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 November 2024
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)
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:
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.
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).
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.
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.
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 perform several actions 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.
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:
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.
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.
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 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.
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.
Frequently asked questions about bank promotions
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 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.
As of September 2024, BMO, Scotiabank, Simplii Financial, TD, Tangerine, CIBC and Coast Capital 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.
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.
Here are some of the best savings account promotions 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. 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.
RBC Advantage Banking for Students: Get $100 when you open an account and complete one of three steps. Valid until January 31, 2025.
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.
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.
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.
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio
Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio
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Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
