We compiled this list of the best new account offers in Canada for February 2026 (updated monthly or as new offers come up) by analyzing over 20 Canadian financial institutions and more than 45 accounts. These bank promotions—offers like cash bonuses, free stuff, gift cards, referral bonuses and bonus interest rates—can make switching bank accounts worth the hassle.
Quick summary: Best new bank account offers for February 2026
Best offer for highest cash bonus: BMO—Up to $700 + $150 digital Visa card
Highest credit union bonus: Coast Capital—Up to $850 + $150 digital Visa card
Best free gift: RBC—Get an Apple Watch Series 11 GPS + $150 digital Visa card
Best offer for no-fee chequing accounts: Tangerine—Earn up to $250
Best offer for highest promo interest: Scotiabank—4.75% for 3 months
Best offer for students: Simplii—Up to $300
Offers were last updated in February 2026.
Best chequing account offers for February 2026 in Canada
+ Get a $150 digital Visa Card when you open a BMO Performance Chequing Account online through Finder. Become a Finder Member in seconds for free to claim your reward. Offer ends February 28, 2026. T&Cs apply.
+ Get a $150 digital Visa Card when you open a Coast Capital Unlimited Chequing Account online through Finder. Become a Finder Member for free in seconds to claim your reward. Offer ends March 31, 2026. T&Cs apply.
+ Get a $150 digital Visa Card when you open an RBC Signature No Limit Banking Account online through Finder. Become a Finder Member in seconds for free to claim your reward. Offer ends March 31, 2026. T&Cs apply.
Methodology: How we chose the best new bank account offers in Canada
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.
Key takeaways
Switching banks to take advantage of a new account offer can earn you cash, gifts or interest rate bonuses.
The requirements to receive a bank sign-up bonus can sometimes be complicated.
It’s important to read the offer details to make sure you meet all the requirements before starting the process.
Which banks have the best new account offers?
BMO: Get a $700 welcome bonus, plus a Walmart Delivery Pass subscription for up to 12 months when you open a BMO Performance Chequing and Savings Amplifier Account.* Valid until March 2, 2026. Plus, earn a 4.60% promo rate with a new Savings Amplifier Account. *Terms apply. Plus, get a Finder exclusive offer of a $150 digital Visa card.
RBC: Get the new Apple Watch when you open your first RBC Signature No Limit Banking Account, plus get Apple Music and Apple Fitness+ at no cost for 3 months with your new Apple Watch. Apply by June 1, 2026. Plus, get a Finder exclusive offer of a $150 digital Visa card.
TD: Open the Unlimited Chequing Account. Get up to $750 when you open a TD Unlimited Chequing Account. Terms and conditions apply. Offer ends March 3, 2026.
Coast Capital: New members can get up to $850 when you open a Coast Capital Unlimited Chequing Account, an eligible credit card and a HISA Account. T&Cs apply. Offer ends March 31, 2026.
Scotiabank: Earn up to $700 when you bundle a Preferred Package, savings account, and registered account. Valid until March 2, 2026. Plus, earn 4.70% interest for 3 months on your MomentumPLUS Savings Account.
Tangerine: Earn up to $250 when you open a No-Fee Daily Chequing Account and move your pay. Valid until April 30, 2026. Open a Tangerine Savings Account to earn 4.50% for the first 5 months (on up to $1,000,000 in deposits) when you sign up by March 16, 2026. Thereafter, you'll earn 0.30%.
What’s the easiest Canadian bank to get a sign-up bonus from?
The easiest banks to get a sign-up bonus from are digital banks like EQ Bank and Tangerine. Digital banks offer promotions with a simple qualification process, where you typically just need to 1) sign up for a new account and 2) set up direct deposit for your paycheque. The whole process can be set up online in minutes, and you can often get the bonus payout within two to three months.
What new account promos do Canadian banks typically offer?
Banks in Canada typically offer three types of new account offers:
Cash bonuses: Banks often offer cash bonuses from as low as $250 from digital banks and up to $700 from traditional banks for opening a standard chequing account (and completing qualifying actions). Cash bonus offers for student chequing accounts from both types of banks typically land at around $150.
Bonus interest rates: For savings accounts, banks will typically offer bonus interest rates as low as 2.5% up to 4.5% for around 3 to 5 months.
