*Deals have been updated, see below for more details*
This month’s deals and promotions from Canadian discount brokerages feature a new promotion by Questrade, as well as an interesting deal/contest by Scotia iTrade announced last month. Also, Qtrade‘s transfer fee rebate is also back, this time with no apparent time limits. Before launching into the new deals, we’ll take a quick recap of which deals have expired and which are expiring this month.
One of the big deals that expired at the end of April was HSBC InvestDirect‘s unlimited trading offer. While they haven’t typically offered many deals or promotions over the past year, with this recent deal, it could be a sign of some activity to come, especially if they are keen to highlight their recently recognized customer service award from Dalbar to Canadian self-directed investors. Questrade’s 100 free trade offer which ran last month officially expired and is being replaced by another free trade offer geared towards active traders (see below). Now that Questrade has pulled the 100 free trade offer, only Scotia iTrade is offering 100 free trades for new accounts.
Disnat‘s 30th anniversary deal which offers $300 in commission credits has been around for a few months and is being extended to May 31st.
Questrade’s latest offering (the Advantage promotion) is offering 30 days of commission-free trading as well as one month free of the US Advanced data package. The terms and conditions on this are a bit tricky so be sure to read and understand them. Several key points to pay attention to are:
- The start/end dates for the free data package
- The start/end dates for the commission-free trading month
- The length of time needed to maintain a minimum balance of $25,000 (this is 6 months)
- Commission rebates are credited to client accounts within 3 business days however clients will still have to pay the commissions at the time a trade is executed.
If you are considering the Advantage program, we suggest looking at our detailed report and/or special series that looks into the Advantage plan.
Scotia iTrade also recently announced their “Get Educated” promotion and contest. This hybrid offering allows individuals opening a new account with at least $50,000 100 commission-free trades (which they have 60 days to use) as well as the opportunity to get 5 ballots to be entered in a draw for a $25,000 cash trading account as well as a “trading education” package (retail value $5,000). Like many ‘commission free’ offerings, on this promotion individuals are responsible for paying the commission fees which are then refunded to clients overnight. The “contest” portion of the Scotia iTrade offer is open to all Canadians however be sure to read the terms and conditions as well as the rules and regulations for participation in the contest.
Lastly, when we went to last month’s World MoneyShow in Vancouver, we spotted a deal from National Bank Direct Brokerage that gives individuals who open a new account (with $25,000) 6 months of trading at a $6.95 commission rate.
*Update* May 29th, 2013
Two new deals are being added into the list late in the month.
We spotted this first deal being promoted at the World Resource Investment Conference in Vancouver. TD Direct Investing is launching a new “50 free trades” promotion where new accounts with a $50,000 deposit are eligible to receive up to 50 trades commission free as well as have their transfer fees covered (up to $150). Clients who have lower amounts to deposit may be eligible for fewer commission free trades. For example, clients who deposit between $25,000 and $50,000 can receive 10 free trades and clients who deposit between $5,000 and $25,000 are being offered 3 free trades.
The second deal, also spotted at the World Resource Investment Conference, is an unadvertised offer by Disnat which looks like an offer from their SCATE tour. While not as generous as some previous deals, this deal offers $300 in commission credits, 3 months of the lowest rate of commissions and a free year of the Stockscores daily newsletter service.
Discount Brokerage Deals & Promos
| Company | Brief Description | Minimum Deposit Amount | Commission/Cash Offer 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 (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 a new account with TD Direct Investing before July 12, 2013 and deposit either A)$5,000 to $25,000 B)$25,000 to $50,000 or C)$50,000 or more to receive commission credits for A) 3 trades, B)10 trades or C) 50 trades. Be sure to read the details about keeping your account balance at qualifying levels, eServices subscription as well as other terms and conditions. | A)$5,000 B)$25,000 C)$50,000+ | A) 3 Trades (max value $87) commission credit B) 10 trades (max value $290) commission credit C) 50 trades (max value $500) commission credit | Trades must be used by September 30, 2013 4pm ET. | 50 free trades offer | July 12, 2013 |
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As a follow up to their SCATE tour, Disnat is offering new clients who deposit $10,000 before June 30, 2013 a bundle that includes commission credits and a one year free subscription to Tyler Bollhorn’s Stockscores daily newsletter. This is an unadvertised deal so the details link is to a scan of the flyer with the offer. | $10,000 | $300 commission credit | 30 days | For more details, click here and here | June 30, 2013 |
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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:$199.80) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $999) | 60 days | Refer A Friend to Scotia iTrade | May 31, 2013 |
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Open and fund a new Scotia iTRADE account with at least $25,000 before June 30, 2013 and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code 100FT. See details link for further terms and conditions. | $25,000 | 100 free trades ($999 value @ $9.99 commission rate) | 60 days | Scotia iTrade 100 free trades + FlightDesk | June 30, 2013 |
