The Best Bank Account Promo Offers in Canada 2025

Different Bank Promos

Depending on whether you choose to go with a traditional bank, credit union or an online bank, there will be different stipulations that go with their offer. There is almost always an expiry date as well. So, if you are thinking about changing banks or cashing in on an offer, you may not want to wait too long.

CIBC

Canadian Imperial Bank of Commerce, also known as CIBC, has two different promotions. The first is that you could get up to $450 with a CIBC Smart Account. In order to qualify for the promotion, here is what you need to do to receive it.

• Open a CIBC Smart account as a chequing account (must be a new CIBC customer)
• Add at least one or more ongoing monthly direct deposits (paycheque)
• Either add two pre-authorized debits, two Visa debit payments or two online bill payments; they must be at least $50 or more. This must be done in the first two months.

The CIBC smart account includes unlimited transactions, free e-transfers and low monthly fees. You must be at least 25 years old in order to get this type of chequing account.

The other promotion that they have is offering $125 by opening a CIBC Smart Start Account. In order to earn that money, you must make 5 visa debit purchases online in the same month.

The great thing about this Smart Start account is that you can skip paying any account fees until you turn 25. You must be at least 16 years old to get this account. It includes unlimited e-transfers and Visa Debit transactions. At 18, you can also get free online trading with the CIBC Online Investors Edge.

The Smart Start account also includes a free SPC+ membership, which gives you discounts at major stores.  with the CIBC online investors edge. The smart start account also includes a free SPC+ membership, which gives you discounts at major stores. edge. The smart start account also includes a free SPC+ membership which gives you discounts at major stores.

TD

TD has an offer for you to get up to $700 when you open a new eligible chequing account. This starts with $450 for opening a new account, and then more options to earn from there. 

In order to qualify to receive the $450, you must complete two of the three options:

• Set up at least one recurring direct deposit
• Set up at least one recurring pre-authorized debit payment of a minimum of $50
• Make an online bill payment of $50 or more

You can get an additional $50 when you open an eligible esavings account such as the TD ePremium Savings Account. You can get an additional $200 when you open and deposit into a new savings account. However, it has to be an amount of $10,000 or more in the first 30 days of opening your account. 

To receive this offer you can get either of TD’s chequing accounts. The TD Unlimited Chequing Account or the TD All-Inclusive Banking Plan. Here is a breakdown of what is included in each.

TD Unlimited Chequing Account: With this plan, the monthly fee is $17.95. This fee is waived if you can keep a minimum daily closing balance of $4,000 in your account at the end of every month. You also get unlimited transactions (including e-transfers), rebate for the first year on any credit card fees, and no ATM Fees.

TD All-Inclusive Banking Plan: This plan includes the same things as the one above. The main differences are that the fee is $30.95, the minimum balance to waive the monthly fee is $6,000 instead of $4,000, credit card fees are rebated annually on an eligible TD credit card, and you can get certified cheques and money orders at no extra charge.

Scotiabank

Scotiabank is offering up to $700 when opening a preferred package account. When you open your account before July 31, 2025, you could be eligible for this offer. It starts by opening a new chequing account and completing two of the following options:

• Set up and then receive one automatic and recurring direct deposit
• Set up and make 2 preauthorized transactions
• Make one bull payment of $50 or more using online banking

Once you’ve done this, you can then earn $500 and complete the next step to be eligible to earn another $100. To do this, you need to open a new Money Master Savings Account within 60 days of opening your chequing account. 

You also need to set up a Pay Yourself First or the Savings Finder Tool. You can also earn an extra $100 by opening a registered account within 60 days of opening your chequing account. You must also transfer a minimum of $5,000 into this account and keep it there for 90 days. All of this must be done by July 31, 2025.

Some perks included with this account include:

• Unlimited debit transactions
• Unlimited interac e-transfers
• Scotia International Money Transfers for $1.99
• Overdraft Protection eligibility
• An additional 0.05% on your Momentum Savings Account
• Preferred Rates on select GICs
• No Monthly Account Fees on a Scotia US Dollar Account for Savings
• Trade 1 Get 1 with Scotia iTrade
• First-year annual rebate up to $150 on credit cards
• Scene+ program
• Fee waived on one non-Scotiabank ABM withdrawal monthly

BMO

The Bank of Montreal, also known as BMO, has a few chequing account offers available, and if you qualify, you could get up to $700 back as well as a $50 Walmart Canada egift card. You can get this offer when opening eligible accounts which are either a performance chequing account or a premium chequing account. 