Free items: This type of new account offer is much more rare in Canada, but banks will sometimes offer free gifts for opening an account. One notable example of this is RBC’s free iPad or free Apple Watch promos, which it has offered several times throughout the past few years.
How to compare 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? Don’t let offers to open a new bank account distract you from an account’s ongoing fees. For example, most traditional bank charge a monthly fee of around $4 up to $30 per chequing account, while digital banks don’t charge monthly fees. Also, check if there are fees for transactions, transfers or ATM usage.
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 chequing 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.
BMO consistently offers some of the highest new account promotions of any bank in Canada. Beyond the offer, signing for this account will give you access to unlimited transactions and e-transfers plus annual fee rebates on select BMO credit cards.
Offer requirements
Get up to $700.*
Earn $500 when you open a new BMO Performance Chequing Account, make a deposit of any amount by March 2, 2026 and complete two qualifying tasks by April 30, 2026.
Plus, get a Walmart Delivery Pass subscription for up to 12 months* when you open a new Savings Amplifier Account by March 2, 2026, and sign up for or update your existing Walmart Delivery Pass by April 30, 2026 by selecting Debit Mastercard as the payment option for the monthly transaction fee.
Earn $150* when you deposit a total of $10,000 or more in to your Savings Amplifier Account and maintain a daily closing balance of $10,000 or more at all times for the specified period.
Earn $50* when you create one goal and apply one strategy in My Financial Progress Plan by April 30, 2026.
*Terms apply.
Unlimited monthly transactions
Interac e-Transfers
$40 fee rebate on the BMO Mastercard annual fee
BMO will reverse the first accidental fee charged to this account
Up to 20 accounts can be included in the BMO Family Bundle
Get up to $700
Monthly fee of $17.95
You won't earn any interest on the money in your account.
This RBC new account promo can be a great way to make signing up for one of RBC's most popular accounts even more rewarding. Beyond the bonus offer, the Signature No Limit Banking Account comes with unlimited transactions, 6 free bank drafts, 1 free book of personalized cheques and rebates on basic RBC credit card fees (up to $48).
Offer requirements
Get the new Apple Watch Series 11 GPS (42 mm or 46 mm case with your choice from select bands) when you open your first RBC Signature No Limit Banking Account, plus get Apple Music and Apple Fitness+ at no cost for 3 months with your new Apple Watch. Apply by June 1, 2026.
New subscribers only. After 3 months, the subscription automatically renews until cancelled. How to get your new Apple Watch: 1. Open an eligible RBC bank account by June 1, 2026. 2. Set up and complete two of the following by August 10, 2026: Your payroll or pension as a direct deposit, two pre-authorized monthly payments and/or two eligible bill payments to a service provider. Terms and conditions apply.
As a hybrid savings and chequing account, the EQ Bank Personal Account has a lot to offer beyond its promo offer. This interest-earning chequing account pays up to 2.75% interest and comes with unlimited free transactions and e-transfers. It also lets you earn cashback on your purchases.
Offer requirements
Earn 2.75% interest. To receive 2.75% interest, you'll need to have at least $2,000/month of your pay directly deposited into a Personal Account or Joint Account. Conditions apply. Otherwise, you'll earn 1.00% on your balance.
$0 account fee
Get unlimited transactions
$0 Interac eTransfers
Earn up to 2.75% interest on your balance
EQ Bank will refund withdrawal fees for using any ATM across Canada
No minimum balance requirement
No physical branches for in-person service
Some standard banking features not available such as overdraft protection and the option to have paper statements
The Coast Capital Free Chequing, Free Debit, and More Account offers unlimited free transactions with no monthly maintenance fees or minimum balance requirements, making it competitive choice if you're looking for a no-fee new account offer from a credit union. Just keep in mind that sending an Interac e-Transfers with this account will cost $1.50 per transfer.
Offer requirements
Get up to $550. New members can get $150 when you open and use a Coast Capital Free Chequing, Free Debit, and More Account. Plus, get $200 when you open and spend at least $1,000 on an eligible Coast Capital credit card and $200 when you open and deposit $10,000 into the Coast Capital HISA Account. Offer ends March 31, 2026.
Generous welcome offer
$0 monthly account fee
Unlimited day-to-day transactions
No minimum balance requirement
Overdraft protection on approved credit
$1.50 e-Transfer fee
Out-of-network ATM fees
You need to become a Coast Capital member to open an account
Beyond its competitive new account promo, the Scotiabank Preferred Package offers unlimited transactions, free Interac e-Transfers and access to over 3,500 ATMs in through the Global ATM Alliance. You'll also get an annual fee rebate on select Scotiabank credit cards.
