Are you shopping around for a new Canadian bank promotion and looking for the latest new bank account offers? Here’s a roundup of the latest Canadian bank promotions for the Big 6 Banks along with online banks and fintech apps.
Best new bank promotions and account offers in May 2024
Best chequing account promotions
New bank account offer
Go to site
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.
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.
Earn a $400 welcome bonus. Complete two banking steps to earn $350, and earn $50 when you apply and are approved for either a Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan. Offer ends June 3, 2024.
Earn up to $500. Use promo code EARNMORE on signup. Get 20% cash back on eligible online Visa Debit transactions when you shop online or in-app for 60 days (up to $400 value), plus earn $100 when you set up automatic transfers.
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.
Jump to new account offers for…
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.
The monthly account fee will be waived if you maintain a minimum monthly balance of at least $4,000.
Interest rate
0%
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$2
Highlights
monthly fee is waived for members of the Canadian Defence Community
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.
Interest rate
1.9%
Minimum balance
$0
Monthly fee
$0
Transactions
$0
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.
Earn 5.9% interest for 5 months on your first Simplii Financial High Interest Savings Account.
Get 0.5% cash back (up to $50) when you use a Simplii Financial Cash Back Visa Card to send your first Global Money Transfer. Use promo code GMTEVENT. Terms & conditions apply.
Earn $400 on your first Simplii No Fee Chequing Account. You’ll need to set up a direct deposit of at least $100 for 3 months to receive the welcome bonus.
Simplii Financial is a trademark and division of CIBC. Banking products and services branded Simplii Financial are offered by CIBC.
EQ Bank promotion
EQ Bank regularly offers no-fee, high-interest savings accounts. For instance, the EQ Bank Personal Account comes with 2.5% interest, $0 monthly fees and $0 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 up to 4.00% interest. Get 2.50% interest on your savings, plus 1.50% bonus interest when you direct deposit your pay.
Zero everyday banking fees Free transactions No minimum account balance
EQ Bank referral code frequently asked questions
EQ Bank does not offer a promotional interest rate for the EQ Bank Personal Account. Instead, they offer a very competitive on-going high interest rate of 2.50% - 4.00%.
The EQ Bank card is worth it if you are looking for a savings account that offers a high-interest rate and charges no fees. Keep in mind, you will need to link your EQ Bank card to your EQ bank account. Unfortunately, the EQ Bank card is not available to Quebec residents.
The EQ Bank card allows you to earn 2.5% – 4.00% interest on your linked EQ Personal Account, plus earn 0.5% cashback on every purchase you make. Plus, there are no account-opening fees, no monthly or annual fees, no card-loading fees, no inactivity fees, no foreign transaction fees and no fees for domestic ATM withdrawals (if an ATM provider charges a fee, EQ Bank will reimburse you this amount within 10 business days).
In addition, you can also enjoy Mastercard perks including access to a range of unique activities and attractions through Mastercard Priceless Experiences and access to Mastercard’s Zero Liability Protection against unauthorized or fraudulent charges.
Yes, EQ Bank has a referral program where you can earn between $20 and $40 for every person you refer, up to a maximum of $500 in referral bonuses. The person you refer must successfully open an account, using your referral code, for you to be paid the referral program funds.
Referral bonuses are calculated as follows:
You’ll receive $20 for the first three new clients you refer
You’ll receive $30 for the fourth to seventh new clients you refer
You’ll receive $40 for the eighth to fifteenth new clients you refer
For those doing the calculation, the maximum number of people that you can refer is 16 for a maximum referral bonus of $500. After this, anyone you refer won’t qualify for a referral bonus.
Sign into your EQ Bank account and select Refer a Friend to find your unique referral code. Share this code with your friends and family, and when they successfully open an account, using your referral code, you’ll receive a bonus deposited straight into your EQ Bank account.
If you successfully open an account using a referral code (say, from a friend or family member), you will receive $20.
Yes, EQ Bank, or Equitable Bank, is insured by the Canada Deposit Insurance Corporation (CDIC). Any assets in EQ Bank are eligible for protection up to $100,000 per insured category, per depositor.
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.
Use promo code FINDERCODE to receive a cash bonus, which will be added to your KOHO balance once you make your first purchase within 30 days of signing up. You’ll typically receive the bonus within 24 hours.
Log-in to the app and find your personal referral code under the Perks tab. You can share your code with your friends via text, email or other modes. Once your friend signs up and makes their first purchase within 30 days of registration, you’ll receive your bonus offer—and so will your friend!
You can receive $20 by signing up using our referral code FINDERCODE. You’ll need to make a purchase within 30 days of signing up to receive the bonus.
There are three ways to deposit money into your KOHO account:
e-Transfer into your account
Add a Visa Debit or Mastercard Debit in the KOHO app, and load funds from that card to your KOHO account
Direct deposit into your account
KOHO currently do not accept cash, cheques or wire transfers made to KOHO accounts.
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.
The monthly account fee will be waived if you have at least $4,000 in your account at all times.
