*Update Feb. 16/2015* It’s fitting that on Superbowl weekend that we launch into one of the most competitive discount brokerage promotions months on record. After all, for football teams and fans alike this is the biggest weekend of the season.
For brokerages heading into RSP season the sentiment is somewhat similar. How can we be so sure? With 21 24 open offers (22 26 if you include some of the contests and selectively advertised deals), more than half are timed to end on or just ahead of the RSP contribution deadline of March 2nd.
The deals frenzy has managed to pull most Canadian online brokerages off the sidelines and into the fray. Brokerages such as HSBC InvestDirect, RBC Direct Investing and Virtual Brokers who have historically been far less active in the deals space each have open offers. Other big names such as TD Direct Investing and Qtrade also jumped in through January. There have also been reports of ‘“selectively advertised’ offers from brokerages such as BMO InvestorLine which, because they are generally intended for a select few, are not included in the table below.
Brokerages not offering some kind of promotion are now in the minority – however it’s still early into February and there may be more surprises to come.
Expired Deals
There were three offers that officially expired in January.
- Questrade’s 25 commission-free trades for a year promotion
- BMO InvestorLine $250 cash back promotion + 50 commission-free trade
- Scotia iTrade’s 100 free trades + FlightDesk promotion
Extensions
One minor extension was spotted on the Scotia iTrade refer-a-friend promotion which saw the expiry date shift from mid-March to the end of the month.
Revisions
Another interesting change was also spotted on the Virtual Brokers offer. It appears that Virtual Brokers has had a change of heart with regards to how long commission-free trades will be eligible. Specifically they’ve elected to roll back the date from the end of September back to the end of April. While having an offer shorten or expire early is not unprecedented, it is rare, and it drives home the importance of understanding that offers can change without notice. While the initial offer to use trades until the end of September made it very competitive, the choice to roll back the dates makes the offer more comparable to others out there.
New Deals
At the time of publication (Feb. 1) there were no new deals that were launched at the outset of February.
As always if there’s anything that we’ve missed please pass this information along and we’ll try to include it in our listings. If we can’t place it in the table (e.g. if it’s selectively advertised) you can also submit it to the deals thread in our community section.
*Update Feb. 4/15* The transfer fee coverage for CIBC Investor’s Edge has been updated. Although not posted on their website, we have confirmed with client reps that the there is a transfer fee coverage of $135 + tax for deposits of at least $25,000 from another brokerage/institution. This is (and has been) a standing offer and is now included in the transfer fee table going forward.
*Update Feb. 16/15* A trio of new offers are launching at the mid-point in February.
The first offer is from Credential Direct – a brokerage that hasn’t historically offered many promotions/deals. Nonetheless, the latest promotion from Credential Direct is a choice between either cash back or commission-free trades. The offer is made up of three tiers based on deposit size. For the first deposit tier ($25,000-$99,999) qualified applicants can receive either 100 commission free trades or $100 cash back. The next deposit tier ($100,000 – $499,999) offers 200 commission-free trades or $200 cash back. Finally, for deposits of $500,000 or more Credential Direct is offering either unlimited trades or $500 cash back. Included alongside this promotion is a transfer fee coverage deal whereby Credential Direct will cover up to $150 in transfer out fees from another broker for individuals depositing/transferring at least $25,000. There are a couple of important points to be aware of including charges for ECN, SEC and/or marketplace fees. See table below for further details.
The second offer to hit our radar mid-month was from Questrade. Their latest offer is a combination of commission-free trades along with a subscription offer to Motley Fool Canada. For deposits of at least $10,000 qualified applicants will receive 100 commission-free trades along with a three month subscription to Motley Fool Stock Advisor Canada newsletter service. For those interested in learning more about what that service entails, here is a link to the Motley Fool Stock Advisor Canada FAQ page. See the table below for additional details.
The third offer, also from Questrade, is a Chinese New Year themed promotion that has a cash-back component as well as a draw for a gold coin. The minimum deposit for this promotion is $5,000 and applies to individuals opening margin accounts or Forex/CFD accounts only. Registered accounts were not mentioned as being eligible for this promotion. See table below for additional details.
