Tag: HSBC InvestDirect

HSBC InvestDirect

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Discount Brokerage Deals & Promotions – June 2019

June is here, and for many Canadian DIY investors, their attention is fixed on the Raptors’ amazing journey to the NBA finals. As we cross into a new month in the deals and promotions section, however, it appears that there aren’t going to be nearly as many slam dunks in here to start off the month as there will be on the court.

Even so, the deals section has started to see a very interesting uptick in activity in what is usually a pretty quiet season for Canadian discount brokerages. While there were no new deals that launched at the beginning of June, there were a pair of intriguing offers that crossed our deal radar in May.

The first, which we noted in an earlier edition of the Weekly Roundup, was a new cash back offer from RBC Direct Investing. This offer was not one that appeared to be advertised as widely as previous offers from one of the largest players in the space – which is a curious maneuver that signals this being more a targeted test than a full-throttle push. Importantly, it was also for a very limited time, as this offer is set to officially expire in early June.

The other interesting deal that surfaced in May was from another bank-owned brokerage – CIBC Investor’s Edge. This was a commission-free trading offer which, like the offer from RBC Direct Investing, was also quietly rolled out and for a very limited time. The latest promotion from CIBC Investor’s Edge is unique in that it is not a tiered promotion, and the offer is for 100 commission-free trades. It is also not a fee rebate offer, so there is no waiting for reimbursement for a trade commission. These two elements make it an especially compelling offer coming from a bank-owned brokerage where this kind of structure is uncommon.

So, the good news for DIY investors shopping around – especially those doing some searching for offers at the beginning of June – is that there are a couple of extra offers still on the board this month.

June will be an exciting month to keep watching the deals action because there are several offers set to expire in the first week. It’ll be worth tuning in between Raptors games to see what unfolds next.

Expired Deals

HSBC InvestDirect’s cash back offer is now officially “on vacation.” We’ve noticed promotional activity from HSBC InvestDirect start to pick up over the past two years so though their current offer has expired, there still may be other promotional offers coming later on in the year.

Also, with summer just around the corner, it was time to do a little spring cleaning. The Moneytalks offer in conjunction with Desjardins Online Brokerage no longer appears to be advertised/active and as a result we are removing it from its place in the other deals/promotions section.

Extended Deals

*Nothing new to report here yet*

New Deals

Though technically not new, it is something that we are adding into the deals section for transfer offers. Although not advertised, BMO InvestorLine does have a tiered transfer fee rebate offer available, with a maximum coverage of $200. To access it or find out additional information about qualifying deposits and rebate rates, contact customer service.

Also updated, RBC Direct Investing’s transfer fee coverage amount has moved up to $200.



Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. 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
Jitney Trade 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 new qualifying account with CIBC Investor’s Edge and you may be eligible to receive 100 commission-free trades. Eligible trades include equity, ETF and options trades (per contract charges still apply). Commission-free trades are good for up to 90 days after account opening date. Use promo code EDGE28 when signing up. Be sure to read terms and conditions for full details. n/a 100 commission-free trades 90 days CIBC Investor’s Edge Free Trade Promotion July 31, 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
Disnat 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 eligible RBC Direct Investing account with at least A) $25,000; B) $50,000; C) $100,000; D) $250,000 or E) $500,000+ and you may be eligible to receive a cash back reward of A) $100; B) $150; C) $200; D) $500 or E) $1,000. Use promo code CASHB when registering. Be sure to read terms and conditions for full details. A) $25,000 B) $50,000 C) $100,000 D) $250,000 E) $500,000+ A) $100 B) $150 C) $200 D) $500 E) $1,000 Cash back will be deposited by December 16, 2019 RBC Cash Back Offer June 7, 2019
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
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $100; B) $300; C) $900 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $500,000 D) $1M+ A) $100 B) $300 C) $900 D) $1,600 Cash back will be deposited the week of December 16, 2019. BMO InvestorLine Spring 2019 Campaign June 3, 2019

Expired Offers
Last Updated: June 1, 2019 22:00 PT

Referral Promotions

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
Scotia iTrade 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
BMO InvestorLine 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

Expired Offers
Last Updated: June. 1, 2019 22:00 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 no minimum required Transfer Fee Promo June 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
Disnat 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
BMO InvestorLine 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

Expired Offers
Last Updated: June 1, 2019 22:00 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat 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 Broker@ge 18-30 Promotion none
Scotia iTrade 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

Expired Offers
Last Updated: June 1, 2019 22:00 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: June 1, 2019 22:00PT
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Discount Brokerage Weekly Roundup – May 27, 2019

From Game of Thrones, to now a game of throws. Ironically, with the Toronto Raptors making it all the way to the NBA finals, getting onto the iron throne might actually be a tad easier than finding good tickets to the Raptors games. Of course, basketball fans aren’t the only ones with a reason to cheer this week, as DIY investors are also in for some good news of their own.

In this edition of the roundup, we review the latest deal to cross our radar and (teaser alert) it’s from a bank-owned brokerage who managed to make it back onto the deals board after a very short hiatus. Speaking of breaks, our second story spotlights one fintech firm that has charted a course to break the bank (model) and got a sizable endorsement to further that aim. Finally, we’ve also included a healthy dose of Twitter chatter and investor queries from the forums.

No More Tiers: CIBC Investor’s Edge Launches Commission-Free Trade Offer

After a few weeks of relative quiet, it looks like the deals section is ready to spring back to life with the entry of CIBC Investor’s Edge’s latest promotional offer.  And, what better way to make waves in the deals pool than with the equivalent of a cannonball commission-free trade offer that has no tiers or advertised minimum deposit to qualify. Oh, and did we forget to mention that this is for 100 commission-free trades?

After reading the official terms and conditions for this offer, we were admittedly amazed that an offer of this magnitude has now come to market and that the usual strings that get attached to offers of this size didn’t show up in those “T&Cs.”  Also surprising was the brevity of the terms and conditions. It’s unusual to see terms and conditions of a promotion that are this light. However, very little gets past compliance teams, so here’s hoping that it sticks as is.

In terms of important information about the offer, the promo runs until July 31st and offers clients 100 commission-free trades that are good to use within 90 days of an account opening. This commission waiver offer applies to both equity and options trades, however, to clarify it does not apply to the per contract fee that is associated with options trading.

When it comes to commission-free trading offers, what is nice for investors considering this deal is that this is not a “rebate” of commission fees, but rather a waiver when the trades are made, so there is no waiting for a rebate. What this also means is that there isn’t a minimum time required to keep the account open or a requirement to keep the account in good standing to qualify for this offer.

With the end of May now just around the corner, the addition of the CIBC Investor’s Edge deal will help to smooth out the expiration of the HSBC InvestDirect cash back promotion at the end of the month. Shortly after that, there’s also a BMO InvestorLine promotion that’s set to expire. So, like the stock market lately, the deals and promotions section will likely see some volatility.

Big picture though, with CIBC Investor’s Edge coming back into mix with a fairly sizeable and aggressive commission-free trade promotion, they’re going to make a big splash in the deals pool. With RBC Direct Investing’s offer also in play, our quick math shows three of the big five Canadian bank-owned brokerages with active offers. This should send a little peer pressure across the space, and we expect that at least one or two Canadian online brokerages will step forward with their own offers to increase their visibility during the summer months.

Strategically, there is very little downside to keeping an offer for DIY investors during the summer months. At best, investors will discover an offer that sways them into an online brokerage and at worst, the online broker gets to maintain visibility with DIY investors who happen to be looking around for an online broker during the summer months. Either way, this summer is looking to be a bit sunnier for DIY investors interested in getting into the markets for a hot IPO season.

Allianz Banking on Wealthsimple

This past week there was some Canadian fintech news that is having a ripple effect around the financial world. No, we’re not talking about the cryptocurrency, but rather a literal wave of interest/concern that is sure to force digital teams and strategies at many of Canada’s online investing firms back to the drawing board. It happened when global insurance giant Allianz decided to invest $100 million into Wealthsimple, a move that enables them to garner exposure (and unique access to) the increasing digitization of financial services.

