Getting a new bank account in Canada can be an excellent way to boost your personal finances, thanks to chequing and savings promotions in Canada that can earn you hundreds of dollars!
Many banks offer cash bonus promos to attract customers, often funneling money into bonus pots instead of spending it on marketing.
This strategy can work out exceptionally well for those who are looking for a new chequing account.
Best Bank Promotions in Canada
Here are the top bank promotions in Canada right now:
- TD Bank: Up to $650
- Scotiabank: Up to $700
- BMO: Up to $700
- Simplii Financial: $300
- Tangerine: Up to $250
- CIBC: up to $450
1. TD Bank: Up to $650
Offer Valid Until: March 3, 2026
TD Bank is offering new Canadian customers up to $750 in welcome bonuses for opening either a TD All-Inclusive Banking Plan or TD Unlimited Chequing Account and opening a new eligible Savings Account.
To earn a $500 bonus, there are a few steps to take.
Open one of the eligible checking accounts listed above by March 3, 2026 and complete two of the three options below by April 3, 2026:
- Set up a Recurring Direct Deposit
- Set up a Recurring Pre-Authorized Debit Payment
- Make an Online Bill Payment
Once your deposit account is open, to earn an extra $150 bonus you will need to open an eligible savings account – but if you can not make the $10,000 savings account deposit required for the $250 bonus there are other tiered offers.
2. Scotiabank: up to $700
Offer Valid Until: March 2, 2026
Scotia bank currently offers a bonus of $500 when opening a new Ultimate Package or Preferred Package and completing qualifying transactions. You will earn up to an additional $200 for opening and funding certain investing accounts along with your checking account.
While the welcome bonus amount and eligibility requirements are the same regardless of the package you get, each package is different.
You’ll need to do some homework to see which one is the best option for you.
Either way, to get the welcome bonus, you will need to open a new package and then meet the eligibility requirements by completing any 2 of the following three:
- Make a $50 bill payment using either online banking or mobile banking for an eligible bill.
- Set up and clear one eligible direct deposit each month for at least three consecutive months
- Set up and clear two eligible pre-authorized transactions each month for at least three straight months
The package includes:
- Unlimited debit transactions
- Unlimited Interac e-transfer transactions
- One free non-Scotiabank ADM withdrawal each month.
3. BMO: up to $700 plus a Walmart Delivery Pass Subscription for up to 12 months
Earn up to $700 in cash, plus a Walmart Delivery Pass Subscription for up to 12 months* when you open a new chequing and Savings Amplifier Account
Offer Valid Until: March 2, 2026
BMO is offering customers who open a chequing, savings, and refer family members a cash bonus of up to $700 + additional perks.
The bonus is being offered on two chequing accounts and one savings account.
- Performance or Premium Chequing Account: If you’re looking for something with more features, you can opt for either the Performance Chequing Account or the Premium Chequing Account instead. These accounts have a significantly larger bonus of $500 + Earn a Walmart Delivery Pass Subscription for up to 12 Months
- Savings Amplifier Account: If you are looking to save and grow your money, you can open a Savings Amplifier Account and earn a $150 bonus.
- My Financial Progress: Once you open your BMO accounts, earn an additional $50 bonus when you create 1 Goal and 1 Strategy in My Financial Progress Plan by April 30, 2026
Performance Account: $500 bonus
The Performance account has a monthly fee of $16.95, which is waived if you keep a balance of at least $4,000. The Performance account comes with standard overdraft protection that costs $5.00 per month.
Premium Account: $500 bonus
The Premium account has a monthly fee of $30.00, which is waived with a minimum balance of $6,000. The Premium account comes with standard overdraft protection which is free for this account.
To qualify for these bonuses, complete 2 of the following actions for two consecutive months:
- Set up at least one recurring direct deposit for two months (or more)
- Make one bill payment of at least $50 through BMO Mobile App or BMO Online Banking for at least two consecutive months
- Set up one pre-authorized debit of a minimum of $50 for two months
The remaining $50 bonus comes when you create 1 Goal and 1 Strategy in My Financial Progress Plan
4. Simplii Financial: $300
Offer Valid Until: January 31, 2026
Simplii Financial offers new customers signing up for their No Fee Chequing Account a welcome cash bonus of $300.
To get the bonus all money, all you need to do is open the account and make an eligible direct deposit of at least $100 for three consecutive months.
You can also earn more money by referring family and friends, up to $1,000, with each successful referral earning you an excellent $50. There is no limit to how many referrals you can make, giving you the potential to make a tidy sum.
Simplii Financial is also running another promotion for making a global transfer. Until October 31, 2025 use promo code GMTEVENT to claim this $50 offer. You can also earn 0.5% cash back, when you use your Simplii Financial Cash Back Visa Card to send money abroad
The No Fee Chequing Account offers optional overdraft protection up to $5,000, automatic transfers, and automatic bill payments.
To take advantage of the no-fee feature, you will need to maintain a minimum balance.
On the other hand, the High-Interest Savings Account has no minimum balance requirements and no monthly fees.
5. Tangerine: up to $250
Offer Valid Until: Limited Time
When you open a new Chequing and Savings Account with Tangerine, you could earn $250 and a 3.70% savings rate.
To qualify, sing up with Tangerine online, open a new chequing account, then move two consecutive payroll deposits into the new account and earn $250.
6. CIBC: up to $500
Offer Valid Until: Limited Time
CIBC is offering new customers who open a CIBC Smart Account a welcome bonus of up to $500, which is on par with other offers we’ve seen from them.
To qualify for $500 of the bonus offer you must open a CIBC Smart Account, and within two months, set up recurring direct deposits of $500 or more per month. Then within the same calendar month, you must complete one of the following:
- Two recurring pre-authorized debits
- Two online bill payments of $50 or more each
- Five online Visa Debit purchases
Choosing the Best Bank Bonus Offers in Canada
While cash bonuses are fantastic by any measure, there are a few things that you need to be aware of as you browse through these offers.
- First, most, if not all, bonuses include several qualifying criteria that you’ll need to complete within a specific timeframe to receive the money. Pay special attention to these and make sure you can complete them; otherwise, you might not get the bonus (and end up wasting precious time!).
- Second, you need to be especially aware of any fees. While many accounts have no fees, others do. If you’re not careful, maintenance fees and overdraft fees can eat away at the money you earn in the bonus.
Think twice before getting an account you wouldn’t otherwise have opened.
No comments yet. Add your own