Discount Brokerage Deals
| Company | Brief Description | Minimum Deposit Amount | Commission/Cash Offer/Promotion Type | Time Limit to Use Commission/Cash Offer | Details Link | Deadline |
|---|---|---|---|---|---|---|
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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 |
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Open a new account with HSBC InvestDirect and you could be eligible to receive up to 50 commission-free equity/ETF trades for 88 calendar days. Be sure to read the terms and conditions for full details. | n/a | 50 commission-free trades | 88 days (payout for rebate is within 90 days of end of free trade period) | HSBC InvestDirect 2015 Winter Offer | March 2, 2015 |
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For individuals between 18 and 35 who open a new qualifying account with BMO Investorline, they may be eligible to receive 35 commission-free trades, an eBook on investing and potentially waived account minimum fees. Use promo code “New” when signing up. Be sure to read the terms and conditions for more details on the offer. | n/a | 35 commission-free trades | 90 days | Youth Promotion | March 31, 2015 |
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Open a new qualifying account with RBC Direct Investing and you may be eligible to receive up to 20 commission-free trades. A promotion code is required for this offer; click on the the link for the promotional page to generate a code. Be sure to read the terms and conditions for full details on this offer. | n/a | 20 commission-free trades | 1 year | Terms & Conditions & RBC Direct Investing Trade Free for 1 Year Promotion Page | March 2, 2015 |
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Download the BMO InvestorLine iPad app and you could qualify for up to 5 commission-free trades. This offer is open to new and existing clients and can be combined with other offers. Clients must have a qualifying account in order to be eligible. Read full terms and conditions for details. | n/a | 5 commission-free trades ($50 max value) | 30 days | Tablet Trades Promotion | February 26, 2015 |
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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 |
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Refer a friend to Questrade and when they open an account you receive $100 and they receive $50. To receive this deal you must be an existing client with an equity account and refer a person that does not reside with you and who has not previously opened a Questrade account. | $1,000 | $50 commission credit (friend) $100 commission credit (referrer bonus) | 60 days | Refer a friend | none |
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Open and fund a qualifying account (TFSA, Cash/Margin or RRSP) at Questrade with at least A) $1,000 or B) $10,000 and you may be eligible to receive A) 10 or B) 100 commission-free trades. Use promo code 100FREEML15W when registering. Be sure to read the terms and conditions for this offer. | A) $1,000 B) $10,000 | A) 10 commission-free trades B) 100 commission-free trades | 60 days | Multi-leg Offer | February 27, 2015 |
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Open a new TFSA, margin or registered account with Questrade and deposit at least A) $1,000 B) $25,000 or C) $50,000 to receive either A) 30 days B) 60 days or C) 90 days of unlimited commission-free stock & options trades. Use promo code UNLIMITEDW15 when signing up. Be sure to read the terms and conditions for more information. | A) $1,000 B) $25,000 C) $50,000 | Unlimited commission-free trades during associated period. | A) 30 days B) 60 days C) 90 days | Questrade Unlimited Trading Offer | March 2, 2015 |
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Open a new TFSA, margin or registered account with Questrade and deposit at least A) $1,000 B) $25,000 or C) $50,000 to receive either A) 30 days B) 60 days or C) 90 days of unlimited commission-free stock & options trades. Use promo code UNLIMITEDRSP when signing up. Be sure to read the terms and conditions for more information. | A) $1,000 B) $25,000 C) $50,000 | Unlimited commission-free trades during associated period. | A) 30 days B) 60 days C) 90 days | Questrade RRSP Promotion | March 2, 2015 |
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Open a new account (TFSA, Margin, RRSP or FX/CFD) and place at least one trade within 60 days of opening and you may be eligible to receive a $50 prepaid Visa card from Questrade. Use promo code VISA50. Be sure to read terms and conditions for full details on this offer | $5,000 | $50 Visa gift card | Cards will be mailed within 40 business days of reaching account funding requirement. | $50 Prepaid Visa Card Offer | February 27, 2015 |
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Open a new margin, or FX/CFD account with a deposit of at least $5,000 and place at least one commission-generating trade and you may be eligible to receive a cash back offer of $88.88 and an entry into a draw for a gold coin. Use promo code CHINESESNY2015. Be sure to read terms and conditions for full details on this offer | $5,000 | $88.88 cash back | Cash rebate takes place up to 30 days after meeting eligibility | Chinese New Year Promotion | March 6, 2015 |
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Open and fund a new account with at least A) $5,000 or B)$10,000 in net new equity and you may be eligible to receive A) 50 or B) 100 commission-free trades. Use promo code “RRSP15” when signing up for an account to qualify. Be sure to read the terms and conditions of the offer for full details. | A)$5,000 – $9,999 B)$10,000+ | A) 50 commission-free trades B) 100 commission-free trades (max commission per trade $6.49) | Trades must be used by April 30, 2015 (commissions to be rebated by October 2015) | RRSP Free Trade Promotion | February 27, 2015 |
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Open a new TFSA, margin or registered account with Questrade and deposit at least $10,000 dollars to be eligible to receive 100 commission-free trades and a three month subscription to Motley Fool Stock Advisor Canada newsletter. Use promo code 100FREEMFSUBwhen signing up. Be sure to read the terms and conditions for more information. | $10,000 | 100 commission-free trades | 60 days | Motley Fool Subscription Promotion | April 30, 2015 |
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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 | March 31, 2015 |
