Not all bank brokerages pay an incentive to encourage referrals of customers wanting to open a new RRSP, TFSA, or investing account at their institution. For example, CIBC Investor’s Edge does not have a reward system at this time. I invest with BMO InvestorLine. [UPDATE: And RBC Direct Investing and CIBC Investor’s Edge.] I’m happy enough with InvestorLine’s services that I could recommend them to my mother and not have to worry about facing her about it at our next meeting. So I wondered, does BMO InvestorLine offer any kind of bonus if I refer them a new customer?
Yes, BMO InvestorLine Has a Referral Bonus Program
The answer was yes! BMO InvestorLine does reward both the person making the referral and the person setting up the new account at InvestorLine. They will pay a bonus for a new RRSP, regular non-registered investment, or RESP account provided it has a minimum of $50000 in it. (If you could transfer a TFSA with 50,000 in it, it would likely also be eligible, but you would have had to make an astounding profit on your TFSA so far, as the total contribution room to date has been $
How Does BMO InvestorLine’s Referral Cash Reward Program Work?
Say I’m a happy BMO InvestorLine customer (which I am.) I can give any friend or relative my Referral
Number 977532577 Code. When they fill out an account application form, they include this referral number code.
Specifically, when they visit the BMO InvestorLine website and click on Open an Account, the first Welcome page asks them to select the type of account they wish to open. A bit further down the page it says, “Enter a Promotion Code or Referral Code below.” The Referral
Number Code should be typed into the Refer a Friend Code box.
When they click on Open New Account it will take them to a page describing the Refer a Friend program.
Some of the important details
- to get a reward $50,000 must be deposited in the new account
- the account balance must remain $50000 or higher for the next 60 business days (3 months)
- no reward money will be deposited by InvestorLine until after the 60 days have elapsed
- the bonus money will be deposited directly into the account. So if a person opened a new TFSA it would be deposited in their TFSA account.
- the InvestorLine bonus does not count as a contribution to a registered plan as far as the government is concerned. For example, you don’t have to claim it as an RRSP contribution on your taxes nor is it reported as a TFSA contribution by InvestorLine to the government. It’s more like interest earned on an investment.
- the new customer gets a bonus of $50 for an investment of $50 000 or more
- the existing customer gets a larger bonus as described on the displayed page
Program terms can change at any time, of course, so it’s always worth checking again before opening a new account.
FinancialCrooks, Can I Use Your Referral Number?
Well, since the only ones reading this blog seem to be my friends and relatives, I guess that means yes, you can use my referral number if you are opening a new InvestorLine account. My Refer a Friend
number is 977532577.
UPDATE: As of January 2014, it’s an email address now, not a number. My Refer a Friend Code is:
bet*** crooks @ financial***crooks . ***com
if you take out the extra spaces and the ***’s
Remember I will get a bonus if you use this code
number. (And I will have to declare it on my income taxes, unlike you, because I’m sure the government would consider any profit made from this post of mine to be a work-related benefit.)
- Does CIBC Investor’s Edge have a Referral Bonus for Convincing Friends and Relatives to Open a New Account?
- How to Maximize Your Refer a Friend Bonus from BMO InvestorLine
Does your brokerage pay an incentive for helping to encourage new customers? Please share your experiences with a comment.