Recently, it was reported that Power Corp now holds an 89% stake in Wealthsimple having invested over $230 million dollars into the robo-advisor, which may have something to do with Wealthsimple achieving a dominant stake (~78%) in this space. Though that is impressive, to put things into perspective, Wealthsimple is reported to have $4.5 billion dollars in assets under management and 130,000 customers, which shakes out to $30,000 per customer. So, while Wealthsimple has carved out a small foothold in the Canadian wealth management space, there are many much bigger rivals in the sandbox.

Nonetheless, this latest move by Allianz begs the question: why now? It seems like their decision to invest is a clear endorsement that the wave of digitization in financial services is poised to drastically alter the way in which those services are sought out and ultimately accessed.

Like any good investment, thinking about what the world will look like in five years and working backwards to today, it might be readily apparent that the world is moving towards “digital wealth.” In particular, finding a scalable, technology-driven solution to connect with millennials is incredibly valuable – something both Power Corp and Allianz are banking on. The service providers of tomorrow need to figure out how to work with (and delight) the consumers on the cusp of being very wealthy but who have little desire or inclination to navigate the financial markets in an expensive manner. The list of service providers who do that well is remarkably short.

The level of capital being invested in and partnerships being forged with Wealthsimple mean they are looking well beyond just “investing” and are taking aim at more traditional financial services too – including banking. In fact, CEO of Wealthsimple Michael Katchen was quoted saying as much in a recent article on CNBC.

Something similar appears to be taking place in the US as well with Robinhood Financial – the online brokerage firm best known for their commission-free trading. Although the savings feature faltered out of the gate in December, they have made no secret of their intent to go after the traditional “savings” account (and perhaps more banking services). Thanks to its own funding round, at latest reporting, Robinhood is being valued at over $7 billion (USD). Interactive Brokers also has now built out an ecosystem of financial services beyond their online trading business which is aimed to keeping clients (and specifically their assets) within the Interactive Brokers tent. IB has also telegraphed “something big” in the works for this year so there’s still another shoe to drop in their business evolution. Here in Canada, Questrade also made an interesting acquisition outside of the “wealth management” space by purchasing a mortgage lender.

Putting those pieces together, the picture is starting to emerge that “traditional” banks are being targeted for disruption on many fronts.

Despite being well-capitalized, funded, and wielding enormous influence, the large Canadian financial service providers must get their entire enterprises future-proofed if they are to withstand this onslaught. Wealthsimple has been able to grow to where it is because it has been a challenger-brand; it is not entrenched by tradition, maybe not even familiar, which makes its growth in the financial services space to this point all the more impressive. As Wealthsimple is starting to emerge as a Canadian fintech success story on the global stage, the principle guiding their growth might be best summed up by another Canadian great, Wayne Gretzky (ironically also a brand ambassador for TD), when he advised skating to where the puck is going.

Discount Brokerage Tweets of the Week

From the Forums

A Bid of an Ask

One DIY investor wants to know what other forum users ask themselves when choosing investments. See what the big questions are in this Canadian Money Forum thread.

Bearly Optimistic

A DIY investor with a pessimistic outlook seeks advice on where to invest. Read on for insights and counterpoints from fellow forum posters in this Reddit thread.

Into the Close

With markets in the US closed on Monday for Memorial Day, it’s likely to be a quieter trading volume day, which is probably OK because when the end of the week rolls around, it will be a lot louder for Raptors fans (and anyone in Toronto). Hopefully there’s just as much to cheer about further up on Bay Street as there is at the bottom of it.

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Discount Brokerage Weekly Roundup – May 6, 2019

It’s hard to believe that May is already upon us and there’s talk everywhere about untimely ends. Whether it’s from King’s Landing, or the basketball court, or deals and promotions, there’s clearly some drama ahead in May that will make for gripping entertainment.

In this edition of the Roundup we’ll review the latest interesting twist in the deals and promotions space from a rather large player, as well as profile a novel way to derive income for buy & holders. As always we’ll toss in some forum posts and Twitter conversations for good measure.

Deals and Promotions Update

If you’re looking for a safe place to hide from Game of Thrones spoilers, this may not be the best spot to seek refuge. So, what does this legendary television show have in common with Canadian online brokerage deals and promotions this month? Plot twists.

Heading into May, things were looking somewhat grim in the deals and promotions space. After an incredibly hectic start to the year, there were many promotions set to unceremoniously end in April. One of the more noteworthy offers that wound down last week after itself having been extended through the income tax filing deadline was CIBC Investor’s Edge cash-back promotion.

But, like any good market, competitors giving one another a free pass wasn’t going to last very long.

The first bit of good news for DIY investors came from an unlikely source, as the usually reserved HSBC InvestDirect decided to extend their cash back promotion by another month. While it wasn’t a major extension, it nonetheless bulked up the cash back offerings for DIY investors. This meant that BMO InvestorLine and Questrade were not alone in offering a cash-back promotion.

The second bit of good news for DIY investors that crossed our radar last week was that they wouldn’t be waiting for a new offer for very long at all. RBC Direct Investing rolled out a new cash back promotion for the better part of May which serves up between $100 and $1,000 in cash back bonuses to investors who deposit between $25,000 and $500,000 or more.

Despite the modest size of the cash-back amounts, the latest move by RBC Direct Investing is kind of a big deal as they themselves are also kind of a big deal. The size and profile of RBC Direct Investing means when they bring an offer or new feature to market, other online brokerages will have to pay attention, if not figure out a way to respond in kind.

While it is likely by design, this deal was not in the public spotlight the way that previous mass market promotions were. In fact, this promotion came to light because it was emailed to investors who in turn, posted the information about it on investing forums. For a modest-sized offer to create any chatter online is largely the result of who is offering it – in this case a major provider. The lesson for other online brokerages is clearly that if they want to generate buzz about themselves then it is going to take a serious investment in incentives (such as deals) and advertising.

The second important observation about this offer is its duration. According to the terms and conditions, this offer was technically live as of April 25th however the deadline to take advantage of it is May 24th.

This is an unusually short duration for a promotion from an online brokerage – especially a larger one – so it indicates that there is more to this deal than meets the eye. Digging deeper into the terms and conditions, what is interesting to take note of is that to qualify for this offer, accounts must be opened by May 24th but deposits or transfers don’t have to be received by RBC Direct Investing until July 26th. Finally, another observation related to timing is that the requirement that clients who take advantage of this offer need to keep these assets with RBC until December to qualify for the payout.

Where the rest of the online brokerage space goes from here will be interesting. As we had referenced in last week’s Roundup, there’s clearly a fundamental case to be made for online brokerages to get in front of the IPO wave currently washing over markets. With stories like Beyond Meat debuting and doubling to serve as a counterpoint to the disappointing Lyft IPO, it means that investors on the sidelines of these “unicorns” might be coming back to the market to invest, and the deals or promotions on offer will certainly factor into which online brokerage gets chosen.

Of course, the fact that RBC has timed their promotional offer to last about one month only, means that other brokerages might be less inclined to launch their own promotion and hope they can ride out the storm. Regardless, there’re clearly more twists and turns left in the deals and promotions story in May, and that’s a great net result for DIY investors.

Interactive Brokers Enables Stock Yield Enhancement in Canada

The old saying goes that it takes two to make a market. When it comes to the stock market, however, it is important to remember that every trade requires a buyer and a seller. Of course, there’s one other necessary ingredient: shares. While buyers typically don’t run into problems finding shares to purchase, the same cannot be said for shares for short selling.

Last week, Interactive Brokers expanded its unique Stock Yield Enhancement program to now include eligible Canadian securities. The Stock Yield Enhancement program effectively lets Interactive Brokers clients who happen to be owners of a security lend that security out into a pool overseen by Interactive Brokers. More often than not, these shares/securities will be lent out again for short sellers to take advantage of.

The announcement last week is an interesting example of how a previous dark-horse online brokerage is creating something investors will benefit from, particularly in Canada. This move changes the value proposition so that Canadian investors can monetize the stocks sitting in their portfolios.

