Best savings account promotions in Canada

Earn promotional interest, cash bonuses and more with these new savings account offers and promotions.

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Romana King

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Bank account welcome offers, bonus interest rates and time-sensitive cashback promotions are common in Canada, with new promotions launched regularly throughout the year. Here are the latest savings account promotions from banks and Canadian financial institutions:

Best savings account promotions for December 2024

  • KOHO Earn Interest: Earn up to 5.00% interest with a high interest savings account. Pick a KOHO plan and opt-in to Earn Interest.
  • 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.
  • Scotiabank MomentumPLUS Savings Account: Earn up to 5.25% for 3 months on your first account opened.
  • 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.
  • CIBC eAdvantage Savings Account: Get a Smart Interest of 0.50% on balances up to $200,000 when you save $200 or more in a month (limits apply), and a bonus rate of 5.25% (for 4 months).
  • BMO Savings Amplifier Account: Earn 4.75% interest when you open both a BMO Performance Chequing Account and a BMO Savings Amplifier Account. Plus, earn up to a $600 opening bonus with the chequing account. Valid until February 28, 2025 .

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Simplii logo

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TD Canada Trust logoTD Bank logo

EQ Bank promotion

As the online bank launched by Equitable Bank, EQ Bank already offers higher-than-standard interest rates. As a result, EQ Bank doesn’t typically offer interest rate promotions. Instead, this digital bank offers an ongoing referral program — allowing new customers to use an EQ referral code to open an account that prompts cashback for both the new client and the friend who provided the EQ referral code. That doesn’t mean EQ Bank doesn’t launch savings account promotions. Here are the latest EQ Bank promotions:

EQ Bank TFSA

2% match on new deposits (for a limited time)

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EQ Bank Joint Account

Earn 3.50% interest on your money.

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EQ Bank Personal Account

Earn 3.50% interest on your money for 12 months and 1.75% thereafter.

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EQ Bank TFSA

2% match on new deposits (for a limited time)

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EQ Bank RSP

2% match on new deposits (for a limited time)

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KOHO promotions

As an online banking provider, KOHO helps customers focus on low fees, flexibility and one-stop hybrid banking. What does this mean? KOHO customers get one account that has the flexibility of a day-to-day account with the rewards of a savings account. Better still, the accounts come with no hidden fees and no minimum balance or deposit requirements. Here are the latest KOHO promotions:

KOHO Earn Interest

Earn up to 5.00% interest with a high interest savings account. Pick a KOHO plan and opt-in to Earn Interest.

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Simplii promotions

Simplii is a well-established Canadian digital bank that is backed by CIBC. As an online-only bank, Simplii is regularly offers competitive promotional rates on its Simplii high-interest savings account. Check out these current offers on the Simplii high-interest savings account and day-to-day savings account:

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.

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Scotiabank promotions

Very often, Scotiabank savings account promotions will target a specific type of customer, such as a post-secondary student, a business owner or new immigrant. But that doesn’t mean you can’t find a competitive savings account promotion from this Big Five Bank. Here are the current savings account promotions from Scotiabank.

Scotiabank MomentumPLUS Savings Account

Earn up to 5.25% for 3 months on your first account opened.

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Tangerine promotions

If you’re searching for savings account promotions, be sure to check out Tangerine bank account offers. This online bank quite frequently offers new customers high savings account promotional rates, along with cashback offers. Here are the current Tangerine savings account promotions, along with TFSA and RRSP offers.

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.

Tangerine TFSA

Sign up using promo code EARNMORE and earn up to $400 cash back and a 5.25% savings rate.

Tangerine RSP

Sign up using promo code EARNMORE and earn up to $400 cash back and a 5.25% savings rate.

RBC account offers

As one of Canada’s largest banks, RBC will launch a number of promotions throughout the year for new and returning clients. Here are the current RBC savings account promotions.

RBC Leo’s Young Savers Account

Get $25 when you open an RBC Leo’s Young Savers Account for your child. Valid until January 31, 2025.

BMO offers

As one of the original Big Five Banks in Canada, BMO will often provide bank account promotions for new clients, but these typically focus on their chequing accounts (keep in mind, for one monthly fee, an entire family can get their own BMO day-to-day account). Still, this competitive, traditional bank will offer great savings account promotions throughout the year. Here are the latest BMO promotions.

BMO Savings Amplifier Account

Earn 4.75% interest when you open both a BMO Performance Chequing Account and a BMO Savings Amplifier Account. Plus, earn up to a $600 opening bonus with the chequing account. Valid until February 28, 2025 .

CIBC promotions

As one of the most competitive banks in Canada, CIBC’s savings account promotions can result in excellent savings and cashback incentives for new customers. Learn more about current CIBC savings account promotions.

CIBC eAdvantage Savings Account

Get a Smart Interest of 0.50% on balances up to $200,000 when you save $200 or more in a month (limits apply), and a bonus rate of 5.25% (for 4 months).

TD promotions

If you’re looking for an incentive to open a savings account at a traditional bank, don’t forget to check out what TD Bank is currently offering. Quite often, TD Bank will offer cash bonuses and gift cards, among other perks, to new customers. Learn more about TD savings account promotions currently in the market.

TD Every Day Savings Account

Earn up to $2000 in cash with certain deposits on new or existing accounts. Offer ends January 31, 2025. T&Cs apply.

TD High Interest Savings Account

Earn up to $2000 in cash with certain deposits on new or existing accounts. Offer ends January 31, 2025. T&Cs apply.

TD ePremium Savings Account

Earn up to $2000 in cash with certain deposits on new or existing accounts. Offer ends January 31, 2025. T&Cs apply.

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Group Editor | Personal finance expert

Romana King was the Canada group editor at Finder and a personal finance expert. As an award-winning personal finance writer and real estate expert, she has spent almost two decades helping Canadians make smarter money management decisions. Her first book, House Poor No More: 9 Steps That Grow the Value of Your Home and Net Worth, launched in November 2021, continues to be an Amazon bestseller and won the Excellence in Financial Journalism Book Award in 2022. See full bio

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