Here are some of the best bank promotions and bonuses currently offered by Canadian banks. Whether it’s a chequing, savings account, or even credit cards and investments, customers can score ‘free’ cash when they open a new bank account.
Read on to learn about the new bank account promos from HSBC, Simplii Financial, RBC, BMO, TD Bank, CIBC, Tangerine, Scotiabank, and others.
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The top 10 Canadian bank offers are:
- Simplii Financial: $400 welcome bonus
- Scotiabank: Up to $350
- EQ Bank: Up to 4% interest
- BMO: Up to $350
- RBC: Apple Watch
- Neo: $20 bonus
- CIBC: Up to $350
- TD Bank: Up to $350
- Tangerine: Up to $400
- PC Financial: Up to $200
- HSBC Canada: Up to $600 (now expired)
For credit card deals, check Tangerine ($100 bonus), Scotiabank (up to $400 bonus), and Neo Financial ($25 offer).
Check out the banks and digital investment services offering a bonus when you open a new account. For more details about the terms and conditions of each offer, visit the bank’s website.
These offers usually get extended or repeated throughout the year. So, if you are interested and the offer dates have expired, monitor their website for the most current offering.
Simplii Financial New Account Promotions
Simplii Financial is an online-only bank owned by CIBC. It offers no-fee chequing and high-interest savings accounts.
The Simplii chequing account has no transaction limits, meaning you won’t have to worry about paying monthly account fees when you make online bill payments or send Interac e-Transfers. This account also earns interest.
Simplii Financial routinely offers account bonuses to new clients, with the latest worth $400.
Chequing Account Offer: Get a $400 bonus when you open a new chequing account. To qualify:
- Open an account by February 29, 2024.
- Set up an eligible payroll or pension direct deposit of at least $100 a month for three straight months.
Read this Simplii Financial review for more details.
Value of bank promos: $400
Offer Validity: February 29, 2024.
Caveat: Online-only bank, but backed by one of Canada’s largest banks.
Your $400 cash bonus is deposited in your No Fee Chequing Account 5 months after the month the new bank account is opened.
Open a free Simplii Account.
Simplii Savings Account Offer
Simplii Financial is offering a promotional 6.00% interest rate for a limited time.
The Simplii savings account has no monthly account fees, and you can easily pair it with the bank’s free chequing account. Interest is calculated daily and paid monthly.
This promotional interest is available on deposits of up to $500,000 and applies for 5 months from the account opening date.
Offer validity: Earn 6.00% for 5 months.
Caveat: Online bank. However, it is backed by CIBC, one of the largest banks in Canada.
EQ Bank Savings Plus HISA Account
EQ Bank offers one of Canada’s best non-promotional interest rates at 3.00%*. You can deposit up to $200,000 and enjoy higher interest rates.
They also offer a joint savings account where you can deposit up to $500,000 and earn up to 4.00%.
An EQ Bank Savings Plus Account is a hybrid account that offers both chequing and savings account features, including:
- Free and unlimited Interac e-Transfers
- Zero minimum balance
- No monthly account fees
- Free bill payments and electronic fund transfers
- Free mobile cheque deposits and more
- Free rewards debit card that offers 0.50% unlimited cash back
Value of promo: Earn interest at up to 4.00% (4% rate if you set up direct deposit; otherwise, it is 2.50%).
Offer validity: Ongoing (bonus interest for one year).
Caveats: Online bank. However, it is backed by a Schedule 1 bank, Equitable Bank. Learn more here.
Bonus: EQ Bank also offers one of the best TFSA and RRSP savings rates in Canada at 3.00%*. You can open TFSA savings or RRSP savings account with just a few clicks.
Related: EQ Bank: The Best Savings Account in Canada?
Scotiabank New Account Promotions
Scotiabank offers up to a $350 cash bonus when you sign up for one of their premium chequing account packages or student banking.
The three accounts eligible for the bonus:
- Preferred chequing account ($16.95 monthly fee; waived with a $4,000 balance) – $350 bonus
- Ultimate chequing account ($30.95 monthly fee; waived with a $5,000 balance) – $350 bonus
- Student banking (No monthly account fee) – $100 bonus (ends January 31, 2024)
The Preferred and Ultimate chequing accounts offer many benefits, including a fee waiver (up to $150) on select credit cards, unlimited transactions, premium savings rates, and many other VIP perks.