It is also worth noting that Interactive Brokers Canada rolling out new features for Canadians is taking place at the same time that other brokerages are trying figure out how to reduce costs. This juxtaposition is both a reflection of and warning to other online brokerages that in addition to lowering prices, Interactive Brokers continues to innovate with technology tools and pass those savings to clients.

Discount Brokerage Tweets of the Week

From the Forums

Above Average Joe

A DIY investor wants to know if it’s possible to generate a significant amount of passive income per day through investing. See what other forum users had to say in this Canadian Money Forum thread.

To Pay or Not to Pay

A student has questions about whether to invest or pay off their student loan. Find out what advice fellow Redditors offered here.

Into the Close

That’s a wrap on the latest action at Canadian online brokerages. From new features to new deals, it appears that anyone planning to take it easy this summer at an online brokerage may want to rethink that one. Of course, with all that is going on in real life and on television, it’s going to be tough not to need a vacation from all the angst being shared on Twitter. Regardless, have a profitable week!

 

 

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Discount Brokerage Deals & Promotions – May 2019

*Updated: May 27* April showers are supposed to bring May flowers but when it comes to deals for DIY investors in Canada, the promo parade in May is definitely getting rained on. After an incredibly busy start to the year – especially in the lead up to the RSP contribution deadline, deals activity at Canadian brokerages has tapered off considerably at the start of May.

Although some pullback in discount brokerage deals and promotions activity is normal for this time of year, to see brokerages step back in terms of offering incentives is noteworthy. Specifically, the context this year matters: there has been strong stock market performance to begin the year; there are lots of big-name IPOs coming to market and a new ultra-low cost competitor has entered the online brokerage space. Add these factors up, and it should be a perfect storm for Canadian discount brokerages to be more aggressively promoting offers to win over new investors and appealing to investors who are now more tuned into what the markets are doing.

Of course, it’s great news to the handful of online brokerages who are offering promotions to investors as they will get a greater share of attention from investors hunting around for an offer on a new account.

Specifically, to start off the month, BMO InvestorLine, CIBC Investor’s Edge, Desjardins Online Brokerage, HSBC InvestDirect and Questrade have offers in play. That said, CIBC’s offer is scheduled to expire on May 2nd and HSBC InvestDirect chose to extend their offer to the end of May from its previous deadline of April 30th.

On balance, we see a strong likelihood that additional online brokerage offers come to market over the late spring/early summer period. The opportunity to get access to a younger, engaged investor ahead of the major IPOs taking place this year seems too tempting to pass up. We’ll be keeping our eyes open for deals that hopefully also evoke that same sentiment.

Expired Deals

Heading into May, National Bank Direct Brokerage’s offer for 50 commission-free trades officially expired as did the BMO SmartFolio promotional offer for the free first year of management (BMO SmartFolio’s cash back offer is still running until June).

Extended Deals

In a surprise move, HSBC InvestDirect opted to extend their winter promotion for another month, with the new deadline for their cash back offer falling on May 31st.

New Deals

*Update: May 27 – There have been a couple of interesting deals from large bank-owned online brokerages to cross the deal wire this month.

RBC Direct Investing kicked things off earlier this month with a cash back offer for new (i.e. not existing) clients of RBC Direct Investing. This new promo was a really limited time offer and expires in early June. Cash back rewards for this promotion range from $100 for a minimum deposit of $25,000 to $1,000 cash back for a deposit of $500,000+. See table below for more details.

CIBC Investor’s Edge also launched a new deal in May that is going to turn a few heads with investors and competitors alike. CIBC Investor’s Edge is offering 100 commission-free trades which are good for 90 days from the date of account opening. This deal is especially enticing as it has no minimum deposit requirement stated to qualify and commission fees are waived at the time the trade is placed meaning there is no long wait for a commission rebate. See table below for more information.*

There are no new deals to announce (yet).



Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. 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
Jitney Trade 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 new qualifying account with CIBC Investor’s Edge and you may be eligible to receive 100 commission-free trades. Eligible trades include equity, ETF and options trades (per contract charges still apply). Commission-free trades are good for up to 90 days after account opening date. Use promo code EDGE28 when signing up. Be sure to read terms and conditions for full details. n/a 100 commission-free trades 90 days CIBC Investor’s Edge Free Trade Promotion July 31, 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
Disnat 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 account with at least A) $25,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+ AND place at least three commission-generating trades and you may be eligible to receive a cash back promotion amount of at least A) $188; B) $388; C) $688; D) $988 or E) $1288. Be sure to read offer terms & conditions for full details. A) $25,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $188 B) $388 C) $688 D) $988 E) $1288 Cash back will be deposited by November 29, 2019 HSBC InvestDirect 2019 Winter Offer May 31, 2019
Open and fund a new eligible RBC Direct Investing account with at least A) $25,000; B) $50,000; C) $100,000; D) $250,000 or E) $500,000+ and you may be eligible to receive a cash back reward of A) $100; B) $150; C) $200; D) $500 or E) $1,000. Use promo code CASHB when registering. Be sure to read terms and conditions for full details. A) $25,000 B) $50,000 C) $100,000 D) $250,000 E) $500,000+ A) $100 B) $150 C) $200 D) $500 E) $1,000 Cash back will be deposited by December 16, 2019 RBC Cash Back Offer June 7, 2019
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
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $100; B) $300; C) $900 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $500,000 D) $1M+ A) $100 B) $300 C) $900 D) $1,600 Cash back will be deposited the week of December 16, 2019. BMO InvestorLine Spring 2019 Campaign June 3, 2019

Expired Offers
Open and fund a new qualifying account with CIBC Investor’s Edge with a deposit of at least A) $25,000; B) $50,000 or C) $100,00+ and you may be eligible to receive a cash back bonus of A) $100; B) $200 or C) $400. This offer is open to both new and existing clients. Be sure to read full terms and conditions for complete details. A) $25,000 B) $50,000 C) $100,000 A) $100 B) $200 C) $400 Cash back will be deposited on the week of September 2nd. CIBC Investor’s Edge Cash Back Promo May 2, 2019
Last Updated: May. 27, 2019 08:30 PT

Referral Promotions

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
Scotia iTrade 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
BMO InvestorLine 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

Expired Offers
Last Updated: Apr. 1, 2019 17:00 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 no minimum required Transfer Fee Promo June 30, 2019
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 $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 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
Disnat 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
BMO InvestorLine 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

Expired Offers
Last Updated: May 1, 2019 21:00 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat 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
Disnat 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 Broker@ge 18-30 Promotion none
Scotia iTrade 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

Expired Offers
Last Updated: May1, 2019 21:45 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: May 1, 2019 21:45 PT
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Discount Brokerage Weekly Roundup – April 29, 2019

The end of April is almost here and for Canadians, that means tax time and deadlines. While some folks are taking their cues from the Game of Thrones and making things dramatic into the finish, it seems like there are also a few interesting cliff-hangers emerging in the deals space heading into May.

In this edition of the Weekly Roundup, we take a look at the state of the deals & promotions space heading into the new month, and what the current deal deadlines portend for Canadian brokerages and investors with a wave of IPOs on the horizon. Next, we dive into yet another story emerging from the US online brokerage space, a signal of a very “interesting” trend emerging at US online brokers that could make its way north of the border. Keeping in the spring spirit, we also have a few online brokerage potpourri stories that caught our attention, which we’ve included in this week’s roundup. As always, we’ll cap things off with chatter from the investor forums and on Twitter.

Deal Countdown

Like anyone watching Game of Thrones, folks tracking the discount brokerage promotions heading into May are asking a similar question: What’s going to happen next? As we move into the new month there are several important promotional offers that are set to expire, and as those deals go, the field of brokerage deals will have thinned out considerably.

On the chopping block at the end of April are offers from HSBC InvestDirect and National Bank Direct Brokerage, followed by a cash back promotion from CIBC Investor’s Edge, which is set to expire on May 2nd.  This contraction in deals will reduce the number of online brokerages offering either cash back or commission free trading deals down to three – BMO InvestorLine, Desjardins Online Brokerage and Questrade.

