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Bank account welcome offers, bonus interest rates and time-sensitive cashback promotions are common in Canada, with new promotions launched regularly throughout the year. Here are the latest savings account promotions from banks and Canadian financial institutions:
EQ Bank Savings Plus Account: Get 2.50% interest on your savings, plus 0.50% bonus interest when you direct deposit your pay or set up recurring pre-authorized debits.
Tangerine Savings Account: Earn 6.00% for 5 months.
RBC High Interest eSavings Account: Earn 5.2% interest for 3 months when you open your first RBC High Interest eSavings account. Valid until December 22, 2023
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 3.40% (for 4 months).
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 $450 opening bonus with the chequing account.
Jump to new account offers for…
Simplii promotions
Simplii is a well-established Canadian digital bank that is backed by CIBC. As an online-only bank, Simplii is regularly offers competitive promotional rates on its Simplii high-interest savings account. Check out these current offers on the Simplii high-interest savings account and day-to-day savings account:
Simplii High Interest Savings Account
Earn 6.00% interest until January 31, 2024 on up to $1,000,000 in savings.
Earn $50 when you refer a friend to Simplii and they set up an account (they'll earn $50 too, provided you both meet eligibility criteria).
EQ Bank promotion
As the online bank launched by Equitable Bank, EQ Bank already offers higher-than-standard interest rates. As a result, EQ Bank doesn’t typically offer interest rate promotions. Instead, this digital bank offers an ongoing referral program — allowing new customers to use an EQ referral code to open an account that prompts cashback for both the new client and the friend who provided the EQ referral code. That doesn’t mean EQ Bank doesn’t launch savings account promotions. Here are the latest EQ Bank promotions:
EQ Bank Savings Plus Account
Get 2.50% interest on your savings, plus 0.50% bonus interest when you direct deposit your pay or set up recurring pre-authorized debits.
Zero everyday banking fees Free transactions No minimum account balance
KOHO promotions
As an online banking provider, KOHO helps customers focus on low fees, flexibility and one-stop hybrid banking. What does this mean? KOHO customers get one account that has the flexibility of a day-to-day account with the rewards of a savings account. Better still, the accounts come with no hidden fees and no minimum balance or deposit requirements. Here are the latest KOHO promotions:
KOHO Earn Interest
Earn up to 5% cashback
Interest rate
0.5% – 0.5%
Minimum balance
$0
Monthly fee
$0
Transactions
$0
Tangerine promotions
If you’re searching for savings account promotions, be sure to check out Tangerine bank account offers. This online bank quite frequently offers new customers high savings account promotional rates, along with cashback offers. Here are the current Tangerine savings account promotions, along with TFSA and RRSP offers.
Tangerine Savings Account
Earn 6.00% for 5 months.
Interest rate
0.7%
Minimum balance
$0
Monthly fee
$0
Transactions
$0
Tangerine TFSA
Sign up using promo code EARNMORE and earn up to $400 cash back and a 5.25% savings rate.
Interest rate
1%
Minimum balance
$0
Monthly fee
$0
Transactions
$0
Tangerine RSP
Sign up using promo code EARNMORE and earn up to $400 cash back and a 5.25% savings rate.
Interest rate
1%
Minimum balance
$0
Monthly fee
$0
Transactions
$0
BMO offers
As one of the original Big Five Banks in Canada, BMO will often provide bank account promotions for new clients, but these typically focus on their chequing accounts (keep in mind, for one monthly fee, an entire family can get their own BMO day-to-day account). Still, this competitive, traditional bank will offer great savings account promotions throughout the year. Here are the latest BMO promotions.
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 $450 opening bonus with the chequing account.
Interest rate
1.9%
Minimum balance
$0
Monthly fee
$0
Transactions
$0
RBC account offers
As one of Canada’s largest banks, RBC will launch a number of promotions throughout the year for new and returning clients. Here are the current RBC savings account promotions.
RBC High Interest eSavings Account
Earn 5.2% interest for 3 months when you open your first RBC High Interest eSavings account. Valid until December 22, 2023
Interest rate
1.7%
Minimum balance
$0
Monthly fee
$0
Transactions
$5.00
RBC Leo’s Young Savers Account
Get $25 when you open an RBC Leo’s Young Savers Account for your child. Valid until January 31, 2024.
Interest rate
0.01%
Minimum balance
$0
Monthly fee
$0
Transactions
15 free debits
Highlights
Get $25 when you open an RBC Leo’s Young Savers Account for your child. Valid until January 31, 2024.
Scotiabank promotions
Very often, Scotiabank savings account promotions will target a specific type of customer, such as a post-secondary student, a business owner or new immigrant. But that doesn’t mean you can’t find a competitive savings account promotion from this Big Five Bank. Here are the current savings account promotions from Scotiabank.
Earn interest at the regular rate of 1.3% plus a bonus rate of 0.85% - 1.1% when you go 90, 180, 270 or 360 days without a debit transaction.
CIBC promotions
As one of the most competitive banks in Canada, CIBC’s savings account promotions can result in excellent savings and cashback incentives for new customers. Learn more about current CIBC savings account promotions.
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 3.40% (for 4 months).
Interest rate
1.9% – 1.4%
Minimum balance
$0
Monthly fee
$0
Transactions
$5.00
TD promotions
If you’re looking for an incentive to open a savings account at a traditional bank, don’t forget to check out what TD Bank is currently offering. Quite often, TD Bank will offer cash bonuses and gift cards, among other perks, to new customers. Learn more about TD savings account promotions currently in the market.
Romana King is the Canada Group Editor at Finder and a personal finance expert. As an award-winning personal finance writer and real estate expert, she has spent almost two decades helping Canadians make smarter money management decisions. Her first book, House Poor No More: 9 Steps That Grow the Value of Your Home and Net Worth, launched in November 2021, continues to be an Amazon bestseller and won the Excellence in Financial Journalism Book Award in 2022.
Compare examples of interest rates charged by some of Canada’s top banks and credit unions for popular products like credit cards, personal loans, savings accounts and GICs.
Just like any other source of income, interest earned on a savings account is taxable. Find out how interest is taxed and how to save on taxes using tax-savings and tax-deferred savings accounts.
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