To qualify for the $350 sign-up bonus, you must open an account by February 29, 2024. Also, you will need to set up two of the following within 60 days of opening your account: i) set up a direct deposit, ii) set up two separate pre-authorized payments of $50 or more, and/or iii) make an eligible $50 bill payment through online or mobile banking.
For the Student Banking Advantage Plan account’s $100 account bonus, you must complete one of the following actions within 60 days of opening an account: 1) Set up at least one recurring automated direct deposit (such as payroll), or 2) Set up at least one recurring pre-authorized transaction of $25 or more for a minimum of three months.
Value of promo: Up to $350 (an extra $200 bonus is available if you also open a TFSA or RRSP account and meet the funding requirements).
Offer validity: February 29, 2024.
Caveats: These accounts have monthly account fees; however, you can waive the fee by keeping a minimum daily balance. Learn more or read our Scotiabank chequing account review.
BMO New Bank Account Promotions
BMO offers up to a $350 bonus when you open a new banking package (Performance Plan chequing account – $350 bonus; premium plan – $350; plus plan: $100) by February 29, 2024.
To qualify, you must make a deposit, set up a direct deposit, and complete two of three actions by April 30, 2024:
- Set up one recurring direct deposit.
- Make two bill payments of at least $50 through BMO Online Banking or the BMO Mobile App to different billers.
- Set up two pre-authorized debits of at least $50 for two different billers.
Value of promo: Up to $350 bonus.
Offer validity: February 29, 2024.
Caveats: A BMO performance plan chequing account comes with a $16.95 monthly account fee, and for the premium plan, it is $30. These fees are waived if you meet the minimum balance requirement. Read the conditions or learn more about BMO bank promotions.
RBC New Account Promotion
RBC offers new customers a free new Apple Watch when they open one of two RBC all-inclusive accounts.
The accounts eligible for the offer are:
- RBC Signature No Limit Banking ($16.95 monthly fee) – Get a new Apple Watch Series 9 when you open a new account before April 1, 2024*
- RBC VIP Banking ($30 monthly fee) – Get a new Apple Watch Series 9 when you open a new account before April 1, 2024*
To qualify for the offer, you cannot have an existing RBC bank account or have had one in the last five years, and must open one of the qualifying accounts by April 1, 2024. Also, you will need to set up two of the following: i) a payroll or pension direct deposit, ii) two pre-authorized monthly payments, or iii) two bill payments to a service provider by July 9, 2024.
The two RBC premium chequing accounts include unlimited debit transactions, online bill payments, savings on annual fees for eligible credit cards, and access to other perks (e.g. overdraft protection, free personalized cheques, cross-border debits, non-RBC ATM transactions, and discounts on a safe deposit box).
Value of promo: $549
Offer validity: April 1, 2024.
Caveats: The Signature and No Limit Banking accounts come with some added perks for the fees. You could also get a partial rebate on the fees if you own multiple RBC products. However, if you want to pay $0 monthly for a bank account, these accounts do not qualify. That said, with the monthly fee rebate available, the value of the free iPad can cover the annual account fees for years.
You must keep your account in good standing for at least one year. Read the conditions (Signature No Limit, VIP Banking, or RBC Advantage Banking).
You can also learn about other RBC promotions.
Neo Money Account Promotion
Open a free Neo Money account and get a $20 bonus after funding it with at least $50 and making your first purchase. The Neo Money account functions like a spending account with chequing and savings features. It also comes with a free prepaid Mastercard that pays up to 5% cash back on purchases, and you earn 2.25% interest on your balance.
To qualify for the offer, open an account here, deposit at least $50 using Interac e-Transfer and make a first purchase.
Value of promo: $20; earn an average of 5% cash back at Neo partner stores (up to 15% cash back on your first purchases).
Offer validity: Ongoing
Caveats: Online banking and the account may not fully replace your traditional chequing account.
CIBC Bank Account Promotion
Open a new CIBC Smart Account (up to $16.95 monthly account fee) and get a $350 bonus if you are 25 or older.
