Best new bank account promotions in Canada

• Monthly fee: $17.95
• Minimum account balance to waive monthly fee: $4,000
• Number of transactions: Unlimited

BMO makes you work for that $600. To unlock the first $350 of this offer, you’ll need to start by making a deposit of any amount to your BMO Performance Chequing Account. After that, you need to complete two of the following three actions:

◦ Set up a recurring direct deposit

◦ Make two bill payments to different payees of at least $50 each

◦ Set up two pre-authorized debits from different payees of at least $50 each

For the next $250, you’ll need to open a Savings Amplifier Account and deposit $10,000. This amount must be maintained for an additional 90 days. For example, if you made your initial deposit in August, you’ll need to maintain a balance of $10,000 until the end of November.

Finally, if you want to squeeze this offer for all it’s worth (which I respect), you must get a family member open a new account and add them to your BMO Performance Chequing Account. This gets you the extra $50 to earn the full offer.

Related: Best joint bank accounts

^{Offer Period: From Dec 11 2023 to Jan 31 2025, to qualify for the Chequing Account Offer you must open a valid chequing account, provide a valid email address, make a deposit of any amount by Jan 31, and complete at least two of the following actions: set up recurring direct deposit, make one eligible bill payment of at least $50 through BMO Online banking or the Mobile app, or set up one pre-authorized debit of at least $50.}

• Monthly fee: $0
• Minimum account balance to waive monthly fee: N/A
• Number of transactions: Unlimited

This is the bank promotion for long-term thinkers. Here’s how it works: as soon as you fund your account, you’ll start earning a 2.25% interest rate* on your balance. To earn the full 3.75%, you’ll need to set up a direct deposit of at least $2,000 per month.

As an EQ customer, I appreciate how this promotion doesn’t have an end date. While the Big Bank cash bonuses are flashy, the 2.75% interest* will likely add up to more money over time.

EQ also has one of the best debit cards in Canada with 1% cash back.

^{* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.}

• Monthly fee: $0
• Minimum account balance to waive monthly fee: N/A
• Number of transactions: Unlimited

Unlike the Big Banks, Neo doesn’t offer a sign-up bonus for opening an account. Instead, they let their product speak for itself.

Like many challenger banks, Neo blurs the lines between traditional savings and chequing accounts. Their account functions as both. In short, the more you have in your account, the more money you earn when you spend.

For example, if you have $10,000 in your account, you’ll earn 3% cash back on gas and groceries, plus 1% cash back on everything else. While it may not have a flashy promotion, this account is a great banking product for those who can forgo the in-person support of a Big Bank.

^{Neo Money is provided by People's Bank. Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.}

• Monthly fee: $0
• Minimum account balance to waive monthly fee: N/A
• Number of transactions: Unlimited

Not only is this the best promotion on the list, but the Simplii No Fee Chequing Account is a great choice for your daily banking. To qualify for the $500^† offer you’ll need to set up a recurring direct deposit of at least $100 in the first 120 days of account opening. Plus, you’ll need to maintain this recurring direct deposit for at least three consecutive months.

And that’s it. The Simplii No Fee Chequing Account is for no-fee lovers. However, if you’re a person who enjoys the in-person support of a Big Bank, this may not be the product for you.

^{"Simplii FinancialTM" is a trademark and division of CIBC. Banking services are not available in Quebec.}

• Monthly fee: $16.95
• Minimum account balance to waive monthly fee: $4,000
• Number of transactions: Unlimited

Scotiabank mixes up the standard Big Bank promotion playbook by encouraging customers to open a registered account.

For the first $400 of this promotion, you’ll need to complete the following:

◦ Open a new Ultimate or Preferred Package account before March 1st, 2025

◦ Within 60 days, set up a recurring direct deposit and either two recurring pre-authorized transactions of at least $50 (e.g. mortgage payment) or one bill payment (e.g. phone, utility) of at least $50.

