Get Approved for up to $35,000 in 3 minutes
Apply Now
Blog Categories
Loan Calculator

The Best Bank Account Promo Offers in Canada

Written by Jessica Steer
When it comes to taking control of your finances and getting the most out of your money, the banks can help you with this by offering account bonuses for opening a new bank account. That said, there are usually some stipulations that you have to meet in order to qualify for these promotions in Canada. This could be anything from opening an account, to holding a minimum balance, referring new customers or even completely canceling your old account. It all depends on the new bank that you are choosing.
Table of Contents

    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.


    Canadian Imperial Bank of Commerce, also known as CIBC, has two different promotions. The first is that you could get up to $400 with a CIBC Smart Account. In order to qualify for the promotion, here is what you need to do to receive the first $350.

    • Open a CIBC smart account as a chequing account (must be a new CIBC customer)
    • Add one continuous direct deposit (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.

    To get an additional $50, you must transfer $200 from your CIBC chequing account to your CIBC eAdvantage savings account. Again, this must happen within two months of opening your chequing account.

    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 $150 by opening a CIB Smart Start Account. In order to earn that money you must:

    • Provide your email address ($50)
    • Add one continuous direct deposit ($50)
    • Add two pre-authorized debits, two Visa debit payments or two online bill payments of at least $50 ($50). These payments must be paid monthly.

    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.


    HSBC is another bank that has promotions for opening an account. In total, there are 4 different types of accounts you could open with HSBC. The most you can earn is $500.

    Account Promotional Amount Account Benefits
    HSBC Premier Chequing Account $500 No monthly fees, unlimited transactions, no minimum balance required and access to premium credit cards. These on top of the things included in the advanced account.
    HSBC Advance Chequing Account $400 Unlimited day to day banking, free e-transfers, $25 rebate on annual fee credit cards, 5 rebates on ATM fees and online international money transfers.
    HSBC Student Chequing Account $150 No monthly fees, no minimum balance, unlimited transactions, free cheque deposit, HSBC credit card with minimum $1,000 limit and overdraft protection.
    HSBC Youth Savings Account $50 Earn interest daily, unlimited transactions, free e-transfers, no fees and rebates on ATM surcharges.

    In order to qualify for the amounts you must meet the eligibility requirements after opening an HSBC chequing account online or through another method. Here they are for the premier and advance chequing accounts. You must complete at least two of the following options.

    • Add a continuous direct deposit within 6 months of opening the account
    • Add two separate pre-authorized debit transactions within 3 months of opening the account
    • Add two online separate bill payments within 3 months of opening the account
    • Complete two outgoing Interac E-transfers to separate people, also within three months.

    Completing two of these four things will earn you $300. Registering for online banking within 30 days of opening either of these chequing accounts will earn you another $100. To earn an extra $100 with the premier account, you must deposit $25,000 within 30 days of opening the account and hold it there for at least 6 months.

    To earn $50 for the student chequing and youth savings accounts you must have a total balance of $1,000 within 30 days of opening the account. You can earn an extra $100 with the student chequing account by registering for online banking within 30 days as well.


    TD has an offer of $400 if you open up a new TD chequing account. In order to receive this offer, you must open the account between February 1, 2023 and May 31, 2023. The requirements must be met by July 26, 2023.

    In order to qualify to receive the first $300, you must:

    • 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

    To get an additional $50, you must set up a TD savings account and either set up a pre-authorized transfer service or a simply save. You have until July 26 to do this.

    To receive an additional $50, you would need to add a monthly overdraft protection plan or a pay as you go overdraft protection. The deadline for this portion though is May 31, 2023.

    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 $14.95. 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 $29.95, the minimum balance to waive the monthly fee is $5,000 instead of $4,000, credit card fees are rebated annually and you can get certified cheques and money orders at no extra charge.


    Scotiabank is offering $350 if you open an ultimate or preferred chequing account with them. This offer expires July 31, 2023. In order qualify you must open either one of the two accounts and then complete two of the following:

    • Set up a direct deposit that reoccurs for at least three months.
    • Create two eligible pre-authorized debit transactions. They must be two different ones and be at least $50 each.
    • Make at least one online payment at a minimum of $50.

    Once you have done all of those things, you will receive the $350 within six months.

    Depending on which bank account you choose to open, there are quite a few differences. That said, as a Scotiabank customer you can use the Scotia International Money Transfer service. This is something that all top five banks offer with different fees.

    Scotiabank Ultimate Package: This account offers you unlimited transactions, free e-transfers, scene points on purchases, preferred mortgage rates, no annual fees on some premium credit cards, and no monthly account fees if you have a minimum balance of $5,000. If you don’t have a minimum balance of $5,000, then the account fees will be $30.95 per month. There are a few other exclusive features available as well.

    Scotiabank Preferred Package: This account will get you unlimited transactions as well, the first year annual fee on some credit cards rebated, scene points and 1 free trade on Scotiabank iTrade. There is also no monthly account fee with a minimum $4,000 balance, otherwise the account fee is $16.95 per month.


    The Bank of Montreal, also known as BMO, has a few chequing account offers available and if you qualify, you could get up to $400 back.. In order to qualify, you must get a BMO performance or premium plan chequing account. From there you must do two things listed below:

    • Set up a recurring direct deposit
    • Make two online bill payments with BMO online banking, must be a minimum of $50 for each payment
    • Set up two pre-authorized debits, these must be at least $50 each.