With both the RSP contribution season and the income tax deadline now behind us, whether or not there are catalysts for DIY investors to be opening online brokerage accounts or stepping into the market hinges on the popularity of the upcoming swell of IPOs, as well as general economic outlook.

In the case of the IPO “frenzy”, there are still some significant names coming to market, like Uber, Pinterest and Slack, which could help drive interest by younger, tech-savvier investors eager to participate in stories of stocks that they are familiar with.

With regards to economic outlook, although there are constant jitters with regards to political and economic stability, the consensus view from economic forecasts as of the past week point to a relatively stable market (sorry inverted yield curve).

For Canadian online brokerages, the macro picture suggests that the biggest catalyst over the summer months will be an especially hot IPO season and a generally favourable economic outlook. Importantly, most of the big stories are going to originate out of the US – something that tactically favours online brokerages that offer US accounts (registered and non-registered). This is a considerable cost savings for those active traders hoping to hitch their wagons to the fast action in the US markets.

With so many big US tech stories racing to the public markets, it would be hard to imagine a scenario in which Canadian online brokerages pass up the opportunity to win over new investors with promotional offers. These are undoubtedly interesting times for the Canadian online investing industry. While online brokerages may not be standing still during the summer months, they are likely going to be especially busy making the most of the IPO wave. So, while we don’t know for sure what’s going to happen next, the upside for Canadian DIY investors is that there’s a good chance deals action will pick up in anticipation.

Taking it to the Bank

It has been a newsworthy past few weeks for US online brokerage Robinhood. The zero-commission online brokerage is yet again on our radar as another story has popped up in April, this time relating to the application by Robinhood to become a chartered bank in the United States.

The way in which Robinhood is angling to offer high interest chequing and savings products is a direct response to their false start on the high interest savings account launch earlier this year. Nonetheless, it looks like they’re undeterred by the long compliance road ahead and are pushing to offer what would traditionally be “banking” services.

Far from a novel idea to offer investors something extra for holding their cash with a brokerage (Interactive Brokers does it and has met with some success in the US), the big picture for online brokerages is that sticking to just order execution is not going to be enough to sustain the business. The bigger lesson for bank-owned brokerages here in Canada is that nobody in the wealth management space is going to be respecting traditional boundaries anytime soon. With robo-advisors now becoming more accepted by mainstream investors, and those same robo-advisors wading into the online brokerage space (ahem Wealthsimple Trade) or online brokerages wading into the robo advice space, the “one stop shop” for wealth and financial management appears to be the model that many of these brokerages will be pursuing.

As such, it feels like it’s not so much a matter of if, but rather when and who will be the first ones in Canada to offer much more competitive interest rates on cash sitting idle (i.e. the “dry powder”).

Of course, opening up the “high interest” account for uninvested cash would almost certainly be a slippery slope. Once one major firm does it, the rest will undoubtedly follow. Whether it follows the model of commission fees being dropped (as RBC Direct Investing did in 2014), like most new feature roll outs in Canada, there will definitely be a “wait and see” if it’s anyone other than a big-bank owned brokerage.

Ironically, for Robinhood, as they continue to pursue offering interest, the consumer interest in the brand will likely grow. In Canada, where the competitive dynamics are slightly different, it would be interesting to see what would happen if one of the smaller online brokerages were to get creative for online investors holding idle cash. One fan theory: Canadian DIY investors would be much more inclined to stick things out rather than transfer brokerages.

Online Brokerage Potpourri

Here are some more quick highlights of items that crossed our radar.

Booking an Interesting Detour

TD Direct Investing is the title sponsor for an upcoming session with two influential voices in the personal finance & investing space: Erin Lowry, author of Broke Millennnial Takes On Investing and personal finance personality Jessica Moorhouse. In addition to doing a sponsored session on investing, it’s also interesting to take note of a paid promotional segment on YouTube in which Moorhouse walks through the TD Direct Investing GoalAssist feature.

With so many millennial eyeballs having moved to YouTube and social media rather than traditional media, this is another example of online brokerages looking to work with & enlist influential voices in the personal finance space to extend their message into harder to reach audiences.

Online Brokerage Summit Highlights

Another interesting industry event that took place earlier in April in Chicago was the annual online brokerage summit held by Trading Central. This year’s event marked the tenth edition of the conference and featured influential voices from the Canadian and US online brokerage spaces. An interesting recap of the event was written by Kathryn St. John from Trading Central and is available here. Among the key themes/challenges cited: the race for the millennial investor. In that light, it seems particularly timely to see events such as the TD Direct Investing sponsorship of a millennial-focused content provider, as well as a general tilt towards making platforms more appealing and accessible to a new “crop” of investors.

Discount Brokerage Tweets of the Week

From the Forums

Pump up the Volume

One new DIY investor wants more information on the significance of ETF trade volume. Forum users on Canadian Money Forum chime in here.

On Borrowed Dime

A DIY investor has questions about borrowing specifically to invest. See what other forum users had to say in this Reddit thread.

Into the Close

Talk about a hard act to follow – the week ahead will certainly be filled with no shortage of reaction to an epic Game of Thrones episode and a record-breaking opening to Avengers Endgame and basketball playoffs. Of course, with winter still sticking around (amirite Calgary?) in different parts of the country, it’s not a bad time to stay indoors. Here’s hoping there will be some warm patches (like GDP in Canada) to look forward to as well as a profitable trading week ahead.

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Discount Brokerage Weekly Roundup – April 15, 2019

In case you were wondering why Bran might be trending on Twitter, it’s not because the world suddenly discovered fiber was going to be bigger than avocado toast. No, it was because fans around the world couldn’t be content keeping their excitement to themselves about the kickoff to the final season of Game of Thrones. Even in the midst of all of the ‘Winter is Coming’ memes, the big picture for online brokerages here is that audiences get excited about great content/products/performances – something that is particularly important when brokerages are fighting their own battles for attention and engagement from DIY investor audiences.

While there are no dragons in this edition of the roundup, we do cover a major competition for DIY investors to take home some serious coin and for one online brokerage to get some important marketing wins. From there we peer over the fence to see what US online brokerages have been working on and how they’re getting creative to provide DIY investors what they want when it comes to trading experiences. As usual, we’ll also serve the staple Twitter chatter and forum discussions from DIY investors.

Let the Games Begin

While vying for control of Kings Landing might’ve been the biggest competition to make headlines this week, a slightly distant second was the launch of the annual “Biggest Winner” competition from Horizons ETFs.

Sponsored once again by National Bank Direct Brokerage, this competition, which kicks off on May 6th, is for DIY investors of all stripes who want to try their hand at growing a portfolio as much as possible across the challenge time frame of six weeks. The catch is that contestants are restricted to using Canadian ETFs listed on the TSX rather than picking individual securities.

Prizes for this contest consist of six weekly cash prizes of $500 and a grand prize of $7,500 for the best performance across the duration of the competition, followed by the runner up prize of $2,500.

As far as trading competitions go for Canadian DIY investors, this is by far the most regular and offers the best prize value to be won. In terms of exposure, in the incredibly competitive ETF and online brokerage markets here in Canada, this competition is a tactical way in which Horizons and National Bank Direct Brokerage can be on the radar of lots of investors.

Interestingly, during the registration portion of the contest, the form includes questions about which online brokerage (if any) individuals use. Conspicuously absent on the list of online brokerages are Desjardins Online Brokerage, Interactive Brokers, Virtual Brokers, HSBC InvestDirect, WealthSimple and JitneyTrade, signalling that there are a handful of brokerages of particular interest to NBDB and others that likely aren’t.

While brokerages offer the occasional contest, it is remarkably rare. In a world where getting investors to pay attention, let alone offer up information (such as an email address), contests often draw the curious in to participate. For NBDB, this contest not only gives them access to DIY investors from competitor firms, it also offers them a unique opportunity to market their commission-free ETF program. Incidentally, the contest does charge virtual commissions on trades executed so there is some semblance to real life in which commissions can bite into profitability of trading.

Moving in Concert

This weekend, the biggest names in music and their cadre of fans travelled to Coachella. This massive music festival, just around the bend from Palm Springs, is forecasted to bring in almost 250 thousand revelers across two weekends, and helps to put into perspective the scale at which the US market operates.