The performance chequing account includes unlimited transactions, no-fee global money transfers, $40 credit card annual fee rebate, a promotional rate of up to 4.75% when you open a savings amplifier account, and additional family member accounts. The monthly fee for this account is $17.95 or $0 with a minimum balance of $4,000. 

The premium chequing account includes no-fee global money transfers, OnGuard Identity Theft Protection, unlimited transactions and worldwide non-BMO atm withdrawals, preferred US foreign exchange rate, $150 credit card annual fee rebate, 4.75% promotional rate on a Savings Amplifier Account, and accounts for family members. The monthly fee is $30.95.

In order to qualify for this offer, you need to complete 3 steps. Step one is to open an eligible chequing account and then make a deposit of any amount by September 30, 2025.  You must also complete 2 of the following actions after account opening:

• Set up a recurring deposit of $500 or more
• Make 2 eligible bill payments of $50 or more
• Set up 2 eligible pre-authorized debit transactions

Once you’ve completed step one, you will earn $500. Step two will earn you the Walmart eGift Card. To do this, you must open a Savings Amplifier Account by September 30, 2025, then make a deposit of any amount by October 31, 2025. To earn an extra  $150 when you open a Savings Amplifier Account, you must also complete two of the following:

• Deposit a total of $10,000 or more in the account within the first 30 days
• Maintain the $10,000 for 90 days after the first 30 days

Step three is the family bundle offer. You can earn $50 when you invite a family member as part of the BMO family bundle. They must open their account by September 30, 2025. Step one must be completed in order to qualify for step two or three. 

RBC

The Royal Bank of Canada also offers bank promotions. Instead of a cash offer, you can get the new iPad. This offer is only available until November 3, 2025. In order to qualify, you can open either an RBC Signature No Limit Bank Account or the RBC VIP Banking Account, each of which requires a debit card. All you have to do to qualify is open either account by November 3, 2025, then complete two of the following actions:

• Set up payroll or pension direct deposit
• Set up two preauthorized monthly payments
• Set up two bill payments to a service provider

With the RBC Signature No Limit Banking Account, you get unlimited transactions, 3 non-RBC ATM withdrawals, up to $48 off credit card fees and a fee of $16.95 per month or just $5 with the value program. The RBC VIP Banking Account offers unlimited transactions worldwide, no monthly fee for up to two additional CAD accounts or one USD account, and up to $120 off credit card annual fees. The monthly fee for this account is $30.95.

With both RBC chequing accounts, you can get:

• Free interac e-transfers 
• 3 cents off per litre at Petro Canada
• The RBC right account guarantee
• Avion points on every purchase

There’s also no minimum balance requirement for either account.  

If you want to upgrade to the iPad Pro or the MacBook Air, you can do so by investing $50,000 in ned funds across eligible RBC investments. You then have to maintain the qualifying contributions for one year after deposit. 

 Simplii Financial

Simplii Financial is an online bank that is affiliated with CIBC. They don’t have any in person branches, but they are reachable online or over the phone.

You could earn up to $300 with Simplii by opening a new chequing account. You just need to add an eligible direct deposit. It has to be a minimum of $100 and be active for at least 3 months. This must be done by October 25, 2025. 

The great thing about Simplii Financial is that all of their accounts have no fees and unlimited transactions and e-transfers. You also get access to all CIBC ATMs. There is no required minimum or monthly balance. You can do all of your transactions online or through mobile banking.

Tangerine

Another option for online bank accounts is Tangerine. With the Tangerine chequing account, you can earn up to $500 cash back when you open a new account. It works when you sign up online. Once you have done that, you will open your first chequing account and new eligible savings accounts within 30 days of registering as a client. Then, you set up your paycheques to go to this account. After 2 consecutive months, you will get the $250. 

All Tangerine accounts include Visa Debit, no fees for daily transactions or e-transfers, and access to Scotiabank ATMs. Once you’ve got the first $250, then you can open an eligible TFSA/RRSP or GIC and deposit a minimum of $3,000. You’ll then get the other $250. 

