New Bank Account Promotions in Canada (Chequing, Savings, Credit Cards and Investments)

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by Enoch Omololu


Advertiser Disclosure

Here are some of the promotions and bonuses currently being offered by banks in Canada.

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

I have to include a word of caution here though: when it comes to getting free money from a bank, particularly the big banks, read the fine print.

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&C’s, 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.

Bank Promo Offers in Canada

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.

Related: The Best High-Interest Savings Accounts in Canada

Best Bank Account Promotions and Offers in Canada

Scotiabank New Account Promotions

Scotiabank is offering up to a $350 cash bonus when you sign up for one of their premium chequing account packages.

The three accounts eligible for the bonus are:

  • Preferred chequing account ($16.95 monthly fee; waived with a $4,000 balance) – $300 bonus
  • Ultimate chequing account ($30.95 monthly fee; waived with a $5,000 balance) – $350 bonus

These two accounts offer a tonne of benefits including a fee waiver (up to $139) on select credit cards, unlimited transactions, premium savings rates, and many other VIP perks.

To qualify for the $350 sign-up bonus, you need to open an account by December 16, 2021. 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.

Value of promo: Up to $350

Caveats: These accounts have monthly account fees, however, you can waive the fee by keeping a minimum daily balance.

Apply for the Preferred Package or the Ultimate Package.

HSBC Chequing Account Promotions

HSBC Bank has a new customer promotional offer of up to $1,350* in value when you start banking with HSBC and meet the eligibility requirements.

Earn up to a $350 Welcome Bonus* in 3 easy steps:

When you choose an HSBC Chequing account, you can earn up to $300 plus an additional $50 when you apply for your new chequing account online.

  1. Open an eligible HSBC Chequing account1
  2. Make a minimum deposit within 30 days2
  3. Register for Online banking within 30 days2

You can also earn up to another $1,000* in cash back, savings & rewards with additional offers.

Total Value of Promo: Up to $1,350*

Limited time offer until September 27, 2021.

Open an HSBC Account now.

(This offer is for new to HSBC customers only)

Issued by HSBC Bank Canada. *Terms and Conditions apply. Offer value is composed of multiple products.
¹Eligibility requirements apply.
2Steps 2 and 3 must be completed within 30 days of account opening and funds must be deposited and maintained as total relationship balance for a minimum of three months to receive the welcome bonus.

RBC New Account Promotion

RBC is offering to give new customers up to a $300 cash bonus when they open one of three RBC all-inclusive accounts.

The accounts eligible for the offer are:

  • RBC Signature No Limit Banking ($15.95 monthly fee), or
  • RBC VIP Banking ($30 monthly fee)
  • RBC Advantage Banking ($11.95 monthly fee) – qualifies for a $100 bonus

To qualify for the offer, you cannot have an existing RBC bank account and must open one of the qualifying accounts by September 30, 2021. Also, you will need to set up two of the following: i) a payroll direct deposit, ii) two pre-authorized monthly payments, or iii) two bill payments to a service provider, by November 30, 2021.

Value of promo:  $100-$300

Caveats: Obviously, these accounts come with some added perks for the monthly fees. However, if you are looking to pay $0 per month for a bank account, these accounts do not qualify.

Also, you will need to keep your account in good standing for at least one year. Read more.

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

EQ Bank Savings Plus HISA Account

EQ Bank is offering one of the best non-promotional interest rates in Canada at 1.25%*. You can deposit up to $200,000 and enjoy the high interest rates.

They also offer a joint savings account where you can deposit up to $500,000 and earn 1.25%.

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.

Value of promo: N/A. Earn interest at 1.25%.

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 1.25%*. You can open TFSA savings or RRSP savings account with just a few clicks.

HSBC High Rate Savings Account Promotion

HSBC is one of the largest banks in the world. HSBC Canada, a subsidiary of HSBC Holdings plc., has had a presence in Canada for over 40 years.

Its High Rate Savings Account currently offers a total interest rate* of 1.75% on new deposits ± of up to $1 million from September 13, 2021, to December 16, 2021.

This savings account has no monthly fee, no minimum balance, and interest is calculated daily and paid out monthly.

You get 3 free debit transactions per monthly statement cycle. Additional transactions cost $5 each.

You can access your money using thousands of HSBC Bank Canada and THE EXCHANGE network ®+ ATMs across Canada.

Note that the promotional interest is available only for the promotional period (September 13-December 16, 2021). The current regular interest rate for this account is 0.05%.

Open an HSBC High Rate Savings Account.

*Terms and conditions apply. Rates as of September 10, 2021, and subject to change without notice. The Regular Interest Rate is calculated daily and paid monthly. Bonus Interest earned on New Deposits is 1.70% per annum, calculated daily on the daily closing balance of the New Deposits and paid monthly. The current regular interest rate (paid on the entire HRSA balance) is 0.05%.

BMO New Bank Account Promotions

BMO is offering up to a $300 cash bonus when you open a new chequing account (performance plan – $300; premium plan – $300; plus plan: $100) by October 31, 2021.

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

  • Set up one recurring direct deposit for at least 2 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

Value of promo: $100 to $300

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

Simplii Financial New Account Promotions

Simplii Financial is an online-only bank owned by CIBC and it offers no-fee chequing and high-interest savings accounts. It routinely offers promos on its interest-earning chequing account.

