Looking for new bank promotions in Canada? Here are some of the Canadian bank account promos available and their caveats! Some of these new account bank promotions come on more regularly than others. For example, the iPad promotion from Royal Bank is available about once a year.
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Canadian New Bank Account Promotions
Which Canadian banks are offering an incentive to open an account?
Of the Big 5 Canadian banks (RBC, TD Bank, Scotiabank, BMO, CIBC), some of them are having hot bank offers right now. For some of them you can apply for online without having to step foot into a bank. Here are some current bank account promotions in Canada for 2023.
Canadian banks know that people are loyal to their banks, which is why people don’t switch very often. They will try their best to entice you to sign up for a new chequing account because once you switch you will likely stay.
Last updated: November 2023
How many hoops will you jump through for free cash or an iPad and how loyal are you to your big bank?
You can’t ‘churn’ these accounts, unlike travel hacking. If you opened up an account and closed it recently, you may not be eligible for the offers- check with the bank that you are interested in opening an account with.
RBC New Account Offer:
- The gift: $350 Cash. The RBC iPad offer is OVER as of October 31, 2023.
- Deadline for account sign up: January 3, 2024
- RBC Signature No Limit Banking account– $16.95 monthly fee (or $4/month with the Value Program rebate), $39/year credit card rebate.
- RBC VIP Banking account– $30 monthly fee (or $18/month with the Value Program Rebate), $120/year credit card rebate. Free safety deposit box (up to $60/year rebate), and free personalized cheques.
- The Ask: By March 13, 2024: Complete TWO of the following:
- Arrange for automated and recurring payroll direct deposit or monthly recurring pension direct deposit
- Set up at least 2 pre-authorized bill payment to a service provider or pre-authorized payment to an RBC mortgage, loan, Royal Credit Line or contribution to your RBC investment account
- Set up at least two (2) bill payments to a service provider (e.g., utility bill, cable, etc.) from RBC online banking or using the RBC app.
- You can open an account online in 5 minutes (don’t need to step foot in an RBC branch)
- The positive: It’s cash!
- The downside: The multi-product rebate doesn’t completely cover the monthly fee of these two chequing accounts. The monthly fee is still $4 a month with the Value Program for the No Limit Banking Account and is $18.00 for the RBC VIP Banking Account. Also, you can’t have had a personal banking RBC account in the last 5 years otherwise you are not eligible. You have to keep your bank account open for at least 365 days.
- You will receive the cash deposit 6-10 weeks after you complete the qualifying criteria
For more information, here’s a link to the 2023 RBC $350 Cash. It takes 5 minutes to sign up for a bank account.
BMO New Account Offer
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- The gift: The BMO New Account offer is a $450 Opening Bonus ($350 and $100 for adding a Family Bundle)
- Deadline for account sign up: February 29, 2024
- BMO Plus Plan: $11.95 per month, but waived if you have $3000 minimum. With this account, you get $100 of the potential $450 cash bonus.
- BMO Performance Plan: $16.95 per month, but waived if you have $4000 minimum. You get $350 of the potential $450 opening up this account (if you are a new immigrant to Canada within the last 5 years, you could get this account free for one year)
- BMO Premium Plan: $30.00 monthly fee, and it is waived if you have $6000 minimum. You get $350 of the potential $400 for opening up this account.
- The ask: Set up a deposit before February 29, 2024, in one of the above accounts AND keep the account open until February 29, 2025 (for one year). Then pick two of the three below:
- Set up a recurring direct deposit into lead chequing account by April 30, 2024 (and keep for two months)
- Have a recurring direct deposit transaction posted to lead account by April 30, 2024 (for two months)
- Set up one pre-authorized debit of at least $50 by April 30, 2024 (for two consecutive months)
- The downside: No downside! The cash bonus will be posted to the account by May 31, 2024. Also, if you open up a joint account, only one of you is allowed to receive the cash bonus.