PC Financial

PC Financial is another online bank that offers a welcome bonus for their no fee chequing account, also known as the PC money account. However, theirs works a little differently. Instead of offering cash, they offer PC points that can be used at different Loblaws locations.

With PC Financial, you can open your new bank account online. Currently, you can earn up to 100,000 points just for signing up. You can earn this by setting up a minimum of $1,500 per month in payroll deposits. This must be active for 3 consecutive months. 

With PC Financial, your account has no fees, free e-transfers, unlimited transactions, PC points for everyday purchases, and no minimum balance requirements. They’ve also made a new feature where you can have a spending balance and a savings balance. If you start a savings balance, you can earn 3.1% on your contributions. 

Immediate Sign-Up Cash Bonuses

Unfortunately, there are no immediate signup bonuses when you get a new bank account. In order to receive the promotional offers, you do have to meet the bank's stipulations. This means that you can wait up to a few months in order to receive the money. 

Credit Card Promotions From Banks

When you are looking through the different bank account promotions, you may also notice that many different financial institutions offer promotions for their credit cards as well. If you are in the market for a new card, there may be a promotion out there for you, especially since there are rebates for credit cards that include fees in a lot of these promo offers.

National Bank of Canada Platinum Mastercard

While there are no promotions for a National Bank of Canada Banking Package, there is a promotion for their Platinum Mastercard. Until August 4, 2025, you can get up to 25,000 rewards points and get one annual fee rebate for the first year. This isn’t just for the primary account holder, though; you can also get another annual fee rebate for the authorized user. That's a $70 rebate for the primary cardholder and $35 for the authorized user. 

The purchase interest rate on this card is 20.99% and the cash advance rate is 22.49%. You can earn up to 2 points per dollar spent, get mobile device insurance, and travel insurance for trips that are 10 days or less. 

TD Rewards Visa

Along with its bank account promo, TD is currently offering a promo on its TD Rewards Visa. In order to qualify. The special offer includes $50 worth of points to be used at Amazon.ca. There is no annual fee on this credit card and the regular interest rate is 19.99%. Cash advance interest is 22.99%. Other features included with this card are:

• Mobile device insurance up to $1,000
• TD Payment Plans
• Discounts with Avis Rent a Car and Budget Rent a Car
• Purchase Security and Extended Warranty Protection

When it comes to points, you can earn:

• 1 TD Rewards Point for every $1 spent on all other purchases
• 4 TD Rewards Points for every $1 spent with Expedia for TD
• 3 TD Rewards Points for every $1 spent on Groceries, Dining and Public Transit
• 2 TD Rewards Points for every $1 spent on Recurring Bill Payments, Streaming, Digital Gaming and Media

CIBC Dividend Visa Infinite

With the CIBC Dividend Visa Infinite card, you can get your first-year annual fee waiver of $120 rebated and up to 3 additional cards where the $30 fee is rebated. You can also earn up to 10% back on your first 3 statements for up to $2,000. 

With this credit card you can earn up to 4% cash back on gas and groceries, 2% on transportation as well as dining and recurring bills payments, and 1% on all additional purchases.

In order to qualify for this card you will need a minimum personal income of $60,000 per year or $100,000 per household. The interest on this card is 20.99% for regular purchases and 22.99% for cash advances.

Simplii Cash Back Visa

Along with Simplii’s bank account offer, they also have a promotional offer on their cash back Visa card. For the first four months, earn up to 8% cash back on eligible restaurant, bar and coffee shop purchases. These purchases must be made in your first 3 months and will be given up to a cap of $1,000. The rate will then drop to 4%. 

You also get 1.5% cash back on:

• Gas
• Groceries
• Drugstore purchases
• Preauthorized payments

Everything else is a standard rate of 0.5%.

BMO Cash Back Credit Card

BMO's promotional offer for their credit card is 5% cash back on all purchases for the first three months. They are also offering an interest rate of just 0.99% for the first 9 months on balance transfers. After that, the interest rate then is 22.99%. There’s also a transfer fee of 2%. 

After the promotional time expires, you still get some pretty good cashback rates. You get up to 3% cash back on all grocery purchases, 1% on recurring bill payments and 0.5% cashback on everything else.

Tangerine Credit Card

Tangerine also has a really good promotional rate for credit cards. This is available for the World Mastercard and money-back credit cards. If you spend $1,000 in the first month, then you get 10% cashback. Along with Tangerine’s no-fee bank account, they also have no annual fee on their credit cards. The purchase interest rate on this card is 19.95%. 

