Getting a new bank account in CA can be an excellent way to boost your personal finances, thanks to a raft of bank promotions in Canada that can see you earn 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.
9 Best Bank Promotions in Canada for October 2021
Here are the top bank promotions in Canada right now:
- Scotiabank: $350 Welcome Bonus
- HSBC: Up to $1,350
- Royal Bank of Canada: Up to $300
- BMO: Up to $350
- Simplii Financial: $200
- Tangerine: Up to $100
- EQ Bank: 1.25%
- CIBC: $300
- TD Bank: Up to $400
1. Scotiabank – $350 Welcome Bonus
Offer Valid Until: December 16, 2021
Scotia bank currently offers a welcome bonus of $350 when opening a new Ultimate Package or $300 for a Preferred Package.
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.
2. HSBC – Up to $1,350
Offers Valid Until: September 27, 2021
HSBC has several special offers with a total value of $1,350. The offers come in many steps, which are optional so that you do not need to complete all of them.
Instead, you get the corresponding bonus for each step that you complete.
HSBC Bonus Offer 1 – Up to $350
The first bonus can see you earn a maximum of $350 by opening a qualifying chequing account. These are as follows:
- HSBC Premier Chequing Account – $300 + $50
Opening an HSBC Premier Chequing Account can see you earn a bonus of $300 plus an additional bonus of $50 if you open the bank account online.
To qualify for this bonus, you will need to deposit at least $25,000 and hold it for a minimum of 3 months.
- HSBC Advance Chequing Account – $200 + $50
Opening an HSBC Advance Chequing Account can see you earn a bonus of $200 plus an additional bonus of $50 if you open the account online.
To qualify for this bonus, you will need to deposit at least $5,000 and hold it for a minimum of 3 months
- HSBC Student Chequing Account – $50 + $50
Opening an HSBC Advance Chequing Account can see you earn $50 plus an additional bonus of $50 if you open the account online.
To qualify for this bonus, you will need to deposit at least $1,000 and hold it for a minimum of 3 months.
HSBC Bonus Offer 2 – Up to $250 cashback
Once the account is set up, you can add banking services and earn cashback for each one that you complete successfully.
Eligible banking services are as follows:
- Setting up recurring payroll deposits earns you $100
- Setting up two pre-authorized debits earns you $50
- Making two online bill payments earns you $50
- Sending 2 global wire transfers in a foreign currency earn you $50
HSBC Bonus Offer 3 – Up to $750 in Cashback, Savings, and Rewards
The third round in the bonus scheme can see you earn as much as $750.
Apply for the HSBC World Elite Mastercard, and you can earn extra points worth $350 and get a total rebate back on the first annual fee.
Holders of Premier and Advance Chequing Accounts can save as much as $209 in account fees when maintaining the minimum deposit requirement across accounts over the first year.
Lastly, you can get a cashback of $50 when opening a safety deposit box at an HSBC branch.
3. Royal Bank of Canada – Up to $300
Offers Valid Until: November 30, 2021
Royal Bank of Canada offers new customers switching to RBC a welcome bonus of between $100 and $300, depending on the account.
The good news here is that you can choose the account that best fits your requirements and still get a bonus.
Regardless of the account and bonus you sign-up for, the eligibility criteria are the same.
- Once you set up the account, you’ll need to receive your payroll as a direct deposit straight into your account
- Make to PAPs (Pre-Authorized Monthly Payments)
- Pay two bills to a service provider.
Once you’ve met all these requirements, the money will land straight in your account to spend as you please.
RBC Advantage Banking – $100
Opening an RBC Advantage Banking account will net you a bonus of $100.
The account comes with unlimited transactions, fee-free ATM withdrawals, and no minimum balance requirements.
The account does have a monthly fee of $11.95, which you can reduce to $5.95 or $0 through a rebate.
RBC Signature No Limit Banking – $300
The second account participating in this offer is the RBC Signature No Limit Banking account, which has a bonus of $300.
The account comes with unlimited debit transactions, a rebate of $39 on eligible credit cards, and five cross-border debits per month for free.
The monthly fee is $15.95, which you can reduce to $9.95 or $4 through rebates.