Offer requirements
Earn up to a $700 bonus. Earn $500 by completing any two of the following steps within 60 days of opening the Scotiabank Preferred Package:
(1) Set up and clear at least one eligible automated and recurring direct deposit, such as payroll or pension, which will recur monthly for a minimum of 6 consecutive months, or (2) Set up and clear a minimum of one eligible recurring pre-authorized transactions with a minimum value of at least $50 per transaction which will each recur monthly for a minimum of 6 consecutive months, or (3) Make at least one eligible online bill payment of at least $50 through the Scotiabank Mobile App or through Scotia OnLine.
To earn up to $100 more, you must complete Step 1. Before March 2, 2026, and within 60 days of opening your new Package account, open a new RRSP, TFSA or FHSA.
To earn up to $100 more, you must complete Step 1. Before March 2, 2026, and within 60 days of opening a new Money Master Savings Account and set up either Pay Yourself First or the Savings Finder tool. Stay enrolled for at least 90 days in a row.
The Tangerine No-Fee Daily Chequing Account promo is one of the best new account offers from a digital bank currently available in Canada. It's also easy to qualify for the offer. Plus, you'll be able to benefit from this account's other perks like its $0 monthly fee, unlimited transactions and free Interac e-Transfers.
Offer requirements
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. Valid until April 30, 2026.
Simplii tends to offer some of the highest new account bonuses on the market among digital banks. And as with any digital banks, it offers a no-fee structure that you can continue to benefit from long after you've cashed in on the bonus. This Simplii No Fee Chequing Account comes standard with a $0 monthly fee and unlimited transactions and Interac e-Transfers.
Offer requirements
Earn a welcome bonus of $300 and a $50 Skip gift card when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends March 31, 2026.
Earn a welcome bonus of up to $300
Enjoy unlimited free transactions and e-Transfers
No monthly account fee
Earn 0.01% interest on your balance
No minimum deposit requirements
Earn a referral bonus
Simplii is an online only provider
You can only earn the welcome bonus if you're a new Simplii customer
The Coast Capital Unlimited Chequing Account promo could be the best new account offer for you if you're looking for a low-fee chequing account from a Canada-wide credit union. The account comes with unlimited free transactions and Interac e-Transfers and free withdrawals form any ATM in Canada within the The Exchange Network—all for the low monthly fee of $8.50, which can be waived if you maintain a minimum daily balance of $4,000.
Offer requirements
Get up to $850. New members can get $450 for opening and using a Coast Capital Unlimited Chequing Account, $200 when you open and spend at least $1,000 on an eligible Coast Capital credit card and $200 when you open and deposit $10,000 into a Coast Capital HISA Account. Offer ends March 31, 2026.
Competitive welcome offer
Unlimited day-to-day transactions
Unlimited free Interac e-Transfers
25 free cheques annually
Monthly fee discount available
Monthly account fee of $8.50
Not available in Quebec
Out-of-network and international ATM fees will apply
The TD Unlimited Chequing Account consistently offers one of the highest new account offers in Canada. It also comes standard with all of the flexibility someone would need for everyday banking—unlimited transactions and Interac e-Transfers, plus no fees at any ATM in Canada.
Offer requirements
Get up to $750 when you open a TD Unlimited Chequing Account. Terms and conditions apply. Offer ends March 3, 2026. Earn $500 when you open this account and complete two of following by May 5, 2026: Set up a recurring Direct Deposit, set up a recurring Pre-Authorized Debit Payment or make an Online Bill Payment.
Earn $150 when you when you open a new eligible Savings Account by March 3, 2026 and complete one elegible task. Plus, deposit into a new eligible Savings Account to earn a Bonus Interest Rate.
No fees for TD and non-TD ATMs in Canada
First-year fee rebate on select credit cards
Unlimited transactions
Discounted monthly fee of $11.95 for seniors
High monthly fee if you don't meet minimum balance requirements
The CIBC Smart Account offers flexible banking with three tiers that reward you for keeping higher balances. There's also no monthly account fee for youth under 25, students, seniors, newcomers, foreign workers, RDSP beneficiaries and recipients of the Disability Tax Credit.
