Canadian New Bank Account Promotions September 2026 (FREE iPad or $400 Cash)

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 the Royal Bank of Canada (RBC) is available about once a year.

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 2026.

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: September 2026

How do you qualify for a free iPad or $400 cash?

via GIPHY

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 Offer:  The 11” Apple iPad offer is back!  (It’s worth $499- Apple 11-inch iPad Wi-Fi 128GB)
• Deadline for account sign up: November 2, 2026
• RBC Signature No Limit Banking account– $16.95 monthly fee (or as low as $5/month with the Value Program rebate), $48/year credit card rebate.
• RBC VIP Banking account– $30 monthly fee (or as low as $18.05/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: Within 90 days of account opening: 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 minutes (don’t need to step foot in an RBC branch)
• The positive: 
• After you complete your ask, you will receive the money deposited into your account after 6 to 10 weeks
• Also, if you are a medical professional (e.g. a doctor or a dentist, there is a Healthcare Advantage Account that you can sign up for and the monthly chequing fees are not charged)
• The downside:  The multi-product rebate doesn’t completely cover the monthly fee of these two chequing accounts.  The monthly fee is still $5 a month with the Value Program for the Signature No Limit Banking Account and is $18.05 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.

For more information, here’s a link to the 2026 RBC iPad Offer.  It takes minutes to sign up for a bank account.

BMO New Account Offer

This post may contain affiliate links.  Please see genymoney.ca’s disclaimer for more information.

• The Offer: The BMO New Account offer is a $900 Opening Bonus ($700 for setting up a direct deposit, $150 for a savings amplifier account opening, and $50 for doing a My Financial Progress report) and a Walmart+ Membership for one year
• Deadline for account sign up: November 2, 2026
• 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: $17.95 per month, but waived if you have $4000 minimum.  You get $350 of the potential $600 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: $30.95 monthly fee, and it is waived if you have $6000 minimum.  You get $500 of the potential $800 for opening up this account.
• The ask: Set up a deposit before December 31, 2026, in one of the above accounts AND keep the account open for one year.  Then pick two of the three below:
  • Set up a recurring direct deposit into lead chequing account
  • Have a recurring direct deposit transaction posted to lead account
  • Set up one pre-authorized debit of at least $50
  • The downside:  No downside!  The cash bonus will be posted.  Also, if you open up a joint account, only one of you is allowed to receive the cash bonus.
  • To get $150 cash on top of the $500, open up Savings Amplifier account with a 5.00% bonus interest rate and deposit at least $10,000 before within 30 days of account opening and keep it there (at least $10,000) for at least 120 days in total.
  • To get the remaining $50, apply 1 Goal and 1 Strategy in My Financial Progress Plan by December 31, 2026

For more information, here’s a link to the $900 cash offer from BMO

This is the highest offer from BMO that I have seen in a while.

Scotiabank New Bank Account Promotion

• The Offer: Up to $1000 Cash when you open up a new Scotiabank Ultimate  or a Scotiabank Preferred
• Deadline for account Sign Up: October 29, 2026
• 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 have to set up an eligible recurring direct deposit, which will recur on a monthly basis for a minimum of 6 months
• Then you can pick one of the three:
  • Have one eligible separate recurring pre-authorized transactions that is $50 or more, and these have to occur for 6 months or more
  • Complete an eligible $50 bill payment made through online or mobile banking
  • Make a Visa* Debit purchase using your ScotiaCard®
• After you do these steps within 60 days, you will get $700 cash within 6 months 
• For another $200, within 60 days, open a new Money Master Savings Account and set up a Pay Yourself First tool or the Savings Finder tool and stay enrolled for at least 90 days.
• For an additional $100 apply for an eligible credit card within 60 days of account opening, then make a purchase within 60 days of credit card opening
• 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 $6000 in the chequing account or over $30,000 across chequing and Momentum Plus savings accounts.  

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 Offer: Up to $750 Cash
• Deadline for account sign up: October 1 2026
• TD Unlimited Chequing Account: $17.95 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: $30.95 monthly fee but it is waived if you have a minimum of $6000 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 for $500:
  •  Set up a recurring direct deposit from your employer, pension provider or the Government with the first deposit posted before December 2, 2026
  • Make a minimum $50 online bill payment through EasyWeb or the TD app before December 2, 2026
  • Set up a Pre-Authorized debit, minimum $50 with the first pre-authorized debit done before December 2, 2026
  • After you do this you will get $500 cash deposited in your account within 12 weeks
  • You get another $150 cash if you this:
    • Apply and be approved for a TD credit card within 30 days of opening your chequing account
• The downside:  You’ll have to have $4000-6000 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 $30.95 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 a few years ago after we jumped through the hoops 
• You are not eligible if you have received any bonus or gift from TD in 2021, 2022, 2023, 2024, 2025, 2026
• 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 $750 cash offer from TD Bank

