If you’re looking for the best bank account promotions in Canada, you’ve come to the right place!
Many banks are offering sign-up bonuses and other incentives to get new customers. So, which banks are offering the best promotions on various banking products like chequing accounts, credit cards and high-interest saving accounts?
In this blog post, we will discuss some of the best offers available from banks in Canada. We’ll also provide tips on how to choose the right bank account for your needs.
So whether you’re looking for a new bank account or just want to learn more about the current offers out there, keep reading to find out!
Overview of the Best Bank Account Promotions in Canada
Here’s an overview of the current best bank account promotions in Canada for your easy selection.
| Bank Account/Credit Card | Promotions | Offer Expiry |
|---|---|---|
| Simplii Financial Promos | ||
| HSBC Chequing Account | $500 cash bonus | November 30, 2023 |
| Scotiabank Chequing | $350 | July 31, 2023 |
| TD Chequing Account Offers | $400 | May 31, 2023 |
| Tangerine Bank Special Offers | 5.00% interest on savings and $400 cash bonus on a chequing account | July 17, 2023 |
| Neo Financial Credit Card | 15% cashback | N/A |
| Tangerine Credit Card | 10% cashback and 1.95% introductory rate on balance transfers | July 17, 2023 |
| Simplii Financial Cash Back Visa Card | 20% cash back and 9.99% introductory interest on purchases | N/A |
| BMO CashBack Credit Card | 5% cashback plus 0.99% introductory interest rate on balance transfers | N/A |
Best Bank Account Promotions in Canada 2023
When it comes to comparing the best bank account promotions in Canada, you need to read the details of each account before deciding.
The following is a detailed overview of the current best promotional bank accounts in Canada.
1. Simplii Financial Promo
- Promotional offer: 6% interest on savings and $400 on a chequing account
- Promo value: $400+
- Conditions: No for savings account/yes for a chequing account
- Expiry date: Both offers expire on October 31, 2023
- Annual fee: $0
Simplii Financial is a neobank established by CIBC in 2017 to simplify and make banking and investment affordable for Canadians.
It offers a complete suite of banking products that include savings, chequing, USD savings accounts, investments and more.
Simplii welcomes its savings and chequing account users with competitive promotions worth more than $400 in a year.
New Simplii Financial clients enjoy a competitive interest of 6% on up to $1million deposits. On the other hand, new Simplii no-chequing account users get up to a $400welcome bonus.
While the Simplii high-interest savings account doesn’t have requirements, the no-fee chequing account has the following conditions to qualify for the $400 bonus:
- Sign up by October 31, 2023
- Make a minimum of $100 in eligible direct deposit for at least 3 consecutive months.
Even though the Simplii standard interest on savings is extremely low (0.40% to 5.50%), you can enjoy higher interest on your funds before the 6% promo expires.
Note: The Simplii High-interest Savings Account promo rate has expired on April 30, 203.
2. BMO New Bank Account Promotions (Expired)
- Promotional offer: Up to $400
- Conditions: Yes
- Expiry date: April 30, 2023
- Annual fee: Yes (waived for the first year)
BMO Performance and Premium chequing accounts offer up to a $400 cash bonus when you open a new account by April 30, 2023.
To qualify for a $400 bonus, meet at least two of the following conditions by June 30, 2023:
- Make a minimum of $50 eligible pre-authorized debit
- Make at least $50 eligible online bill payment
- Set up a recurring direct deposit
Invite a friend or family member for an extra $50 in bonus.
If you add a Smart Saver Account to your chequing account, you could get 5.00% interest on your savings for up to 4 months.
In addition, BMO Performance and Premium chequing account monthly fees are waived when you make a minimum deposit. The following is their standard monthly fees and minimum balance requirement for the fee rebate:
- Performance Chequing Account ($16.95 monthly fee): Waived if you have a minimum balance of $4,000.
- Premium Chequing Account ($30 monthly fee): Waived if you have a minimum balance of $6,000.
3. Scotiabank Chequing Accounts Promos
- Promotional offer: $350
- Conditions: Yes
- Expiry date: July 31, 2023
- Annual fee: Yes (waivable)
Scotiabank offers two chequing accounts with competitive promotions namely, Ultimate Package and Preferred Package.