Offer requirements
Earn $500 when you open a CIBC Smart Account and complete these qualifying actions within 2 months:
(1) Set up recurring direct deposits of $500 or more per month from your employer, government or pension (2) Complete one of the following actions within the same calendar month: two recurring pre-authorized debits, two online bill payments of $50 or more each and five online Visa Debit purchases.
Unlimited transactions across all tiers
Free Interac e-Transfers
Credit card rebates
Monthly fee is waivable
Steep monthly balance requirements for Tier 2 and 3
High monthly fee for Tier 1 if you can't maintain a daily balance of $4,000
Functioning as both a spending and saving account, the PC Money Account has been revamped to offer one of the highest on-going interest rates in Canada. With no monthly fee and unlimited free transactions, you can earn PC Optimum points every time you spend, and earn a high interest rate of 2.2% on your savings.
Offer requirements
Sign up for the PC Money Account. Earn 2.90% when you set up direct deposit.
No monthly fees
Earn 2.2% interest on your account balance
Unlimited free transfers and Interac e-Transfers
No minimum balance requirements
No way to deposit cash or cheques at ATMs
Can't order cheques
Ongoing Interest Rate
2.2%
Promotional Interest Rate
Up to 2.9%
Monthly Account Fee
$0
Minimum Balance
$0
CDIC Deposit Insurance
$100,000
Check out our detailed guide to the best chequing accounts in Canada
The EQ Bank Notice Savings Account offers a high interest rate of up to 2.75%, no account fees, no minimum balance requirements and CDIC protection up to $100,000. That said, because it requires a withdrawal notice period, it's not ideal as an emergency fund if you need quick access to the funds.
Offer requirements
Sign up for the EQ Bank Notice Savings Account. Choose to access your withdrawal funds after 10 days for a 2.35% savings rate or 30 days for a 2.75% interest rate.
$0 account fee
$0 transactions
Earn 2.35% - 2.75% interest on your balance
Cannot withdrawal funds before at least 10 days
No physical branches for in-person service
Some standard banking features aren't available like overdraft protection, use of ATMs and the option to have paper statements
The Scotiabank MomentumPLUS Savings Account typically offers one of the highest promo interest rates in Canada. Once the promo period ends, the ongoing rate of 0.4% is higher than standard Big Bank savings rates and is actually on par with digital bank offerings.
Offer requirements
Sign up for the Scotiabank MomentumPLUS Savings Account and you may be eligible to earn three different types of interest totaling 4.75%. The first is a base rate of 0.40% that you'll earn on your entire balance, 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 0.45%, which is earned when you choose 360-day premium period (or earn lower rates with 90, 180 and 270 periods). 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 4.05% for 3 months, calculated daily and paid monthly for 90 days (3 months) on your first MomentumPLUS Savings Account.
$0 account fee
Earn up to 4.75% for 3 months, 0.40% thereafter interest on your deposits
$0 Interac e-Transfers
Insured for up to $100,000
$2 out-of-network ATM withdrawal fee
It takes some time to earn a higher interest rate with this tiered rate account
Tangerine consistently offers one of the best new account savings rates of any bank, and often the highest promo rate of all digital banks. It's also common for Tangerine to offer interest rate boosts on a semi-ongoing basis to its current customers, so there's a good chance that you can still take advantage of higher rates after the promo period ends.
Offer requirements
Open a Tangerine Savings Account to earn 4.50% for the first 5 months (on up to $1,000,000 in deposits) when you sign up by March 16, 2026. Thereafter, you'll earn 0.30%.
No monthly fees
All everyday transactions are $0
Offers an Automatic Savings Program for making recurring deposits into your account
CDIC insured for $100,000
Regular interest rate may not be as competitive as other savings accounts
The Simplii High Interest Savings Account offers a very high promo rate of 4.5% interest for 5 months, which is competitive among both Big Banks and digital banks. Once the promo period ends, you'll earn 0.3% interest on your balance.
Offer requirements
Sign up for the Simplii High Interest Savings Account. Earn 4.50% interest for 5 months on up to $100,000 in savings. Terms Apply. Offer ends April 30, 2026.
While the KOHO Everything Plan offers a competitive promo interest rate, the account itself is designed as a savings account with spending power with a prepaid card where you earn cashback on your purchases. That said, unlike most savings accounts in Canada, this one comes with a monthly fee of $22.
