*Updated Sept. 4* When it comes to discount brokerage deals, it appears that this month, school is definitely in session. Even though there are no new deals that officially launched at the beginning of September, there were several that snuck in at the tail end of August, just in time for the Labour Day weekend and for the start of the new month.
Change is almost a given in the stock market these days, so it seems fitting that there be some turnover and excitement in the deals space. To that end, last month saw the start and finish of the RBC Direct Investing commission-free trade offer and the expiry of the CIBC Investor’s Edge commission-free trading offer. Early on in September, BMO InvestorLine is also poised to launch a new deal, too.
Despite the action at Canada’s bank-owned online brokerages, it was Scotia iTRADE that made the biggest splash in the discount brokerage deals pool at the end of last month. With a creative deal for new clients as well as promotions for existing clients being offered by iTRADE, this online broker has left little doubt that they’re prepared to take the rest of the online brokerages back to school when it comes to interesting offers for DIY investors.
It’s clear that the timing of Scotia iTRADE’s offers are no accident. September is the time of year when investors are typically returning from vacations and getting back into the markets, so it would not be too surprising to see deals activity at other online brokerages begin to ramp up too and respond in kind with offers of their own.
As always if there are any new or interesting discount brokerage deals out there that online investors could benefit from, let us know in the comments below.
*Update September 4 – The cash back promotion offered by BMO InvestorLine has expired, but quickly replaced with a new cash back deal. More details on the offer can be found below.
The two biggest offers that expired in August included an offer from CIBC Investor’s Edge and a commission-free trade from RBC Direct Investing.
*There are no extended deals to report this period*
*Update September 4 –BMO InvestorLine has released a new cash back promotion available for new qualifying accounts. You may be eligible for cash back when you deposit $100,000+ in your account. Enter promotion code SPARXCASH into your Online Application Form to qualify for this award. Scroll down for more details.*
Scotia iTRADE is offering up $50 in cash back for new clients as well as a standard commission rate of $6.99 per trade (until March 2020). In addition, this offer is accessible with a minimum deposit of $2,500.
For existing Scotia iTRADE clients, there are also some compelling incentives being batted around. The first is for individuals who add a certain dollar amount to their accounts to be eligible for commission-free trades. Since these are for existing clients, the typical YMMV (your mileage may vary) qualifier applies, however iTRADE is offering 5 commission-free trades for deposits of $10,000.
In addition, and potentially the most compelling offer for existing clients, is that Scotia iTRADE is offering up to 3 commission-free trades for attending an educational webinar on the “US Dollar Position” on September 24, 2019. Trading commission-free trades for attending a webinar is a very tempting offer that has very little downside for investors and could be something that other online brokerages that offer DIY investor educational webinars look to add into their mix to encourage participation.
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 a qualifying account at HSBC InvestDirect and you may be eligible to receive up to 30 commission-free North American equity or ETF trades. No minimum deposit is required for this offer and it is open to new and existing clients. Trades are eligible to be used for up to 60 days. See terms and conditions for full details.||n/a||30 commission-free trades||60 days||HSBC InvestDirect Summer Offer||September 30, 2019|
|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, 2019|
|Open a new qualifying account and fund it with a minimum of $2,500 and you may be eligible to receive $50 cash back. This offer also includes $6.99 per trade commissions until March 1, 2020. Be sure to read the terms and conditions for more details.||$2,500||$50 cash back and $6.99 per Canadian and US equity/ETF trade.||Cash back will be deposited by January 31, 2020. $6.99 per trade commission pricing active until March 1, 2020.||Cash Back Offer Details||October 15, 2019|
|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||none|
|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, 2019|
|Open a new qualifying account at BMO InvestorLine with new assets worth at least A) $100,000; B) $250,000; C) $500,000+ or D) $2M+, and you may be eligible to a cash back reward of up to A) $100; B) $225; C) $600 or D) $2,000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions.||A) $100,000 B) $250,000 C) $500,000 D) $2M+||A) $100 B) $225 C) $600 D) $2,000||Cash back will be deposited the week of June 15, 2020.||BMO InvestorLine Cash Back Offer Details||October 31, 2019|
|Last Updated: Sept. 04, 2019 09:55 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 (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details.||$1,000||$25 cash back (for both referrer and referee)||Cash deposited at the end of the month in which referee’s account funded||Refer A Friend to Qtrade Investor||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 $5,000 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.||$5,000||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||January 2, 2020|
|Last Updated: Sept. 1, 2019 23:30 PT|
Transfer Fee Promotions
|Company||Brief Description||Maximum Transfer Fee Coverage Amount||Minimum Deposit Amount for Transfer Fee Eligibility||Details Link||Deadline|
|Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150.||$150||n/a||Transfer Fee Promo||September 30, 2019|
|Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees.||$200||$15,000||Transfer Fee Rebate Details||none|
|Transfer $15,000 or more into a new HSBC InvestDirect account and you may be eligible to have up to $152.55 in transfer fees covered.||$152.55||$15,000||Confirmed via email contact with HSBC InvestDirect Rep. Contact client service for more information.||none|
|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 $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 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 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|
|Desjardins Online Brokerage 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 Desjardins Online Brokerage 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||none|
|Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account and you may be eligible to have transfer fees covered up to $200. Contact client service for more details.||$200||Contact client service for more information||Contact client service for more information (1-888-776-6886)||none|
|Last Updated: Sept. 1, 2019 23:30 PT|
|Company||Brief Description||Minimum Deposit Amount Required||Details Link||Deadline|
|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, 2019 23:30 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 $1000. 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 $1000.||PROMO1000||January 2, 2020||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: Sept. 1, 2019 23:30 PT|