- They also have a Savings Amplifier account with a 5.50% bonus interest rate
For more information, here’s a link to the $450 cash offer from BMO
Scotiabank New Bank Account Promotion
The content is not provided by the issuer. Any opinions expressed are those of the genymoney.ca alone, and have not been reviewed, approved, or otherwise endorsed by the issuer.
- The gift: Up to $550 Cash when you open up a new Scotiabank Ultimate or a Scotiabank Preferred (this is the largest amount I have seen from Scotiabank)
- Deadline for account Sign Up: February 29, 2024
- The ask: Open a new Preferred Package account or an Ultimate Package Account
- You can’t have had a Scotiabank chequing account within the past 2 years otherwise you’re not eligible
- Then within 60 days of opening your new account you pick TWO of the THREE below:
- 1) Set up an eligible recurring direct deposit, which will recur on a monthly basis for a minimum of 3 months
- 2) Have two eligible separate recurring pre-authorized transactions that are $50 or more, and these have to occur for 3 months or more
- 3) Complete an eligible $50 bill payment made through online or mobile banking
- After you do these steps within 60 days, you will get $350 cash within 6 months
- For an additional $50 open up at new RRSP or TFSA before Feburary 29, 2024 and set up and maintain a recurring pre-authorized contribution of at least $50, for minimum of 3 months.
- For an additional $150 fund your RRSP or TFSA with $3000 before February 29, 2024 and maintain that balance until May 31, 2024.
- The Preferred Package monthly account fee of $16.95 a month is waived if you have a minimum balance of $4000 a month. More information here on the Scotiabank new bank account promo
- The Ultimate Package monthly account fee is $30.95 a month but is waived if you have over $5000 in the chequing account or over $30,000 across chequing and Momentum Plus savings accounts. **Earn up to a 5.65% interest rate for 3 months with the MomentumPLUS Ultimate account
The MomentumPLUS Savings Account is a Scotiabank savings account you can link with your Scotiabank chequing account. It is unique in that you can create separate savings goals (and label them) and then get higher interest rates unlocked the longer you leave your money in there. If you withdraw your money out JUST after your premium period is fulfilled, you will get your bonus interest.
In essence, it’s kind of like a GIC embedded within a savings account, except that you can withdraw your “GIC” any time (unlike a real GIC in many cases where you don’t have the flexibility to withdraw your money).
You get a regular interest rate, and then you get the premium period interest rate (unlocked when you hit 90, 180, 270, or 360 days of savings), and if you have a Scotiabank Ultimate account, you get an additional 0.10% interest, up to a total of 5.65% interest for the first five months.
Here are some of the benefits of the MomentumPLUS Savings Account:
- Rewarded with higher interest rates the longer you save
- Can have multiple savings goals within one savings account
- No monthly account fees or minimum balance
- Unlimited self-service transfers between Scotiabank accounts
- If you have a minimum of $30,000 between your MomentumPLUS Savings Account and Scotiabank chequing account you can get the Scotiabank Ultimate monthly fee of $30.95 waived
Also, if you are a Newcomer to Canada, you can sign up for the StartRight Program from Scotiabank and get Preferred Package fees waived for your first year ($191 value). More information on that here.
We had the Scotiabank Preferred Package, here’s my review. You also get first year annual fee waiver on select credit cards (up to $150)
We recently upgraded to the Scotiabank Ultimate Package to get free trades with Scotia iTRADE. Here’s my Scotia iTrade review.
TD Bank Promotions: TD Canada Trust
- The gift: Up to $600 Cash (Actually it is up to $2000 cash. This is one of the best cash offers I have seen from TD Bank)
- Deadline for account sign up: January 31, 2024
- TD Unlimited Chequing Account: $16.95 monthly fee but it is waived if you have a minimum of $4000 in your account. You also get Interac e-Transfer® (unlimited) and unlimited transactions. There’s a first year rebate for a premium TD credit card.
