13 Best New Bank Account Promotions in Canada for 2023

Here are some of the best bank promotions and bonuses currently offered by Canadian banks.

Whether it’s a chequing, savings account, or even credit cards and investments, customers can score ‘free’ cash when they open a new bank account.

I must include a word of caution here: read the fine print when looking to get free money from a bank, particularly the big banks.

Unlike credit card churning, where you can often just cancel your card, divorcing your bank and moving your chequing elsewhere may not be as easy. Depending on the T&Cs, you may need to pay them back your bonus if you have not met all the conditions in the contract you signed.

In addition, also check that any fees associated with your account are worth your while.

Read on to learn about the new bank account promos from HSBC, Simplii Financial, RBC, BMO, TD Bank, CIBC, Tangerine, Scotiabank, and others.

Best Bank Promo Offers in Canada for March 2023

Check out the banks and digital investment services offering a bonus when you open a new account. For more details about the terms and conditions of each offer, visit the bank’s website.

These offers usually get extended or repeated throughout the year. So, if you are interested and the offer dates have expired, monitor their website for the most current offering.

The top 10 Canadian bank offers are:

• Simplii Financial: $400 welcome bonus
• HSBC Canada: Up to $600
• BMO: Up to $400
• Scotiabank: Up to $350
• CIBC: Up to $400
• RBC: $350 bonus
• TD Bank: Up to $300
• Tangerine: Up to $400
• National Bank: $300 (expired)
• PC Financial: Up to $200

Related: The Best High-Interest Savings Accounts in Canada

Simplii Financial New Account Promotions

Simplii Financial is an online-only bank owned by CIBC. It offers no-fee chequing and high-interest savings accounts. 

The Simplii chequing account has no transaction limits, meaning you won’t have to worry about paying monthly account fees when you make online bill payments or send Interac e-Transfers. This account also earns interest.

Simplii Financial routinely offers account bonuses to new clients, with the latest worth $400.

Chequing Account Offer: Get a $400 bonus when you open a new chequing account. To qualify:

• Open an account by June 30, 2023.
• Set up an eligible payroll or pension direct deposit of at least $100 a month for three straight months.

Read this Simplii Financial review for more details.

Value of bank promos: $400

Offer Validity: June 30, 2023.

Caveat: Online-only bank, but backed by one of Canada’s largest banks.

Your $400 cash bonus is deposited in your No Fee Chequing Account 5 months after the month the new bank account is opened. 

Application month	Cash bonus paid
January 1 to 31, 2023	June 2023
February 1 to 28, 2023	July 2023
March 1 to 31, 2023	August 2023

Open a free Simplii Account.

HSBC Chequing Account Promotions

HSBC Bank offers up to a $600 promotional offer* when you open a new HSBC chequing account online and meet the eligibility requirements.

The three accounts eligible for the offer are:

• HSBC Premier Chequing Account: $34.95 monthly fee (fee is waived when you meet eligibility criteria).
• HSBC Advance Chequing Account: $25 monthly fee (fee is waived when you meet eligibility criteria)
• HSBC Student Chequing Account: No monthly account fee

Total Value of Bank Promo*: Up to $600

Premier Chequing: Up to $500 (includes no monthly fees for the first six months). The $500 offer includes a $300 welcome reward, $100 for opening the account online, and an extra $100 if you deposit $25,000 within 30 days of opening the account and maintain this balance for at least 6 months.

Advance Chequing: Up to $400 (includes no monthly fees for the first six months). The $400 offer includes a $300 cash bonus and an additional $100 when you open your account online.

Student Chequing: Up to $150. This includes a $100 bonus for opening your account online and an extra $50 welcome offer.

In addition to the above, new HSBC clients can get a $50 FX Wire Transfer Bonus Reward when they send two international foreign exchange wire transfers or global transfers within 6 months of opening their account.

And another $50 when they open a safety deposit box with HSBC within six months of membership.

To be eligible for the Premier and Advance chequing offers, you will need to complete at least two out of four actions:

• Set up recurring payroll deposit within six months of account opening
• Make two pre-authorized debit transactions to separate merchants within three months of account opening
• Complete two online bill payments to separate merchants within three months of account opening
• Send two outgoing Interac e-transfers to separate parties within three months of account opening 

Offer Validity: Limited time offer until November 30, 2023.

