Best new chequing account offers for November 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 account, it’s worth first comparing the best promotions on now in Canada. We chose these top bank offers after analyzing over 20 Canadian financial institutions and more than 45 accounts.

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

To determine this best list, Finder Canada analyzed over 45 chequing accounts across 20+ 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.

Dive deeper: Our guide to the best new bank account offers available now

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.

How to qualify for a new bank account offer

Some bank promotions in Canada offer a bonus just for opening an account. Other new bank offers require you to jump through a few hoops to land a special deal. Requirements might include the following:

• Make a one-time or recurring minimum deposit
• Use direct deposit or automatic bill payments for at least several months
• 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)

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.

Dive deeper: Our guide to the best chequing accounts in Canada by feature

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 and Tangerine new bank account offers.

  • BMO Performance Chequing Account: Get up to a $600 cash bonus. Earn $400 when you open a new BMO Performance Chequing Account and $150 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. Plus, 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 5.45% interest for 3 months on your MomentumPLUS Savings Account.

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

  • EQ Notice 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.

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

  As of August 2024, BMO, Scotiabank, Simplii Financial, TD Canada Trust, Tangerine and National Bank 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 November 2024:

  • BMO Performance Chequing Account: Get up to a $600 cash bonus. Earn $400 when you open a new BMO Performance Chequing Account and $150 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. Plus, 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 5.45% interest for 3 months on your MomentumPLUS Savings Account.
  • Simplii No Fee Chequing Account: Earn $500 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends February 28, 2025.

• Are there any student bank account offers in Canada?

  Special offers for student bank accounts include:

  • 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 $500 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends February 28, 2025.
  • RBC Advantage Banking for Students: Get $100 when you open an account and complete one of three steps. Valid until January 31, 2025.

• 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.