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While this may seem strange because there are so many options to choose from, this means that banks have to be more competitive to get your business. They do this by offering promotions for those looking to open a new bank account.
With so many new bank account offers out there, it’s important to take a look at all of your options before you make a decision. With each bank account offer, there are certain conditions you need to meet in order to qualify. Once you read through the different conditions, you’ll get a better sense of which bank account works best for you. It’s important to verify if the offers are chequing account offers or savings and chequing account offers.
Best 2024 Bank Promotions
When you’re considering switching bank accounts, keep in mind that there are other financial institutions besides the top 5 banks. While the top 5 do have some great promotions, so do other banks and credit unions. Let’s take a look at some of the best bank account promotions in Canada.
BMO Performance Chequing Account
Right now, if you open a BMO performance plan chequing account or a BMO premium chequing account, along with the BMO savings amplifier account, account holders could earn some great bonuses, including up to a $600 cash bonus. Here are the details:
- Get 5.50% interest on your savings amplifier account
- Keep a minimum daily closing balance of $4000 and skip the monthly fees ($16.95 per month)
- Get up to $40 in annual fee rebates on eligible credit cards
- Save up to $155 with on-guard identity protection
- Get accounts for family members with no additional fee
- Unlimited transactions and e-transfers
EQ Bank’s Personal Account
While EQ Bank doesn’t offer any perks for signing up, their accounts speak for themselves. Currently, with their personal chequing account, you can earn 3.75% interest on every day balances. It starts with 2.00%, then an extra 1.75% when you directly deposit your pay.
The account has no minimum balance requirements or monthly fees, and it offers free, unlimited Interac e-transfers, bill payments, and electronic fund transfers. You also get free withdrawals from any ATM within Canada.
RBC Signature No Limit Banking
When you sign up for an RBC Signature No Limit Banking account, you can get up to $50 for the new Apple watch with your choice of case size, colour and band. That said, this offer is only available until February 10, 2025.
With RBC, the signature account includes a wide variety of banking for only $16.95 per month. However, the fee can be reduced to $5.00 if you’re part of the value program. This means that you hold at least two of the following banking products:
- Personal Credit Card
- Residential Mortgage
- Small Business Account
- Personal Investment
Now, let’s take a look at what the RBC Signature No Limit Banking option includes.
- Free Interac e-transfers
- Unlimited everyday banking transactions in Canada
- No Fees for US and International bank transfers
- 5 cross-border debits per month, $1.00 each after
- 3 ATM withdrawals from non-RBC ATMs per month, $2.00 after
- Savings of up to $48 on eligible credit card fees
- Avion points
With RBC, there’s also the Right Account Guarantee. If you aren’t happy with your new RBC account, they’ll refund up to 3 months of account fees.
However, if this RBC bank account isn’t the right fit for you, there are other options you can choose from, including the RBC Advantage banking account. While these accounts might not offer the same account bonuses and waived fees, they do have their own unique features and premium banking perks that could better align with your financial goals.
CIBC Smart Account
With CIBC Smart account, there’s also an awesome incentive right now when you open a chequing account. You can get up to $400. In order to qualify for this promotion, within the first 2 months of having your account, you also must set up recurring direct deposits that are at least $500 or more. You also complete one of the 3 transactions within a calendar month. These include:
- 5 online Visa debit purchases
- 2 ongoing pre-authorized payments
- 2 eligible online bill payments that are at least $50 each
The monthly account fee for this account is based on how many transactions you make per month and if you meet the minimum daily balance. That said, the cost can be as much as $16.95 per month or as low as $0 per month.
With CIBC, you could also earn an extra $200 if you open a CIBC eadvantage savings account after you complete all of the requirements for the CIBC Smart Account. However, the requirements include that it has to be opened in the same month as the smart account, hold a minimum balance of $10,000 by the end of the second calendar month and maintain that balance every day for a minimum of 3 months.
While CIBC Smart Start accounts don’t have the same offer as the smart account, you can get up to $500 by referring your friends. You can also get some great bonuses by linking your debit card with your SKIP the Dishes account.
Tangerine No-Fee Daily Chequing Account
When it comes to banking with Tangerine, there are some bonuses for opening a bank account. That said, the Tangerine No-Fee Daily Chequing Account and other accounts include some amazing features and no fees, which is an awesome perk all on its own. If you open an account with Tangerine right now, you can earn up to $250 just by switching your payroll deposits.