Caveats: The Premier and Advance chequing accounts have monthly maintenance fees after the promotional period ends; however, you can continue to waive these fees if you meet the eligibility criteria.

(Student offer applies for new to HSBC customers only. Offer ends November 30, 2023)

Issued by HSBC Bank Canada. *Terms and Conditions apply. Offer value is composed of multiple products, valid from May 16, 2022, to November 30, 2023.

Simplii Savings Account Offer

Simplii Financial is offering a promotional 5.25% interest rate for a limited time.

The Simplii savings account has no monthly account fees, and you can easily pair it with the bank’s free chequing account. Interest is calculated daily and paid monthly.

This promotional interest is available on up to $500,000 deposits and will last until April 30, 2023. On amounts exceeding $500,000, you earn a 0.40% regular interest rate.

Offer validity: April 30, 2023.

Caveat: Online bank. However, it is backed by CIBC, one of the largest banks in Canada.

BMO New Bank Account Promotions

BMO offers up to a $400 bonus when you open a new banking package (Performance Plan chequing account – $350 bonus; premium plan – $350; plus plan: $100) by April 30, 2023.

To qualify, you must make a deposit, set up a direct deposit, and complete one of three actions by June 30, 2023:

• Set up one recurring direct deposit for at least two months
• Make one bill payment of at least $50 through BMO Online Banking or the BMO Mobile App for at least two consecutive months.
• Set up one pre-authorized debit of at least $50 for two consecutive months

You can qualify for an extra $50 if you open a premium or performance plan account and add a new family member account as part of their Family Bundle package.

Value of promo: Up to $400.

Offer validity: April 30, 2023.

Caveats: A BMO performance plan chequing account comes with a $16.95 monthly account fee, and for the premium plan, it is $30. These fees are waived if you meet the minimum balance requirement. Read the conditions or learn more about BMO bank promotions.

Scotiabank New Account Promotions

Scotiabank offers up to a $300 cash bonus when you sign up for one of their premium chequing account packages or student banking.

The three accounts eligible for the bonus:

• Preferred chequing account ($16.95 monthly fee; waived with a $4,000 balance) – $350 bonus
• Ultimate chequing account ($30.95 monthly fee; waived with a $5,000 balance) – $350 bonus
• Student banking (No monthly account fee) – $75 bonus (ends January 31, 2023)

The Preferred and Ultimate chequing accounts offer many benefits, including a fee waiver (up to $150) on select credit cards, unlimited transactions, premium savings rates, and many other VIP perks.

To qualify for the $350 sign-up bonus, you must open an account by April 30, 2023. Also, you will need to set up two of the following within 60 days of opening your account: i) set up a direct deposit, ii) set up two separate pre-authorized payments of $50 or more, and/or iii) make an eligible $50 bill payment through online or mobile banking.

For the Student Banking Advantage Plan account’s $75 account bonus, you must complete the following actions within 60 days of opening an account: 1) Set up at least one recurring automated direct deposit (such as payroll), and 2)  Set up at least one recurring pre-authorized transaction for a minimum of two months.

Value of promo: Up to $350. 

Offer validity: April 30, 2023.

Caveats: These accounts have monthly account fees; however, you can waive the fee by keeping a minimum daily balance. Learn more or read our Scotiabank chequing account review.

EQ Bank Savings Plus HISA Account

EQ Bank offers one of Canada’s best non-promotional interest rates at 2.50%*. You can deposit up to $200,000 and enjoy higher interest rates.

They also offer a joint savings account where you can deposit up to $500,000 and earn 2.50%.

An EQ Bank Savings Plus Account is a hybrid account that offers both chequing and savings account features, including:

• Free and unlimited Interac e-Transfers
• Zero minimum balance
• No monthly account fees
• Free bill payments and electronic fund transfers
• Free mobile cheque deposits and more
• Free rewards debit card that offers 0.50% unlimited cash back

Value of promo: Earn interest at 2.50% (calculated daily and paid monthly).

Offer validity: Ongoing.

Caveats: Online bank. However, it is backed by a Schedule 1 bank, Equitable Bank. Learn more here.

Bonus: EQ Bank also offers one of the best TFSA and RRSP savings rates in Canada at 3.00%*. You can open TFSA savings or RRSP savings account with just a few clicks.