- TD All-Inclusive Banking Plan: $29.95 monthly fee but it is waived if you have a minimum of $5000 in your account at all times (before the end of the day of each day). Same free Interac e-Transfer® and unlimited transactions. Also an annual $120 rebate for certain TD credit cards (this is huge for us, we signed up for an Aeroplan card also having a TD Visa Infinite Aeroplan card prevents your Aeroplan points from expiring). You also get free personalized cheques, a free small safety deposit box, and free certified cheques and money orders. We have this account, it’s great.
- The ask: Open a new TD Chequing Account and do any 2 of these 3:
- Set up a recurring direct deposit from your employer, pension provider or the Government with the first deposit posted before March 31, 2024
- Make a minimum $50 online bill payment through EasyWeb or the TD app before March 31, 2024
- Set up a Pre-Authorized debit, minimum $50 with the first pre-authorized debit done before March 31, 2024
- After you do this you will get $300 cash deposited in your account within 12 weeks
- To get another $50 cash sign up for TD ePremium Savings Account or TD EveryDay Savings Account within 30 days of account opening
- To get another $50 cash, you have to deposit $2500 into the TD ePremium Savings account within 30 days and keep that $2500 balance in that account for 90 days (and to get $2000 cash back deposit over $100,000 and hold it for 90 days).
- Finally getting Monthly Plan Overdraft Protection or Pay As You Go Overdraft Protection before January 31, 2024 also gives you another $50 cash.
- The downside: You’ll have to have $4000-5000 locked in just to save on the monthly bank fees. To me though, this isn’t a downside as I see it as a 7% return since we are saving the $29.95 monthly fee over one year.
- If you currently have a TD Chequing Account or work at TD, you are not eligible for this offer
- This is the one we signed up for and we got our $300 cash deposited quickly after we jumped through the hoops
- You are not eligible if you have received any bonus or gift from TD in 2021, 2022, or 2023.
- The cash will be deposited 12 weeks after the completing the eligibility criteria
For more information, here’s a link to the TD bank offers for new accounts which is the $600 cash offer from TD Bank
CIBC Bank Promo
- The gift: $350 Cash
- Deadline for account sign up: It starts April 29, 2023
- Eligibility: You have to be older than 25 years of age to get the $350 cash.
- Smart Account: $0 monthly fee for the first 3 months, provided you sign up with your email. After 3 months ends, keep $4000 or more in the account and the monthly fees are waived. The cost is $6.95 if you don’t keep the minimum. For up to 12 transactions (then $1.25 after that) and for unlimited transactions, it is $16.95/month.
- The ask: Sign up for a Smart Account and give CIBC your email address. You get 3 months free (no minimum balance required) and set up a monthly recurring direct deposit of more than $500 a month AND pick any one of the three options:
- 2 ongoing pre-authorized debits (e.g. your BC Hydro bill)
- 5 Visa debits
- 2 online bill payments of $50 or more
- The downside:
- This CIBC promotion seems pretty straightforward and it is $4000 minimum balance to waive the fee but you also have to have 1 recurring direct deposit or 2 pre-authorized debits each month.
- And you have to be older than 25 years old
- You have to keep the account open for one year otherwise the reward will be taken way (and you might be overdrafted)
- You can’t have had a CIBC account open since 2019
For more information, here’s the link to the CIBC $350 Cash Offer.
HSBC $500 New Account Bonus
- The gift: Up to $500 in cash
- Deadline for account sign up: November 30, 2023
- The ask: You have to be a new HSBC client. Open an HSBC Chequing Account and within 30 days of account opening, make a minimum deposit (minimum deposit depends on which type of account you open), and sign up for online banking and you will get up to $500 cash
- There is no minimum deposit but in order to open up the HSBC Premier Account you have to have $100,000 with HSBC or have a $500,000 minimum mortgage with HSBC and to qualify for an Advance account you have to have at least $5000 with HSBC (can be investments, or GIC’s not just bank account).
- The $500 payment is paid out after 6 months of account opening but it is clawed back if you close the account within 1 year.