Just for being a Tangerine customer, your account also includes:
- Interest on all deposits
- No fees on daily transactions
- Free access to over 500 ABMs from Scotiabank
- Automatic transfers
- Online and in-app purchases
- Visa Debit capability
- Personalized cheques free (the first book of 50)
- Free replacement cards
- 1 free stop payment per year
Keep in mind that Tangerine is just one of many online banks that now operate in Canada and offer digital bank accounts.
Scotiabank Preferred Package
If you’re looking for a cash offer, then Scotiabank has a good one available right now. If you open an ultimate or preferred package account before March 1, 2025, you can earn up to $400. In order to qualify for this, you have 60 days to complete two out of the three following transactions.
- Set up one direct deposit that is recurring for at least 6 months.
- Set up two different preauthorized payments that are a minimum of $50 each and go for 6 months.
- Make an online bill payment of at least $50.
If you want to earn another $50 to make your total $450, then you can open an FHSA, RRSP or TFSA within 60 days of opening your chequing account. Then, you must set up recurring payments for 3 months at a minimum of $100. For another $150 (total of $600), you can make a minimum payment of $5,000 by March 1, 2025, and maintain it until May 31, 2025. To earn $350 instead of the $150, you can open a second FHSA, RRSP or TFSA and make a minimum payment of $5,000 in each by March 1, 2025, and keep it until May 31, 2025.
If you do choose to open a Scotiabank account, this is what’s included:
- Unlimited debit transactions
- Global money transfers for $1.99 each
- Unlimited e-transfers
- Eligibility for overdraft protection plans
- GIC preferred rates
- No monthly account fees on US Daily banking accounts
- First-year annual credit card fee waived up to $150
- Scene rewards
- Scotia iTrade, trade 1 get 1 free
- Free credit score access
- Visa debit
- Google Pay, Apple Pay and Samsung Pay
- Mobile cheque deposit
- Monthly fees ranging from $0 -$16.95
Along with opening a new chequing account, another great option currently being offered is special rates on the Scotiabank Momentumplus Savings Account. You could earn a rate of up to 5.40% for the first three months. However, this is just one savings account out of the many that Scotiabank offers.
TD Unlimited Chequing Account
Another great offer to earn money when opening a bank account is with TD Bank. Until February 25, 2025, when you open a TD Unlimited Chequing Account or a TD All-Inclusive Banking Account. You can earn up to $400. In order to do this, you have to complete 2 qualifying transactions by April 25, 2025. The qualifying transactions include:
- Setting up a direct deposit
- Setting up a recurring preauthorized payment of at least $50
- Making an online payment of at least $50 using online or mobile banking
You can also earn an extra $100 by opening a new eligible savings account, such as the TD epremium savings account, and getting an eligible TD credit card. You must open the savings account by April 25, 2025, and complete one of two things by July 25, 2025. You can either set up the preauthorized transfer service or a simple save. You must also apply and be approved for a TD credit card by April 25, 2025.
If you do choose to go with this offer, here’s what’s included in the TD Unlimited Chequing Account.
- No TD ATM fees
- First-year fee rebate up to $139 on TD credit cards
- Unlimited transactions
- Monthly fee of $16.95
- Monthly fee waived for daily balances of $4,000 and more
- 50% more stars at Starbucks
- Visa debit
- Mobile deposits
- Fraud alerts
- Monthly overdraft protection plans
The PC Money Account
If you’re considering going with a bank account online, then PC Money is offering a great deal right now when you open a new account with them. You can earn up to 150,000 PC points, which is equal to $150.00. You can earn 150,000 points by setting up $ 1,500 in ongoing monthly payroll or pension direct deposits for at least 3 months.
These aren’t the only points that you can earn, though. You can also earn up to a $700 annual value. Let’s take a look at how.
- Up to 60,000 points when you set up direct deposit.
- Up to 60,000 points when you pay bills.
- Up to $200 in savings when switching from an account with monthly fees.
- Around 80,000 in points depending on how you spend and earn. You can earn up to 1% in points depending on where you shop.
- Estimate of $300 in interest earned per year on savings
Those are just the perks when you open a new account. Let’s take a look at what the account includes.
- No monthly fees
- No minimum balances required
- Free e-transfers
- Free unlimited transactions
- 24/7 support
- Options for card security
- Fraud detection
Simplii Financial
Simplii Financial is another online bank account option that currently has some great promotions. Until February 28, 2025, you can earn up to $500 when you open a new chequing account. All you have to do is add an eligible direct deposit of at least $100 and have it recurring for at least 3 months. However, this isn’t the only offer available right now.