RBC VIP Banking – $300
The third and last account eligible for this offer is the RBC VIP Banking, which carries a bonus of $300. The account includes:
- No RBC fee when withdrawing from ATMs worldwide
- A rebate of $120 on eligible credit cards
- Extra accounts available
The monthly fee starts at $30, but you can reduce it to $24 or $18.05 through rebates.
4. BMO – Up to $350
Offers Valid Until: October 31, 2021
BMO is offering customers who open a chequing account a cash bonus of up to $350.
The bonus is being offered on three chequing accounts and is split into two parts, which we will discuss next.
- If you’re looking for a basic account, you might want to consider the Plus Plan Chequing Account, which offers a bonus of $100.
- 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 $300.
Plus Account – $100
The Plus 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 $10.95 per month, with the fee waived if you keep a minimum balance of $3,000.
Performance Account – Up to $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 – Up to $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, set up or make a direct deposit, and complete one of the following actions:
- 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
5. Simplii Financial – $200
Offer Valid Until: October 31, 2021
Simplii Financial offers new customers signing up for their No Fee Chequing Account a welcome cash bonus of $200.
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, 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 on their High-Interest Savings Account.
For a limited time only, new account holders will earn the higher interest rate of 1.50%, which is substantially higher than the 0.10% rate that comes as standard with this account.
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.
6. Tangerine – Up to $200
Chequing Offer Valid Until: August 31, 2021
Credit Card Offer Valid Unitl: August 16, 2021
When you open a new Chequing and Savings Account with Tangerine, you could earn $200 and a 2.10% savings rate.
To qualify, open a new account online and use code EARNMORE. Within 30 days, open your eligible Chequing and Savings accounts and start earning 2.10% interest for the first 5 months.
Next, add your payroll to direct deposit within 60 days of opening the account, keep it as direct deposit for at least 3 consecutive months and you will earn the $200 bonus.
Tangerine also offers new Tangerine Money-Back Credit Card customers an extra 10% cash back on eligible purchases done in the first two months.
The total cashback amount is limited to $100, so you’ll need to spend $1,000 to get the full amount.
The card comes with no annual fee, and you can earn 2% of your money back on the three categories you choose.
There is no limit to how much money you can earn back, and you get paid monthly.
7. EQ Bank – 1.25%
EQ Bank is offering customers a promotional interest rate of 1.25% on their Savings Plus Account.
The interest is calculated daily, helping you make the most out of this rate.
The account is something of a hybrid that combines features of savings and chequing accounts into one.
There are no monthly fees and no minimum balance requirements, so you get to keep more of the money you earn.
8. CIBC – $300
CIBC is offering new customers who open a CIBC Smart Account a welcome bonus of $300.
All you need to do to open the account and then meet any two of the following three qualifying criteria:
- Make one recurring deposit
- Make two recurring pre-authorized debits
- 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.
9. TD Bank – Up to $400
Offers Valid Until: October 31, 2021
TD Bank is offering its Canadian customers the opportunity to get several welcome bonuses worth $400 in total.
The main offer ($300 bonus) is available to new customers opening either a TD All-Inclusive Banking Plan or a TD Unlimited Chequing Account.
Once your deposit account is open, 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
- 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)
Existing customers, staff members, and those who already took an offer from TD Bank at any point from 2018 onward are not eligible.
You can earn an extra $50 by opening a TD Savings account. To qualify for this offer, you’ll need to open the account and then add a Pre-authorized Transfer Service or a Simply Save Program.
You can also earn a further $50 bonus by qualifying for and getting a TD Credit Card after opening an eligible chequing account.
Bank Promotions in Canada FAQs
What Canadian banks are offering incentives to open an account?
Several big-name banks are currently offering incentives for Canadians to open an account with them.
Banks like HSBC, BMO, CIBC, TD Bank, RBC, and many others have ongoing bank promotions that you can pretty easily take advantage of right now.
These incentives come in all shapes and sizes, including straight-up cash bonuses, cash backs, higher interest rates, and others.
You’ll need to meet a few requirements – but for free money in your pocket, it’s definitely worth it.
Which Bank Promotions in Canada are Best For You?
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.
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!).
The second thing that you need to be especially aware of is 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.