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 $400 + 5.55% Savings APY
- Scotiabank: $400 Welcome Bonus
- BMO: Up to $600
- Simplii Financial: $400
- Tangerine: Up to $500
- CIBC: $350
1. TD Bank: Up to $400 + 5.55% Savings Interest Rate
Offer Valid Until: June 3, 2024
TD Bank is offering new Canadian customers up to $400 in welcome bonuses for opening either a TD All-Inclusive Banking Plan or a TD Unlimited Chequing Account.
To earn the $400 bonus, it is broken down into two parts: $350 for checking + $50 for adding overdraft protection.
Once your deposit account is open, to earn the checking bonus you will need to complete any two of the following three requirements:
- Set up a recurring direct deposit: this must be from your employer, pension plan, or government by July 31, 2024
- Make an online bill payment of at least $50
- Set up a recurring pre-authorized debit of at least $50 (this must recur on a weekly, bi-weekly, twice monthly, or monthly)
Next, earn an extra $50 by adding Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by June 3, 2024.
To earn the 5.55% Savings Interest Rate, you must open a new TD ePremium Savings account and have a balance of more than $10,000 to earn the highest APY of 5.55%.
Existing customers, staff members, and those who already took an offer from TD Bank at any point from 2019 onward are not eligible.
2. Scotiabank: $400
Offer Valid Until: July 31, 2024
Scotia bank currently offers a welcome bonus of $350 when opening a new Ultimate Package or Preferred Package. You will earn an additional $50 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 $600
Offer Valid Until: July 2, 2024
BMO is offering customers who open a chequing, savings, and refer family members a cash bonus of up to $600.
The bonus is being offered on three chequing accounts and one savings account.
- Plus Plan Chequing Account: If you’re looking for a basic account, you might want to consider the Plus Plan Chequing Account, which offers a bonus of $100.
- 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 $350.
- Savings Amplifier Account: If you are looking to save and grow your money, you can open a Savings Amplifier Account and earn a $200 bonus.
- Family Bundle Offer: Once you open your BMO accounts, you can refer a family member to become a apar of the BMO Family Bundle and earn an additional $50 bonus.
Plus Plan Chequing: $100
The Plus Plan Chequing account has a limit of 25 transactions per month, with no limits imposed on the Premium and Performance accounts. The Plus account comes with standard overdraft protection that costs $5.00 per month. The Plus account costs $11.95 per month, with the fee waived if you keep a minimum balance of $3,000.
Performance Account: $350
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: $350
Finally, 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 by August 30,2024:
- 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 if you invite a family member as part of a BMO Family Bundle when they open their account.
4. Simplii Financial: $400
Offer Valid Until: October 31, 2024
Simplii Financial offers new customers signing up for their No Fee Chequing Account a welcome cash bonus of $400.
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, 2023 use promo code GMTEVENT to claim this offer, up to $350. 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 $500
Offer Valid Until: Limited Time
When you open a new Chequing and Savings Account with Tangerine, you could earn up to $500 and a 5.75% savings rate.
To qualify, open a new account online. Within 30 days, open your eligible Chequing and Savings accounts and start earning 6.00% interest for the first 5 months. This time around they will also tack on an additional $100 bonus when you setup both accounts and establish recurring transfers into the savings account.
Activate your new Client Card and use it for online purchases and online bill payments to earn 20% cash back on eligible transactions for 60 days.
The total cashback amount is limited to $400, so you’ll need to spend $2,000 to get the full amount.
6. CIBC: $350
Offer Valid Until: Limited Time
CIBC is offering new customers who open a CIBC Smart Account a welcome bonus of $350, which is on par with other offers we’ve seen from them.
This offer is only available for new customers age 25 or older. If you’re under 25, you can still be eligible for a $100 bonus with their CIBC Smart™ Start account.
As an added bonus, they’re giving away 6 months of Disney+ (up to $11.99 in credits per month) when you pay your subscription with your CIBC debit card.
To get the first part, open the account and setup direct deposit. Then meet any two of the following three qualifying criteria:
- Make two recurring pre-authorized debits
- Make five debit card purchases
- Make two online bill payments worth at least $50 each
CIBC gives those who are looking to get the bonus two months to set these up. Once done, you will receive the bonus money within seven months of the account opening date.
The account has a monthly fee of $16.95, which is waived when meeting the daily minimum balance requirements.
Canadian residents aged 65 or older also get a $6.95 discount on the monthly fee.
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.
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