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The Best New Bank Account Offers in Canada 2024

Written by Jessica Steer
Reviewed by Janessa Ellis
Choosing new bank accounts in Canada can be stressful, especially since there are so many out there. That said, the fact that there are so many different options available makes it a great time to find one.
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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 along with the 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 4.00% interest on every day balances. It starts with 2.50%, then an extra 1.50% 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 the new Apple watch with your choice of case size, colour and band. That said, this offer is only available until April 1, 2024, but if the Signature bank account isn’t a good fit for you, this offer is also available with the RBC VIP Banking account. 

    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. 

    CIBC Smart Account

    With CIBC Smart account, there’s also an awesome incentive right now when you open a chequing account. You can get a $400 Costco shop card. In order to qualify for this promotion, you must provide your email address when you open the account. 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 debits
    • 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. 

    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 and use the code EARNMORE, you can earn some great perks that include:

    • A savings rate of 5.75%, which is also available for TFSAs and RRSPs
    • Up to $400 cashback on eligible online transactions
    • $100 bonus for opening your first chequing account

    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
    • Free personalized cheques (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 July 31, 2024, you can earn up to $350. In order to qualify for this, you have 60 days to complete two out of the three following transactions.

    1. Set up one direct deposit that is recurring for at least 6 months. 
    2. Set up two different preauthorized payments that are a minimum of $50 each and go for 6 months.
    3. Make a bill payment using online banking of at least $50.

    If you want to earn another $50 to make your total $400, then you can open an FHSA, RRSP or TFSA within 60 days of opening your chequing account. Then, you must either set up recurring payments for 6 months at a minimum of $50 or make a minimum payment of $3,000 and maintain it for 6 months. You have 60 days after opening the account to do so. 

    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

    TD Unlimited Chequing Account

    Another great offer to earn money when opening a bank account is with TD. Until June 3, 2024, when you open a TD Unlimited Chequing Account or a TD All-Inclusive Banking Account. You can earn up to $350. In order to do this, you have to complete 2 qualifying transactions by July 31, 2024. 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 $50 by applying and getting approved for Overdraft Protection by June 3, 2024. If you’re looking at opening a TD e-savings account, you could earn 5.55% just by opening the account by June 3, 2024. You can also earn a bonus interest rate of 3.70% for 90 days on all balances up to $1,000,000. You can also earn a posted interest rate of 1.85% on amounts $10,000 or greater. 

    If you do choose to go with this offer, here’s what’s included in the TD Unlimted 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 125,000 PC points, which is equal to $125.00. You can earn 75,000 points by setting up $ 1,500 in ongoing monthly direct deposits for at least 3 months. You can also earn 10,000 points for every bill you pay that is $50 or more.

    However, the maximum you can earn doing this is 50,000 points. These transactions also have to be done within 60 days of opening your account in order to qualify. 

    These aren’t the only points that you can earn, though. You can also earn up to a $400 annual value. Let’s take a look at how.

    • Up to 60,000 points when you set up direct deposit. You can earn up to 5,000 points per month.
    • Up to 60,000 points when you have 5 paid monthly bill payments from your account. You can earn up to 5,000 points per month. 
    • 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. 

    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 balance 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 October 31, 2024, you can earn up to $400 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 20% 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 April 30, 2024, 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 Financials No Fee Chequing Account was actually voted the Best Chequing Account in 2023 by 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.

    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 void those fees. These types of things will play into which bank account works best for you. 

    When you’re considering different bank accounts, 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.

    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.  

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