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Open and fund a new Scotia iTRADE account with at least A) $15,000 – $49,999, B)$50,000 – $99,999, C)$100,000 – $249,000, D) $250,000 – $499,999, E) $500,000 – $999,999, or F) $1,000,000+ and you may be eligible to receive a corresponding cash-back or commission rebate. For commission-free trades use code: WTT15 or for cash rebates use code: DL5RP. Be sure to read the terms and conditions carefully for rebate and cash back eligibility. This offer also includes a free ‘swing trading’ course with Larry Berman and 90 days free of FlightDesk. | A)$15,000 – $49,999 B)$50,000 – $99,999 C)$100,000 – $249,000 D)$250,000 – $499,999 E)$500,000 – $999,999 F)$1,000,000+ | A) 50 commission-free trades OR $50 cash B) 100 commission-free trades OR $100 cash C) 250 commission-free trades OR $250 D) 350 commission-free trades OR $350 E) 500 commission-free trades OR $500 F) 1000 commission-free trades OR $1000 | 180 days for commission-free trades Cash back to be deposited by November 30, 2015. | 1000 Free Trade Offer | March 31, 2015 |
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Open a new account and fund it with at least (A) $20,000 or (B)$100,000 and NBDB may provide up to (A) $500 or (B) $1,000 in commission rebates for qualifying accounts. Use promo code “CashBack2015” when signing up. Be sure to read the terms and conditions for eligibility and refund dates. | A)$20,000 – $99,999 B)$100,000+ | A)$500 commission rebate B)$1,000 commission rebate | 90 days (rebate of commissions depends on sign up date and is outlined on terms/conditions) | Cash Back Offer | March 31, 2015 |
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Open a new account with Credential Direct and fund it with at least A) $25,000 B)$100,000 or C)$500,00+ to receive either A) 100 commission-free trades or $100 cash back; B) 200 commission-free trades or $200 cash back or C) unlimited commission- free trades or $500 cash back. Be sure to read terms and conditions for full details. | A)$25,000 – $99,999 B)$100,000 – $499,999 C)$500,000+ | A) 100 commission-free trade or $100 cash back B) 200 commission-free trades or $200 cash back C) Unlimited commission-free trade or $500 cash back | Trades must be used by September 30, 2015 and will be reimbursed on October 15 2015. Cash back deposited October 15, 2015. | Credential Direct Spring Promotion | April 15, 2015 |
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Open a new account with TD Direct Investing with at least A) $25,000 B) $50,000 or C) $100,000 and you may be eligible to receive rebates on up to A) 50 B) 100 or C) 200 equity and/or options trades. Be sure to read full terms and conditions | 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 | 60 days (commission rebates to be issued on Aug. 15/2015) | TD Direct Investing Free Trade Promotion | March 27, 2015 |
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Open a new account or fund an existing account at CIBC Investor’s Edge with at least A)$25,000-$49,999 B)$50,000 – $99,999 or C)$100,000+ and you may be eligible to receive A)$100 cash back and 25 free trades; B)$200 cash back and 50 trades or C)$300 cash back and 100 free trades. Be sure to read the terms and conditions for full details on this offer. | A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,00+ | A) $100 cash back + 25 commission-free trades B) $200 cash back + 50 commission-free trades C) $300 cash back + 100 commission-free trades | Cash back payout occurs within 30 days of account funding; Time limit to use commission free trades is 60 days | Investors Edge Cash Back and Free Equity Trades Offer | February 28, 2015 |
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Disnat is offering new & existing clients $300 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 1 800 268-8471 and mention promo code Disnat300. See details link for more info. | $50,000 | $300 commission credit | 6 months | Disnat $300 Commission Credit Promo | March 31, 2015 |
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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 – $249,000 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). | Contact InvestorLine for full terms and conditions. | October 30, 2015 |
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Open and fund a new qualifying account at BMO InvestorLine with at least $100,000 in net new assets and you may be eligible to receive $300 cash back. Use the promo code RSP2015 when signing up for the account. Be sure to read full terms and conditions for eligibility and further details. | $100,000 | $300 cash back | Payout occurs after 6 months | RSP 2015 Promotion | March 31, 2015 |
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Open a new TFSA, margin or registered account with Questrade and deposit at least $100,000 to be eligible to receive an iPad mini. Use promo code IPADMINI15Q2 when signing up. Read the terms and conditions for more information about eligibility. | $100,000 | iPad Mini 2 (16gb wi-fi only) [retail value ~$370 including taxes] | iPad Mini will be sent within 60 days of account being funded and 1 commission-generating trade being placed. | iPad Mini Offer | March 13, 2015 |
Transfer Fee Deals
| Company | Brief Description | Maximum Transfer Fee Coverage Amount | Minimum Deposit Amount for Transfer Fee Eligibility | Details Link | Deadline |
|---|---|---|---|---|---|
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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 | 1000 Free Trade Offer | March 31, 2015 |
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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 |
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Qtrade Investor will reimburse your transfer fee up to $150 when transferring a balance of $25,000 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 Promo | none |
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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 Spring Promotion | April 15, 2015 |
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Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. | $150 | $25,000 | Transfer Fee Promo | none |
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Transfer $25,000 or more in equity to Virtual Brokers and they’ll cover the transfer-out fees up to $150. | $150 | $25,000 | Transfer Fee Rebate Terms & Conditions | March 31, 2015 |
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Transfer $25,000 or more into a new TD Direct Investing account and they will cover up to $150 of transfer fees. | $150 | $25,000 | TD Direct Investing Free Trade Promotion | March 27, 2015 |
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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 |
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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 |
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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 1 800 268-8471 and mention promo code Disnat300. See details link for more info. | $150 | $50,000 | Disnat $300 Commission Credit Promo | March 31, 2015 |