13 best new bank account offers for December 2024

We’re used to giving banks our money, but what happens when a bank wants your business? They start to offer you money. Canadian banks use new bank account offers like cash bonuses, free stuff, gift cards and bonus interest rates to entice you to switch.

So, if you’re considering switching your chequing or savings account, it’s worth first comparing the best bank promotions on now in Canada. We chose these top bank offers after analyzing over 20 Canadian financial institutions and more than 45 accounts.

Best new bank promotions and account offers in December 2024

Best chequing account promotions

Bank	Account	Bonus offer
	Scotiabank Preferred Package	Earn $800
	Simplii No Fee Chequing Account	Earn $300
	EQ Bank Personal Account	Earn 3.50% interest for 12 months
	BMO Performance Chequing Account	Earn $700
	RBC Signature No Limit Banking Account	Get $450
	CIBC Smart Account	Earn $600
	TD Unlimited Chequing Account	Earn $500
	Tangerine No-Fee Daily Chequing Account	Earn $250

Best savings account promotions

Bank	Account	Bonus offer
	Simplii High Interest Savings Account	4.60% for 5 months
	EQ Notice Savings Account	3.00% - 3.05%
	KOHO Earn Interest	Up to 5.00%
	Scotiabank MomentumPLUS Savings Account	5.25% for 3 months
	Tangerine Savings Account	5.40% for 5 months

• Methodology: How we picked the best new bank account offers in Canada

  To determine this best list, Finder Canada analyzed 27 chequing accounts and 22 savings accounts across 22 financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions. We review this list on a monthly basis in order to keep on top of any changing welcome offers in the market.

  We ranked accounts based on 15 data points within five major categories. Here’s how we ranked and weighted each product:

  • Perks: 40% (Welcome offer (cash value or ongoing and promotional interest rates), other tailored rewards)
  • Fees: 20% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, e-Transfer fees, NSF fees, overdraft fees)
  • Banking Access: 15% (In-branch banking, online banking access, national availability)
  • Customer Experience: 15% (Live chat availability, mobile app ratings)
  • Minimum Requirements: 10% (Minimum deposit requirements, minimum balance requirements)

  No single bank account will be the best choice for everyone, so thoroughly compare your options before picking your new account.

What to consider when comparing bank promotions in Canada

New bank account offers and bank promotions come with attractive perks, but switching accounts may not be right for you. Here are a few things to think about:

• What are the new account’s ongoing fees and features? Don’t let offers to open a new bank account distract you from an account’s ongoing fees and features. Are there fees for transactions, transfers, account maintenance or ATM usage? Is there a mobile banking app? Does the bank operate solely online, or are there branches you can visit for in-person service?
• When does the new bank account offer end? Bank promotions in Canada come and go. New account offers may only last a few months. It’s good to carefully consider your options, but don’t take too long, or you might miss out on a great bonus.
• Are you satisfied with your current bank? It may be worth switching banks if your current bank doesn’t offer good service or another bank offers better accounts and products for your needs.
• Is it easy to open a new account? It’s usually pretty easy to open a bank account online, although some banks have branches where you can get help in person.

How to qualify for a new bank account offer

To qualify for any bank promotion, be prepared to show valid, government-issued photo ID and proof that you live in Canada. You’ll also be asked to submit your name and contact information. Be aware that bank promos aren’t available for accounts you already have.

Some specialized offers will also sometimes require you to complete specific actions, like the following:

• Bundle your account with other products & services (i.e. a savings account or credit card)
• Get friends or family to sign up using your referral code
• Show proof of academic enrollment (for student bank account offers)

Requirements for the best new bank account offers in Canada

Some bank promotions in Canada offer a bonus just for opening an account. Other new bank offers require you to perform several actions to land a special deal — actions like setting up direct deposit or holding funds in the account for a certain amount of time.

Here’s a breakdown of the qualification requirements for the best new bank account offers listed in the tables above.

