2016|
|If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $50,000 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.||$50,000||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||October 31, 2016|
|Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc||$1,000||$50 commission credit||30 days||none||none|
|Last Updated: Sept. 1, 2016 13:10PT|
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 to Scotia iTRADE when opening a new account and they will cover up to $150 in transfer fees.||$150||$25,000||Eligible with both offers: Free trade + SCENE points offer and 250 free trade offer||November 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||September 30, 2016|
|Last Updated: Sept. 16, 2016 22:10 PT|
|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|
|Desjardins Online Brokerage, in conjunction with MoneyTalks, is offering 3 months of the “Inside Edge” investor information service to Desjardins Online Brokerage clients. Use promo code DESJ2016 during checkout to qualify. Be sure to read full terms and conditions for more information.||n/a||MoneyTalks Inside Edge Discount||none|
|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: Sept. 1, 13:30 PT|