For the US online brokerages, the power of scale is something they continuously look to leverage with their feature releases. This past week and earlier this month, there were some interesting moves south of the border that once again highlighted the direction that DIY investing (and more broadly online investing/wealth management) is trending towards.

One of the biggest names in the US online brokerage space, TD Ameritrade, for example, announced that they are expanding 24-hr trading capabilities in certain securities. Last year, TD Ameritrade launched their foray into 24-hour trading of select ETFs and changed the way in which investors could access after market trading. It probably didn’t make as big of a splash at the time as cryptocurrency was all the rage (and already tradeable 24/7).

But in a market place like the online brokerage space that is so ultra-competitive, the small improvements or boosts to their bottom line or client satisfaction are the types of things that ultimately help to maintain their market position.

Being able to trade 24 hours a day is something that appeals to only a certain niche segment of investors but the decision to expand a selection of securities indicates at least enough interest in the program to warrant further investment. Buried at the end of an article on Benzinga announcing the latest move by TD Ameritrade are a few key lines that highlight the potential motivation behind catering to this niche segment:

“According to the retail brokerage, 70 percent of clients interact with the firm’s research and education resources outside of regular trading hours. They also found that clients who trade during the 24/5 session are 10 times more active and have 3-4 times more assets than typical retail clients.”

Whether Canadian online brokerages ultimately decide to jump into offering this kind of innovation is a function of a number of economic and regulatory realities. The point, however, is that there are examples of product lines that can be a win-win for investors looking to access certain trade opportunities and brokerages who are looking to boost earnings and gain traction with active traders.

Of course, one of the drivers for the move by TD Ameritrade was the need for investors to be able to react to news. And late last month, US online brokerage Robinhood announced a rather intriguing acquisition of a market news provider MarketSnacks.

Interestingly, providing access to news – especially financial news and market information – goes hand in hand with how investors formulate trading decisions and evaluate trading opportunities. Whether it is a good idea to go/stay long Boeing (or short it), whether yield curve inversion portends a recession or there’s still time in this bull market to run higher, these kinds of event-driven trading or investing decisions also appeal to a more engaged investor base. The challenge, however, is finding a format that resonates with audiences. Of course, traditional business news channels and market reporting are familiar but in 2019, they’re struggling to win a battle for attention against robots/AI who can report the ‘stats’ of the news in a fairly formulaic fashion.

So, enter a format like the daily digestible news story and podcasts provided by MarketSnacks or even the full day market programming provided by Tasty Trade and the takeaway is simple: focus on the content being engaging and accessible and (funny thing) an audience will gravitate towards that content. As a result, MarketSnacks got acquired by an online brokerage looking to feed clients more market coverage and Tasty Trade’s founder Tom Sosnoff has captured the attention and admiration of a loyal audience base.

Whether it’s opening up securities to being traded after hours – at any hour – or providing engaging content to DIY investors about market action in a format that fits their increasingly fragmented digital lifestyle, US online brokerages are providing yet another example of competition fueling better user experience for investors. In the case of Ameritrade, they’re getting creative about how to grow revenues based on the fascinating insight about when their users actually access the system – the point here though is that they didn’t have to lower commission prices to do it. For Robinhood, it’s especially interesting because the focal point isn’t about lowering commission prices (they’re already at zero) but rather making a tactical choice to provide value to people who are active consumers of market news – something that will invariably generate more trading activity the more engaged people are.

Like planning a ridiculously over the top music festival in the middle of the desert, the fact is that people show up, endure and even look forward to the journey for the content and the experience. If there’s anything that Canadian online brokerages can take away from these developments south of the border, it’s hopefully to start thinking about getting much more creative with how they reach online investors.

Discount Brokerage Tweets of the Week

From the Forums

Ahead of the Learning Curve

A newcomer to the DIY investing world has questions about how long it might take to build their knowledge base. See what advice other Redditors provided here.

Golden Years

One forum user wants to know if changes to their portfolio are necessary as they get closer to retirement. Discover what fellow forum users had to say in this Canadian Money Forum thread.

Into the Close

So much for investors to be on the look out for in the week coming up. In addition to actual Easter eggs, it’s earnings season again and that likely means people are bracing themselves for (even) more ups and downs. Whether that ending to Game of Thrones or general market volatility leaves your head spinning, the world can rest easy knowing that Idris Elba also spins (and will be doing so again at weekend 2 of Coachella!) and apparently so does Hodor (in real life!). Have a profitable week!

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Discount Brokerage Deals & Promotions – April 2019

One of the hazards of posting the deals and promotions update on April 1st is that readers might feel like they’re going to get pranked – especially this year with so many offers expiring at the outset of the month.

Alas, while it is true that at the start of this month there are significantly fewer offers available than there were last month, there are more than few reasons to be optimistic about promotions for online investors.

One of the primary reasons to expect the promotional offers board will continue to fill up is that those firms left on the board are getting much more attention and exposure by virtue of being present. Bank-owned brokerages such as BMO InvestorLine and CIBC Investor’s Edge are still in the mix with cash back bonuses which means they’re going to be serious contenders for DIY investors looking for this kind of offer with a big-name bank.

As detailed in the most recent Weekly Roundup, there is also another reason banking on change is a good bet. The landscape for promotional offers is likely to get even more interesting in 2019 thanks to the official launch of Wealthsimple Trade. Their commission-free trading structure means that we expect existing Canadian brokerages to respond in kind with rather creative, headline generating offers.

For now, however, we’re content to ease into the first full month of spring with a solid selection of deals and the prospect that the weeks ahead are bound to be filled with more than few surprises.

Expired Deals

Unlike a typical month, the passing of the RRSP contribution deadline at the beginning of March means that there is a high degree of turnover in the promotions section. There were offers from 6 different online brokerages that expired across March with most of them expiring at the end of the month.  Here is a list of those offers that didn’t make it into April:

  • RBC Direct Investing commission-free trade offer
  • Qtrade Investor Cash Back offer
  • Scotia iTRADE commission-free trade + cash back offer
  • Virtual Brokers RSP cash back offer
  • BMO InvestorLine Winter Campaign
  • TD Direct Investing Winter Promotion

Extended Deals

Like any avid chart watcher, it’s great to see the chart tick in your favour. In this case, there was an uptick in extended deals from CIBC Investor’s Edge, whose cash back offer is now pushed out to early May and Questrade’s massively disruptive transfer fee bonus offer – which has been extended through to the end of June.

New Deals

No new deals to report (yet).



Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. 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
Jitney Trade 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, 2019
Open and fund a new account with at least $5,000 at National Bank Direct Brokerage and you may be eligible to receive up to 50 commission free equity trades, which are good for up to one year. Use promo code: FREE50 when applying. Be sure to read offer terms and conditions for full details. $5,000 50 commission-free trades 12 months National Bank Direct Brokerage 50 Free Trade Offer April 30, 2019
Disnat 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 account with at least A) $25,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+ AND place at least three commission-generating trades and you may be eligible to receive a cash back promotion amount of at least A) $188; B) $388; C) $688; D) $988 or E) $1288. Be sure to read offer terms & conditions for full details. A) $25,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $188 B) $388 C) $688 D) $988 E) $1288 Cash back will be deposited by November 29, 2019 HSBC InvestDirect 2019 Winter Offer April 30, 2019
Open and fund a new qualifying account with CIBC Investor’s Edge with a deposit of at least A) $25,000; B) $50,000 or C) $100,00+ and you may be eligible to receive a cash back bonus of A) $100; B) $200 or C) $400. This offer is open to both new and existing clients. Be sure to read full terms and conditions for complete details. A) $25,000 B) $50,000 C) $100,000 A) $100 B) $200 C) $400 Cash back will be deposited on the week of September 2nd. CIBC Investor’s Edge Cash Back Promo May 2, 2019
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
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $100; B) $300; C) $900 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $500,000 D) $1M+ A) $100 B) $300 C) $900 D) $1,600 Cash back will be deposited the week of December 16, 2019. BMO InvestorLine Spring 2019 Campaign June 3, 2019