Related: EQ Bank: The Best Savings Account in Canada?

CIBC Bank Account Promotion

Open a new CIBC Smart Account (up to $16.95 monthly account fee) and get up to $400.

To qualify for the offer, open an account and set up a recurring direct deposit, such as your paycheque, and complete two of three transactions:

• Set up two ongoing pre-authorized debits
• Complete two online bill payments of $50 or more each
• Complete two Visa debit transactions

You can get an additional $50 by transferring $200 from your new CIBC Smart Account into your CIBC eAdvantage Savings Account within two months of opening your CIBC chequing account.

Value of promo: Up to $400.

Offer validity: April 28, 2023.

Caveat: This is not a no-fee account, and you will need to keep a $4,000 minimum daily monthly balance to waive monthly fees after the first three months. Learn more here.

RBC New Account Promotion

RBC offers new customers a $350 cash offer free Airpods Pro when they open one of two RBC all-inclusive accounts.

The accounts eligible for the offer are:

• RBC Signature No Limit Banking ($16.95 monthly fee)
• RBC VIP Banking ($30 monthly fee)

To qualify for the offer, you cannot have an existing RBC bank account and must open one of the qualifying accounts by May 1, 2023. Also, you will need to set up two of the following: i) a payroll or pension direct deposit, ii) two pre-authorized monthly payments, or iii) two bill payments to a service provider by July 7, 2023.

These two RBC chequing accounts include unlimited debit transactions, online bill payments, savings on annual fees for eligible credit cards, and access to other perks (e.g. overdraft protection).

Value of promo: $350

Offer validity: May 1, 2023.

Caveats: Obviously, these accounts come with some added perks for the fees. You could also get a partial rebate on the fees if you own multiple RBC products. However, if you want to pay $0 monthly for a bank account, these accounts do not qualify.

You must keep your account in good standing for at least one year. Read the conditions (Signature No Limit or VIP Banking) or learn more about RBC bank promotions.

TD Bank Promotions

Get a $300 bonus when you open a TD Unlimited Chequing Account or TD All-Inclusive Banking Plan.

To qualify, your account must be opened by May 31, 2023, and you must complete any two of the following by July 26, 2023:

• Set up direct deposit – payroll or pension
• Set up a pre-authorized debit for at least $50
• Make an online bill payment of at least $50 through EasyWeb or the TD app

Value of promo: $300.

Offer validity: May 31, 2023.

Caveats: The TD unlimited chequing costs $16.95, while the TD all-inclusive plan comes with a $29.95 fee. These monthly account fees are waived if you maintain a minimum daily monthly balance of $4,000 or $5,000, respectively. Read the fine print.

Tangerine Chequing Account Promotion

Tangerine Bank routinely offers bonuses when you open a new chequing or savings account. Unlike traditional banks, Tangerine savings and chequing accounts do not have monthly account fees and pay you interest on your chequing account balance.

Tangerine is a subsidiary of Scotiabank.

Chequing: Tangerine offers 20% cash back on eligible transactions when you open a new chequing account by March 30, 2023, and use your Tangerine Visa Debit card or client card in the first 60 days.

Read my Tangerine review for more information.

Value of promo: Up to $400.

Offer validity: March 30, 2023.

Caveats: Tangerine Bank is mostly an online-only bank and may not be an option if you prefer an in-person visit to a branch for all your transactions. Also, its high savings rate is promotional and falls to a regular interest rate of 1.00% after five months.

PC Money Account Promotion

The PC Money Account from PC Financial is a hybrid spending account with no monthly fees. Accountholders earn PC Optimum points when they shop at Loblaw stores and everywhere else.

The current offer is up to 200,000 points and works as follows:

• 20,000 points when you deposit $150 or more in your new account within 120 days of registration
• 100 PC Optimum points per $1 spent for the first $1,300 in purchases (up to 130,000 points total)
• 25,000 points per friend referred to PC Financial within the first 120 days. You can refer up to 2 friends for a maximum of 50,000 points. Your referrals must spend at least $100 using their new account within 60 days of registration.

Value of promo: Up to 200,000 points ($200 value at Loblaw stores).

Offer validity: Ongoing.

Caveat: This is not a fully functional chequing account, and you will still need a regular chequing account at another financial institution. Learn more about the deal.