New chequing account offer requirements for each bank

Scotiabank Preferred Package

Scotiabank Preferred Package

Earn $400 by completing two of: Setting up direct deposit, setting up two recurring pre-authorized transactions or setting up one online bill payment of at least $50. Then earn $50 by opening a new registered Scotiabank account with a pre-authorized contribution of at least $100 per month. Then earn up to $350 more by openning a second eligible registered account and depositing $5,000 into both accounts by March 1, 2025.

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Simplii No Fee Chequing Account

Simplii No Fee Chequing Account

As for the offer details, you'll be able to qualify for a welcome bonus of up to $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends April 30, 2025.

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EQ Bank Personal Account

EQ Bank Personal Account

Get 1.75% interest on your balance plus 3.50% interest when you directly deposit your pay. To receive 3.50% for 12 months, you'll need to have at least $500/month of your pay directly deposited into a Personal Account or Joint Account. Conditions apply. Thereafter, you'll earn 1.75% on your balance.

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BMO Performance Chequing Account

BMO Performance Chequing Account

Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until March 3, 2025. Also earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.

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RBC Signature No Limit Banking Account

RBC Signature No Limit Banking Account

Get $450 when you open an RBC Signature No Limit Banking Account. Apply by February 10, 2025. Then set up two of the following by April 18, 2025: Direct deposit for your payroll or pension, two pre-authorized monthly payments or two bill payments to a service provider.

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CIBC Smart Account

CIBC Smart Account

Earn $400 when open this account and set up eligible recurring direct deposits of $500 while also setting up (monthly) two recurring pre-authorized debits, two online bill payments of at least $50 or five online Visa Debit purchases. Then earn $200 when you open a eAdvantage Savings Account within the same calendar month as the Smart Account and then maintain a balance of at least $10,000 each day for the next 3 calendar months.

TD Unlimited Chequing Account

TD Unlimited Chequing Account

Earn a welcome bonus worth $500 ($400 when you open this account and complete qualifying tasks plus $100 when you open a new eligible savings account and complete qualifying tasks. Terms and conditions apply). Offer ends February 25, 2025.

Tangerine No-Fee Daily Chequing Account

Tangerine No-Fee Daily Chequing Account

Earn up to $250. Open a No-fee daily Chequing Account and switch your payroll deposits to your new Tangerine Chequing Account for 2 consecutive months to receive $250.

Related: Our full guide to the best chequing account promotions in Canada

New savings account offer requirements for each bank

Simplii High Interest Savings Account

Simplii High Interest Savings Account

Earn 6.00% interest for 5 months on up to $1,000,000 in savings. Apply by January 31, 2025.

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EQ Bank Notice Savings Account

EQ Bank Notice Savings Account

Choose to access your withdrawal funds after 10 days for a 3.00% savings rate or 30 days for a 3.05% interest rate.

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KOHO Earn Interest

KOHO Earn Interest

Earn up to 5.00% by signing up for the KOHO Everything plan and opt-in to Earn Interest.

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Scotiabank MomentumPLUS Savings Account

Scotiabank MomentumPLUS Savings Account

You may be eligible to earn three different types of interest on this account. The first is a base rate of 0.75% that you'll earn on all savings plus a package interest rate boost of 0.10% for Ultimate Package holders and a 0.05% rate for Preferred Package holders.

The second is a premium interest rate of 0.60%, which is earned when you choose 360-day premium period (or earn lower rates with 90, 180 and 270 periods). A longer premium period earns a higher premium period interest rate, provided you don't make any withdrawals within the selected period. Premium period interest is calculated daily and paid at the end of the applicable premium period.

The third is a welcome bonus interest rate of 3.80% for 3 months, calculated daily and paid monthly for 90 days (3 months) on your first MomentumPLUS Savings Account.

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Tangerine Savings Account

Tangerine Savings Account

Earn 5.40% interest for 5 months (on the first $1,000,000 in deposits) when you sign up by March 31, 2025.