Offer requirements
Pick the KOHO Everything Plan and opt-in to earn 3.50% interest, plus earn up to 5% cashback on spending with your KOHO prepaid card.
$0 transactions
$0 Interac e-Transfers
Earn up to 3.5% interest on your balance
The monthly fee can be waived under certain conditions
Get 2% cash back on groceries, transportation, eating and drinking purchases plus 0.5% cash back on all other spending
The account comes with a standard $22 monthly fee
No physical branches
No ATM network
Ongoing Interest Rate
3.5%
Promotional Interest Rate
No promotional rate available
Monthly Account Fee
$22
Minimum Balance
$0
CDIC Deposit Insurance
up to $100,000
Check out our detailed guide to the best savings accounts in Canada
The Canadian banks currently offering money for opening an account are:
BMO:Earn $700 with the BMO Performance Chequing Account
Scotiabank:Earn up to $700 with the Scotiabank Preferred Package
RBC:Apple Watch Series 11 GPS with the RBC Signature No Limit Banking Account
Coast Capital:Get up to $850 with the Unlimited Chequing Account.
Coast Capital:Get up to $550 with the Free Chequing, Free Debit, and More Account
TD Canada Trust:Earn $750 with the TD Unlimited Chequing Account
Tangerine:Earn $250 with the Tangerine No-Fee Daily Chequing Account
CIBC:Earn $500 with the CIBC Smart Account
Simplii:Earn $300 with the Simplii No Fee Chequing Account
Summary of Big Bank new account offers
You can see a summary of new bank account offers and promotions currently available from Canada's Big 6 Banks below. Keep in mind that, although Big Banks tend to offer the highest sign-up offers, you'll typically get better ongoing rates and fees from digital banks. So compare various offers before signing up.
BMO chequing account offers
BMO chequing account
Monthly fee
Offer details
BMO Performance Chequing Account
$17.95
Get up to $700
Get a $150 digital Visa gift card from Finder. Become a Finder Member and open a BMO Performance Chequing Account through Finder.
BMO Premium Plan Chequing Account
$30.95
Get up to $700 in bonuses. Get a $700 welcome bonus, plus a Walmart Delivery Pass subscription for up to 12 months when you open a Premium Plan Chequing Account and Savings Amplifier Account.* Valid until March 2, 2026. Plus, earn a 4.60% promo rate with a new Savings Amplifier Account. *Terms apply.
BMO Plus Chequing Account
$11.95
Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until March 2, 2026.
BMO Practical Chequing Account
$4
Earn up to a 4.60% promo interest rate when you open a new Practical Chequing Account and Savings Amplifier Account. Valid until November 30, 2025
BMO NewStart Program
$0
Get up to a $700 cash bonus for new customers plus a Walmart Delivery Pass Subscription for up to 12 months. Plus, pay no monthly plan fees for 2 years.
BMO savings account offers
BMO savings account
Monthly fee
Offer details
BMO Savings Amplifier Account
$0
Earn 4.55% interest when you open both a BMO Savings Amplifier Account and a BMO Performance, Premium, Plus or Practical Chequing Account. Valid until February 1, 2026. Plus, earn up to a $700 opening bonus with the chequing account. Valid until March 2, 2026.
Scotiabank chequing account offers
Scotiabank chequing account
Monthly fee
Offer details
Scotiabank Ultimate Package
$30.95
Earn up to $700 when you bundle an Ultimate Package, savings account, and registered account. Valid until March 2, 2026. Plus, earn up to 4.75% interest for 3 months on your MomentumPLUS Savings Account.
Scotiabank Preferred Package
$16.95
Earn up to $700 when you bundle a Preferred Package, savings account, and registered account. Valid until March 2, 2026. Plus, earn up to 4.70% interest for 3 months on your MomentumPLUS Savings Account.
Scotiabank Preferred Package for Students and Youth
$0
Earn up to $175 as a welcome bonus when you open an account. Apply by July 1, 2026.
Scotiabank StartRight Program
$0
Get up to $2,300 in value in the first year. T&Cs apply.
Scotiabank savings account offers
Scotiabank savings account
Monthly fee
Offer details
Scotiabank MomentumPLUS Savings Account
$0
Earn a savings rate of up to 4.75% for 3 months when you open a Scotiabank MomentumPLUS Savings Account and a Scotiabank Ultimate Chequing Account.