You can get up to 10% cashback for the first 3 months if you have the cashback visa card. It’s available for spending up to $500. When you open a new savings account, you can earn up to 6% for 5 months, and there will be no monthly fees. This offer is only available until January 31, 2025, though.
While these incentives are amazing, we haven't even gone over what’s included in the accounts, which is essentially an all-inclusive banking plan.
No Fee Chequing Account
Simplii Financial's No Fee Chequing Account was actually voted the Best Chequing Account in 2023 by Ratehub.ca. The account includes:
- No monthly fees
- No minimum balance requirements
- Free access to all CIBC ATMs
- Unlimited debit transactions
- Unlimited e-transfers
High-Interest Savings Account
High-interest savings accounts are quite popular for those looking to save their funds while having access at any time. Simplii Financials High-Interest Savings Account includes:
- Automatic deposits
- No monthly fees
- No transaction fees
- No minimum balance requirements
- Interest earned on every dollar
Cash Back Visa Card
The Cash Back Visa Card is another great option for Simplii Financial customers. It includes;
- Use anywhere Visa is accepted
- No fees
- 21 day grace period
- Unlimited cashback
Just like other Simplii Financial accounts, the Cash Back Visa Card has only earned some awards. They’re ranked the Best Credit Card for Young Adults by Hardbacon and Best Credit Card for Newcomers by Savvy. Both of these rankings are from 2024.
New Accounts Offers For Credit Unions
Just like online banks and traditional banks, credit unions also offer promotions for opening new bank accounts. In Canada, there are many different credit unions to choose from, and each comes with its own perks as well.
Meridian Credit Union
One option for a credit union in Canada is Meridian Credit Union. Right now, you can sign up and receive a $50 cash bonus. All you need to do is open a new chequing account and deposit $40. Once you’ve maintained that balance for 3 to 4 months, then you will receive your $50 within 30 days.
When it comes to chequing accounts with Meridian, you have a few different options. There’s the:
- Essential Chequing Package
- Digital Chequing Package
- Everyday Chequing Package
- Unlimited Chequing Package
There are also select packages for seniors and students. That said, the standard packages range from $3 to $19 per month.
Prospera Credit Union
Another well known credit union in Canada is Prospera. Currently Prospera has a bunch of new account offers based on the type of financial product you’re looking for. That said, if you’re looking to open a new chequing account, then you could earn the Welcome to the Community bonus of $200, however you can only get this by opening an account using their community referral.
Other current offers include:
- $50 with a new Prospera credit card for ages 19-24
- 0% interest for 9 months with a credit card transfer
- Up to 5,000 welcome points with a new credit card
- $0 investment transfer fees
- A chance to win $20,000 when you meet with an investment advisor
Affinity Credit Union
Another credit union that is currently offering a variety of welcome offers is Affinity. Before we get into the many different offers, though, we should look at the $400 bonus you could earn by opening a new chequing account. In order to qualify for this offer, you must:
- Open a qualifying chequing account between September 3, 2024 and December 31, 2024
- Set up one recurring payroll or pension direct deposit within 90 days of opening the account and keep it for 6 months
- Set up one recurring preauthorized debit within 90 days of opening the account and keep it for 6 months
Once you’ve completed these steps and kept the account in good standing, then you’ll receive the $400 in your chequing account. However, it’s important to note that this offer isn’t valid if you open an account online, it has to be done in person.
Other current offers you could qualify for include:
- A twelve-month package fee waiver
- 0.25% on term deposits for the first year
- Between 10,000 and 150,000 welcome points with an Affinity Mastercard
- No consumer loan or line of credit application fees
ATB Financial
ATB Financial, also referred to as the Alberta Treasury Branch is a credit union based out of Alberta, Canada. Just like the other credit unions that we’ve mentioned, they also have some great welcome offers for new members. Currently, you can earn up to $720 in cash and bonuses.
First, in order to qualify, you start by opening a new chequing account in person or online by November 30, 2024. However, when you choose your chequing account, it’s important to note that the cash bonus you earn is based on which account you choose. Thankfully, there are only two options.
- Your first option is to use an unlimited banking account. With this account, you can earn a cash bonus of $300. There’s a monthly fee of $15.95 that drops to $0 with a minimum balance of $4,000. There are no annual credit card fees, and you can get 10,000 credit card bonus points that have a value of up to $50. The total bonus if you choose this account is $350.