Related: Our full guide to the best savings account promotions in Canada

How to get a new bank account offer and bank promotions

To take advantage of bank promotions in Canada, all you have to do is open an account within the promotional time period. It’s that simple. Here’s how the process works:

1. Compare bank promotions. Compare rewards and bonuses for different new bank account offers. Also, look at ongoing fees, features and minimum balance requirements (if any) for any accounts you’re interested in opening.
2. Apply for an account. It’s easy to apply for a bank account online. Visit the bank’s website, and apply to open an account by providing your name, contact details, basic employment info, Social Insurance Number (SIN) and your reason for opening an account (i.e. spending, saving, investing).
3. Submit proof of ID. Upload a copy of a valid, government-issued ID such as a driver’s license, passport or Permanent Resident card. If you don’t have a photo ID, learn more about your options here.
4. Start using your account. Once approved, you’ll likely have immediate access to your online account and can register for online and mobile banking. You’ll receive your debit card in the mail shortly.
5. Get your new account benefits! After satisfying all the requirements of your new account offer, you’ll get your reward or bonus. Some bank promotions in Canada require a minimum deposit or several months of using direct deposit or bill payment features before you can receive a new account bonus.

Which banks offer a cash bonus for opening an account?

Here’s a summary of Canadian banks currently offering promotional cash bonuses for opening an account:

Bank cash bonus offer	Opening offer details
BMO: Earn $700 with the BMO Performance Chequing Account	Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until March 3, 2025. Also earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Simplii: Earn $300 with the Simplii No Fee Chequing Account	Earn $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends April 30, 2025.
Scotiabank: Earn $800 with the Scotiabank Preferred Package	Earn up to $800 with a Scotiabank Preferred package and an investment plan. Valid until March 1, 2025. Plus, earn up to 5.20% interest for 3 months on your MomentumPLUS Savings Account.
TD Canada Trust: Earn $500 with the TD Unlimited Chequing Account	Earn a welcome bonus worth $500 ($400 when you open this account and complete qualifying tasks plus $100 when you open a new eligible savings account and complete qualifying tasks. Terms and conditions apply). Offer ends February 25, 2025.
Tangerine: Earn $250 with the Tangerine No-Fee Daily Chequing Account	Earn up to $250. Open a No-fee daily Chequing Account and switch your payroll deposits to your new Tangerine Chequing Account for 2 consecutive months to receive $250.
CIBC: Earn $600 with the CIBC Smart Account	Get a $600 cash offer when you open a CIBC Smart Account as your first chequing account, then open your first CIBC eAdvantage Savings Account in the same calendar month and complete the qualifying actions within 2 months.

Are new bank account offers worth switching for?

For the right customers, yes, new bank account promotions can be a great way to get ahead a little financially or treat yourself to something special. These special offers work best when you genuinely need a new account and aren’t simply jumping between banks to accumulate bonuses.

“Account hopping” can be inconvenient, and you’ll eventually run out of bank promos to take advantage of. This is because most banks only offer new account bonuses to customers who have never held an account at that institution before.

Additionally, some new account offers require you to jump through extra hoops to secure a bonus. This could include participating in an automatic savings plan or setting up direct deposit for your income or a few bills for at least several months.

In the end, it makes sense to hunt around for a new bank account offer when the need arises to open a new account. Compare offers from multiple banks to find the most competitive deal. Also pay attention to non-promotional fees and features, so you know what to expect in the long run.

Bank promotions in Canada from 2022 to 2024

We’ve been tracking bank promotions in Canada for years. To help give you a snapshot of how promotional savings rates have changed over time, take a look at this chart comparing promotional rates from a Big Five Bank (Scotiabank) and a digital bank (Simplii Financial) from 2022 to 2024.

Interestingly, new savings account promotional rates generally rose between 2022 and 2024, but started decreasing near the end of 2024 — a trend very much in line with the Bank of Canada’s benchmark rates over that same time.

Explore more promotions from popular Canadian banks

• RBC
• Scotiabank

• Simplii Financial
• EQ Bank

• BMO
• Manulife

Frequently asked questions about bank promotions

• Which bank has the best offers right now?

  If cash bonuses are what you're looking for, you can score high rewards with BMO, Tangerine and RBC new bank account offers.