Chequing Account: Earn up to $200 when you open a new chequing account. To qualify:

  • Open an account by October 31, 2021.
  • Set up an eligible payroll or pension direct deposit of at least $100 a month for three straight months.

Read my Simplii Financial review for more details. You get an extra $50 bonus when you sign up here.

Value of promo: $200-$250

Caveat: Online-only bank.

Tangerine Chequing Account Promotion

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

Tangerine is a subsidiary of Scotiabank.

Chequing: Tangerine offers up to $200 in cash bonuses when you open a new savings account and also open a chequing account by August 31, 2021. To claim the $200, you must:

  • Open a savings account and set up payroll direct deposit to your Tangerine chequing for at least 3 consecutive months.

Read my Tangerine review for more information.

Value of promo: $150

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 0.10% after 5 months.

CIBC Bank Account Promotion

Open a new CIBC Smart Account and get a waiver on the monthly fee for up to 12 months.

To qualify for the offer:

  • Open an account (3 months free)
  • Set up direct deposit or two pre-authorized debits (9 months free)

Following the 12-month promotional period, a monthly fee of up to $14.95 applies if your daily balance falls below $3,000.

Value of promo: Save $179.40 ($14.95 x 12 months) in fees plus a $300 cash bonus.

Caveat: This is not a no-fee account and you will need to keep a minimum balance plus set up a direct deposit or two pre-authorized debits every month to keep it fee-free after the first year.

Related: Best No-Fee Cash Back Credit Cards in Canada

TD Bank Promotions

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

To qualify, your account must be opened by October 31, 2021, and you must complete any two of the following by December 27, 2021:

  • 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

Caveats: The TD unlimited chequing has a monthly fee of $16.95 while the TD all-inclusive plan comes with a $29.95 monthly fee. Read the fine print.

bank account promo offers

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 is Canada’s largest online investment service with more than $10 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 $75 cash bonus when they open an account with at least $500. Visit

Related Posts:


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 trades when they open a Questrade account.

Bank Credit Card Promo Offers

Here are some of the ongoing credit card offers we are currently digging in Canada:

Tangerine Bank Credit Card Promos

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% cash back on up to $1,000 spending in the first 2 months ($100 value) – offer available until October 4, 2021. 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 that is worth up to $100. Read the card review.

Scotiabank Credit Card Promos

1. Scotiabank Gold American Express Card: Get 50,000 bonus points ($500 value) until November 21, 2021. The annual fee is $120. 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 November 21, 2021. The annual fee is $139, and foreign transaction fees (2.5%) are waived. Read my Scotiabank Passport review.

PC Financial Credit Card Promos

PC Financial Mastercards: Great no-fee cards for earning PC Optimum points and free groceries – up to 4.5% in PC Optimum rewards. Read my review of all three PC Financial cards.

TD Bank Credit Card Promos

1. TD First Class Travel Visa Infinite: Premium travel credit card. Get up to 100,000 bonus points ($500 value) and the annual fee of $120 is waived in the first year.

2. TD Cash Back Visa Infinite: 6% cash back on your first $2,000 spending ($120 value) and a $120 annual fee that is waived in the first year.

BMO Credit Card Promos

1. BMO World Elite Mastercard: Get 30,000 points until October 31, 2021, when you spend a minimum of $3,000 in your first 3 months. The $150 annual fee is waived in the first year.

2. BMO Cash Back World Elite Mastercard: Get 10% cash back in the first 3 months (up to $200 value). Offer available until October 31, 2021. The $120 annual fee is also waived in the first year.

±New Deposits is the lower amount of the increase in Total Deposits (all your deposit accounts under the same Customer Account Number with HSBC Bank Canada) and increase in High Rate Savings Account Balance. New Deposits in the following Savings accounts do not qualify for Bonus Interest:
– Foreign currency accounts
– Investment Savings, Premier Youth, Advance and Regular savings accounts, Youth Savings
– Registered accounts such as Tax Free Savings, RRSP and RRIF accounts
– Personal Holding Company Accounts
– Trust Accounts
+ Debit card fees for withdrawal may apply (see Personal Service Charges Statement of Disclosure to learn more)
® THE EXCHANGE and Accel are registered trademarks owned by Fiserv Inc. licensed for use in Canada by FICANEX Services Limited partnership.
®Interac e-Transfer is a registered trade-mark of Interac Inc. Used under license.
For more information and to confirm most recent rates, please visit

New Bank Account Promotions in Canada (Chequing, Savings, Credit Cards and Investments)

Hottest Promotions this month

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Free stock bonuses are available up to $4,500*.

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Up to 125x more earnings than other banks.

No monthly account fees; fast and easy online sign-up.

Free and unlimited bill payments and Interac e-Transfers.

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

4 thoughts on “New Bank Account Promotions in Canada (Chequing, Savings, Credit Cards and Investments)”

  1. Thank you for this post and the links associated to the post!

    It is very informative and keeps me up to date on current promotional events banks may have to offer to me.

    I really appreciate the time you put into searching for this 🙂

  2. Where would you open a New Checking Account and Savings Account in Regina, Saskatchewan Canada
    For the Best Interest Rates and Free Cash Incentives and they have to have more than 1 ATM in their Branch? Thank You For Your Reply. Sheila

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