Scotiabank Money Master Savings Account
$0
Earn up to $700 when you bundle an eligible banking package, savings account, and registered account.
RBC chequing account offers
RBC chequing account
Monthly fee
Offer details
RBC Advantage Banking for Students
$0
Get $100, Give $100 Open a no-monthly-fee RBC Advantage Banking Account for Students to receive $100, and RBC will donate another $100 to approved charities. Valid until February 2, 2026.
RBC Day to Day Banking Account
$4
Get 15,000 Avion points. Plus, pay no monthly fee for a year. Conditions apply. Apply by March 31, 2026.
RBC Advantage Banking
$12.95
No monthly fee for one year for newcomers
RBC Newcomer Advantage
$0
Get no-fee international money transfers and competitive exchange rates, credit card cashback bonuses, a free Safety Deposit Box for one year and no RBC fee on out-of-network ATMs in Canada.
RBC VIP Banking Account
$30
Get a new Apple Watch. Plus, get Apple Music and Apple Fitness+ at no cost for 3 months with your new Apple Watch. T&Cs apply. Valid until June 1, 2026.
RBC Signature No Limit Banking Account
$16.95
Get an Apple Watch Series 11 GPS when you open your first RBC Signature No Limit Banking Account, plus get Apple Music and Apple Fitness+ at no cost for 3 months with your new Apple Watch. Apply by June 1, 2026.
Get a $150 digital Visa gift card from Finder. Become a Finder Member and open an RBC Signature No Limit Banking Account through Finder.
RBC savings account offers
RBC savings account
Monthly fee
Offer details
RBC Leo’s Young Savers Account
$0
Get $25 when you open an RBC Leo’s Young Savers Account for your child. Valid until March 2, 2026.
CIBC chequing account offers
CIBC chequing account
Monthly fee
Offer details
CIBC Smart Account
$16.95
Get a $500 cash bonus when you open a CIBC Smart Account as your first chequing account and complete the qualifying actions within 2 months.
CIBC Smart for Students
$0
Get $125 cash and 12 months of Skip+ for free.
CIBC Welcome to Canada Banking Package
$0
Get a $500 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. Plus, get a $100 Skip Gift Card.
CIBC savings account offers
CIBC savings account
Monthly fee
Offer details
CIBC eAdvantage Savings Account
$0
Get a special 4.60% offer for 3 months when you open your first account.
TD chequing account offers
TD chequing account
Monthly fee
Offer details
TD All-Inclusive Banking Plan
$30.95
Get up to $750 when you open a TD All-Inclusive Banking Plan. Terms and conditions apply. Offer ends March 3, 2026.
TD Unlimited Chequing Account
$17.95
Get up to $750 when you open a TD Unlimited Chequing Account. Terms and conditions apply. Offer ends March 3, 2026.
TD Student Chequing Account
$0
Earn up to $560 in value with the TD Student Banking Package. Valid until May 4, 2026.
TD savings account offers
Currently, TD Canada Trust is not offering any new savings account sign-up promotions.
National Bank chequing account offers
National Bank chequing account
Monthly fee
Offer details
National Bank Connected Account
$15.95
Get $30 cashback when you get an eligible National Bank credit card you activate after opening a National Bank Connected Account.
National Bank The Total Chequing Account
$28.95
Get $150 towards an eligible National Bank credit card you activate after opening a National Bank The Total Chequing Account.
National Bank savings account offers
Currently, National Bank is not offering any new savings account sign-up promotions.
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.
How to get a new bank account offer and bank promotion
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 do bank referral bonuses work?
Some banks in Canada offer refer-a-friend promotions to encourage their current customers to get their family and friends to sign up for a new account at the bank. That means banks will quite literally pay you (and your friend) a cash bonus when your friend opens an account.
Bank referral bonuses typically offer between $20 and $50 per referral. There are often some basic requirements involved to qualify to receive the bonus—like the friend funding their new account with a couple hundred dollars for a few months.
If you’re thinking about opening a new bank account, it’s worth checking with your family and friends to see if they have a referral program that you can opt into to earn a referral bonus when you open your new bank account.
Combining a bank referral bonus with one of the best new account account offers can be a great strategy for Canadians to maximize how much they earn with a new bank account.
Bank referral bonuses and refer-a-friend promotions
Simplii refer-a-friend bonus: Get up to $175
For a limited time, earn $125 when your friend opens a No Fee Chequing Account or another eligible account with your unique referral link. Your friend can earn $50.
