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Best new bank account offers for June 2024

Earn cash, rewards points, bonus interest rates and more with these new bank 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 over your money.

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.

Here’s our roundup of the latest bank promotions and offers from the Big 6 Banks, online banks and fintech apps in Canada.

Best new bank promotions and account offers in June 2024

Best chequing account promotions

BankNew bank account offer
BMO

BMO Performance Chequing Account

Get up to a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 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 July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Simplii

Simplii No Fee Chequing Account

Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2024.
Coast Capital

Coast Capital Free Chequing, Free Debit, and More Account

Earn up to a $350 cash bonus. New members earn $150 when you open and use a Free Chequing account, and $100 when you open and deposit into a new High-Interest Savings Account. Plus, get up to $100 statement credit when you open and spend on a new Coast Capital Credit Card. Conditions Apply.
Scotiabank

Scotiabank Preferred Package

Earn a welcome bonus of up to $400. Earn $350 when you complete two banking steps, earn $50 when you open a new RRSP or TFSA and set up and maintain a recurring pre-authorized contribution of at least $50 for a minimum of 3 months. Valid until July 31, 2024.
RBC

RBC Signature No Limit Banking Account

Get the new iPad when you switch to RBC & open an RBC Signature No Limit Banking Account. Valid until August 13, 2024.
CIBC

CIBC Smart Account

Get a $400 Costco Shop Card when you open a CIBC Smart Account and provide your email address and complete the qualifying actions within 2 months.
TD Canada Trust

TD Unlimited Chequing Account

Earn a $600 welcome bonus. Complete three banking steps to earn $400, and earn $200 when you deposite $10,000 into the new eligible Savings Account within 30 days of account opening and maintain the balance for 150 days. Offer ends September 26, 2024.
Tangerine

Tangerine No-Fee Daily Chequing Account

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.
EQ Bank

EQ Bank Personal Account

Earn 4.00% interest on your money. Get 2.50% interest on everyday banking, plus get 1.50% interest when you direct deposit your pay.

Best savings account promotions

BankSwitching offer
Simplii

Simplii High Interest Savings Account

Earn 5.90% interest for 5 months on up to $1,000,000 in savings. Apply by July 31, 2024.
EQ Bank

EQ Notice Savings Account

Earn 4.50% - 5.00% interest. Choose to access your withdrawal funds after 10 days for a 4.5% savings rate or 30 days for a 5% interest rate.
KOHO

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.
Scotiabank

Scotiabank MomentumPLUS Savings Account

Earn up to 6.05% for 3 months on your first account opened.
Tangerine

Tangerine Savings Account

Earn 6% interest for 5 months (on up to $1,000,000 in deposits) when you signup by October 31, 2024.

Jump to new account offers for…

BMO
RBC Royal Bank of Canada
Scotiabank
National Bank
CIBC
TD Canada Trust
Tangerine Bank
EQ Bank
Simplii Financial
KOHO

BMO promotions

With a BMO new account offer, you can score big bonuses and save on fees — and if you add family member accounts, you save even more. As one of the original Big Five banks, BMO promotions focus on BMO chequing account offers or BMO savings account promotions. Here are the latest BMO promotions.

BMO Performance Chequing Account

Get up to a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 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 July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.

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BMO Savings Amplifier Account

Earn 5.50% 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 July 2, 2024.

Simplii promotions

As an online-only bank, Simplii is an established Canadian bank that offers no-fee chequing and high-interest savings accounts, as well as cost-effective wire transfers across the world. When it comes to Canadian bank promotions, Simplii often runs very competitive new account offers. Check out these current Simplii offers.

Simplii No Fee Chequing Account

Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2024.

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Simplii High Interest Savings Account

★★★★★

Earn 5.90% interest for 5 months on up to $1,000,000 in savings. Apply by July 31, 2024.

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Simplii Financial promotions frequently asked questions

EQ Bank promotion

EQ Bank regularly offers no-fee, high-interest savings accounts. For instance, the EQ Bank Personal Account comes with up to 4% interest, $0 monthly fees and unlimited transactions. Because of the ongoing perks it offers, you won’t come across many EQ bank promos.

If you know someone who banks with EQ, ask them for an EQ refer a friend code. With an EQ referral code, both of you get cashback when you open a new account.

EQ Bank Personal Account

Earn 4.00% interest on your money.

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EQ Bank Notice Savings Account

★★★★★

Earn up to 5.00%

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EQ Bank referral code frequently asked questions

KOHO promotions

KOHO is an online banking provider that sets itself apart from traditional banks with a focus on low fees, flexibility and hybrid banking. KOHO offers a spending and savings account with a high interest rate and a prepaid card that earns you cashback as you spend. These accounts come with no hidden fees, no account opening fee, no e-transfer fees, no minimum balance and no minimum deposits.

