59 thoughts on “Canadian New Bank Account Promotions APRIL 2024 (FREE iPad or $400 Cash)”

  1. I get my monthly fees waived once in a while, just did for the next year:) Like you, I have been with the same bank for what seems to be forever. I am not particularly thrilled with them but too lazy to change.
    Some of the offers mentioned sound great but I would prefer to invest my money than park it to avoid a fee:)
    I will review each carefully, maybe time to open new accounts…you did manage to get me to open a Tangerine account!

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    • @Caroline- Awesome you got your fees waived for the next year! I liked the >8.4% return from the TD bank account promo ($120 annual fee waived for Aeroplan card and also the $300 cash). 8.4% return is better than I’m getting this year in the market so far. I normally wouldn’t get a new bank account for the sake of promos but given that we needed one anyway (actually, to get the Aeroplan card for free) we thought why not! 🙂

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  2. I’m with TD and I get my fees waived as a student. Before when I was working I made sure to keep the minimum $5000 balance to get the fees waived & Visa Infinite card for free. I wish Swiss banks offered the same types of promotions. It’s one of many things I miss about Canada!

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    • @Janet- If I knew you could get the Visa Infinite card for free earlier, I would have gotten the TD account earlier haha. All those Aeroplan points I missed out on!! 🙁 Too bad Switzerland doesn’t have these awesome bank promotions.

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  3. Have never received a freebie GYM. I have been banking with the same community bank for about 25 years for my primary checking account. No fees, no minimum balance, free checks. It doesn’t pay much interest so I only keep a minimum amount on balance to pay our bills. It’s a sweet deal I think, but I don’t remember getting a toaster or anything like that when I signed up. There were no iPads back in the day. Tom

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    • @Tom- Hehe, Tom, maybe you should saunter up to your community bank and ask if you can get a freebie! 😉 I bet you could at least get a free pen for banking with them for over 25 years.

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  4. I made use of TD and CIBC offers in 2016, worked out very well. $300 sign up bonus for a $3,000 minimum in my CIBC account, that’s a 10% return, thought I couldn’t lose with an offer like that. I specifically chose TD and CIBC because they required less hoops to jump through in order to get the signup bonuses. In 2017 however I opened Questrade accounts and started investing. I closed my CIBC and TD accounts as soon as I was able to while still being able to keep the sign up bonus, and transferred the cash to my investing accounts. Figured I’d rather have my money working for me in my investing accounts since the TD/CIBC 7.5%/10% return was a one time thing. From time to time I do get tempted to open new account in order to the same signup bonuses – dont think there are actually any limitations on churning these accounts, there’s just a minimum time period between when you last closed an account and when you can open a new one – but having an extra $3-7k lying around in bank accounts rub me the wrong way these days, I’m addicted to my biweekly etf purchases!

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    • @alana- Awesome thanks for sharing your experiences with your promos! That’s how I viewed it too, as a % return. My husband and I like to have cash available so having it stashed for some free cheques made sense for us hahaa…

      Ahhh biweekly ETF purchases, music to my ears…you go girl!!

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  5. Hi GYM, it’s an interesting topic. Long time ago, the banks offered some free stuff if opening an account with them. The stuff could be a radio alarm clock, baking utensils, coolers, etc.

    Now it seems the local banks mainly offer cash, if any. As you said, there are many strings attached. I only shop around once a while. For the main checking account, I won’t change it.

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    • @Helen- I would definitely not make much of an effort to sign up for a bank account with an alarm clock! But I remember those days. They have to up the ante now. I remember sometimes they offer a free pen for a credit card sign up, now you have to offer 5 nights free stay at the Marriott lol!

      Just the other day Canadian Tire (a local retailer) offered me $10 off for a new credit card sign up while I was walking through the store. No. $10 is not enough haha!

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  6. I opened a checking account with one of the more well known brick and mortar banks here in the US(Chase) and received $200 from them for opening one with them. But wow, and iPad!?! The banks here in the US needs to step up and offer an iPhone or something spectacular…hahaha!!

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    • @Kris- Nice, $200! Well, $200 USD is the same as $300 CAD anyways (lol). I guess Canada isn’t that bad for some things!

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  7. This is a great article, even though all of the deals have since expired.
    Do you know if there’ll be an update done anytime soon?

    Reply
    • @misskitty_79- Thanks for visiting! I will update the post when new promos are available. Since they are once a year I anticipate it will be sometime in the spring/summer next year (but that’s just my guess/ observation over the years).

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    • @Brahm- I don’t open accounts 🙂 You have to go to the bank to open your own account. I removed your phone number for your privacy’s sake in your comment.

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  8. I’ll have to check out some of these new offers. I did the Scotiabank one last year and had to fight with them to get the reward. Hopefully the other banks are better. I also don’t get paid via direct deposit so can’t participate in any that have that as a requirement.

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    • @Sarah- TD was pretty good (though that was in 2017 for me). Oh, good point about not getting paid via direct deposit. The TD one didn’t require direct deposit when I did it.

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  9. No way, I am paying banks $15 a month fee for keeping my cash and make profit from investment from it. I am better off put my cash in TFSA dividend stocks and get more cash.