  • BMO Performance Chequing Account: Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until March 3, 2025. Also earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
  • Scotiabank Preferred Package: Earn up to $800 with a Scotiabank Preferred package and an investment plan. Valid until March 1, 2025. Plus, earn up to 5.20% interest for 3 months on your MomentumPLUS Savings Account.
  • Simplii No Fee Chequing Account: Earn $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends April 30, 2025.

  If you're looking for high-interest rewards, some of the best bank offers right now come from Scotiabank and Simplii Financial.

  • Tangerine Savings Account: Earn 5.40% interest for 5 months (on the first $1,000,000 in deposits) when you sign up by March 31, 2025.
  • Simplii High Interest Savings Account: Earn 4.60% interest for 5 months on up to $1,000,000 in savings. Apply by February 28, 2025.

• What banks are giving money for new accounts in Canada?

  As of December 2024, BMO, Scotiabank, Simplii Financial, TD, Tangerine and CIBC are all offering cash bonuses for opening a new account—many are worth up to hundreds of dollars. Check out our list of the best new bank promotions with cash rewards to learn more.

• What are the best chequing account offers in Canada?

  Here are some of the best chequing account bank promotions in Canada as of December 2024:

  • BMO Performance Chequing Account: Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until March 3, 2025. Also earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
  • Scotiabank Preferred Package: Earn up to $800 with a Scotiabank Preferred package and an investment plan. Valid until March 1, 2025. Plus, earn up to 5.20% interest for 3 months on your MomentumPLUS Savings Account.
  • Simplii No Fee Chequing Account: Earn $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends April 30, 2025.

• What is the best savings account bank promotion in Canada?

  Here are some of the best savings account promotions as of December 2024:

  • Simplii High Interest Savings Account: Earn 4.60% interest for 5 months on up to $1,000,000 in savings. Apply by February 28, 2025.
  • Tangerine Savings Account: Earn 5.40% interest for 5 months (on the first $1,000,000 in deposits) when you sign up by March 31, 2025.
  • Scotiabank MomentumPLUS Savings Account: Earn up to 5.25% for 3 months on your first account opened.

• Are there any student bank account offers in Canada?

  Special offers for student bank accounts include:

  • BMO Performance Chequing Account: Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until March 3, 2025. Also earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account. Students pay no monthly fees while in school and for one year after graduating.
  • TD Student Chequing Account: Earn up to $495 in value when you open a new TD Student Chequing Account. Valid until April 30, 2025.
  • Simplii Financial Student No Fee Chequing Account: Earn $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends April 30, 2025.
  • RBC Advantage Banking for Students: Get $100 when you open an account and complete one of three steps. Valid until January 31, 2025.

• Do any banks offer referral bonuses?

  Some Canadian banks offer bonuses when you refer a friend or family member. As of the time of writing, CIBC offers a $50 bonus if you refer a friend who's new to Canada. CIBC also pays a $100 bonus for referring a foreign student to its International Student GIC program.

  Scotiabank similarly offers $150 for referring a foreign student to its International Student GIC program. You could also earn up to 50 free equity investment trades or a cash bonus of up to $100 for referring customers to Scotia iTrade, an investment platform.

  If you refer a close friend or family member to open an eligible BMO chequing account, you could get a $50 digital gift card. Check with your bank for details on eligibility and how to receive your bonus.

  Simplii Financial offers a very competitive referral bonus of $125 for referring a friend who signs up for a Simplii account, credit card or line of credit, while your friend will earn a $50 bonus.

• Are new bank promotions and account offers available if I already have an account?

  New bank account offers are usually available to customers who already have an account with the financial institution or already opened a specific bank account. If you are an existing customer, you might still qualify for a new bank account offer for an account you haven't already opened, but check with your bank to find out for sure.

• Who qualifies for a new chequing account offer?

  To qualify for a new chequing account offer, you simply need to have photo ID, a Canadian address and be a new customer to the bank. That means that existing customers can't switch accounts within their bank to snag a promotional deal. Instead, you can only sign up for a new bank account offer if you're not already holding an account with that bank.