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Can I Earn a Referral Bonus for Getting a Relative to Invest with BMO InvestorLine?

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Several years ago, my husband and I did not have any self-directed investment plans. I had many of my RRSP investments at BMO, so I decided to open an InvestorLine account. After getting comfortable with their program, I started wondering if my husband should also open an account. And then, as if to encourage making a decision, BMO began a referral program. I wondered if that meant I could earn a referral bonus for getting a relative to invest with InvestorLine.

Written: 2012
Reviewed: 2023
Revised 2020; 2023

The referral bonus program BMO was offering at that time (in 2012) included a $100 cash bonus for the person making the referral, and a $50 cash bonus for the person starting the new InvestorLine account. More recently in 2022, they only offered $50 each.

Are Spouses Eligible for InvestorLine Referral Bonuses?

I scrutinized all of the fine print and could not find a disclaimer stating that spouses were not eligible for the bonus.

So figuring it really didn’t matter too much one way or the other, my husband applied for a BMO InvestorLine RRSP account and used my referral information.

Did It Payout?
Fast forward a year. I had long since given up on ever getting any referral bonus. However, my husband’s BMO InvestorLine account was working well, so everything was fine.

Then one day, 13.5 months after applying, a new line item showed up in both of our Transaction History logs. It took me a few minutes to figure it out, but it was our referral bonus!

So, yes, apparently a spouse can receive a referral bonus from BMO InvestorLine, providing there is no change to the existing rules.

Free money is always a bonus. Enjoy!

Update: in the early spring of 2020 I helped a relative apply to open a non-registered trading account, joint with right of survivorship, at BMO Investorline and they (and I) did get a referral bonus for using my referral–so it was still working in 2020.

In 2022, the program was still offered if the person making the referral had a cash/margin account at InvestorLine. So the rules change from time to time. Please always check the BMO InvestorLine website for any current information as I can’t keep up with their changes!

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Have you ever got a Referral Bonus from BMO or any other self-directed investing account? Was the referral for a friend or a relative? Were there any unexpected tricks or delays? Please share your experience with a comment.

How to Make a Referral to BMO InvestorLine and Possibly Get a Referral Bonus

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Some banks and brokerages encourage you to recommend them to your friends and family. They often reward you with a small amount of money for your recommendation. If you are a BMO InvestorLine customer, it is fairly easy for you to get some money deposited in to your InvestorLine account if a friend or relative uses your referral information when they apply to open an account for themselves. Often you both get a bonus for doing this.

Written: 2012
Reviewed: 2023
Revised: 2023

BMO InvestorLine does change the rules from time to time. Always check the most recent rules on the BMO InvestorLine website. I can’t keep up!

What Kind of Referral Code Does BMO InvestorLine Use In January 2023?

They are in the process of revising the rules again on January 29 2023! However, up till January 7, 2023 the referral code was the email address of the existing BMOIL customer that is in the customer’s Client ID Profile for their cash or margin (joint or individual), corporate or sole proprietorship account. The email has to match the one BMO InvestorLine has on their program for that account.

Also last year in 2022, you could only make a referral if you had a trading account. If you only had a RRSP, RRIF, LIRA, RESP, RDSP etc account you could not make a referral.

And in 2022, only certain types of new accounts were eligible for a referral. You could get one for opening an RRSP account, but not for opening a Locked-In Retirement Account (LIRA.)

To Check Your BMO InvestorLine Referral Email Address Under the Legacy System

In 2023, BMO InvestorLine is trying to change their look and program. It’s taking time, though. Some tasks still have to be done on the “old” or “legacy” platform. As of January 29 2023, checking your profile for your email address is still only possible on the old Legacy platform.

To check the “email address you have set up on your Client ID Profile” for your trading account at BMO InvestorLine

  1. Sign in to your InvestorLine cash or margin trading account.
  2. Click on the Legacy Platform link, if necessary.
  3. Ensure you have selected your Cash/Trading/Margin account from the account drop-down list in the top right of the screen.
  4. From the Account Services menu, find the Settings list and click on Client ID Profile.
  5. Confirm which email address is associated with your cash/trading account.
  6. Give your friends and relatives that email address and ask them to type it in the Refer a Friend promotion code field on the application form for a new InvestorLine account.

In 2022, the bonus would be deposited in 90 days + 45 days after opening and funding the new account with the required minimum amount of cash which was then $5000. So about 4 1/2 months after putting the money into the new account, both the new investor and the referring investor would get their bonus deposited into their accounts, in 2022.

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Have you received a bonus for referring another investor to your self-directed investing broker? Any tips for maximizing that bonus? Please share your experiences with a comment.