Best new chequing account offers for December 2024

Stash your cash and score a sweet bonus with these new chequing account offers and promotions.

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.

No Monthly Fees: Simplii No Fee Chequing Account

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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.
  • Earn a $300 bonus
  • $0 account fee
  • Unlimited free transactions
  • $0 Interac e-Transfers
  • No minimum balance requirements

Cash Bonus Offer: Scotiabank Preferred Package

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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.
  • Earn a $800 welcome bonus
  • Interest rate boost on a MomentumPLUS Account
  • Free transactions & Interac e-Transfers
  • Monthly fee of $16.95 (waived on $4,000+ balances)

Sign-up Offer: BMO Performance Chequing Account

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Get up to a $700 cash bonus. Valid until March 3, 2025. Plus, earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
  • Earn a $700 welcome bonus
  • Unlimited free transactions
  • $0 Interac e-Transfers
  • Monthly fee waived on $4,000+ balances

Earn Interest: EQ Bank Personal Account

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Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes.
  • Earn 3.50% interest for 12 months
  • No monthly account fee
  • Free ATM withdrawals across Canada
  • No transaction fees
  • No e-Transfer fees

Premium Account: RBC Signature No Limit Banking Account

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Get $450 when you open an RBC Signature No Limit Banking Account. Apply by February 10, 2025.
  • Earn a $450 welcome bonus
  • Earn Avion points on debit transactions
  • 6 free bank drafts per year & 1 free cheque book
  • Monthly fee of $16.95 (can be reduced)

Low Transactions: CIBC Smart Account

Earn $600 when you open a CIBC Smart Account and a CIBC eAdvantage Savings Account in the same month.
  • Earn a $600 welcome bonus
  • $6.95/month for up to 12 transactions
  • $1.25 each for 12+ transactions, up to total monthly fee of $16.95
  • Monthly fee waived with min. balance of $4,000

Big Five Bank: 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.
  • Earn a $500 welcome bonus
  • Free transactions & Interac e-Transfers
  • Monthly fee of $16.95 (waived on $4,000+ balances)

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.

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.

Frequently asked questions about bank promotions

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Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio

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