Expired Offers
Last Updated: Apr. 1, 2019 17:00 PT

Referral Promotions

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
Scotia iTrade 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
BMO InvestorLine 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

Expired Offers
Last Updated: Apr. 1, 2019 17:00 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 no minimum required Transfer Fee Promo June 30, 2019
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 $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 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
Disnat 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
BMO InvestorLine 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

Expired Offers
Last Updated: Apr. 1, 2019 17:00 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat 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
Disnat 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 Broker@ge 18-30 Promotion none
Scotia iTrade 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
Open and fund a new qualifying account with at least $5,000 at RBC Direct Investing and you may be eligible to receive up to 20 commission-free trades, which are good for up to one year. Use promo code MDFT8 to qualify. This promotion is being marketed towards healthcare workers, so be sure to review terms and conditions or speak to an RBC Direct Investing representative for full details. $5,000 RBC Direct Investing 20 Free Trade Offer Mar. 4, 2019

Expired Offers
Last Updated: Apr.1, 2019 17:00PT

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: Apr. 1, 2019 17:00 PT
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Discount Brokerage Weekly Roundup – March 25, 2019

Spring is officially here and what better metaphor for talking about growth than one that focuses so much about the promise of things to come. Ironically for many Canadian online brokerages, what’s to come may not be so favourable unless they learn to develop a digital green-thumb.

In this edition of the roundup, we take a look at some fees sprouting up early in the spring that DIY investors will likely encounter more of as the year rolls on. Staying on the floral theme, we also take a look at a potpourri of client experience developments that form a very interesting arrangement of choices for the online brokerage industry to confront when it comes to delivering client experience in a digital world. As always, we’ve also got some chirpy comments from Twitter and the DIY investor forums to close things out.

Additional Fee-tures

As the Canadian online brokerage market continues to adjust to a new competitor and new ways of competing, we anticipated seeing changes to the structure, scope and size of fees being charged for online brokerage services. Earlier this month we noted a small change to the fees being charged by BMO InvestorLine that are set to take effect at the beginning of April, whereby they’re increasing the transfer out fee from $135 to $150.

Among most of the big bank owned brokerages, the transfer out fees are $135 (the exception being Scotia iTRADE at $150 already) whereas at most non-bank-owned brokerages the transfer out fees are $150. Curiously, Wealthsimple Trade’s transfer out fee is $125 (as is Desjardins Online Brokerage’s).

While it might not be high on the list of criteria DIY investors use to choose an online brokerage with, it is always prudent to understand what it costs to get money into and out of any account, including and perhaps especially investing accounts. The slight raise in fees here by BMO InvestorLine might also trigger other bigger peers to do the same.

On the other hand, from a strategy perspective of the online brokerages, transfer fees might become an increasingly important lever with which to challenge other online brokerages when it comes to poaching customers.

Case in point: a recent transfer-fee promotion launched by Questrade.

While transfer fee coverage promotions are fairly standard, what made this promotion stand out was that there was no minimum balance transfer required to be eligible for a commission-fee rebate. This fairly aggressive maneuver could offer a favourable window to investors with assets under the usual $25,000 threshold to switch over and have their fees covered. Of course, the decision to switch online brokerages can certainly be challenged/impacted by the cost of doing so and if transfer fees were to increase, investors may think twice before switching away from a brokerage.

At Qtrade Investor, for example, there is a cost of $100 to a client who closes an account within one year of opening it. That kind of fee is uncommon at most Canadian brokerages but it is easy to see how a DIY investor who was contemplating or who tried Qtrade Investor, would need a compelling reason to leave and incur a charge of a $100.

With competition between Canadian brokerages now ratcheting up, hanging onto clients – whether it is through improving the service experience, or through charging more to leave – will likely be a more popular topic of discussion. As these exit costs do rise, however, the incentive to research online brokerages a little more closely also increases. So, before Canadian online brokerages go too far down that road, they should revisit the clarity of their value proposition for DIY investors and their plans for delivering a great client experience as falling short on those will also be why DIY investors would look to leave in the first place.

Client Experience Potpourri

When it comes to client experience for online brokerages, there are a couple of important moving parts. One is the traditional idea of “customer service” that DIY investors would come to expect from any financial services provider. Things like being able to contact an actual person when an important situation arises and have that interaction be effective and enjoyable are, in today’s digital world, becoming increasingly rare.

Interestingly, this past week, Fido, the flanker brand to Rogers, announced that they would be charging clients $10 for client service requests on live chat or via telephone that could have been done by the clients themselves online or in some other automated fashion.

Why this is relevant for the Canadian online brokerage space is because the “hands off” approach to service is a bigger trend that shapes expectations of consumers, especially younger and tech-savvier ones, and changes what “service” really means.

In the financial services space, there are an increasing number of digital-only financial services providers (e.g. EQ Bank) and with the launch of Wealthsimple Trade, this very “hands off” digital service experience has now found its way into the DIY investing realm. One of the items that wasn’t discussed in our coverage last week of the launch of Wealthsimple Trade was the customer service experience.

As it stands now, the only way to reach Wealthsimple Trade’s support (or “Client Success”) team is via e-mail. The following note on their support page was particularly instructive: “Note: Wealthsimple Trade is a self-serve platform! As such, our team is unable to submit any transactions on behalf of clients. This includes buy & sell orders, deposits, and withdrawals.”

Against this important digital trend, earlier this month Questrade announced that they had earned the DALBAR Seal for Service Excellence. This seal can be obtained “after a company undergoes a thorough audit of their customer service, and in order to qualify it must exceed stringent benchmarks in criteria covering all aspects of its customer service interactions. Criteria include both the interpersonal aspects of the customer relationship, as well as addressing important transactional aspects of the customer request.”

The other Canadian online brokerage to whom the DALBAR Seal for Service Excellence was awarded to this year was HSBC InvestDirect. And, as part of the DALBAR blog post in which that was announced, DALBAR stated “While the lowest fees or slick new platform features grab the headlines, when complicated issues arise, having a competent and engaged human being to talk to goes a long way.”

A final observation with regards to client experience in this increasingly digital age actually comes from a forum post on RedFlagDeals.com.

The forum post itself started off having nothing to do with client service directly – it was a thread about transfer fee coverage from Questrade (mentioned earlier). Quite interestingly the conversation between DIY investors in the forum shifted from being about the transfer fee and turned instead to another firm altogether (Qtrade Investor) and the observation of a slow-to-load web page that created some pan-worthy display about the quantity of expertise and assets under management by the parent firm Aviso. Why this matters is because even though the web page eventually displayed the correct number, one consumer was able to shift a conversation away from transfer fees and talk about digital experience in a way that reflects the holistic manner in which technical design impacts brand experience and perception. Things like a fast loading website actually matter and may have become the digital equivalent of customer wait times on the telephone.

For Canadian discount brokerages, this is clearly an interesting moment in their business model whereby “service experience” can mean something very different to different customer types.

Figuring out how to cater to those different customer needs is no easy feat but it’s clear that trying to shift too much of the service to “online only” means investing heavily in speed, reliability and ease of use. And, in that light, brokerages who offer a multichannel service (including being able to speak to someone on the phone) experience seem like they can then show DIY investors where their commission costs go to.

Discount Brokerage Tweets of the Week

From the Forums

Guaranteed Good?

Are some things too good to be true? One DIY investor wants to know more about portfolios that guarantee the value of their investment. See what other forum users on RedFlagDeals had to say here.

Drain the Swap?

While there were a number of changes in the most recent federal budget, there was one that rattled investors in swap-based ETFs. Find out what got DIY investors buzzing in this reddit post.

Into the Close

That’s a wrap on another eventful week. While spring officially rolled around this past week, the week coming up will undoubtedly be focused on someone who feels like they’ve just gotten sprung (aka the “Mueller Report”) by the “no collusion” report. Seems like there’ll be a whole lot more madness in the final stretch of March and almost certainly more uncertainty. Have a profitable week!