High-Interest Savings Account Offers

While both chequing accounts and credit cards offer some great account offers, it’s easy to forget that there are other types of accounts as well. Specifically, high-interest savings accounts. These accounts allow you to earn interest on your savings, but at a higher rate than a traditional account. That said, dipping into this account can decrease what you earn. 

Simplii HISA

One bank that offers a high-interest savings account with a high interest rate is Simplii Financial. They are currently offering an interest rate of 4.25% until September 30, 2025. Once you have opened the account, the premium period interest rate is available for 4 months. On top of that, there are no fees for Simplii Financial accounts, savings or chequing.

With a Simplii HISA, there is no minimum balance required, no transaction fees, and you can access your savings if you need them. A Simplii chequing account allows for unlimited transactions and has no monthly fees, as well as overdraft protection if needed. However, you do need to be careful because the promotional interest rate isn’t forever. 

Neo Financial

Neo Financial is an online bank, meaning they aren’t a brick-and-mortar institution like traditional bank accounts. However, they do still offer most of the financial products that a typical banking institution will, including a high-interest savings Account. 

The Neo money account offers:

• An access card
• 2.50% interest
• Free e-transfers
• Unlimited free transactions
• Unlimited bill payments
• Bank-to-bank transfers are free
• Autosave
• Direct deposit
• No monthly fees

With the Neo money account, you can also link your Neo personal investment account. Also, eligible funds of up to $100,000 are covered by the CDIC. This is the same for any accredited financial institution in Canada. 

Tangerine High-Interest Savings Account

A Tangerine savings account is another option for a HISA. The regular interest rate that they offer is 0.30%, but they are currently offering a promotional rate of 4.50% for the first 5 months, and you could also earn up to $250 cashback. Tangerine is also an accredited institution, so eligible funds of up to $100,000 are covered by the CDIC.

There are no monthly fees or minimum deposit amounts with this account. They also have a savings calculator on their website that shows you what you need to save in order to reach your goals. Like many financial institutions, they offer other financial services like credit cards, registered accounts and more. 

Alterna Bank HISA

Alterna Bank offers a high-interest savings account to account holders that have very competitive interest rates. They also offer:

• Free e-transfers
• Free unlimited transactions
• High interest rates on every dollar
• No minimum balance requirement

The interest rate for this account is 1.25%, but it's also not the only account that Alterna Bank offers. They have all sorts of financial products, including:

• No fee e-chequing accounts
• No fee e-TFSA accounts
• No fee e-RRSP accounts

They have online banking and a mobile app available 24/7 so you can complete your banking needs. This is essential since they are a 100% online bank. This also allows them to offer mobile cheque deposits. Overdrafts are available too, for the cost of $2.50 per month and at an annual percentage rate of 19.99%. Also, eligible funds of up to $100,000 are covered by the CDIC since they are an accredited institution.

RBC HISA

RBC offers a high-interest e-savings account. Until July 30, 2025, you can get a promotional interest rate of 4.70%. There is no minimum balance requirement, free 24/7 account transfers, interest earned on every dollar and access to MyAdvisor, where you can see all of your accounts and investments in one place.

This isn’t the only account that RBC offers, though. They also have the RBC Day-to-Day Savings Account, RBC Advantage Banking Accounts, and many more.  

Scotiabank HISA

With Scotiabank, the Scotiabank Momentum Plus Savings account has everything you need. There are no monthly account fees, and the longer you save, the higher your interest rate will be. If you sign up now, you can get up to 4.90% interest for your first 3 months.

This account is best suited to someone who doesn't want to make debit transactions directly out of the account. That said, you can transfer to any of your other Scotiabank accounts at any time with no fee. You do need to keep in mind that the promotional interest rate is just that, a promotion. After the promotional period is up, you will automatically revert to their posted interest rate. However, by having a chequing account with Scotiabank, as well, you can get a small package interest rate boost. 

CIBC HISA

The CIBC High-Interest Savings account is called the CIBC eAdvantage Savings Account. Currently, they’re offering a promotional rate of 4.90% but that will only last. That said, here are the other specifics associated with this account:

• Earn interest on every dollar
• Get a smart interest bonus interest rate on top of your regular interest rate. This happens when you save $200 or more in one month.
• Set up autosave
• Earn regular interest of 0.55%
• No monthly fees
• $5 transaction fees

The CIBC website also has a savings calculator to help you figure out how much you need to put away per month to reach your goals. 