Both you and your friend will get $50 Simplii referral bonus when your friend sends money abroad with Global Money Transfer.
Refer a friend to KOHO and, once your friend signs up through your KOHO referral code and makes a $20+ purchase, both of you will receive $70 cash (or $20 if you're not a member) or three months free of the Everything plan (worth $66).
If you refer a close friend or family member to BMO, and they open a chequing account by June 30, 2026, you'll both receive a $50 digital E-Gift card or E-Promo card. Participation in this referral program is by invitation only.
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 2026.
Interestingly, new savings account promotional rates generally rose between 2022 and 2024, but started decreasing near the end of 2024 and into 2025—a trend very much in line with the Bank of Canada’s benchmark rates over that same time.
What do Canadians think of new account offers?
In our latest Finder: Consumer Sentiment Survey January 2025, we asked Canadians what they think about new account offers. It turns out that over half (55.54%) of Canadians would switch bank accounts to take advantage of an advertised promotional offer, while 25.87% said that the sign up bonus would play an important factor in their decision.
We also wanted to know how Canadians have responded to bonus offers in the past, and we found that 30.57% have switched accounts due to a bonus offer and ended up sticking with the account long term.
However, a small number of Canadians (8.39%) said they were disappointed with the offer after switching. That’s why it’s important to carefully compare promotional offers before signing up to ensure making the switch will be worth it.
Explore more promotions from popular Canadian banks
If cash bonuses are what you're looking for, you can score high rewards with BMO and Scotiabank offers.
BMO Performance Chequing Account:Get up to $700
Scotiabank Preferred Package: Earn up to $700 when you bundle a Preferred Package, savings account, and registered account. Valid until March 2, 2026. Plus, earn up to 4.70% interest for 3 months on your MomentumPLUS Savings Account.
If you're looking for high-interest rewards, some of the best bank offers right now come from Scotiabank and Simplii Financial.
Scotiabank MomentumPLUS Savings Account:Earn a savings rate of up to 4.75% for 3 months when you open a Scotiabank MomentumPLUS Savings Account and a Scotiabank Ultimate Chequing Account.
Tangerine Savings Account: Open a Tangerine Savings Account to earn 4.50% for the first 5 months (on up to $1,000,000 in deposits) when you sign up by March 16, 2026. Thereafter, you'll earn 0.30%.
As of January 2026, BMO, Scotiabank, RBC, TD, Tangerine, CIBC and Simplii Financial 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 February 2026:
BMO Performance Chequing Account:Get up to $700
Scotiabank Preferred Package: Earn up to $700 when you bundle a Preferred Package, savings account, and registered account. Valid until March 2, 2026. Plus, earn up to 4.70% interest for 3 months on your MomentumPLUS Savings Account.
TD Unlimited Chequing Account: Get up to $750 when you open a TD Unlimited Chequing Account. Terms and conditions apply. Offer ends March 3, 2026.
Here are some of the best savings account promotions as of February 2026:
Scotiabank MomentumPLUS Savings Account:Earn a savings rate of up to 4.75% for 3 months when you open a Scotiabank MomentumPLUS Savings Account and a Scotiabank Ultimate Chequing Account.
Simplii High Interest Savings Account: Earn 4.50% interest for 5 months on up to $100,000 in savings. Terms Apply. Offer ends April 30, 2026.
Tangerine Savings Account: Open a Tangerine Savings Account to earn 4.50% for the first 5 months (on up to $1,000,000 in deposits) when you sign up by March 16, 2026. Thereafter, you'll earn 0.30%.
Simplii Financial Student No Fee Chequing Account:Earn $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends January 31, 2026.
Scotiabank Preferred Package for Students and Youth: Earn up to $175 as a welcome bonus when you open an account. Apply by July 1, 2026.
CIBC Smart for Students: Get $125 cash and 12 months of Skip+ for free.
Some Canadian banks offer bonuses when you refer a friend or family member. Examples include Simplii Financial, EQ Bank, BMO and Tangerine. Bonuses could be in the form of cash rewards, gift cards or discounts on other banking products and services. Terms and conditions vary between referral programs, so check with your bank to find out exactly how its program works.
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.
Sources
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To make sure you get accurate and helpful information, this guide has been edited by
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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.
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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.
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