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Discount Brokerage Weekly Roundup – March 4, 2019

Welcome to March. With spring on the horizon (at least that’s what’s supposed to happen) and the RSP deadline now behind everyone, it’s time to start looking forward to bigger stories through the rest of the year. Fortunately for online brokerages (and DIY investors) once they recover from the mad dash that was the RSP contribution rush, there are some bullish signals that DIY investing continues to strengthen.

In this edition of the roundup, we highlight the latest activity in the deals and promotions section. With the arrival of a new month, and this month in particular, this month is going to be full of changes and surprises as the deals deck shuffles. Keeping on theme with spring, we’ve also spotted a few interesting developments sprouting up – one that mining investors may want to take note of and another that shows that IPO activity in 2019 extends even into the online brokerage segment. As always be sure to check out the latest tweets and forum posts from DIY investors.

Deals March On

Now that March has officially arrived, the mad dash to the RSP contribution deadline is finally over. Over the next few days, Canadian discount brokerages & investors alike will be tallying their respective wins.

For investors, there were definitely some big wins to celebrate. Historic high numbers of offers, participation from almost all online brokerages, as well as an increase (in certain segments) in the value of offers being put forward. The combination of these factors suggests a bullish sentiment for DIY investors through 2019.

That said, an adage of markets (and physics) applies equally to the online brokerage market and what has gone up will most certainly come down.

With a significant portion of deals timed to coincide with the RSP contribution deadline or shortly thereafter, March is scheduled to see quite a bit of turnover in the deals & promotions section. So, while market volatility may have taken a back seat for the first part of 2019, for online brokerages and DIY investors, the deals category is going to sail through choppy waters.

Case in point, the most popular categories of offers – cash back promotions and commission-free trade deals – is set to have 7 out of the 14 (50%) current offers expire in March.

Notably, the deal from TD Direct Investing expired at the RSP contribution deadline of March 1st. Offers from BMO InvestorLine (March 4th), Qtrade Investor (March 15th), CIBC Investor’s Edge (March 24th), RBC Direct Investing (March 29th) and both Virtual Brokers and Scotia iTRADE on March 31st.

Also on the chopping block in March is Questrade’s big transfer fee coverage offer (set to expire March 31st).

Of course, with so many deals set to expire, the landscape for DIY investors will be pretty interesting for those other deals still in play. Even though the big push of RSP contributions will have come and gone, income tax filing season is now here and personal finance questions will still be top of mind for many investors. In fact, what could be interesting to watch is whether there are any stumbles with regards to tax reporting across the tax-filing season as hiccups invariably lead to investors getting fed up and looking elsewhere for greener pastures. The result, for online brokerages with promotional offers still active during this time period, there will be less competition to contend with.

Interestingly, it will likely be challenger brokerages – such as National Bank Direct Brokerage, HSBC InvestDirect, Desjardins Online Brokerage and Questrade who will directly benefit from the deals action pull back. In all likelihood, however, we also expect BMO InvestorLine to post an offer to keep their long-time streak of offering a promotion intact. Additionally, given Questrade’s climbing prominence in rankings and growing awareness of this provider among online investors, it is unlikely that other, larger, online brokerages will sit by and cede market share to Questrade  – especially during this time of year.

So, even though we don’t know exactly what’s in store for DIY investors in March, the early data suggests a bullish sentiment for brokerages to introduce new deals and/or extend offers.

DIY Investing Potpourri

Despite the winter warnings, we can still look forward to March being the official start to spring. With that in mind, we’ve pulled together a few interesting developments across the DIY investor space that are worth taking note of.

PDAC 2019 Now Charging Investors to Attend

When it comes to conferences for investors, there aren’t a lot to turn to. And, when it comes to major mining conferences in Toronto that would attract the global spectrum of the mining industry, there really is only one: PDAC 2019.

Taking place between March 3rd and 6th this globally renowned show brings in mining and exploration companies at a scale that is unrivaled in Canada and so it was particularly interesting to see the PDAC roll the dice when it came to attracting investors into this convention. Specifically, this year PDAC opted to charge $24.99 for admission to the Investors Exchange – the hub of about 500 mining & exploration companies.

So, either sentiment in the mining sector is about to take a significant uptick or PDAC carries enough weight with investors to warrant charging admission. Among the many selling points for investors is that this is arguably the best opportunity to meet with mining and exploration companies’ representatives as well as to discover other ones.

There are just shy of 500 companies listed to exhibit in the Investors Exchange so for anyone to try and cover that kind of ground, it will likely require a multi-day effort. To make matters more potentially costly, 65 exhibitors (13%) are there only for one day, either March 5th or March 6th.

While the final numbers will ultimately bear out whether attendance is impacted by charging for admission, given the state of the mining markets, giving investors one more hurdle to cross seems like a bold move. So, for investors serious and committed enough to fork over $25 per day to talk to companies, you can almost bet the questions will be coming from more engaged investors and there will be fewer ‘no shows’ (although the extreme cold may also challenge attendance).

It will be interesting to see what kind of experience DIY investors can expect from this year’s show – but one thing is for certain – PDAC has raised the bar for creating an outstanding investor experience now that investors are paying to be there.

IPO for Chinese Online Brokerages

While the spotlight on IPO’s was dominated this past week by the filing from Lyft, earlier last week Chinese online brokerage Tiger Brokers also announced they would be seeking an IPO on NASDAQ (TIGR). Interestingly, they are not the only Chinese online brokerage and trading firm seeking to raise capital from and list on the US markets. Direct competitor of Tiger Brokers, Futu Holdings (FHL) also filed to go public with a target of raising up to $300 million.

Futu Holdings is backed by Tencent while Tiger Brokers is backed by Xiaomi and Interactive Brokers also reportedly has a stake in Tiger Brokers. For Interactive Brokers, their presence in the Asian markets continues to strengthen ahead of their peers in the US online brokerage space.

What also crossed our radar from the disclosure data was the reporting that 71.5% of clients were under 35 – a massive difference in the demographic profile compared to online brokerages in North America. Also noteworthy: conversion rates of 15% and retention rates of 82% through the end of 2018. In spite of attracting customers, a look at the financials show that negative earnings and operating losses which reflect a number of challenges the online brokerage segment still faces in the Chinese market.

Discount Brokerage Tweets of the Week

From the Forums

Stop & Go

When it comes to investing, things don’t always finish on the upside.  At first glance, stop loss protection might be an option to mitigate the risks, but do fellow forum users on Canadian Money Forum agree? See what they have to say.

Expanding the Horizon

One investor takes to the forums to see what ETF options are available outside the energy and resource sector. Forum users take a closer look and share their thoughts on investing in mining and resources while offering up their suggestions on the Financial Wisdom Forum.

Into the Close

That’s a wrap on another set of noteworthy developments. There’ll be lots to see this week, including content coming out of PDAC. Metals are also in going to be in the news with the NAFTA trade deals now up in the air. For the numerologists, the 10th year of the bull market is coming up marking the week in which the S&P 500 hit its low of 666. Not creepy at all. Of course other numbers in focus will be the job growth and economic performance. Wherever the numbers land, here’s hoping you have a profitable week!

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Discount Brokerage Deals & Promotions – March 2019

*Updated March 14* March is officially (or finally) here. Take note snow, your days are numbered. Of course, it’s not just the white fluffy stuff whose time is up this month as a number of discount brokerage deals for RSP season are also poised to melt away during over the next several weeks.

As last minute RSP contributions undoubtedly trickle in, there is a little bit of good news to share at the outset of a new month.  One minor extension from BMO InvestorLine is the first bullish sign that the promotional offer run is set to continue into the next season. Of course, the other good piece of news is that for DIY investors there are still lots of compelling promotions on the table through the spring.

February certainly saw its fair share of surprises as deals from Virtual Brokers and Questrade made late appearances, with the latter offer being something that hasn’t really been seen before in recent memory – a transfer fee coverage offer that doesn’t have a minimum balance requirement attached to it. Combined with an aggressive advertising campaign across major sporting and entertainment programming, it was hard not to notice this major push by Questrade heading into the RSP contribution deadline for 2018.

The start of a new season is just around the corner however with relative stability in markets, slow movement on interest rates and competitive forces continuing to heat up, there’s likely a few more offers set to sprout up soon.