BMO HISA

BMO offers a few different high-interest accounts, but the one with the most benefits is the Savings Amplifier Account. It includes:

• Unlimited self-serve transfers to your other accounts
• No monthly fees
• No minimum balance requirements
• 0.85% interest
• Promotional interest rate of 4.75%

They also have an account called the BMO Savings Builder Account. This one includes:

• No monthly fees
• A base rate of 0.150%
• 0.95% interest when you save at least $200 per month
• 1 free monthly transfer to another BMO account 

EQ Bank Personal Account

EQ Bank Personal Account isn't a traditional high-interest savings account. It's a combination of a chequing account and a savings account. It offers unlimited transactions and no monthly fees, and you can earn 3.50% on every dollar in your account. Only a few accounts in Canada operate this way. 

The great thing about this joint account approach is that you can do all of your banking from one account. That said, this type of account isn’t for everyone. Some people prefer to have all of their accounts separated in order to better control their spending. 

The Current Bank Account Offers and Which Is the Best

Depending on what you are looking for in a bank account. All of these different banks have great offers. It just depends what sort of bank account you are looking for and if you can meet the requirements to receive the promotional offer.

If you are an avid collector of PC points (which are mainly used towards groceries), then the PC Financial card may benefit you as the best new bank account offer. If you want to stick with one of the top 5 banks, there are also lots of options available. There are even some selections on smaller financial institutions that are solely offered online. No matter which one you choose, you can’t go wrong with a little extra cash.

The Difference Between a Chequing Account and a High-Interest Savings Account

Even though both of these are bank accounts, they operate very differently. They are two entirely separate accounts made for very different things. Chequing accounts are designed to be everyday banking accounts. They allow you to spend money, pay bills, and transfer money in and out of your account. They also allow for direct deposits from your employment and pension sources, as well as any other payroll deposits. 

Savings accounts, such as high-interest savings accounts, work much differently. These accounts are not meant for spending. Most have no monthly fees, but you will have to pay anytime you make a transaction out of the account. This is because they’re designed to hold your money and build interest. For most of these accounts, the interest is earned daily based on your daily account closing balance and paid monthly. 

What Type of Bank Account Should You Open?

When it comes to which type of account you should open, it really depends on your needs. If you’re looking to save money, opening a new eligible chequing account wouldn’t be the best option. This is the same as opening a new eligible savings account wouldn’t be the best option if you’re looking for a spending account, even if it is part of the best bank account promo offers Canada has to offer. 

Are All Bank Offers Cash Rewards?

In short, the answer is no. That said, many banks offer a minimum dollar value in cash rewards for opening a new account because these are the most attractive to new customers. There are very few steps needed to earn the funds, and most of these steps would be things they would need to do anyways when setting up a new account. 

While physical items can also be enticing to new customers, many people need cash more. This has especially been true in the last few years. This is why you’ll notice more and more cash offers appearing, especially for accounts that are meant for online or mobile banking. 

Do You Need to Pass A Credit Check to Open a Promotional Account?

Typically, whether you’re opening a personal account, a joint account, or even a HISA, a credit check is not required to qualify. That said, banks will typically run a soft credit check to check your identity, but credit approval is not required in order to open the account. The bank will likely continually run soft credit checks, though, and if you’re ever looking for a personal loan, then they can use this to approve you or not. 

The most common type of account that will actually require credit approval is a credit union account. Many credit unions will run a hard credit check on you. Even though you don’t have to have a good credit score to get approved, there’s usually a minimum score they like you to have. If you don’t meet this minimum, you can still likely get an account; there just may be some restrictions. 

Final Thoughts

Whether you’re looking to open a new savings account or chequing account or just get a new bank, there are plenty of options out there with traditional banks and online banks. Before you sign up, though, it’s important to look at more than just the new bank account offers. You should also look at the account details themselves. 

You should look for unlimited debit purchases, if there are any transaction fees and what the monthly fees are. You should also look at their online and mobile banking since that’s how banking is mostly done nowadays. No matter which bank you choose, though, a great time to sign up is when they are offering incentives, such as a little extra cash.