As a Canadian resident (temporary or permanent), you need a bank account to save money, pay bills, buy groceries with a debit card, and so on.
Signing up for a new bank account can be overwhelming because of the numerous choices available to you.
Most banks have a new account promotion they offer to people to convince them to open an account with them. The major Canadian bank account promotional offers will be broken down here.
New Bank Account Offers in Canada
As implied earlier, there are many new bank account offers to choose from. Here are the 13 best ones:
- Simplii Financial No Fee Chequing Account Promo
- HSBC Advance Chequing Account
- Scotiabank Preferred Package
- Simplii Financial Savings Account Offer
- HSBC Premier Chequing Account
- Tangerine New Chequing Account Offer
- Neo Money Account
- TD Unlimited Chequing Account
- CIBC Smart Plus Account
- BMO Performance Chequing Account
- RBC Signature No Limit Banking
- The PC Money Account
- EQ Bank Savings Account
Best New Bank Account Promotions in Canada
1. Simplii Financial No Fee Chequing Account Promo
If you sign up for the Simplii Financial No Fee Chequing Account on or before January 31st, 2023, you could get a $350 bonus. To qualify, you need to make eligible direct deposits of $100 or more at least once into the account for three consecutive months.
Using their No Fee Chequing Account, you can save up to $200 yearly because they offer free daily banking. The account has no minimum balance requirements, and it gives you access to every CIBC ATM in Canada.
Also, note that your chequing account will let you perform unlimited debit transactions and e-Transfers.
If you meet certain conditions, you can receive up to $300 when you first use your account to send money across international borders. To claim this offer, use the promo code GMTEVENT.
2. HSBC Advance Chequing Account
With the HSBC Advance Chequing Account, you can earn up to $400 as a welcome bonus if you meet complete two out of the following four actions:
- Set up a recurring payroll deposit within 6 months of account opening
- Set up two pre-authorized debit transactions to separate merchants within 3 months of account opening
- Make two online bill payments to separate merchants within 3 months of account opening
- Complete two outgoing INTERAC e-transfers to separate parties within 3 months of account opening
You will receive a $25 monthly fee waiver if you maintain personal deposits or investments of at least $5,000 with HSBC. This also applies if you hold a personal mortgage with a starting amount of $150,000 with this bank.
The HSBC new account offer includes the opportunity to add a High Rate Savings Account that offers a 5.05% yearly interest rate on deposits you make on or before January 27th, 2023.
This chequing account allows you to make free e-Transfers, conduct unlimited transactions, and receive five ATM convenience fee rebates every month if you use a non-HSBC bank ATM.
3. Scotiabank Preferred Package
Newcomers that open a Scotiabank Preferred Package chequing account on or before April 30th, 2023, will be eligible to receive $350 as a welcome bonus.
In the first two months of opening your account, ensure you do at least two of the following to receive your bonus:
1. Make an eligible bill payment through mobile or online banking channels.
2. Initiate an eligible recurring direct deposit that will make recurring deposit transactions for at least three consecutive months.
3. Initiate two eligible distinct recurring pre-authorized transactions of at least $50. The transactions must be set up to recur for three consecutive months at least.
The $350 will be deposited into your account within six months from your opening date if you qualify.
This Scotiabank new account offer includes unlimited e-Transfers, a possible $150 waiver on credit card annual fees in the first year, eligibility for overdraft protection, and more.
4. Simplii Financial Savings Account Offer
Opening a Simplii Financial Savings Account on or before April 30th, 2023, allows you to earn 5% interest on your deposits. The annual interest rates on this type of account usually range between 0.4%-2%, depending on the bank.
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You can also earn $50 every time you refer a friend to open a new High Interest Saving Account. Ensure that they use your referral link when they register.
With this savings account, you don’t need to pay transaction fees. There is also no minimum balance that must be left in your account, and you can access your cash anytime you need it.
5. HSBC Premier Chequing Account
The HSBC Premier Chequing Account allows you to earn up to $500 as a welcome bonus if you create your account on or before March 31th, 2023.
There are eligibility conditions to meet to access this HSBC new account offer. New account openers also have the opportunity to receive up to $958 as savings and cash back.
This chequing account allows unlimited transactions without a monthly fee, provided you meet eligibility criteria.
The account has no minimum balance requirement, and the premium credit cards its users have access to have reward programs, travel benefits, and insurance coverage.
As an HSBC Premier Chequing Account holder, your family will also have access to certain premier privileges like a Youth Savings account, a relationship manager, and the ability to have extra bank cards authorized to access your account for free.
Related: Read these bank offers for newcomers in Canada.
6. Tangerine New Chequing Account Offer
If you create a new Tangerine No-Fee Daily Chequing Account with the promo code EARNMORE, you can get $400 as cashback.
The $400 maximum cash back applies to 20% of purchases made on the internet for 60 days after account creation.
You will also have a 5% interest rate applicable to your savings for your first five months of owing the account. The default interest rate is ~0.1%.
This chequing account does not charge fees for e-Transfers and daily transactions. It also has no minimum balance requirement and gives free access to Scotiabank ATMs across Canada.
Instead of walking into one of their bank branches, you can create an account from their mobile banking app.