- For more information, here is a link to the HSBC Chequing Account Bonus Promotion. The HSBC Premier Account is $34.95 a month, but it is waived for a minimum balance of $100,000, or monthly income of $6500, or $100,000 in assets under management. Wow, that’s 1/10 private banking status!
- Previously HSBC has had more generous welcome bonus offers, like up to $850 cash, so this $50 Digital Offer Bonus is not very exciting.
Coast Capital Promotion (BC Residents Only)
Coast Capital is not a ‘big bank’ per se. They are Canada’s largest credit union and have been a member owned cooperative for over 80 years, operating in British Columbia since the 1940’s. They were actually the first full-service institution in Canada to offer a free chequing account because they believe that everyday banking shouldn’t be expensive.
For a limited time, new members earn 20% cash back* on household bills (up to $450). In addition, for every new member, Coast Capital will give $150* to the Youth Futures Education Fund to help former youth in government care with their post-secondary living expenses.
- The gift: Up to $450 cash back <– *Conditions apply. Limited time and only for BC residents
- Deadline for Account Sign Up: November 30, 2023
- The ask: Open up a Free Chequing, Free Debit, and More Account® (no minimum balance
- required).
- You have to be a new member and a BC resident. Become a member and Coast
Capital will donate $150* to the Youth Futures Education Fund. - Within the first 60 days after account opening, make eligible bill payments or
set-up pre-authorized debits that recur for 3 consecutive months or more to
earn 20% cashback* on your bills. Each payment must be at least $25.
- You have to be a new member and a BC resident. Become a member and Coast
*Read full offer conditions and learn more here.
Vancity New Member Offer
Vancity stands for Vancouver City Savings credit union and as you can tell, it is a credit union based in Vancouver. They also have a Vancity new member offer promotion.
- The gift: $400 Cash
- Deadline for account sign up: January 4, 2024
- The ask: You have to be a new member to Vancity and not have received a promotion from them before. You also have to be over 19 years of age. You have to hold a minimum of $5 in Vancity membership shares.
- Book a phone appointment to sign up for a Vancity chequing account before January 4, 2024. Eligible accounts include:
- Pay as you Go
- E-Package Chequing
- Youth Account for members under 25
- Senior Account
- Access chequing for members with disabilities
- Set up direct deposit for six consecutive months, with the first deposit occurring before August 31, 2023
- A recurring and automated single source payroll direct deposit (can be Payroll, government benefits for example EI payments or maternity leave payments, Pension, and gig worker payments such as Door Dash, Skip the Dishes, Uber, Uber Eats, Lyft payments)
- Money will be deposited by electronic fund transfer in 60 days after you have completed the “ask”
Blue Shore Financial Welcome Bonus
Another BC based credit unit is Blue Shore Financial. Blue Shore Financial started off at North Shore Credit Union in the 1940’s. It is one of the largest credit unions in British Columbia.
Blue Shore Financial has a premium chequing account bundle offering customers a $200 New Client Welcome Bonus.
- The gift: $200 cash
- Deadline for account sign up: There is no deadline
- The ask:
- You have to be 19 years of age or older
- Open a new business or new chequing account at Blue Shore Financial
- Set up a minimum of one recurring, automated direct deposit or pre-authorized payment transaction (of at least $50) within 60 days of account opening
- Must not have been a member in the previous 6 months
- You will get your money within 30 days of completing the tasks to qualify
- Limit one welcome bonus per member (per life time)
National Bank New Account Bonus
National Bank is getting in on the action of chequing account bonuses and they have interesting promotions depending on your field of work or even area of study.
- The gift: $300 Cash
- Deadline for account sign up: November 30, 2023
- The ask: If you are between the ages of 14 and 24, you can sign up for a Connected package chequing account and complete 2 of the 3 requests within 60 days of account opening
- Sign up for online statements and sign up to receive tax slips online. Set up automatic, recurring direct deposit of your pay
- If you complete the above, the $300 cash will be deposited into your account before January 25, 2024.