Interest rate
0%
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$2
Highlights
Unlimited debit transactions & Interac e-Transfer transactions Fee waived on one non-Scotiabank ABM withdrawal per month in Canada First year annual fee waiver (up to $139) on select credit cards Get $1.99 international money transfers with Scotia International Money Transfer Get up to a $139 annual fee waiver each year on select credit cards Preferred rates on select GICs Choice of SCENE or Scotia Rewards points programs
Scotiabank MomentumPLUS Savings Account
Earn up to 6.05% for 3 months on your first account opened.
Earn interest at the regular rate of 1.3% plus a bonus rate of 0.85% - 1.25% when you go 90, 180, 270 or 360 days without a debit transaction.
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 Apple Watch Series 9 when you switch to RBC & open an RBC Signature No Limit Banking Account. Valid until June 3, 2024.
Through RBC's Multi Rebate program, pair this account with other eligible RBC accounts and save up to $11.95 per month. Only pay $10.95/month for this account with 2 other eligible RBC products.
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$2
Highlights
5 free cross-border debits per month ($1.00 each afterwards)
RBC High Interest eSavings Account
Earn 5.50% for 3 months. Offer expires July 23, 2024.
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.
Monthly fee
$28.95
Waiver
The monthly fee on this account is waived if you maintain a balance of $6,000 or higher.
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$0
National Bank promotions frequently asked questions
National Bank is a full-service, CDIC-insured bank that offers a wide range of banking, investment and borrowing options for customers. While it’s part of the Big 6 Banks within Canada, this traditional bank offers fewer in-person branches than competitors. However, lower operational costs help National Bank maintain a competitive edge over the Big Five banks.
Depending on the chequing account you choose, the monthly account fee you pay could range anywhere from $0 – $28.95. To avoid paying a monthly account fee, you’ll need to maintain the specified minimum monthly account balance.
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.
Monthly fee
$16.95
Waiver
The monthly fee is waived if you have a minimum of $4,000 in your CIBC chequing account.
Transactions
Unlimited
Interac e-transfers
Free
Non-network ATM in Canada
$2
Highlights
The lowest monthly fee is $6.95 for 12 transactions and the highest monthly fee is $16.95 for 20 or more transactions.
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).
Interest rate
1.9% – 0.7%
Minimum balance
$0
Monthly fee
$0
Transactions
$5.00
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 $400 welcome bonus. Complete two banking steps to earn $350, and earn $50 when you apply and are approved for either a Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan. Offer ends June 3, 2024.
Monthly fee
$16.95
Waiver
maintain a $4,000 minimum balance to receive a monthly fee rebate.
Transactions
$0
Interac e-transfers
$0
Non-network ATM in Canada
$0
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 $500. Use promo code EARNMORE on signup. Get 20% cash back on eligible online Visa Debit transactions when you shop online or in-app for 60 days (up to $400 value), plus earn $100 when you set up automatic transfers.
Monthly fee
$0
Interest rate
0.01%
Transactions
unlimited
Interac e-transfers
$0
Non-network ATM in Canada
$1.50
Tangerine Savings Account
Earn 5.75% interest for 5 months (on up to $1,000,000 in deposits) when you use code EARNMORE when you signup by October 31, 2024.
Interest rate
0.7%
Minimum balance
$0
Monthly fee
$0
Transactions
$0
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.
Frequently asked questions about bank promotions
If cash bonuses are what you're looking for, you can score high rewards with BMO and Tangerine new bank account offers.
BMO Performance Chequing Account: Get up to a $600 cash bonus. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Tangerine No-Fee Daily Chequing Account:Earn up to $500. Use promo code EARNMORE on signup. Get 20% cash back on eligible online Visa Debit transactions when you shop online or in-app for 60 days (up to $400 value), plus earn $100 when you set up automatic transfers.
If you're looking for high-interest rewards, some of the best bank offers right now come from Scotiabank and Simplii Financial.
As of May 2024, BMO, Scotiabank, Simplii Financial, TD Canada Trust and Coast Capital are all offering hundreds of dollars in cash bonuses for opening a new account. Check out our list of the best new bank promotions in Canada to learn more.
Here are some of the best chequing account bank promotions in Canada as of May 2024:
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.
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.
Tangerine No-Fee Daily Chequing Account:Earn up to $500. Use promo code EARNMORE on signup. Get 20% cash back on eligible online Visa Debit transactions when you shop online or in-app for 60 days (up to $400 value), plus earn $100 when you set up automatic transfers.
Here are some of the best savings account promotions as of May 2024:
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).
CIBC Smart for Students: Get $100 when you open an account and make five Visa Debit purchases online within two months (purchases must be made in the same month). Terms & conditions apply.
RBC Advantage Banking for Students: Get $100 when you open an account. Valid until June 30, 2024.
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.
Whether you’re looking for a digital-only bank, a virtual bank account or a bank account you can access online, we help you find and compare the best online banks in Canada.
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.
Read Finder’s BoC Interest Rate Report for forecasts from some of Canada’s brightest minds in economics and learn more about how recent rate increases could affect Canada’s real estate market.
Looking for the best bank in Canada for students? Find out what accounts offer low or no fees, what accounts are best for travel and which student accounts come with debit cards or extra perks.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
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.