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    • @Hello- Yes, TFSA is best used as an investing vehicle. Many (if not most or all) have minimum deposits that you keep to get the $15 a month fee waived (I would never pay the monthly fee to get an iPad or $300 cash), though these minimums are usually in the $3000-$4000 realm, and many people may prefer not to keep that amount idle.

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  10. Coast Capital had the easiest terms to get a promotion for opening a new bank account. In August 2019 their promotion required only one reoccurring debit or credit transaction to be set up and upon seeing that transaction occur with your bank account they deposited $300 into your bank account. Plus their accounts have no fees.

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    • @G Stevenson- Thanks for sharing. Yes I remember that promo, i twas very hefty, something like $500! Will keep an eye for that again and if there is one will update this post.

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  11. Hello GYM, here’s some additional info for your readers concerning the BMO promotion: it does not apply if you sign up under the Canadian Defence Banking Community program (Canadian Forces, Veterans or RCMP members). Therefore consider the pros and cons before you switch over your banking, ultimately the CDBC program has sufficient perks to be attractive but you won’t get the bonus.

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  12. I would recommend any of these banks except Scotiabank. 9 months after opening a bank account to receive the 300$ bonus, I never received it. The Laval branch is not even picking up my calls to justify the situation. Live chat agents, however, see that I qualify for the bonus and can only refer me to my dysfunctional branch. A customer service nightmare, save yourself some pain.

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  13. Thank you, this was a great article. I recently opened an account with TD. But didn’t get anything. I heard last year my friend got a tablet , not with TD. Is there any way we can get notifications?

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    • @Daman- Your friend maybe got it from RBC? Yes, TD doesn’t always have a promotion going on, not all of them do. I would recommend coming back to visit this page for updates! 😉

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  14. FYI it appears to say on the BMO website that the Performance plan is also a bonus of $300, not $100 as you have indicated.

    This makes it the investment of choice from the list for me as it can be considered a safe 1yr $4000 investment (to avoid fees) with a return of $300. And in case of emergencies and you need to dip into it, it’s $15.95 per month (account fee not waived that month) that you are below $4000 in the account). That’s a %7.5 return if you keep the cash there untouched.

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    • @Gramoney- Thanks I will update the post. Yes that’s exactly my thinking, that’s why I don’t mind parking my cash to avoid the minimum charge. There are so many benefits to these accounts even on top of the promotional bonus.

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  15. For me BMO BANK PROMO is the winner! Looks good and worth it. Plus no crap pre-authorized payments. The offer is till May 31, 2021. The cash bonuses will be paid by August 31, 2021. “Need to have deposits made into the account for at least two consecutive months by July 31, 2021” which means updating my Direct Deposit in May. And pay one bill through BMO Online. Looks easy to me (And a bit of work for Payroll / HR). $6000 locked in for 1 year. Then $300. This is a very easy 5% return (Theoretically, Haha).

    BIG NOTE: The Chequing Account must remain open in an Eligible Plan until May 31, 2022. Customers who close their Chequing Account or change to a plan other than an Eligible Plan before May 31, 2022, will no longer qualify for any cash bonus. If you close the Chequing Account or change to a plan other than an Eligible Plan and the cash bonus has been paid, we
    reserve the right, in our sole discretion, to withdraw the full value of the cash bonus from the Chequing Account or send you an invoice for any amount outstanding.

    RBC PROMOTIONS: It is too much work for $300 (or iPad) and then more work to cancel the pre-authorized or payroll to cancel the account. Best estimate is a $200 free money after the $95.7 fees for 6 months plus headache.

    TD BANK PROMOTIONS: I don’t think this is valid anymore or I can’t see it anywhere on TD site. But even if it was, I don’t think I need any of their services to pay $15.95 a month. Leaving minimum $4000 in that account is a minimum $80 potential loss (assuming only 2%) yearly but if I only need to keep it for 6 months then it is all good. Get the 10,000 Points and run as fast as I could. Haha

    I already have Simplii and Tangerine so that won’t work for me.

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  16. As of right now, Jan 31, 2022, TD is the only one of the Big 5 that isn’t offering any promos on new chequing accounts. Any word on if they’ll step up?

    I’ve done research and narrowed it down between TD and Scotiabank for me. Normally, I wouldn’t let a promo determine my banking choice, but since they both offer essentially equal benefits for my needs, why not go with the one that will put extra $$ in my pocket.

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  17. Hi,
    Wealthsimple Cash account now offers 4% interest (as of Nov 15, 2023 data). I do all my canadian investments with Wealthsimple but did not know about their Cash account rate until 2mins ago. I will definitely be opening an account.

    I already have EQ Savings account and getting 2.50%. I only use saving account to keeping what I call…’moving cash’… around $2000. I will switch that to Wealthsimple Cash for the 4%, and keep EQ Saving for its card free ATM feature. I’m an online-junkie, in my 3 yrs of being in Canada I have probably been to the ATM 2 or 3 times, however, I think its good to be able to access ATM in case of emergency.

    Using this article and YT channels, I have cashed in over $3000 from bank accounts and credit cards bonuses. I have no loyalty to any of these companies. Next year (and every 3 yrs gap), I plan to rinse and repeat the formula. I’m only keeping no fee bank accounts and credit cards, everything else is …signup…collect bonus…close account.

    Reply

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