- The downside: If you a got a National Bank cash back from their chequing account within November 1, 2018, you aren’t eligible for this offer. Also, you have the keep this chequing account open for 12 months with no changes, otherwise you will have to pay the $300 cash back BACK to National Bank
- The upside:If you are 18 to 24 years old or a foreign exchange student you can qualify for The Connected Account for 12 months for $0 in fees- it normally is $15.95/month (AND you get can get the $300 cash back).
- If you are a professional (eligible health care worker, lawyer, accountant, engineer, an administration professional) you can get this bank account for free if you sign up for one of the National Bank Mastercard credit cards like the National Bank World Elite Mastercard.
- To take advantage of this welcome offer, you must not currently hold a personal National Bank Mastercard credit card or have held one in the last 24 months.
- If you are a physician your deal is even better… you can get this bank account for free AND you get annual fee reimbursement for the first year for the National Bank World Elite Mastercard.
Here’s more information on the $300 Cashback from National Bank
Simplii Financial Sign Up Bonus
- The gift: $400 Cash
- Deadline for account sign up: February 29, 2024
- The ask: Open a No Fee Chequing account by Febuary 29, 2024
- You get $400 if you open up a Chequing Account and do a direct deposit (e.g. pension deposit, employer deposit) of at least $100/month for 3 months straight
- The money will be deposited 5 months after you open your Simplii Financial account
- Direct deposits such as payroll, pension and EI direct deposits (including old age security) from an employer or the Canadian government qualify for the cash bonus, including provincial government payments
- They also have a high promotional interest rate of 6% on eligible deposits for five months if you open up a Simplii High Interest Savings Account.
- The downside: You have to be a new client.
When you will get your $400 bonus from Simplii? It occurs around 5 months after account opening.
Tangerine Bank
Tangerine Bank is also getting in on the new bank account promotion action. Tangerine promotions are quite frequent. They have always offered $50 to $100 for depositing around $150 into a new account, but now they are offering $300 cash for their no-fee chequing account. You have to be a new Tangerine client.
- The gift: $400 (they recently increased this even more from $300)
- The ask: Sign up for a Tangerine Savings Account and Chequing Account within 30 days, and you can get the 6.00% interest rate for 5 months. Before they asked for payroll direct deposits, but now you will get a flat up to $400 cash back if you spend $2000 on online eligible purchases.
- You will get a client card in the mail, and can earn up to $400 cash back is obtained after using your client card and getting 20% cash back for online purchases and online bill payments for the next 60 days (on eligible transactions up to $2000).
- The deadline for account sign up: The deposits have to be done within 60 days of account sign up.
The $400 is paid after one month from the end of the 60 days cash back spending.
More information on this Tangerine Bank chequing promo can be found here. Use the promo code EARNMORE when signing up for a new account.
You cannot combine this offer with an Orange Key offer or a refer a friend offer, but the EARNMORE offer is better than the Orange Key offers.
Here’s my review of the Tangerine Bank savings account which can be used in tandem with the Tangerine chequing account (this is what I do). Right now you can earn 6.00%* interest for 5 months in this savings account if you are a new client. After that the interest rate in the savings account drops to 0.10%.
EQ Bank Promotions
There was previously a sign up bonus but there isn’t one now, however I still want to mention EQ Bank since it has so many great features (hybrid chequing and savings account in one) and it’s free.
There is a $20 EQ Bank Referral Bonus for each person that you refer.
- EQ Bank’s Savings Plus Account: The EQ Bank’s Savings Plus Account is a combination chequing and savings account (a hybrid). It has one of the highest interest rates in Canada and you can use it like chequing account (win-win if you ask me).
Here are the other great features of this account:
- A new EQ Bank Card where you can withdraw from any Canadian ATM for free (EQ Bank will reimburse the fees) and get 0.5%** cash back AND pay no foreign currency exchange fees
- No minimum balance necessary
- No monthly fees
- One of the highest interest rates in Canada 2.50*% interest
- Free bill payments
- Send Interac e-Transfers® for free
- A high interest rate of 3.00% for their US dollar account
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
Here’s my EQ Bank review if you’re interested.