You will receive a $350 cash bonus with the Scotiabank Ultimate Package and Preferred Package.
Both chequing accounts require you to sign-up by July 31, 2023, and meet at least two of the following conditions to qualify:
- Use the Scotiabank Mobile App or Scotia OnLine to make a minimum of $50 one qualified online bill payment.
- Make and clear at least two pre-authorized transactions or bill payments worth a minimum of $50 for each transaction for up to three consecutive months.
- Make and clear a minimum of one qualified recurring and automated direct deposit for up to three consecutive months.
You need to meet any 2 of the conditions within 60 days of account opening to qualify.
While the Ultimate Package account has a $30.95 monthly fee, the Preferred Package has a $16.95 fee. However, the fees are waived if you meet the following requirements:
- For Ultimate Package: Have a minimum of $5,000 daily closing balance or a total of $30,000 on your MomentumPLUS Savings and Ultimate Package accounts.
- For Preferred Package: Have a minimum of $4,000 daily closing balance.
You can also get a $60 welcome bonus if you open the Student Banking Advantage® Plan.
4. HSBC Chequing Account Promotions
- Promotional offer: $500 cash bonus
- Conditions: Yes
- Expiry date: November 30, 2023
- Annual fee: Yes (waivable)
HSBC offers mobile and online chequing accounts for Canadians with different banking needs. Currently, it offers a $500 cash bonus to its new chequing account users who sign-up online.
However, you need to open an eligible chequing account to qualify for the HSBC promotion. While HSBC has five types of chequing accounts, only the following are eligible for the welcome bonus:
| Chequing Account | Monthly Fee |
|---|---|
| HSBC Premier | $34.95 |
| HSBC Advance | $25 |
| Student Chequing | $0 |
However, you can enjoy a fee rebate when you meet certain income eligibility on HSBC Premier or Advance Account. The income eligibility varies per chequing account as shown below:
| HSBC Premier Income Eligibility | HSBC Advance Income Eligibility |
|---|---|
| A minimum of $100,000 total balance in HSBC individual deposit and investment accounts. | A minimum of $5,000 total balance in HSBC individual deposit and investment accounts. |
| An average of $6,500 income deposit per month | An average mortgage amount of $150,000 with HSBC |
| A minimum mortgage amount of $500,000 with HSBC |
That said, you only need to meet at least one of the income eligibility of each account to qualify for the fee rebate.
5. CIBC Smart Accounts Promotion (Expired)
- Promotional offer: $350
- Promo value: $1,350+
- Conditions: Yes
- Expiry date: April 29, 2023
- Annual fee: Yes (waivable)
CIBC has two chequing accounts (Smart and Smart Plus) each offering a $350 cash bonus with a fee rebate.
The Smart chequing account has $16.95 monthly fees while the Smart Plus account has a $29.95 fee. You will get a monthly fee rebate once you maintain the following minimum balance:
- Smart Account = $4,000
- Smart Plus Account = $6,000
However, the CIBC Smart chequing account offers up to 12 months fee waiver while the Smart Plus account waives the fee for only three months.
Despite the fees, they are one of the best bank account promotions in Canada. Combined with the other benefits like annual fee waiver for the CIBC Aventura® Visa Infinite* Card, monthly fee waiver and more, the total value of the CIBC promotions is over $1,100.
6. RBC Eligible Account Promotions (Expired)
- Promotional offer: $350
- Conditions: Yes
- Expiry date: May 1, 2023
- Annual fee: Yes (waivable)
RBC offers a $350 bonus to new clients that sign up for RBC Signature No Limit Banking or RBC VIP Banking by May 31, 2023.
To qualify for this offer, you must do initiate and complete any two of the following by July 7, 2023:
- Direct deposit on your payroll or pension
- 2 pre-authorized monthly payments
- 2 bill payments
7. TD Chequing Account Offers
- Promotional offer: $400
- Promo value: $400+
- Conditions: Yes
- Expiry date: May 31, 2023
- Annual fee: Yes (waived for the first year)
If you have stayed less than 5 years in Canada and are looking to open your first bank account, the TD Chequing Account offers got you covered.