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Open a new account with National Bank Direct Brokerage before Oct. 31st and the commission rate for equity transactions will be fixed at $6.95 for 6 months. Use promo code: EVENT2013. Since this is unadvertised, you’ll have to call their customer service line: 1-800-363-3511 for full details. | $25,000 | $6.95 fixed commission rate for 6 months | 6 months | Click here for a low-res version of flyer or here for a high-res version. | October 31, 2013 |
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If you refer a friend/family member who is not already a National Bank Direct Brokerage account holder to them, both you and your friend get a bonus of $100 each. The promotion code “FRIEND” must be used on the account application form. Read the details link for full terms and conditions. Note the maximum referral bonus per client is $1000. | $25,000 | $100 referral bonus (referrer) $100 referee (your “friend”) | Payout occurs after 6 months | Share $200 with a Friend Promotion | October 31, 2013 |
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Open a new account (TFSA, Margin or RRSP) and receive 30 days of commission-free trading and one month free of the US Advanced market data package. Use promo code ADVANTAGE when signing up. Offer is open to new clients only. There are a number of important conditions to qualify – be sure to read terms and conditions to the deal. | $25,000 | 30 days unlimited commission-free trading + 1 month free Advanced US market data package. | 30 days | Advantage Promotion | June 30, 2013 |
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Disnat is celebrating its 30th anniversary by 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 Disnat30. See details link for more info. | $50,000 | $300 commission credit | 6 months | Disnat 30th Anniversary Promo | May 31, 2013 |
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Open a new Scotia iTRADE account before May 31, 2013 and fund it with at least $50,000 (by June 30th, 2013) and the commissions associated with your first 100 trades placed within 60 days of the date the account is activated and funded are free. Also, the new FlightDesk platform is being offered for free for 60 days. Use promo code SP-EDCON. There is also a contest to win a $25,000 trading account that is part of this promotion. See details link for further terms and conditions. | $50,000 | 100 free trades ($999 value @ $9.99 commission rate) | 60 days | Get Educated Promo | May 31, 2013 |
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Open a new account or upgrade an existing account with either A) $100,000 or B)$250,000 to receive $250 cash(for those who deposit $100K) or $600 (for those who deposit $250K). Use Promo Code: BONUS600 NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully. | A) $100,000 B) $250,000 | A) $250 Cash Back B) $600 Cash Back | Payout occurs after 6 months | Spring 2013 Cash Back Promotion | June 3, 2013 |
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Open a new account or upgrade an existing account with $500,000 to receive $1500 cash back. Use Promo Code: Select1500. NOTE: There are lots of details/important conditions attached to this promotion. Be sure to read the terms and conditions carefully. This wasn’t an advertised deal, however the terms and conditions are from BMO InvestorLine’s website. | $500,000 | $1500 Cash Back | Payout occurs after 6 months | Select1500 Promotion | June 3, 2013 |
Transfer Fee Deals
Below are the discount brokerages deals that cover transfer out fees from other discount brokerages.
| Company | Brief Description | Maximum Transfer Fee Coverage Amount | Deposit Amount for Transfer Fee Eligibility | Details Link | Deadline |
|---|---|---|---|---|---|
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Transfer your discount brokerage account to Credential Direct and they’ll pay up to $200 of the transfer fees. If after 90 days you’re not satisfied they will waive the $125 transfer out fee too. | $200 | $10,000 | Switch Me Promo | June 30, 2013 |
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As part of their SCATE tour promotion, if you open a new account by June 30th with $10,000 or more Disnat will cover up to $150 of the transfer fees from another brokerage. | $150 | $10,000 | For more details, click here and here | June 30, 2013 |
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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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Open a new account by July 12, 2013 and transfer $25,000 or more to TD Direct Investing and they will cover up to $150 of the brokerage transfer fees. | $150 | $25,000 | 50 free trades offer | July 12, 2013 |
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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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Qtrade Investor will reimburse your transfer fee up to $125 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. | $125 | $25,000 | Transfer Fee Promo | none |
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Disnat is celebrating its 30th anniversary by 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 Disnat30. See details link for more info. | $150 | $50,000 | Disnat 30th Anniversary Promo | May 31, 2013 |
Even though discount brokerages haven’t traditionally portrayed the most “fun and friendly” image, more and more of them are starting to become visible on social media sites such as Facebook and Twitter. While you (hopefully) won’t find those embarrassing pictures of a drunken night gone wild or an angry rant about a horrible boss, plugging into the news feeds of a discount brokerage can be an interesting way to get insight into the organization, follow any promotions that may be underway as well as get a glimpse at the conversations they’re having with their customers.