EQ Bank has been named as the Best Bank in Canada on the Forbes 2023 list of the World’s Best Banks.
EQ Bank has held this title for the past 3 years.
PC Money Promo
President’s Choice Bank launched the PC Money account in 2020. Loblaw’s calls the PC Money Account an ‘online self-service money management account’. You may remember that Loblaw’s had PC Financial previously, then it got acquired by CIBC and pretty much rebranded to Simplii Financial.
Instead of cash or an iPad, you can get PC Optimum Points. Which is pretty much the same as cash in my eyes, anyways, since we shop at Loblaw’s (Superstore and No Frills and Shoppers Drug Mart) quite often, like many Canadians do. We even used PC Travel before. AND we have the President’s Choice Master Card.
The PC Optimum program is Canada’s favourite rewards program according to The Globe and Mail.
- The gift: Up to 130,000 PC Optimum Points (equivalent to $130 in cash back at Loblaw’s stores). The PC Optimum Points will be awarded to your PC Optimum account within 4-7 days once you complete the ask.
- The ask: Sign up for a PC Money Account, then:
- Earn 10,000 PC Optimum™ points for each of up to eight bill payments of $50 or more (total 80,000 PC Optimum points)
- Up to 50,000 PC Optimum points with 4 months of eligible payroll deposits
- The deadline for account sign up: Doesn’t look like there’s a deadline but you have to complete the ask within 3 months
Canadian Bank Account Promos Recap
As you can see, these Canadian bank account promos are all offering some big wins (at least $300 in cash) but upon closer inspection, they have varying levels of hoop jumping to get your prize.
Some of them seem great but you find out that the negatives outweigh the positives (for example, no waiver of bank fees) or that the ‘ask’ is too much of an ask (I’m sorry, arranging direct deposit away from my regular bank is too annoying) or you might just want to keep it simple and opt for no fee banking in Canada.
I am loyal to my main bank (have been since I was a high school student) but sometimes these bank promos are too good to resist- so I add to my chequing and savings account hoarding.
I doubt this is an exhaustive list of all the Canadian bank account promos available this year, but these are some of the big ones that I have noticed recently.
If you’re interested in signing up for (much) smaller new account bonuses for your children’s savings account, check out this post.
If you’re looking to open a business account, here are some business account promotions in Canada.
Also, click here if you’re interested in signing up for up to $2000 in cash back for new online brokerage accounts. The carrot on the stick is everywhere!
To summarize, here are the big banks with their recent or active promos:
- RBC $350 Cash
- Bank of Montreal $450 cash
- Up to Scotiabank $550 Cash for an Ultimate Account or a Preferred Account
- TD Bank Up to $2000 Cash
EQ Bank $150 cash- CIBC $400 cash
- HSBC Premier Account Opening $500 Cash
- Coast Capital $450 Cash
- Vancity New Member Offer $400 Cash
- Simplii financial is $400 cash
- National Bank is offering $300 cash
- Tangerine Bank promotion of $400 cash
- PC Money 130,000 PC Optimum Points ($130 worth cash back at Loblaw’s stores)
My favourite Canadian financial tool I’ve been using since 2017 to manage my net worth and track my investment return is Wealthica. Each month I check and track my dividend income to make sure my passive income keeps on coming. It’s like Personal Capital for Canada.
My favourite Canadian high interest savings account that pays 2.50%* interest is EQ Bank.
My favourite free Canadian financial tool to check my credit score is Borrowell. Right now you can get a free $10 for referring a friend to Borrowell.
Finally, my favourite discount investment brokerage is Questrade. Here is $50 in free trades to get you started for genymoney.ca readers. Commissions are normally $4.95 (the lowest in Canada) and it is free (zero commissions charged) to purchase ETFs.
Thanks for visiting! Hope you enjoyed this summary of Canadian bank account promos.