Pros and cons of KOHO

Pros

  • No monthly or annual fees
  • Earn interest on your savings
  • Free e-Transfers
  • Earn cashback on your puchases
  • Get a prepaid card to use with your savings account – and avoid possible fees that come with credit cards
  • Direct deposit your paycheque

Cons

  • No bonus interest rate offered when you join
  • Not all online and in-person businesses accept prepaid cards
  • No mobile cheque deposit available
  • Spending and withdrawing limits are in place
  • Spending on a prepaid card won’t increase (or decrease) your credit score

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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KOHO referral code frequently asked questions

Scotiabank new account offer

Over the years, this Big 5 Bank has focused on small business clients, but that doesn’t mean you can’t find Scotiabank promotions for basic chequing and savings accounts. Check out these current Scotiabank new account offers.

Scotiabank Preferred Package

Earn a welcome bonus of up to $400. Earn $350 when you complete two banking steps, earn $50 when you open a new RRSP or TFSA and set up and maintain a recurring pre-authorized contribution of at least $50 for a minimum of 3 months. Valid until July 31, 2024.

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Scotiabank MomentumPLUS Savings Account

★★★★★

Earn up to 6.05% for 3 months on your first account opened.

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RBC account offers

RBC is one of Canada’s largest banks, and at most times throughout the year, new and returning clients can usually find RBC offers for a number of different banking products and services. Occasionally, an RBC account opening offer comes with free Apple gear or cashback. Here are the RBC bank offers currently available for all Royal Bank chequing and savings accounts.

RBC Signature No Limit Banking Account

Get the new iPad when you switch to RBC & open an RBC Signature No Limit Banking Account. Valid until August 13, 2024.

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RBC High Interest eSavings Account

★★★★★

Earn 5.50% for 3 months. Offer expires July 23, 2024.

National Bank promotions

When it comes to bank promotions in Canada, the newest member of Canada’s Big Six banks isn’t willing to be left out. National Bank offers promotions to new clients, newcomers to Canada and students. Check out the current National Bank promotions available for chequing and savings accounts.

National Bank The Total Chequing Account

Get $150 towards an eligible National Bank credit card you activate after opening a National Bank The Total Chequing Account.

National Bank promotions frequently asked questions

CIBC new account offer

As one of the most competitive banks in Canada, CIBC’s new account offers can translate into exceptional savings or bonuses for new clients. Learn more about current CIBC new account offers.

CIBC Smart Account

Get a $400 Costco Shop Card when you open a CIBC Smart Account and provide your email address and complete the qualifying actions within 2 months.

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 5.75% (for 4 months).

TD promotions

If you’re not already a TD Bank customer, you may be able to get cash bonuses, gift cards or other perks if you decide to open an account using a TD promotion. Here are the TD promotions available now.

TD Unlimited Chequing Account

Earn a $600 welcome bonus. Complete three banking steps to earn $400, and earn $200 when you deposite $10,000 into the new eligible Savings Account within 30 days of account opening and maintain the balance for 150 days. Offer ends September 26, 2024.

Tangerine new account offer

You can save some serious cash with Tangerine promotions that often provide cashback or bonus earnings, as well as promotional high-interest rates on savings deposits. If you’re on the hunt for a Tangerine new account offer or a Tangerine savings account promotion, here are current Tangerine promotions.

Tangerine No-Fee Daily Chequing Account

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.

Tangerine Savings Account

★★★★★

Earn 6% interest for 5 months (on up to $1,000,000 in deposits) when you signup by October 31, 2024.

Which banks offer a cash bonus for opening an account?

Here’s a summary of Canadian banks currently offering cash bonuses for opening an account:

BankCash bonus offer
BMO

BMO Performance Chequing Account:

  • Get up to a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 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 July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Simplii

Simplii No Fee Chequing Account:

  • Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2024.
Coast Capital

Coast Capital Free Chequing, Free Debit, and More Account:

  • Earn up to a $350 cash bonus. New members earn $150 when you open and use a Free Chequing account, and $100 when you open and deposit into a new High-Interest Savings Account. Plus, get up to $100 statement credit when you open and spend on a new Coast Capital Credit Card. Conditions Apply.
Scotiabank

Scotiabank Preferred Package:

  • Earn a welcome bonus of up to $400. Earn $350 when you complete two banking steps, earn $50 when you open a new RRSP or TFSA and set up and maintain a recurring pre-authorized contribution of at least $50 for a minimum of 3 months. Valid until July 31, 2024.
TD Canada Trust

TD Unlimited Chequing Account:

  • Earn a $600 welcome bonus. Complete three banking steps to earn $400, and earn $200 when you deposite $10,000 into the new eligible Savings Account within 30 days of account opening and maintain the balance for 150 days. Offer ends September 26, 2024.
Tangerine

Tangerine No-Fee Daily Chequing Account:

  • 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.
National Bank

National Bank The Total Chequing Account:

  • Get $150 towards an eligible National Bank credit card you activate after opening a National Bank The Total Chequing 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.

Frequently asked questions about bank promotions

More on banking

Written by

Stacie Hurst

Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family. See full profile

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