Now let’s talk about getting that remaining $400 cash bonus. Earn an additional $50 boost when you meet all conditions of the $400 offer, open a new eligible RRSP, TFSA, or FHSA by March 1, 2025, and set up and clear one pre-authorized contribution of at least $100 per month from any Scotiabank personal account into your new eligible registered plan, recurring for at least 3 consecutive months by May 31, 2025. Earn up to an additional $350; option 1: +$150: Deposit $5,000 into your new eligible RRSP, TFSA, or FHSA by March 1, 2025, and maintain that balance until May 31, 2025, or option 2: +$350; open a second eligible RRSP, TFSA, or FHSA (different from the plan opened for the $50 offer). Deposit $5,000 into each of your two new eligible registered plans by March 1, 2025, and maintain those balances until May 31, 2025.

^{*See Account Provider's website for complete account details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.}

• Monthly fee: $6.95 - $16.95 (depending on number of monthly transactions)
• Minimum account balance to waive monthly fee: $4,000
• Number of transactions:
• ◦ Up to 12 transactions: $6.95
• ◦ 13-20 transactions: Additional $1.25 each
• ◦ Unlimited transactions: $16.95

CIBC brings some creativity to the bank promotion table with a Disney+ subscription offer. To qualify, open a new CIBC account and subscribe to Disney+ using your Visa Debit card. CIBC will then reimburse you for up to six months.

To receive the first $400 of the cash bonus, you’ll need to set up a direct deposit of $500 or more per month to your new Smart Account. After that, you must complete one of the following actions within the same calendar month:

◦ Set up two recurring pre-authorized debits

◦ Make two online bill payments of $50 more each

◦ Complete five online Visa Debit purchases

Once you’ve completed that, you’re ready for the final boss of this bank promotion. The additional $200 cash bonus requires you to open an eAdvantage Savings Account. Once that’s done, simply plop $10,000 into that account and maintain this balance for the next three months.

• Monthly fee: $16.95
• Minimum account balance to waive monthly fee: N/A
• Number of transactions: Unlimited

RBC offers one of the more straightforward promotions of the Big Banks, even if it’s not as lucrative. To get your $450 you will need to open a RBC Signature No Limit Banking Account. Next, you’ll complete two of the three actions:

◦ Set up a recurring direct deposit

◦ Complete two pre-authorized monthly payments

◦ Make two bill payments to a service provider

As noted above, RBC does not offer a monthly fee rebate for maintaining a minimum balance – something to consider when assessing this account for the long term. Instead, they provide the RBC Value Program, which reduces your monthly fee if you have two additional products with RBC.

• Monthly fee: $0
• Minimum account balance to waive monthly fee: N/A
• Number of transactions: Unlimited

I’ll admit, I’m a Tangerine fan. After a long list of complicated bank promotions, I appreciate Tangerine’s simplicity. While the cash bonus isn’t substantial, all you need to do is open a Tangerine Chequing Account and set up a recurring direct deposit of at least $200 from your paycheques for two consecutive months.

This bank promotion is ideal for those interested in a no-fee account for the long term. Plus, you get access to Scotiabank ABMs if you need cash. Of course, if you’re looking for in-person support, one of the Big Bank offers may be better for you.

• Monthly fee: $16.95
• Minimum account balance to waive monthly fee: $4,000
• Number of transactions: Unlimited

Another day, another Big Bank $600 offer. Let’s break it down. For the first $400, you’ll need to complete two of the following actions:

◦ Set up a recurring direct deposit

◦ Make an online bill payment of at least $50

◦ Set-up a recurring pre-authorized debit of at least $50

For the next $200, you must deposit $10,000 into your TD Savings Account within 30 days of opening your TD Unlimited Chequing Account. This balance must be maintained for 150 days.

The cool thing about this offer is that you can earn even more cash by depositing a higher amount. For example, if you deposit over $100,000, you can earn a $1,000 cash bonus. While most of us don’t have a spare $100,000 lying around (I wish!), this offer could be perfect for someone keeping a large amount in cash for an upcoming down payment.

• Monthly fee: $0
• Minimum account balance to waive monthly fee: N/A
• Number of transactions: Unlimited

Wealthsimple doesn’t need to stoop to complicated cash bonuses to get customers. While their cash account doesn’t have a new account promotion, you can still boost your earning potential by holding your investments with Wealthsimple.

At the lowest tier, you’re getting a generous 2.75% interest on your account balance. That’s pretty good. Bump your assets to $100,000 (this includes your Wealthsimple investment accounts), you’ll enjoy 3.25% interest. Finally, generation clients receive 3.75% interest with $500,000 in assets with Wealthsimple.