7. Neo Money Account
Neo Money savings account has a 2.25% interest rate and no monthly or annual fee. Account holders can perform transactions for free as often as they like daily. There is also no minimum balance requirement.
Signing up for this account will give you a $5 welcome bonus. If you apply for the Neo Card once your account is set up, you will get a $25 bonus.
Neo Card users will get 15% cash back on their first purchase as a welcome bonus. Continuous usage of this card will give you an average of 5% cash back when you shop.
8. TD Unlimited Chequing Account
If you open a TD Unlimited Chequing Account on or before January 31st, 2023, you can receive a $300 Amazon gift card. To qualify for this TD new account offer, you have to complete any two of the following requirements:
1. Initiate a monthly recurring pre-authorized debit payment of $50 or more.
2. Set up a monthly recurring direct deposit from the government, pension provider, or your employer.
3. Pay for a bill worth at least $50 online through the TD app or EasyWeb.
These requirements must be fulfilled on or before March 28th, 2023.
TD Unlimited Chequing Account allows you to perform unlimited transactions every month. On certain TD credit cards, you will get rebates on your spending.
To receive a monthly rebate, you need a minimum monthly balance of $4,000. You must pay a monthly fee of $16.95 to maintain this account.
Related: Do you have a TD bank account and want to close it? Learn here.
9. CIBC Smart Plus Account
This CIBC new account offer is a welcome bonus of $400 if you meet the eligibility requirements. If you do, you will receive your money during the first seven months after you open your account.
The CIBC Smart Plus Account allows you to perform unlimited transactions daily, including e-Transfers. The account also offers overdraft protection and free personalized cheques.
Customers don’t have to pay fees for ATM withdrawals worldwide. The account will also issue a CIBC credit card where you and three authorized users can get annual fee rebates for usage.
If you meet the minimum daily balance of $6,000 or have a total of $100,000 in savings and investments, you will not be required to pay a monthly fee.
If not, you must pay $29.95 or $23 (if older than 65) monthly to maintain your account.
10. BMO Performance Chequing Account
Customers who want the ability to make unlimited monthly transactions while paying a low fee can open a BMO Performance Chequing Account. The BMO new account offer is a welcome bonus of up to $400.
You can avoid paying a monthly fee if you have a minimum balance of $4000 in your chequing account. Otherwise, you will pay $16.95 every month.
While using certain BMO credit cards, you can get rebates of up to $40 on their annual fees.
If you add a Savings Amplifier Account, you can earn a 4.25% interest rate as a bonus. With your BMO Performance Chequing Account, you can obtain accounts for other members of your family at no extra monthly cost.
11. RBC Signature No Limit Banking
With RBC Signature No Limit Banking, you can perform as many debit transactions within Canada as you like. While the first five international debits you make in a month are free, subsequent debits will cost you $1 each.
Also, your first three non-RBC ATM withdrawals are free, while a $2 fee applies for any other withdrawal you make.
The RBC new account offer is a brand new AirPods Pro, provided you open your account on or before January 31st, 2023.
To maintain the account, you must pay a monthly fee of $16.95. If you are aged 65 or above, your monthly fee will be $12.95.
This RBC chequing account has a Value Program that gives customers rebates of up to $10.95 on their monthly fee.
If you have certain RBC credit cards, you will be eligible for a rebate of up to $48 on the annual fee. This account does not have minimum balance requirements, even to get a rebate.
Related: Check out the best no annual fee credit cards.
12. The PC Money Account
When you first open and fund a new PC Money Account with at least $150, you will receive 20,000 points. While these points are not redeemable for cash, you can get discounts on purchases with your PC Finance debit card. 10,000 points are worth $10.
On the first $1,300 you spend to make purchases at select stores, you can accumulate up to 130,000 points. You can earn 50,000 more points by referring two people to open PC Money Accounts.
This account does not require you have a minimum balance. It is also free to open, allowing you to make as many daily transactions as you like. E-Transfers are also free.
13. EQ Bank Savings Account
Customers that sign up for the EQ Bank Savings Account will enjoy 2.5% interest on their deposits. They will also be able to transfer funds from one bank account to another and make e-Transfers for free. The savings account does not require a monthly fee.
EQ Bank currently offers a referral bonus to people who use a referral link to open their accounts. You will be eligible to receive the $30 bonus if you deposit at least $100 into your account at least 30 days after creating your account.
Related: Discover these best free chequing accounts in Canada.
How Do Bank Account Promotions Work?
Bank promotional offers in Canada incentivize people to create new savings or chequing accounts. They come in different forms like cash backs, gift cards, direct deposits, gift items, points, and more.
Each bank has its policy that dictates how long the new account promotion runs for and what they will give as a reward.
Are New Bank Account Offers in Canada Worth It?
Newcomer bank account offers in Canada are worth it, especially if you plan to use that new account actively. The eligibility requirements are usually favourable to people that frequently transact with that account.
Without these offers, people will open bank accounts regardless, so getting rewards from these promotional offers is a welcome proposition.
Which bank is best for opening a new account in Canada?
What banks are giving money for new accounts?
Apart from TD Bank, Royal Bank of Canada, and PC Financial, all the banks mentioned above give money for new accounts. The money is issued as a direct deposit or as cash back. The other three banks give gift cards, gift items, and redeemable points.