To qualify for the offer, open an account and set up a recurring direct deposit ($500 or more), such as your paycheque, and complete two of three transactions:
- Set up two ongoingpre-authorizeddebits
- Complete twoonline bill payments of $50 or more each
- Complete five Visa debit transactions
Value of promo: $350.
Offer validity: Starts on April 29, 2023.
Caveat: This is not a no-fee account, and you will need to keep a $4,000 minimum daily monthly balance to waive monthly fees after the first three months. Learn more here.
TD Bank Promotions
Get a $350 bonus when you open a TD Unlimited Chequing Account or TD All-Inclusive Banking Plan.
To qualify, your account must be opened by February 29, 2024, and you must complete any two of the following by April 30, 2024:
- Set up direct deposit – payroll or pension
- Set up a pre-authorized debit for at least $50
- Make an online bill payment of at least $50 through EasyWeb or the TD app
Value of promo: $350.
Offer validity: February 29, 2024.
Caveats: The TD unlimited chequing costs $16.95, while the TD all-inclusive plan comes with a $29.95 fee. These monthly account fees are waived if you maintain a minimum daily monthly balance of $4,000 or $5,000, respectively. Read the fine print.
Tangerine Chequing Account Promotion
Tangerine Bank routinely offers bonuses when you open a new chequing or savings account. Unlike traditional banks, Tangerine savings and chequing accounts do not have monthly account fees and pay you interest on your chequing account balance.
Tangerine is a subsidiary of Scotiabank.
Chequing: Tangerine offers 20% cash back on eligible transactions when you open a new chequing account by March 7, 2024, and use your Tangerine Visa Debit card or client card in the first 60 days.
Read my Tangerine review for more information.
Value of promo: Up to $400.
Offer validity: March 7, 2024.
Caveats: Tangerine Bank is mostly an online-only bank and may not be an option if you prefer an in-person visit to a branch for all your transactions. Also, its high savings rate is promotional and falls to a regular interest rate of 0.70% after five months.
PC Money Account Promotion
The PC Money Account from PC Financial is a hybrid spending account with no monthly fees. Accountholders earn PC Optimum points when they shop at Loblaw stores and everywhere else.
The current offer is up to 200,000 points and works as follows:
- 20,000 points when you deposit $150 or more in your new account within 120 days of registration
- 100 PC Optimum points per $1 spent for the first $1,300 in purchases (up to 130,000 points total)
- 25,000 points per friend referred to PC Financial within the first 120 days. You can refer up to 2 friends for a maximum of 50,000 points. Your referrals must spend at least $100 using their new account within 60 days of registration.
Value of promo: Up to 200,000 points ($200 value at Loblaw stores).
Offer validity: Ongoing.
Caveat: This is not a fully functional chequing account, and you will still need a regular chequing account at another financial institution. Learn more about the deal.
National Bank New Account Promotion
*Expired* National Bank is offering up to a $300 bonus when you open one of two banking packages (chequing accounts):
- The Connected ($15.95 monthly fee)
- The Total ($28.95 monthly fee)
To qualify, you must open an eligible account by October 31, 2022, and complete two actions within 60 days:
- Complete one bill payment of $50 or more through online banking or the National Bank app
- Add a recurring automated direct deposit, such as your salary or pension
Value of promo: $300 cash back
Caveats: These chequing accounts have fees, although you could waive the fees by maintaining a minimum daily balance between $4,500 and $6,000. There are also discounts for newcomers, students, and those aged 18-24. Learn more.
Bank Credit Card Special Promo Offers
Here are some of the ongoing best credit card offers in Canada:
Scotiabank Credit Card Promos
In addition to its chequing offers, Scotiabank also has special promotions for its credit cards, including:
1. Scotiabank Gold American Express Card: Get 40,000 bonus points ($400 value) until July 1, 2024. The annual fee is $120 (waived in the first year). Check out my review of the card and why it’s one of the best travel rewards cards on the market.
2. Scotiabank Passport Visa Infinite Card: Get 40,000 bonus points ($400 value) until July 1, 2024. The annual fee is $150 (waived in the first year), and foreign transaction fees (usually 2.50%) are also waived. Read my Scotiabank Passport review.
KOHO Prepaid Mastercard Promo
Get one of the top prepaid credit cards in Canada and enjoy up to 5% cash back on purchases. The free Mastercard also comes with unlimited transactions, bill payments, eTransfers, and up to 5% interest earned on your balance.