CIBC Bank Promo

• The Offer: Up to $850 Cash
• Deadline for account sign up: No deadline
• Eligibility:  It looks like you have to be over 35
• 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.  Within 2 months set up a monthly recurring direct deposit of more than $500 a month (employer, pension, from the government) AND pick any one of the three options within the same calendar month to get $500:
  • 2 ongoing pre-authorized debits (e.g. your BC Hydro bill)
  • 5 Visa debits
  • 2 online bill payments of $50 or more
  • Then you get another $100 cash if you open up a CIBC credit card within one month of opening up your account; if you choose the CIBC Dividend Visa Infinite, you can get another $250 cash back.
• 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. 
  • 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 $850 Cash Offer.

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 Offer: Up to $500 cash
• Deadline for account sign up: September 30, 2026
• 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.
• Open a Vancity Chequing Account online before Septemer 30, 2026 (it is $9.75/month or free if you maintain a minimum balance of $1500)
• To get $250, set up direct deposit for at least two consecutive months for $250, with the first deposit occurring before 90 days after account opening
  • 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)
• In addition:
  • Open an account online and transacting for $150
  • Open a High Interest Savings Account and fund it with $250 for $100 Cash

Beem Credit Union New Member Bonus

Blue Shore Financial merged with Beem Credit Union in January 2025. It has now been renamed to Beem.

Beem has a Spending Account offering customers up to $575 in value with actually a very easy application process, it seems.

• The Offer: $575 value “Beem bucks”
• Deadline for account sign up: Do things within 30 days upon sign up
• The ask:
  • You have to be 17 years of age or older and a resident of British Columbia
  • Open a new spending chequing account digitally- it can even be an Essential account which has $0 monthly fee
  • E-Transfer yourself $5 to become a Beem Credit Union Member
  • Set up a direct deposit, pre-authorized bill payment of at least $50 over two months

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 Offer: $300 Cash
• Deadline for account sign up: November 30, 2023 <— There is nothing active right now
• 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.

Simplii Financial Sign Up Bonus

• The Offer: $300 Cash and a $50 Skip gift card
• Deadline for account sign up: September 30, 2026
• The ask: Open a No Fee Chequing account by September 30, 2026
• You get $300 if you open up a Chequing Account and set up a direct deposit (e.g., pension deposit, employer deposit) of at least $100/month for 3 consecutive months
• 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 4.60% on eligible deposits for the first five months if you open up a Simplii High Interest Savings Account– this offer ends on October 31, 2026. Limits apply (for example, there is a $200,000 balance limit for the offer).
• The downside: You have to be a new client

More information on the Simplii Financial $300 Bank Offer and Promotional Savings Account Interest Rate here.

When you will get your $300 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 up to $500 cash for their no-fee chequing account.  You have to be a new Tangerine client.

• The Offer: $250 Cash if you move your pay
• The ask: Sign up for a Tangerine Savings Account and Chequing Account and switch your payroll deposits for at least 2 months and you can get $250
  • Also, you can get the 4.50% interest rate for 5 months
• The deadline for account sign up: October 31, 2026

The $250 will be deposited in the month after two consecutive payroll deposits

More information on this Tangerine Bank chequing promo can be found here. 

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 4.50%* 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 Personal Account: The EQ Bank’s Personal 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 every day interest rates in Canada 1.00*% interest
• Free bill payments
• Send Interac e-Transfers® for free
• A high interest rate of 2.50% 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 2024 list of the World’s Best Banks.

EQ Bank has held this title for the past 4 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 Offer: Up to 125,000 PC Optimum Points (equivalent to $125 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 75,000 PC Optimum™ points when you set a minimum of $1500 in payroll or pension direct deposit for 3 months in a row (you have to set this up within 60 days of opening your account)
  • Up to 50,000 PC Optimum points when you have bill payments of $50 within 60 days of opening your accounts (each bill paid over $50, you get 10,000 PC Optimum points)
• 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!

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 1.00%* interest is EQ Bank.

Sign Up for EQ Bank

My favourite free Canadian financial tool to check my credit score is Borrowell.  Right now you can get a free $5 for referring a friend to Borrowell.

Find Out Your credit score for free

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.

Get your $50 in Free Trades From Questrade

---

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 1.00%* 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?