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.
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:
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:
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:
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.
Yes, it looks like opening a chequing account is a top financial priority for many Canadians. In January 2023, Finder asked more than 1,840 Canadians about their financial plans in 2023.
When asked what type of bank accounts and banking products respondents planned to open in the first three months of 2023, almost 1 in 5 Canadians (17%) said they planned to open a chequing account.
The number of Canadians that plan to open a chequing account rose from the Q1 2023, to Q2 2023. According to results from the Finder: Consumer Sentiment Survey Q2, 22% of respondents plan to open a chequing account — an overall increase of 29% in the number of Canadians planning to open a chequing account.
With bank promotional offers getting more competitive, we can expect to see similar interest from Canadians looking to open chequing accounts throughout 2024 as well.
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