*Updated: July 5* With lots of sunshine, July’s crop of discount brokerage deals is still in full bloom. That’s great news for DIY investors looking to open online investing account with a Canadian online brokerage. While the cash back offerings still lag the commission-free category, there remains ample opportunity to get a transfer-free bonus when switching online brokers.
As July 1st falls on a holiday (happy Canada Day!) and a weekend, online brokerage websites may not have been updated with the latest deals for July. Not to worry though, we’re keeping a lookout for new deal announcements that might appear after the long weekend.
All told, after an eventful June, the deals and promotions activity in July looks like it will have a few surprises of its own to offer. Early on this month, we’re watching the National Bank Direct Brokerage offer (which is scheduled to expire July 6th) as well as what will transpire with BMO InvestorLine in the first week of July.
Stay tuned and as always, if you spot a deal that would be interesting to fellow DIY investors, please feel free to let us know or leave a comment below.
It was interesting to see this deal come to market when it did, and we’re certainly sad to see it go, but the RBC Direct Investing commission-free trade promotion expired mid-month in June. The move by the large bank-owned brokerage is a signal that they can still surprise the marketplace.
Another offer that technically expired heading into July was BMO InvestorLine’s cash back and commission-free trade promotion. Since a replacement has not yet been posted to the BMO InvestorLine website at the time of the deals & promotions update, we’ll count this one out. If history is any indicator, however, there may be a pleasant surprise coming very shortly.
There were no extended offers to report (yet).
*Updated: July 5 – BMO InvestorLine launched a new cash back deal this month which is sure to get onto DIY investors’ radars. The tiered offer, which is open to new and existing clients, provides cash back bonuses ranging from $75 (for a $50,000 deposit) to $1,000 (for a $500,000 deposit). Keep in mind that BMO InvestorLine’s offer can be combined with their refer-a-friend promotion which can add an extra $50 cash back to the total reward amount. See table below for more information.*
At the start of July, there were no new offers that we spotted, however heading into this month there were a pair of important offers in June that caught our attention.
The first new offer that showed up in June was from Scotia iTRADE, specifically a cash back (in the form of a gift card) offer that was being marketed to existing clients. Specifically, this deal is open to existing clients as of May 14th, 2018. We’ve added that deal to the table this month as it is worth enquiring about for new clients to see if iTRADE is prepared to match or provide a better offer when signing up.
Another promotion that crossed the deals radar last month was from BMO SmartFolio, who launched a cash back offering. The cash back amounts on this offer ranged from $25 cash back (for a deposit of $5,000) to $1000 cash back (for a deposit of $200,000 or more). 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
- Digital Advice + Roboadvisor Promotions
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 $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully.||$1,000||$88 commission credit||60 days||Access this offer by clicking here: $88 commission-credit offer . For full terms and conditions, 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, 2018|
|Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatTransfer or email: [email protected] See details link for more info.||$10,000||1% of assets transferred in the form of commission-credits (max credits: $1,000)||6 months||Disnat 1% Commission Credit Promo||September 30, 2018|
|Open and fund a new account with Scotia iTRADE (or fund an existing account) with at least A) $25,000; B) $50,000; C) $100,000; D) $250,000; E) $500,000 or F) $1M+ and you may be eligible to receive a pre-paid Visa card worth A) $100; B) $200; C) $500; D) $800; E) $1,100 or F) $1,500. Use promo code 18SUM when registering. Be sure to read terms and conditions for more details. NOTE: this offer is open to existing Scotia iTRADE clients only (who were clients prior to May 14, 2018).||A) $25,000 B) $50,000 C) $100,000 D) $250,000 E) $500,000 F) $1M+||A) $100 B) $200 C) $500 D) $800 E) $1,100 F) $1,5000||pre-paid Visa card will be awarded by Jan. 31, 2019.||iTRADE Summer Promo||August 31, 2018|
|Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details.||$25,000||commission-free trades for 1 month + 1 month of advanced data.||1 month||Active Trader Program||December 31, 2018|
|Open a new account or fund an existing account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $300,000 or D) $500,000+ and you may be eligible to receive a cash back reward of up to A) $75; B) $200; C) $500 or D) $1000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions.||A) $50,000 B) $100,000 C) $300,000 D) $500,000+||A) $75 B) $200 C) $500 D) $1000||Cash back will be deposited the week of April 19, 2019.||BMO InvestorLine Summer 2018 Campaign||September 3, 2018|
|Open a new account at National Bank Direct Brokerage with at least 5,000 and you may be eligible to receive up to 25 commission-free trades, good for up to one year. There is also a promotional discounted commission-pricing available within the first year to individuals who use up their 25 trades; trading commissions for the first year are $6.95. Use promo code SPRING 2018 when signing up to be eligible for this offer. This offer is also available to existing clients. Be sure to read terms and conditions for full details.||$5,000||25 commission-free trades + $6.95 commission per trade pricing||365 days||National Bank Spring Offer||July 6, 2018|
|Last Updated: July 27, 2018 21:45 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 B) $10,000 C) $25,000 D) $50,000 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 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, 2018|
|Last Updated: July 1, 2018 14:55 PT|
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 Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details.||$150||$15,000||Transfer Fee Rebate||none|
|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 $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees.||$135||$20,000||Transfer Fee Rebate||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 at least $25,000 in new assets to Scotia iTRADE and you may qualify to have transfer fees reimbursed up to $150.||$150||$25,000||iTRADE Summer Promo||August 31, 2018|
|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|
|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 DisnatTransfer. See details link for more info.||$150||$50,000||Disnat 1% Commission Credit Promo||September 30, 2018|
|Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account, by transferring in at least $200,000+ in net new assets and you may be eligible to have transfer fees covered up to $200. Use promo code SPARXCASH when signing up. Be sure to read the terms and conditions for more details on the offer.||$200||$200,000||BMO InvestorLine Summer 2018 Campaign||September 3, 2018|
|Last Updated: July 5, 10:00 PT|
|Company||Brief Description||Minimum Deposit Amount Required||Details Link||Deadline|
|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: July 1, 2018 18:55 PT|
Digital Advice + Roboadvisor Promotions
|Robo-advisor / Digital advisor||Offer Type||Offer Description||Min. Deposit||Reward / Promotion||Promo Code||Expiry Date||Link|
|Discounted Management||Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link.||$1,000||1st month no management fees||KDKFNBBC||None||Questrade Portfolio IQ Promo Offer|
|Cash Back||Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $200. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion.||$1,000||0.5% cash back to a maximum of $200.||PROMO1000||September 4, 2018||SmartFolio Cash Back Promo|
|Discounted Management||Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details.||$1,000||1 year no management fees||STSF||April 30, 2019||SmartFolio New Account Promotion|
|Cash Back – Referral||BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details.||$1,000||$50 cash back (referrer) $50 cash back (referee)||Unique link generated from SmartFolio required.||None||SmartFolio Website|
|Transfer Fee Coverage||Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth.||$25,000||up to $150 in transfer fees covered||None||None||Contact customer service directly for more information.|
|Last Updated: July 1, 2018 14:55 PT|