Getting a new bank account in Canada 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.
8 Best Bank Promotions in Canada
Here are the top bank promotions in Canada right now:
- Scotiabank: $350 Welcome Bonus
- HSBC: Up to $500
- BMO: Up to $450
- Simplii Financial: $400
- Tangerine: Up to $400
- EQ Bank: 3.00%
- CIBC: $350
- TD Bank: Up to $450
1. Scotiabank – $350 Welcome Bonus
Offer Valid Until: October 31, 2023
Scotia bank currently offers a welcome bonus of $350 when opening a new Ultimate Package or 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 $500
Offers Valid Until: November 30, 2022
HSBC has several special offers with a total value of $500 or more. 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.
Keep in mind that some of these new account bonuses may be subject to clawbacks if the account isn’t kept open for a certain amount of time. Check the offer terms and conditions at HSBC to verify.
HSBC Bonus Offer – Up to $500
The first bonus can see you earn a maximum of $500 by opening a qualifying chequing account. These are as follows:
- HSBC Premier Chequing Account – $300 + $100 + $100
Opening an HSBC Premier Chequing Account can see you earn a bonus of $300 plus an additional bonus of $100 if you open the bank account online.
To qualify for the second $100 bonus, you will need to deposit at least $25,000 CAD within 30 days and hold it for a minimum of 3 months.
- HSBC Advance Chequing Account – $300 + $100
Opening an HSBC Advance Chequing Account can see you earn a bonus of $300 plus an additional bonus of $100 if you open the account online.
To qualify for these bonuses you will also need to complete any 2 out of the following 4 items:
- Set up recurring payroll deposits within 3 months
- Complete two pre-authorized debits at separate merchants within 3 months
- Complete two online bill payments to separate merchants within 3 months
- Send 2 INTERAC e-payments to separate parties within 3 months
HSBC Student Chequing – Up to $150
- HSBC Student Chequing Account – $50 + $100
Opening an HSBC Student Chequing Account can see you earn $50 plus an additional bonus of $100 if you open the account online.
To qualify for this bonus, you will need to deposit at least $1,000 within 30 days.
- HSBC Youth Chequing Account – $50
Opening an HSBC Youth Chequing Account can see you earn $50.
To qualify for this bonus, you will need to deposit at least $1,000 within 30 days.
Additional Bonuses – $50 each
HSBC is also offering bonuses in addition to opening new accounts. For example, earn $50 CAD when you open a safety deposit box within 3 months of opening your account.
You can also earn another $50 for completing 2 FX wire or global transfers from your account within 3 months of opening.
3. BMO – Up to $450
Offers Valid Until: October 31, 2023
BMO is offering customers who open a chequing account a cash bonus of up to $450.
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 $450.
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 – Up to $450
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 – $450
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 October 31:
- 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 $100 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, 2023
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 $400
Chequing Offer Valid Until: Limited Time
When you open a new Chequing and Savings Account with Tangerine, you could earn up to $400 and a 6.00% 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.
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. EQ Bank – 3.00%
EQ Bank is offering customers a promotional interest rate of 3.00% 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.
7. CIBC – $350
Chequing Offer Valid Until: October 16, 2023
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 $125 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.
8. TD Bank – Up to $450
Offers Valid Until: October 31, 2023
TD Bank is offering new Canadian customers up to $450 in welcome bonuses for opening either a TD All-Inclusive Banking Plan or a TD Unlimited Chequing Account.
This is a multipart bonus broken down into 3 parts: $300 for checking + $100 for savings + $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 December 22
- 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 up to $100 by adding a TD ePremium or TD Every Day Savings Account, and complete the following;
- Earn $50 by setting up either a Pre-authorized Transfer Service OR Simply Save with your first transaction processed within 30 days of account opening.
- Earn an additional $50 by completing the above AND adding $5,000 into the New Savings account within 30 days of account opening. The balance must remain in the New Savings account for 90 days.
Finally, earn an extra $50 by adding Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by October 31, 2023.
Existing customers, staff members, and those who already took an offer from TD Bank at any point from 2019 onward are not eligible.
Expired Bank Promotions in Canada
Royal Bank of Canada – Up to $300
Offers Valid Until: EXPIRED
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.
Learn More at RBCRoyalBank.com
Frequently Asked Questions
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.
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