Before you go, you might also be interested in these posts:
- 10 Income Producing Assets to Help You Achieve Financial Freedom
- Canadian Investing: Basic Tips to Get Started
- EQ Bank Review: Is EQ Bank Safe? I Took the Plunge (and am earning 2.50%* Interest on my Savings)
- 10 Easy Ways to Earn Passive Income in Canada
- Step by Step Guide on How to Invest your TFSA with Questrade
- The 5 Best Canadian Dividend Stocks to Invest In
- Best High Interest Savings Joint Accounts in Canada
- Tangerine Joint Account review
Readers, have you ever gotten a bank freebie before for opening up an account?
Any other Canadian bank account promos that you know of?
GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for blog updates, a free dividend yield spreadsheet, and the free Young Money Bootcamp eCourse.
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!
@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! 🙂
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!
@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.
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
@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.
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!
@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!!
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.
@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!
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!!
@Kris- Nice, $200! Well, $200 USD is the same as $300 CAD anyways (lol). I guess Canada isn’t that bad for some things!
Great offers and promos going on, time to grab some instead of wasting time.
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?
@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).
I am interested in opening an account with you could you please give me a call at
@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.
My bad but are there any promos for 2019? Came to your website a little too late lol.
@Audrey- Right when there are (I anticipate summer to fall?) I will update this page, but in the meantime, I think this is a nice summary of what the big banks usually offer.
RBC is offering $300 right now to open an account and the requirements are the same as above for the expired free ipad offer.
@VS- Thanks for the heads up! I just reviewed and checked the available offers and updated the post.
Tangerine bank has a $200 bonus promo right now…$50 immediately when you open an account and make $100 deposit + $150 with a payroll deposit OR 2 preauthorized payments.
@Nicole- Thanks Nicole! Yeah, I just included the big banks with this post. Here’s my shameless plug for the Tangerine Bank Orange Key 33530953S1. I also have a post on high interest savings accounts in Canada.
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.
@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.
Thanks for sharing Andi!!! That makes sense that branches are a marketing tool at this point.
BMO fine print is that you need to keep account open in a year.
@hh- Thanks for adding that!
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.
@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.
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.
@G Stevenson- Thanks for sharing. Yes I remember that promo, i twas very hefty, something like $500! Will keep an eye for that again and if there is one will update this post.
Hello GYM, here’s some additional info for your readers concerning the BMO promotion: it does not apply if you sign up under the Canadian Defence Banking Community program (Canadian Forces, Veterans or RCMP members). Therefore consider the pros and cons before you switch over your banking, ultimately the CDBC program has sufficient perks to be attractive but you won’t get the bonus.
@Latelifestarter- Thank you for sharing!
I would recommend any of these banks except Scotiabank. 9 months after opening a bank account to receive the 300$ 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.
@Charles- Thanks for sharing your experience.
Bmo doesn’t offer 2.75%
I went in
They called head office
@T- Thanks, I updated the post.
Innovation credit union stopped the promo sooner than expected they decided when I called today. Bummer 🙁
@Beth- Ahh, thanks for the update Beth, I will update the post.
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?
@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! 😉
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.
@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.
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.
@Mr. Dreamer- Yes some of them are good ones! Too bad I already use BMO 🙂
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.
@Pete- No idea, I find that they all seem random with their timing, even for the brokerage promotions. Yes, that’s exactly how we felt too, equal benefits why not go for the one that gives you a bit of an incentive.
@Pete- TD Bank’s promotion is up now 🙂
Thank you for this putting together all this info!! Do you use Simplii? If so, please share your referral code 🙂
@Kitty- Thank so much for visiting! I don’t have one, but thanks for asking.
@Kitty- If you still want a referral code, let me know, Kitty. I have one I would be happy to share. Not sure I addressed my last comment correctly so I decided to try again. Sorry if it’s a duplicate!
Quite a few of the details on this page are outdated. Please verify minimum balances to waive fees especially.
@Anonymous- Thank you for the reminder, I reviewed and updated.
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.
@MasterMind- Thanks for sharing your strategy and great jog collecting $3000! 🙂