    Two of these three things must occur for two consecutive months. You must also make a deposit in the account when you open it. This offer is available until April 30, 2023, but you can also make another $50 by referring your close friends and family.

    BMO Performance Chequing Account: This account includes unlimited transactions, on guard identity theft protection, $40 rebate on credit card fees, and free accounts for any additional family member. The monthly fee is $16.95 unless you can keep a minimum balance of $4,000.

    BMO Premium Chequing Account: This account includes unlimited transactions, on guard identity theft protection, $150 rebate on credit card fees, preferred U.S. exchange rates, worldwide non-TD ATM withdrawals, and free accounts for any additional family member. The monthly fee is $30.00 unless you can keep a minimum balance of $6,000.


    The Royal Bank of Canada also offers bank promotions. Until May 1, 2023, they are offering a $350 cash bonus if you sign up for a Signature No Limit Banking Account or VIP Banking Account. In order to qualify you must open the account by May 1. You then have until July 7 to complete the following:

    • Set up direct deposit from your employer or your pension
    • Set up two pre-authorized monthly payments
    • Set up two bill payments

    RBC Signature No Limit Banking: This bank account includes unlimited debit transactions in Canada, no overdraft protection fee, savings of up to $48 on fees for eligible credit cards, free e-transfers, no required minimum balance and 5 free debits across the border per month. The monthly fee is $16.95.

    RBC VIP Banking: Included with the VIP account is unlimited debit transactions worldwide, no overdraft protection fee, savings of up to $120 on eligible credit card fees, no fee on RBC ATMs worldwide, and the ability to get up to 2 new bank accounts that are canadian and 1 that is US and they all have unlimited debit transactions. The monthly fee for this account is $30 per month.

    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 $400 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.

    The great thing about Simplii Financial is that all of their accounts have no fees and all of their accounts have 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 as well from online or mobile banking.


    Another option for online bank accounts is Tangerine. With Tangerine you can also earn up to $400 cash back when you open a new account . How it works is you sign up and use the online promo code EARNMORE. Once you have done that then you would open your first chequing and savings accounts within 30 days of registering as a client.

    How it works is by shopping online or in an app you earn 20% cash back, up to a maximum of $400. On top of that you can also earn interest on balances in your savings account for up to five months.

    All Tangerine accounts include visa debit, no fees for daily transactions or e-transfers, and access to Scotiabank ATMs.

    PC Financial

    PC Financial is another online bank that offers a welcome bonus. 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 account directly online. From there, you can earn your first 20,000 ($20 in points) when you add $150 or more to your account. You can earn an additional $130 worth of points on your first $1,300 worth of purchases at participating stores. The last $50 in points you can earn from 4 consecutive months of deposits from your employment.

    With PC Financial your account has no fees, free E-transfers, unlimited transactions, PC points on everyday purchases, and no minimum balance requirements.

    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 have fees included with a lot of these promo offers.

    TD Rewards Visa

    Along with their bank account promo, TD is currently offering a promo on their TD rewards visa. In order to qualify, you must apply by May 28, 2023. The special offer includes $50 worth of points to be used at and a promotional interest rate of 9.99% for the first 6 months. There is no annual fee on this credit card and the regular interest rate is 19.99%. Cash advance interest is 22.99%.

    RBC Avion

    Another bank that is offering a promotion for their credit card is RBC. Currently with the RBC Avion card you can get:

    • 35,000 welcome points when you are approved
    • 20,000 bonus points when you spend $5,000
    • Earn 1 point for every dollar you spend
    • No blackout period or seat restrictions

    Some other perks that are always included with this credit card are:

    • Mobile device insurance (up to $1,500)
    • Protection for eligible purchases
    • Trip cancellation, trip interruption and emergency medical insurance

    In order to be eligible for this credit card, you must at least have a minimum personal income of $60,000 per year or a household income of $100,000.

    CIBC Dividend Visa Infinite

    With the CIBC Dividend Visa Infinite card, you can get your first year's annual fee of $120 rebated. You can also get up to three additional cards. The fee of $30 per each card will also be rebated.

    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 six months, the interest on all purchases is 9.99%. You also earn up to 10% cash back on your first $500 spent at bars and restaurants. After that it goes down 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

    BMOs 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. After that, the interest rate then is 22.99%.

    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 credit card promotional rate. 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% cash back. Also, for the first six months you can get all balance transfers at a rate of 1.95%. The rate without the promotion is 19.95%.

    Along with Tangerine’s no fee bank account, they also have no annual fee on their credit cards.

    Neo Financial Credit Card

    On all of Neo’s different credit cards, you can get 15% cashback on all of your first purchases. That’s more than any other credit card. Not only that, when the promotion is over, the regular cash back rate can go up to 5%. This rate is higher than most other credit cards. What’s even more amazing is that this credit card also has no annual fee.

    The Current Bank 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 best. 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.

    Online Loans from 9.99%*

    Skip the branch visits, apply online in minutes and get the financing you want today.

    Get a Loan Quote

    Subscribe to receive special offers and financial tips

    Subscribe To Our

    Receive Special Offers, and Learn Tips and Tricks to Improve your Finances.