When you open a new TD Unlimited Chequing Account or TD All-Inclusive Banking Plan by May 31, 2023, you could get up to $4000 bonus.. However, you need to complete at least two of the following tasks before July 26, 2023, to qualify:
- Set up recurring pre-authorized debit payment
- Make recurring direct deposits
- Make a minimum of $50 bill payment in Canada.
Completing the above task will earn you $300 bonus. You will earn $50 bonus when you open a TD Savings Account by July 26, 2023 and make a pre-authorized transfer or Simply Save with your first transaction processed by July 26, 2023.
That sums your bonus $350 . To round it up to $400, you need to earn $50 bonus by adding Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by May 31, 2023.
Finally, all the five big banks in Canada have newcomers account promotions. So if the Tangerine offer is not ideal for you, choose the one that suits your needs in the link.
8. Tangerine Bank Special Offers
- Promotional offer: 5% interest on savings and $400 cash bonus on a chequing account
- Conditions: Yes
- Expiry date: July 17, 2023
- Annual fee: Yes (waivable)
Tangerine offers savings and chequing account promotions to new users that open an account by July 17, 2023.
When you open a Tangerine Savings and Chequing Account with the promo code EARNMORE, you could get up to 6.00% interest on savings and a $400 cash bonus on a chequing account.
For the 6.00% interest on savings, you need to sign-up for your first Tangerine savings and chequing accounts within 30 days of becoming a client. This high-interest rate lasts up to 5 months and it applies to your investment in Tangerine RSP, RIF TFSA, and USD savings accounts.
To enjoy the $400 cash bonus on a chequing account, you need to set up your payroll and make a minimum of three deposits within 60 days of signing up.
Best Credit Cards Promotions in Canada
Taking advantage of promotional credit cards will boost your rewards and savings from purchases in Canada. The following are the current best credit card offers you should look for:
9. Neo Financial Credit Card Promos
- Promotional offer: 15% cashback
- Conditions: N/A
- Expiry date: N/A
- Annual fee: $0
Neo Financial credit card offers more competitive cashback rewards than most credit card providers in Canada.
All three tiers of Neo Financial credit cards offer an average of 15% promotional cashback on your first purchases at partner locations/retailers. Although the rate could be lower or higher depending on the cashback offer and providers.
The interesting part is that all Neo credit cards have an average cashback of 5% with $0 monthly fees. This means you will continue to enjoy competitive cashback with no fees when the promo expires.
Learn more about Neo Financial credit cards here.
10. Tangerine Credit Card Promotions
- Promotional offer: 10% cashback and 1.95% introductory rate on balance transfers
- Conditions: Yes
- Expiry date: May 2, 2023
- Annual fee: $0
Tangerine Bank offers one of the competitive cashback promotions on its World Mastercard and Money-Back Credit Cards. The two credit cards offer new cardholders 10% cashback when they spend up to $1,000 within the first two months of membership.
In addition, both Tangerine World and Money-Back credit cards offer a 1.95% introductory rate on balance transfers for the first six months of membership. This is a savings of 18% on the standard 19.95% balance transfer rate.
The interesting part is that you will earn a standard 2% cash back on up to three purchase purchases after the promo expires.
Since they have no annual fee, you will likely save more and earn more in the long run with a Tangerine credit card.
Apply for Tangerine World MasterCard or here to apply for Tangerine Money-Back Credit Card.
Related:
- Tangerine World Mastercard Review
- Tangerine Credit Card Promotions
- Tangerine World Mastercard vs Tangerine Money-Back
11. Simplii Cash Back Visa Card Promotion
- Promotional offer: 20% cashback plus 9.99% introductory purchase rate
- Conditions: N/A
- Expiry date: N/A
- Annual fee: $0
The Simplii Cash Back Visa Card offers new cardholders a 20% cashback on their purchases at restaurants and bars for up to $500 – a $100 value.
Afterwards, the bonus rate drops to 4% at restaurants; 1.5% on eligible groceries, gas, pre-authorized payments and drugstore purchases up to $15,000 annually; and a standard 0.5% for all other purchases.
