BMO Performance Chequing Account: Get up to $750 in bonuses. Earn $500 when you open a new BMO Performance Chequing Account, $150 (plus a 4.75% promo interest rate) when you open a Savings Amplifier Account and $50 when you make it a BMO Family Bundle. Plus, get a $50 Walmart Canada eGift Card. Valid until September 30, 2025.\r \t
  • Scotiabank Preferred Package: Earn up to $700 with a Scotiabank Preferred package and a registered account. Valid until July 31, 2025. Plus, earn up to 4.95% interest for 3 months on your MomentumPLUS Savings Account.
  • \r\r
    \rIf you're looking for high-interest rewards, some of the best bank offers right now come from Scotiabank and Simplii Financial.\r\r"}},{"@type":"Question","name":"What banks are giving money for new accounts in Canada?","acceptedAnswer":{"@type":"Answer","text":"\rAs of August 2024, BMO, Scotiabank, Simplii Financial, TD Canada Trust, Tangerine and National Bank 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.\r"}},{"@type":"Question","name":"What are the best chequing account offers in Canada?","acceptedAnswer":{"@type":"Answer","text":"\rHere are some of the best chequing account bank promotions in Canada as of July 2025:\r\r"}},{"@type":"Question","name":"Are there any student bank account offers in Canada?","acceptedAnswer":{"@type":"Answer","text":"\rSpecial offers for student bank accounts include:\r\r"}},{"@type":"Question","name":"Are new bank promotions and account offers available if I already have an account?","acceptedAnswer":{"@type":"Answer","text":"\rNew 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.\r"}},{"@type":"Question","name":"Who qualifies for a new chequing account offer?","acceptedAnswer":{"@type":"Answer","text":"\rTo 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.\r"}}]}]}

    Best new chequing account offers for July 2025

    Stash your cash and score a sweet bonus with these new chequing 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 account, it’s worth first comparing the best promotions on now in Canada. We chose these top bank offers after analyzing over 20 Canadian financial institutions and more than 45 accounts.

    No Monthly Fees: Simplii 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 October 31, 2025.
    • Earn a $300 bonus
    • $0 account fee
    • Unlimited free transactions
    • $0 Interac e-Transfers
    • No minimum balance requirements

    Big Five Bank: Scotiabank Preferred Package

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    Earn up to $700 with a Scotiabank Preferred package and a registered account. Valid until July 31, 2025. Plus, earn 4.95% interest for 3 months on your MomentumPLUS Savings Account.
    • Earn a $700 bonus
    • Earn 4.95% interest for 3 months on qualifying savings accounts
    • Unlimited free transactions
    • $0 Interac e-Transfers
    • $16.95 monthly fee waived on $4,000+ balances

    Sign-up Offer: BMO Performance Chequing Account

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    Get up to a $700 cash bonus plus a $50 Walmart Canada eGift Card. Valid until September 30, 2025. Plus, earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
    • Earn a $750 welcome bonus
    • Unlimited free transactions
    • $0 Interac e-Transfers
    • Monthly fee waived on $4,000+ balances

    Earn Interest: EQ Bank Personal Account

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    Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes.
    • Earn 3.50% interest for 12 months
    • No monthly account fee
    • Free ATM withdrawals across Canada
    • No transaction fees
    • No e-Transfer fees

    Premium Account: RBC Signature No Limit Banking Account

    Get an iPad when you open your first RBC Signature No Limit Banking Account and complete two of the qualifying criteria tasks. Apply by November 3, 2025.
    • Get an iPad
    • Earn Avion points on debit transactions
    • 6 free bank drafts per year & 1 free cheque book
    • Monthly fee of $16.95 (can be reduced)

    Low Transactions: CIBC Smart Account

    Earn $450 when you open a CIBC Smart Account and complete the qualifying actions within 2 months.
    • Earn a $450 welcome bonus
    • $6.95/month for up to 12 transactions
    • $1.25 each for 12+ transactions, up to total monthly fee of $16.95
    • Monthly fee waived with min. balance of $4,000

    Big Five Bank: TD Unlimited Chequing Account

    Get up to $700 when you open a TD Unlimited Chequing Account. Terms and conditions apply. Offer ends Novemeber 5, 2025.
    • Earn a $700 welcome bonus
    • Free transactions & Interac e-Transfers
    • Monthly fee of $16.95 (waived on $4,000+ balances)

    Methodology: How we picked the best new bank account offers in Canada

    To determine this best list, Finder Canada analyzed over 45 chequing accounts across 20+ 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)
    • Fees: 20% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, e-Transfer fees, NSF fees, overdraft fees)
    • Banking Access: 15% (In-branch banking, online banking access, national availability)
    • Customer Experience: 15% (Live chat availability, mobile app ratings)
    • Minimum Requirements: 10% (Minimum deposit requirements, minimum balance requirements)

    No single bank account will be the best choice for everyone, so thoroughly compare your options before picking your new 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.

    How to qualify for a new bank account offer

    Some bank promotions in Canada offer a bonus just for opening an account. Other new bank offers require you to jump through a few hoops to land a special deal. Requirements might include the following:

    • Make a one-time or recurring minimum deposit
    • Use direct deposit or automatic bill payments for at least several months
    • 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)

    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.

    Frequently asked questions about bank promotions

    More banking guides from our experts

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    Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio

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