Expired Deals

*Update March 14 – Deals from TD Direct Investing and BMO InvestorLine which had expired in early March have been officially moved into the expired category. The deal from BMO InvestorLine has been replaced with a slightly modified offer which is detailed in the new deals section below.*

Although technically still live at the time of publication, TD Direct Investing’s commission free trade offer is on the brink of expiration. Timed to conclude on March 1st alongside the RSP contribution deadline, the expiry of an offer from one of Canada’s most popular online brokerages going to be noticed and create an opportunity for other offers to grab the spotlight.

Another minor change taking effect at the start of March is the expiry of RBC Direct Investing targeted commission-free trade offer. Fear not, as they have launched another offer with the same number of commission-free trades (20) that isn’t set to expire until the end of May.

Extended Deals

*Update March 14 – Qtrade Investor has extended the deadline for their cash back offer from March 15th to March 29th. A couple of important details to take note of – first the terms and conditions currently state that any accounts that are being funded by transfer from another institution must be received by March 15th. Also the deadline for applying is specified as March 29th at 11:59 PM ET – which means anyone trying to apply using this offer west of the eastern timezone will have to factor this in when opening their account. See table below for more details.*

BMO InvestorLine’s winter offer has been extended from its previous expiry date of February 28th to now conclude on March 4th.  The slight change is an important one as it enabled individuals on the hunt for a deal on the RSP contribution deadline day to still technically qualify for one.

New Deals

*Update March 14 – BMO InvestorLine has technically rolled out a new cash back promo for spring 2019 that replaces their previous cash back offer (referenced above). This latest offer may look a bit familiar to their previous offer in that it has the same number of qualifying tiers (4) however the tiers themselves are slightly different as are the cash back amounts associated with each level. The new qualifying deposit tiers are: $50,000; $100,000; $500,000 and $1M+, while the associated cash back amounts are: $100, $300, $900 and $1,600 respectively. See table below for more information. *

There were no new deals to announce (yet).



Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. 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
Jitney Trade 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, 2019
Open and fund a new account with at least $5,000 at National Bank Direct Brokerage and you may be eligible to receive up to 50 commission free equity trades, which are good for up to one year. Use promo code: FREE50 when applying. Be sure to read offer terms and conditions for full details. $5,000 50 commission-free trades 12 months National Bank Direct Brokerage 50 Free Trade Offer April 30, 2019
Open a new qualifying account with RBC Direct Investing with at least $5,000 and you may be eligible to receive up to 20 commission-free equity trades, which are good for up to one year. Use promo code SPARX when signing up. See terms and conditions for full details. $5,000 20 commission-free trades 12 months RBC Direct Investing Free Trades Promotion March 29, 2019
Open a new account or fund an existing account at Virtual Brokers with at least $10,000, and you may be eligible to receive $50 cash back. Use code RRSP2019 when registering to claim this offer. Be sure to read terms and conditions for full details. $10,000 $50 cash back Cash back will be deposited after July 1, 2019. Virtual Brokers RRSP 2019 Cash Back Promo March 31, 2019
Scotia iTrade Open a new account or fund an existing account with A) $10,000; B) $25,000; C) $50,000; D) $100,000 E) $250,000; F) $500,000 or G) $1M+ and you may be eligible to receive either A)20; B) 50; C) 100; D) 200; or E), F), G) 300 commission free trades; or B) $100; C) $200; D) $500; E) $800; F) $1100 or G) $1500. Use promo code 19CA for the cash back or 19FT for the free trades offers. Be sure to read the terms and conditions for full details. A) $10,000 B) $25,000 C) $50,000 D) $100,000 E) $250,000 F) $500,000 G) $1M+ For cash back: A) $0 B) $100 C) $200 D) $500 E) $800 F) $1100 G) $1500 For commission-free trades: A) 20 B) 50 C) 100 D) 200 E) 300 F) 300 G) 300 For cash back: Cash will be deposited by July, 2019. For commission free trades: 120 days to use trades from date of account funding. iTRADE commission-free trade + cash back offer March 31, 2019
Disnat 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 account with at least A) $25,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+ AND place at least three commission-generating trades and you may be eligible to receive a cash back promotion amount of at least A) $188; B) $388; C) $688; D) $988 or E) $1288. Be sure to read offer terms & conditions for full details. A) $25,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $188 B) $388 C) $688 D) $988 E) $1288 Cash back will be deposited by November 29, 2019 HSBC InvestDirect 2019 Winter Offer April 30, 2019
Open and fund a new qualifying account with CIBC Investor’s Edge with a deposit of at least A) $25,000; B) $50,000 or C) $100,00+ and you may be eligible to receive a cash back bonus of A) $100; B) $200 or C) $400. This offer is open to both new and existing clients. Use offer code SPARX18 when opening the account to obtain this offer. Be sure to read full terms and conditions for complete details. A) $25,000 B) $50,000 C) $100,000 A) $100 B) $200 C) $400 Cash back will be deposited on the week of March 24, 2019 for transfers received by December 31, 2018; transfers received after December 31, 2018 but before May 1, 2019 will receive cash back on the week of July 1, 2019. CIBC Investor’s Edge Cash Back Promo March 24, 2019
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
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $100; B) $300; C) $900 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $500,000 D) $1M+ A) $100 B) $300 C) $900 D) $1,600 Cash back will be deposited the week of December 16, 2019. BMO InvestorLine Spring 2019 Campaign June 3, 2019
Open a new qualifying account or fund an existing qualifying account at Qtrade Investor with new assets worth at least A) $50,000; B) $100,000; C) $250,000 D) $500,000 or E) 1M+ and you may be eligible to a cash back reward of up to A) $50; B) $100; C) $250 or D) $750 or E) $1500. Use promo code CASH2019 when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $50 B) $100 C) $250 D) $750 E) $1500 Cash back will be deposited the week of September 25, 2019. Qtrade Investor Cashback Promo March 29, 2019

Expired Offers
Last Updated: Mar. 14, 2019 23:00 PT
Open a new qualifying TD Direct Investing account by March 1, 2019 with a minimum deposit of A) $15,000; B) $25,000; C) $50,000 or D) $100,000+ and you may be eligible to receive commission rebates for A) 25; B) 50; C) 100 or D) 200 trades. To qualify online, individuals must register here and open the account by March 1, 2019. See terms and conditions for full details. A) $15,000 B) $25,000 C) $50,000 D) $100,000+ A) 25 B) 50 C) 100 D) 200 Trades made prior to July 1, 2019 will be eligible for rebate. TD Direct Investing Winter Promotion March 1, 2019
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $250,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $400; B) $900; C) $1200 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $250,000 C) $500,000 D) $1M+ A) $400 B) $900 C) $1200 D) $1600 Cash back will be deposited the week of September 16, 2019. BMO InvestorLine Winter 2018 Campaign March 4, 2019

Referral Promotions

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
Scotia iTrade 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
BMO InvestorLine 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

Expired Offers
Last Updated: Mar. 1, 2019 19:00 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 no minimum required Transfer Fee Promo March 31, 2019
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 $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 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
Disnat 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
BMO InvestorLine 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

Expired Offers
Last Updated: Mar. 1, 2019 19:00 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat 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
Disnat 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 Broker@ge 18-30 Promotion none
Scotia iTrade 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
Open and fund a new qualifying account with at least $5,000 at RBC Direct Investing and you may be eligible to receive up to 20 commission-free trades, which are good for up to one year. Use promo code MDFT8 to qualify. This promotion is being marketed towards healthcare workers, so be sure to review terms and conditions or speak to an RBC Direct Investing representative for full details. $5,000 RBC Direct Investing 20 Free Trade Offer Mar. 4, 2019

Expired Offers
Last Updated: Mar. 1, 2019 19:00PT

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
Discounted Management Open a new account with RBC InvestEase and the standard management fee will be waived until October 31, 2019. See offer terms and conditions for full details. $1,000 No management fees until October 31, 2019 None March 31, 2019 RBC InvestEase Pricing Details
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: Mar. 1, 2019 19:00 PT