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Rewards chequing accounts

Earn points or air miles on your everyday purchases.

A rewards chequing account lets you earn cash back, miles or points when you spend money without having to use a credit card. Although scarce, we’ve researched rewards chequing accounts available today, so you can quickly find the one that’s right for you.

Compare rewards chequing accounts

Along with the rewards chequing accounts in the table below, The Bank of Montreal also offers the BMO AIR MILES chequing account which allows customers to earn points towards travel and other purchases.

Name Product Interest Rate Account Fee Debit Transactions Interac e-Transfer Transactions
Scotiabank Student Banking Advantage Plan
Open an account and earn $60 plus a chance to win $30,000. Terms apply. Apply by January 31, 2022.

Compare up to 4 providers

The benefits of using a rewards chequing account

As more rewards chequing account become available, they could offer:

  • Savings. Free plane tickets and cash back on purchases lets you spend less and save more.
  • Flexible rewards. Some accounts offer multiple ways to earn rewards. For example, you might earn extra points or rewards for referring a friend or making purchases in a specific category.
  • Accessibility. Rewards chequing accounts come with debit cards so you can make purchases online, over the counter and over the phone.
  • Guaranteed. If you use a CDIC-insured bank, your money is backed by the federal government up to $100,000.

The downsides of a rewards chequing account

Negative aspects of rewards chequing accounts can include:

  • Fees. Rewards chequing accounts often come with monthly fees, though you may be able to have them waived by meeting certain requirements.
  • Overspending. Avoid making purchases in order to gain points. With the right rewards account, you should be able to build your point balance with your normal banking activities.

How do I compare rewards chequing accounts?

If you’re considering opening a rewards chequing account, factor in:

  • What types of rewards are offered. Would you prefer AIR MILES or SCENE points? If the account offers points that can be redeemed another way, are the rewards useful?
  • The terms and conditions of the rewards. Do you have to meet any requirements to get rewards, such as maintaining a minimum account balance or having a certain amount direct deposited each month? There may also be conditions on which purchases are eligible for points or cash back.
  • How points are earned. What percent cash back do you get, or for miles, how much do you need to spend to earn a mile?
  • Fees. Check to see if there are any monthly fees and, if so, if there’s a way to have them waived. You’ll also want to check ATM fees and international transaction fees.
  • Accessibility. This includes ATM availability, branch access and online/mobile banking access.

How does a rewards chequing account work?

Depending on which one you choose, there are a number of ways to earn rewards with your chequing account. For example, you can be rewarded for maintaining your daily balance, for the purchases you make using the issued debit card, or both.

Depending on your banking habits, you could end up with a substantial number of points. These points can then be used toward airfare or selected purchases and vouchers. Some allow you to redeem your points in the form of cash that gets put back into your account. Think about how you use your chequing account and the types of rewards you’d use to compare accounts.

Bottom line

Rewards chequing accounts can help you save money and earn rewards with your everyday purchases. But don’t let the promise of extra miles or cash back convince you to sign up for an account that isn’t the right fit. Compare other chequing accounts to make sure you’re getting the one that’s right for you.

Frequently asked questions

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