13 best new bank account offers for December 2024

Stash your cash and score a sweet bonus 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.

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 December 2024

Best chequing account promotions

BankAccountBonus offer
Scotiabank

Scotiabank Preferred Package

Earn $800

Simplii

Simplii No Fee Chequing Account

Earn $500

EQ Bank

EQ Bank Personal Account

Earn 3.75% interest for 12 months

BMO

BMO Performance Chequing Account

Earn $600

RBC

RBC Signature No Limit Banking Account

Get $450

CIBC

CIBC Smart Account

Earn $600

TD Canada Trust

TD Unlimited Chequing Account

Earn $500

Tangerine

Tangerine No-Fee Daily Chequing Account

Earn $250

Best savings account promotions

BankAccountBonus offer
Simplii

Simplii High Interest Savings Account

6.00% for 5 months

EQ Bank

EQ Notice Savings Account

3.50% - 3.65%

KOHO Earn Interest

Up to 5.00%

Scotiabank

Scotiabank MomentumPLUS Savings Account

5.4% for 3 months

Tangerine

Tangerine Savings Account

6% for 5 months

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 qualify for a new bank account offer

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.

Some specialized offers will also sometimes require you to complete specific actions, like the following:

  • 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)

Requirements for the best new bank account offers in Canada

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 — actions like setting up direct deposit or holding funds in the account for a certain amount of time.

Here’s a breakdown of the qualification requirements for the best new bank account offers listed in the tables above.

New chequing account offer requirements for each bank

Scotiabank Preferred Package

Earn $400 by completing two of: Setting up direct deposit, setting up two recurring pre-authorized transactions or setting up one online bill payment of at least $50. Then earn $50 by opening a new registered Scotiabank account with a pre-authorized contribution of at least $100 per month. Then earn up to $350 more by openning a second eligible registered account and depositing $5,000 into both accounts by March 1, 2025.

Simplii No Fee Chequing Account

As for the offer details, you'll be able to qualify for a welcome bonus of up to $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.

EQ Bank Personal Account

Get 2.00% interest on your balance plus 1.75% interest when you directly deposit your pay. To receive 3.75% for 12 months, you'll need to have at least $500/month of your pay directly deposited into a Personal Account or Joint Account. Conditions apply. Thereafter, you'll earn 2.00% on your balance.

BMO Performance Chequing Account

Get up to $600 in cash bonuses. 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. Also earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.

RBC Signature No Limit Banking Account

Get $450 when you open an RBC Signature No Limit Banking Account. Apply by February 10, 2025. Then set up two of the following by April 18, 2025: Direct deposit for your payroll or pension, two pre-authorized monthly payments or two bill payments to a service provider.

CIBC Smart Account

Earn $400 when open this account and set up eligible recurring direct deposits of $500 while also setting up (monthly) two recurring pre-authorized debits, two online bill payments of at least $50 or five online Visa Debit purchases. Then earn $200 when you open a eAdvantage Savings Account within the same calendar month as the Smart Account and then maintain a balance of at least $10,000 each day for the next 3 calendar months.

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.

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.

New savings account offer requirements for each bank

Simplii High Interest Savings Account

Earn 6.00% interest for 5 months on up to $1,000,000 in savings. Apply by January 31, 2025.

EQ Bank Notice Savings Account

Choose to access your withdrawal funds after 10 days for a 3.50% savings rate or 30 days for a 3.65% interest rate.

KOHO Earn Interest

Earn up to 5.00% by signing up for the KOHO Everything plan and opt-in to Earn Interest.

Scotiabank MomentumPLUS Savings Account

You may be eligible to earn three different types of interest on this account. The first is a base rate of 1.00% that you'll earn on all savings plus a package interest rate boost of 0.10% for Ultimate Package holders and a 0.05% rate for Preferred Package holders.

The second is a premium interest rate of up to 0.65%, which is earned when you choose a 90, 180, 270 and/or 360-day premium period. A longer premium period earns a higher premium period interest rate, provided you don't make any withdrawals within the selected period. Premium period interest is calculated daily and paid at the end of the applicable premium period.

The third is a welcome bonus interest rate of 3.65% for 3 months, calculated daily and paid monthly for 90 days (3 months) on your first MomentumPLUS Savings Account.

Tangerine Savings Account

Earn 6% interest for 5 months (on the first $1,000,000 in deposits) when you sign up by March 31, 2025.

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.

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:

Bank cash bonus offerOpening offer details
BMO:
Earn $600 with the

BMO Performance Chequing Account

Get up to $600 in cash bonuses. 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. Also earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Simplii:
Earn $500 with the

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.
Scotiabank:
Earn $800 with the

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 5.35% interest for 3 months on your MomentumPLUS Savings Account.
TD Canada Trust:
Earn $500 with the

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.
Tangerine:
Earn $250 with the

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.
CIBC:
Earn $600 with the

CIBC Smart Account

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.

Bank promotions in Canada from 2022 to 2024

We’ve been tracking bank promotions in Canada for years. To help give you a snapshot of how promotional savings rates have changed over time, take a look at this chart comparing promotional rates from a Big Five Bank (Scotiabank) and a digital bank (Simplii Financial) from 2022 to 2024.

Interestingly, new savings account promotional rates generally rose between 2022 and 2024, but started decreasing near the end of 2024 — a trend very much in line with the Bank of Canada’s benchmark rates over that same time.

Frequently asked questions about bank promotions

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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

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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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