You get a $20 cash bonus when you sign up using the CASHBACK promo code and make your first purchase.
Neo Financial Mastercard Promos
Neo Financial is a neobank with no-fee online savings accounts and credit cards.
Neo Financial Mastercard: Earn up to 5% cash back at over 12,000 Neo partner stores and retail locations; guaranteed 0.50% cash back across all spending. New cardholders also get a $25 cash bonus.
You can also apply for the secured card version if you have poor credit. Approval for this card is guaranteed and also includes a $25 bonus.
Tangerine Bank Credit Card Promos
Tangerine Bank credit cards are great for saving money when making purchases online and in-store. Even better, the eligible credit cards do not have annual fees.
1. Tangerine No-Fee Cash Back Card: This card has $0 annual fees, and you earn unlimited 2% cash back on purchases in up to three categories.
New cardholders earn an extra 10% back on their first $1,000 spending in the first 2 months ($100 value). Read the card review.
2. Tangerine World Mastercard: Get up to 2% cash back, mobile device insurance, Mastercard Airport Experiences (complimentary membership), and $0 annual fees.
New cardholders get an extra 10% cash back which is worth up to $100. Read the card review.
Digital investment managers offer opportunities to invest your money at a lower fee and without any of the hassles of self-directed investing.
Compared to the management expense ratios (MER) charged by the mutual funds sold by the big banks (average of 1.98% for equity funds), robo-advisor fees are significantly lower (~ 0.70% including fund MERs).
Questrade
Questrade is Canada’s largest online discount brokerage. If you prefer to buy and sell the stocks, ETFs, mutual funds, bonds, etc., that make up your portfolio yourself, Questrade is worth checking out.
Readers of Savvy New Canadians get $50 in FREE trade credit when they open a Questrade account.
They also offer the lowest-cost robo-advisor service, Questwealth Portfolios (our readers invest $10,000 free for 1 year). With Questwealth, portfolio managers do all the work on your behalf for a 0.20% to 0.25% management fee. This is much lower than the 1-3% fee you could pay for comparable mutual funds.
Wealthsimple
Wealthsimple is Canada’s largest online investment service, with more than $15 billion in assets under management.
They offer free financial advice, automatic rebalancing, dividend re-investing, spare change investing, low fees, VIP perks, and more.
Readers of Savvy New Canadians get a $25 cash cash bonus when they open an account with at least $500. If you transfer an existing account from another bank to Wealthsimple, they waive transfer fees of up to $150 if your transfer is $5,000 or more. Visit Wealthsimple.com.
If you are a self-directed investor, you can use the Wealthsimple Trade platform to place free trades for both stocks and Exchange-Traded Funds (ETFs).
Related: Wealthsimple Review: Smart Investing at a Low Fee.
The Best Canadian Bank For New Account Offers
Your best bank account will depend on your banking needs and what you want to get out of the account long-term.
When opening a new account and looking for sign-up bonuses, you should watch out for:
- Account fees
- Account features and your banking needs
- Convenience, e.g. branch locations, ATMs, etc.
- Ongoing banking costs
- Terms and conditions of the offer
I must include a word of caution here: read the fine print when looking to get free money from a bank, particularly the big banks.
Unlike credit card churning, where you can often just cancel your card, divorcing your bank and moving your chequing elsewhere may not be as easy. Depending on the T&Cs, you may need to pay them back your bonus if you have not met all the conditions in the contract you signed.
In addition, also check that any fees associated with your account are worth your while.
Which bank has the highest new bonus?
For the current big bank offerings, Scotiabank, RBC, and BMO have promotions that will net you around $350. For online banks, Simplii’s $400 offer is one of the most competitive. Bank promotions are continuously being updated, so check each bank’s website for the latest information.
Which Canadian banks are offering incentives to open an account?
Several Canadian banks have incentives and promotions to attract new clients, including HSBC Canada, Simplii Financial, RBC, Scotiabank, BMO, TD, National Bank, CIBC, and Tangerine.
How can I get a free iPad in Canada?
The Royal Bank of Canada sometimes offers a new iPad when you open an account and meet its requirements.
Related: The Best High-Interest Savings Accounts in Canada