National Bank New Account Promotion

*Expired* National Bank is offering up to a $300 bonus when you open one of two banking packages (chequing accounts):

• The Connected ($15.95 monthly fee)
• The Total ($28.95 monthly fee)

To qualify, you must open an eligible account by October 31, 2022, and complete two actions within 60 days:

• Complete one bill payment of $50 or more through online banking or the National Bank app
• Add a recurring automated direct deposit, such as your salary or pension

Value of promo: $300 cash back

Offer validity: October 31, 2022.

Caveats: These chequing accounts have fees, although you could waive the fees by maintaining a minimum daily balance between $4,500 and $6,000. There are also discounts for newcomers, students, and those aged 18-24. Learn more.

Robo-Advisor Promotions (Investing)

Digital investment managers offer opportunities to invest your money at a lower fee and without any of the hassles of self-directed investing.

Compared to the management expense ratios (MER) charged by the mutual funds sold by the big banks (average of 1.98% for equity funds), robo-advisor fees are significantly lower (~ 0.70% including fund MERs).

Wealthsimple

Wealthsimple is Canada’s largest online investment service, with more than $15 billion in assets under management.

They offer free financial advice, automatic rebalancing, dividend re-investing, spare change investing, low fees, VIP perks, and more.

Readers of Savvy New Canadians get a $25 cash cash bonus when they open an account with at least $500. If you transfer an existing account from another bank to Wealthsimple, they waive transfer fees of up to $150 if your transfer is $5,000 or more. Visit Wealthsimple.com.

If you are a self-directed investor, you can use the Wealthsimple Trade platform to place free trades for both stocks and Exchange-Traded Funds (ETFs).

Related: Wealthsimple Review: Smart Investing at a Low Fee.

Questrade

Questrade is Canada’s largest online discount brokerage. If you prefer to buy and sell the stocks, ETFs, mutual funds, bonds, etc., that make up your portfolio yourself, Questrade is worth checking out.

They also offer a robo-advisor service, Questwealth Portfolios (invest $10,000 free for 1 year).

Readers of Savvy New Canadians get $50 in FREE trade credit when they open a Questrade account.

Bank Credit Card Special Promo Offers

Here are some of the ongoing best credit card offers in Canada:

Tangerine Bank Credit Card Promos

Tangerine Bank credit cards are great for saving money when making purchases online and in-store. Even better, the eligible credit cards do not have annual fees.

1. Tangerine No-Fee Cash Back Card: This card has $0 annual fees, and you earn unlimited 2% cash back on purchases in up to three categories.

New cardholders earn an extra 10% back on their first $1,000 spending in the first 2 months ($100 value). Read the card review.

2. Tangerine World Mastercard: Get up to 2% cash back, mobile device insurance, Mastercard Airport Experiences (complimentary membership), and $0 annual fees.

New cardholders get an extra 10% cash back which is worth up to $100. Read the card review.

Neo Financial Mastercard Promos

Neo Financial is a neobank with no-fee online savings accounts and credit cards. 

Neo Financial Mastercard: Earn up to 5% cash back at over 1,000 Neo partner stores and retail locations; guaranteed 0.50% cash back across all spending. New cardholders also get a $25 cash bonus.

You can also apply for the secured card version if you have poor credit. Approval for this card is guaranteed.

Scotiabank Credit Card Promos

In addition to its chequing offers, Scotiabank also has special promotions for its credit cards, including:

1. Scotiabank Gold American Express Card: Get 45,000 bonus points ($450 value) until April 30, 2023. The annual fee is $120 (waived in the first year). Check out my review of the card and why it’s one of the best travel rewards cards on the market.

2. Scotiabank Passport Visa Infinite Card: Get 40,000 bonus points ($400 value) until April 30, 2023. The annual fee is $150 (waived in the first year), and foreign transaction fees (usually 2.50%) are also waived. Read my Scotiabank Passport review.

Which Canadian Bank is Best For New Account Offers?

Your best bank account will depend on your banking needs and what you want to get out of the account long-term.

When opening a new account and looking for sign-up bonuses, you should watch out for:

• Account fees
• Account features and your banking needs
• Convenience, e.g. branch locations, ATMs, etc.
• Ongoing banking costs
• Terms and conditions of the offer

Read through the conditions attached to the offer and ensure you can meet them before opening the account.

Bank Promotions in Canada FAQs