- The second option is the ATB Advantage Banking Account. You could earn up to $400 with this account. There’s a monthly account fee of $24.95 that’s waived with a minimum monthly balance of $6,000 and the annual $120 credit card fee is waived for one year or free with the advantage account. Your credit card offer is 40,000 welcome bonus points which is equal to $200. In total with this account you could earn up to $720.
In order to receive your cash bonus with ATB, you have to meet the requirements by February 28, 2025. You must set up a recurring monthly direct deposit as well as preauthorized debits or eligible bill payments.
Alterna Savings Credit Union
With Alterna Savings Credit Union, you can earn up to $600 in rewards when you open an eligible account. All you need is an eligible email address to sign up for this account online. However, how much you earn in rewards is based on which account you choose. You have two options:
- Unlimited Package -$400
- Basic Package - $100
Once you’ve opened one of these accounts, then you have 90 days to set up and complete one recurring government, pension or payroll direct deposit. You also have to complete two of the three options with a minimum of $50 each:
- Bill payments through the app or online banking
- Interac e-transfers
- Point of sale debit transactions
If you’re signing up for the chequing account offers, you can also earn extra rewards by signing by and getting approved for any eligible Alterna Visa Card. This could earn you points equalling up to $120.
If you’re looking to invest, you can also earn up to another $80 in cash rewards. You can do this by opening a TFSA or RRSP and making a minimum deposit of $1,000 in a two-year term deposit.
Choosing Between A Bank And A Credit Union
When you’re looking for account opening and different bank account bonuses, it’s important to consider the type of financial institution that you’d like to bank with, not just the bank bonuses and bonus points that you can earn. While these and large cash bonuses are nice, you also have to look at the account features as well as the financial products the financial institution offers.
First, the main difference between credit unions and banks is that banks are for-profit, and credit unions are membership-owned. This means that you have more say in what happens with your money at a credit union, and their fees are much lower and often include unlimited free transactions. They also offer more competitive rates, higher dividends and lower interest rates. You’ll also find that credit unions take a more hands-on approach with their clients, going above and beyond to help you meet your financial goals.
In Canada, while there are plenty of credit unions to choose from, many are private and only have branches in certain areas of the country. This is where banks tend to excel because they’re either digital and can be accessed from anywhere, or they have branches all over the country and even in other countries. This is ideal for those who travel or are looking to move and don’t want to have to look for a new financial institution.
With all this in mind though, each of these financial institutions all have their advantages and disadvantages. Before you decide, you should look at the different best bank account offers and compare them with the overall options that the institutions offer. Don’t forget, you can also have more than one bank account, so you don’t have to choose just one.
Best Time of Year to Find Bank Account Offers
Throughout the year, different banks offer plenty of different bank account offers in order to gain your business. While you can find these offers year-round, at some points in the year, you have more options than others. This is usually the summer. These offers aren’t just on bank accounts either, and this is usually when you’re most likely to find large offers for registering for multiple accounts and financial products.
Things To Consider With Bank Account Offers
If you do take advantage of bank account offers, it’s important that you pay attention to the minimum balance requirements as well as the different conditions of the bank account offers. There are usually time periods you need to keep the account for, and closing the account too early can risk you losing the offer altogether.
You should also pay attention to the promotional rates and how they compare to the regular rates. If the regular rates aren’t reasonable, then there might not be any point in opening the account for the promotional rates. You should also consider what the competing offers are, if they’re better all around it might be worth shopping around rather than going with your first choice.
Final Thoughts
Choosing a bank account can be very difficult. Not only do you need to consider the type of bank account you’re looking for, but you also need to consider the monthly fees. As you can see, not all bank accounts charge monthly fees. That said, even some of those that do have different requirements that you can meet in order to avoid those fees. These types of things will play into which bank account works best for you.
When you’re considering different bank accounts and financial institutions, it’s also a good idea to check out any welcome offers that they may be offering for all account types, including chequing accounts and student chequing accounts. Depending on the financial institution offering the bonus, you may earn points, cash bonuses, or a special interest rate. However, you should also consider the different benefits offered by the institution, not just the accounts.
No matter what you choose, though, there are some great ones out there. It’s important not to focus solely on the welcome bonus, though. Ultimately, you want to be sure that the bank account will meet your needs and offer you exactly what you’re looking for.