Also, you get a 9.99% introductory interest on purchases for the first 6 months.
Learn more about the Simplii Visa Card here.
12. BMO CashBack Credit Card Promos
- Promotional offer: 5% cashback plus 0.99% introductory interest rate on balance transfers
- Conditions: N/A
- Expiry date: N/A
- Annual fee: $0
Finally, the BMO CashBack Mastercard is worthy of mention so far as bank promotions are concerned in Canada. The credit card offers 5% promotional cashback for up to three months of membership.
With this rate, you can save $50 on every $1000 purchase. Depending on your spending habit, you can earn hundreds of dollars on your purchases within the few two months of membership.
You will earn up to 3% on grocery spending after the promo expires. You also get 1% cashback on recurring bill payments and 0.5% cashback on every other purchase.
Besides promotional cashback, the BMO CashBack Mastercard offers a 9-month 0.99% introductory interest rate on balance transfers. This saves you up to 22% from the standard balance transfer rate (22.99%).
Learn more: Best Credit Card Offers & Promotions in Canada
Honourable Mention: EQ Bank Savings Plus Account
EQ Bank Savings Plus Account deserves an honourable mention here even though it doesn’t offer any promotions. Its 2.50% (3.00% on TFSA and RRSP) rate makes it a top alternative to most promotional savings accounts in Canada.
Usually, promotional savings interest rates only last a few months, limiting your long-term earnings.
For example, the Simplii 5..25% promotional rate on savings accounts expires on April 30, 2023. While you will earn more within that short period, the interest reduces drastically to 0.40% to 2.00% after the promotion expires.
But with a non-promotional high-interest savings account such as EQ Bank Savings Plus, you’ll earn decent interest on your funds consistently.
Another interesting thing about the EQ Bank Savings Plus account is that it combines the features of traditional savings and chequing accounts, such as:
- $0 monthly balance
- $0 monthly fees
- Unlimited free Interac e-Transfers
- Free mobile cheque deposits
- Free electronic fund transfers and bill payments
- Free prepaid card with no monthly fees, transaction fees and FX fees
- Cheap international money transfers
Overall, you can earn more in the long run with the EQ Bank Savings Plus Account than most promotional savings accounts in Canada.
Learn more about EQ Bank Savings Plus and other non-promotional high-interest savings accounts in Canada here.
Which Best Bank Account Promotion is Perfect For You?
From the above review, you will notice that there are three major categories of bank account promotions in Canada. These are savings account promotions, chequing account promotions and credit card promotions.
The following are the overall best per each of these categories:
| Bank Account | Best For |
|---|---|
| Simplii Financial HISA | Savings Account Promotions |
| Simplii No-fee Chequing | Chequing Account Promotions |
| Neo Financial Credit Card | Credit Card Promotions |
The ball is now on your court to determine which of the above promotions suits your banking needs.
To narrow down the best bank account promotions in Canada for your needs, consider the following factors:
- Offer value: The value may vary depending on the type of promotion, such as introductory rate, cash bonus, fee rebate and so on. So all things equal, you should go with the bank with the higher offer value.
- Annual fees: While some promotional bank accounts have no annual fees, others have but waive it for the first year. Keep this mind when choosing between no-fee vs fee-based accounts.
- Eligibility: Most of the above best bank accounts promotions have conditions. Ensure you choose a promotional bank account that you’ll be eligible for.
- Standard rates: Except you’re just after short-term gains, it’s important to consider the standard rates of a promotional bank account. This will give you an insight into your regular banking cost and earnings after the promotion.
Verdict
There are a lot of great bank account promotions in Canada right now. So if you’re in the market for a new bank account, be sure to take advantage of one of these offers.
And if you’re not sure which offer is right for you, our tips will help you choose the best option. But regardless of which bank account promotion you’re going with, ensure you read the fine print to understand what fees or rewards you’ll get after the promotion period.
Banks usually offer promotions to entice potential users looking for high banking rewards. Don’t be caught into this trap blindly to save yourself from any future disappointment.
So what are you waiting for? Start shopping around for the best bank account promotions in Canada today!
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