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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

HSBC Chequing Account Promotions

HSBC has a new customer promotional offer of up to $1,000* in cash back and rewards when you open a new HSBC account and meet the eligibility requirements.

Get a welcome bonus of up to $500* in three easy steps:

  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 an additional $500* in cash back and rewards.

Total value of promo: Up to $1,000*

Limited time offer until November 30, 2020.

Open an HSBC Account now.

Issued by HSBC Bank Canada and HSBC Investment Funds (Canada) Inc.
*Terms and Conditions apply. Offer ends November 30, 2020.
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.

Scotiabank Account Promotions

Scotiabank is offering a $300 cash bonus when you sign up for one of their premium chequing account packages.

The two accounts eligible for the bonus are:

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 $300 sign-up bonus, you need to open an account by December 16, 2020. 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: $300

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.

RBC Bank Account Promotion

*Offer Expired* RBC is offering to give new customers the latest Apple AirPods (worth $219) when they open one of three RBC all-inclusive accounts.

The accounts eligible for the offer are:

  • RBC No Limit Banking ($10.95 monthly fee)
  • RBC Signature No Limit Banking ($15.95 monthly fee), or
  • RBC VIP Banking ($30 monthly fee)

To qualify for the Apple AirPods and charging case offer, you cannot have an existing RBC bank account and must open one of the qualifying accounts by April 30, 2020. 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 June 30, 2020.

Value of promo: $219

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 here.

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

Tangerine Chequing and Savings Accounts Promotions

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.

High-Interest Savings Account: Get a 2.50% promotional rate for 5 months. You can also score an additional $50 in cash if you sign up with an eligible Tangerine Orange Key Code and deposit at least $250. Read more here.

Chequing: They offer up to $200 in cash bonuses when you open a new chequing account and:

  • Deposit at least $250, and
  • Set up payroll direct deposit for at least 3 consecutive months, or
  • Set up 2 pre-authorized debits of at least $50 each that continue for at least 3 consecutive months.

Read my Tangerine review here.

Value of promo: 2.50% on savings for 5 months and up to a $200 bonus.

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.

TD Bank Promotions

*Offer Expired* 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, 2019, and you must complete any two of the following by December 27, 2019:

  • Set up direct deposit – payroll or pension
  • Set-up a pre-authorized debit for at least $50
  • Register for online banking and make an online bill payment for at least $50

Value of promo: $300

Caveats: The TD unlimited chequing has a monthly fee of $15.95 while the TD all-inclusive plan comes with a $29.95 monthly fee. Read the fine print.

BMO Promotions

BMO is offering a $300 cash bonus when you open a new chequing account (performance plan – $300 or premium plan – $300) by September 30, 2020.

To qualify, you must make a deposit, set up a direct deposit, and complete an online bill payment for two consecutive months.

Value of promo: $300

Caveats: A BMO performance plan chequing account comes with a $15.95 monthly fee and for the premium plan, it is $30. These fees are waived if you meet the minimum balance requirement. Read more here.

Simplii Financial Promotions

Similar to Tangerine, Simplii Financial is an online-only bank owned by CIBC and offers no-fee chequing and a high-interest savings account. They routinely offer promos on their chequing account and it pays interest.

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

  • Open an account by October 31, 2020.
  • Set up an eligible payroll or pension direct deposit of at least $100 a month for three straight months.
  • Open a HISA account and transfer at least $50 a month from your chequing to your HISA for 3 months.

Read my Simplii Financial review and check out the fine print for the offer.

Value of promo: $200

Caveat: Online-only bank.

EQ Bank Savings Plus HISA Account

EQ Bank is offering one of the best non-promotional interest rates in Canada at 1.70%*. You can deposit up to $200,000 and enjoy the high interest rates.

They also offer joint savings account where you can deposit up to $500,000 and earn 1.70%.

An EQ Bank Savings Plus Account is an 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 a regular 1.70%.

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

CIBC Bank 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 direct deposit or two pre-authorized debits every month to keep it fee-free after the first year.

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

bank account promo offers

Robo-Advisor (Investing) Promotions

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 2.23% 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 $5 billion in assets under management.

They give you free financial advice, automated rebalancing, dividend re-investing, spare change investing, low fees, VIP perks, and more. You can also earn 0.90% in their cash/high-interest savings account.

Readers of Savvy New Canadians get a $50 cash bonus when they open an account with at least $500. Visit here.

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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.

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

Other robo-advisors with special promotional offers for my readers are:

CI Direct Investing (WealthBar)

CI Direct Investing (formerly WealthBar) is one of Canada’s best robo-advisors. You can invest up to $10,000 free for one year using our link. Read our detailed review.

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. 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. Read the card review.

Scotiabank Credit Card Promos

1. Scotiabank Gold American Express Card: Get 25,000 bonus points ($250 value) until November 1, 2020. 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 35,000 bonus points ($350 value) until November 1, 2020. 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 here.

TD Bank Credit Card Promos

1. TD First Class Travel Visa Infinite: Premium travel credit card. Get up to 20,000 bonus points ($100 value) and the annual fee of $120 is waived in the first year.

2. TD Cash Back Visa Infinite: 10% cash back on your first $2,000 spending ($200 value) and a $120 annual fee that is waived in the first year.

BMO Credit Card Promos

1. BMO World Elite Mastercard: Get 35,000 points (worth $250 in travel) until October 31, 2020, 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 5% cash back in the first 3 months ($100 value). Offer available until October 31, 2020. The $120 annual fee is waived in year one.

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