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Best Savings Account Promotions in Canada for May 2023

Banks compete with each other for clients by offering promotional higher rates on savings accounts to lure new customers.

While these savings account promos are shortlived, they may be worthwhile for earning reasonable returns on your deposits.

In addition to maximizing interest earned, you can also take advantage of bank promotions in Canada when opening a new chequing account. You would be surprised at how easy it is to score up to $500 with some of the available offers.

Below is a list of the best savings promotions this month.

Best Savings Account Promotions 2023

BanksSavings Account Promotions
SimpliiEarn a 5.25% interest rate for 5 months.
Scotiabank MomentumEarn up to 5.00% until June 30, 2023.
RBCEarn up to 5.00% for 3 months when you open your first RBC High-Interest eSavings account. This offer expires on July 31, 2023.
TangerineEarn 5% on your savings for five months.
BMOGet a 2% bonus interest when you open a BMO Savings Builder Account and increase your balance by at least $200 each month.

Simplii Savings Account Promotion – 5% Interest

Simplii Financial’s high-interest savings account (HISA) offers a 5.25% interest rate for 5 months when you join.

To qualify, you must be a new Simplii client and open the account during the offer period.

The special interest rate of 5.25% is a combination of the regular interest rate paid on HISA accounts and a promotional interest rate. You can earn this rate for up to $500,000.

To open a Simplii account, you must be the age of the majority in your province of residence.

Savings promotions: Earn a 5.25% interest rate for 5 months.

You can open an account here or read our full Simplii Bank review.

Simplii High-Interest Savings Account

simplii logo2

5.25%* rate for 5 months

Unlimited debits and bill payments

Unlimited Interac e-Transfers

$400 cash bonus offer with a free chequing account

Scotiabank Momentum Savings Account Offer – Up to 5%

The MomentumPLUS Savings account from Scotiabank is one of the best high-interest savings account promotions in Canada.

It offers new clients a savings rate of up to 5.00% for 150 days (5 months) between February 14, 2023, and June 30, 2023.

These rates add up as follows:

  • Regular interest rate: 1.50%
  • Premium period interest rate: 1.15% (360 days), 1% (270 days), 0.90% (180 days), and 0.85% (90 days).
  • Welcome bonus interest: 2.25%
  • Ultimate package chequing account holders: Extra 0.10%

To earn the Premium Period interest, you must hold your deposits for a specified period, ranging from 90 to 360 days.

Regular interest is calculated daily and paid monthly, while premium interest is paid at the end of the Premium Period if no debit transactions occurred during the period you have chosen.

Savings promotion: Earn up to 5.00% until June 30, 2023.

You can open an account here or read our full MomentumPLUS Savings Account review.

RBC Savings Account Promotion – 5%

RBC is offering a 5.00% interest rate on its High-Interest e-Savings Account.

The standard rate on this account is 1.50%. When you add on the bonus interest of 3.50%, you earn up to 5.00% for three (3) months.

Savings offer: Earn up to 5.00% when you open your first RBC High-Interest eSavings account. This offer expires on July 31, 2023. The maximum balance is $1 million.

Here’s our detailed review of RBC high-interest savings accounts.

Tangerine Savings Account Promotion – 5%

Tangerine Savings Account pays a 5% savings rate for five (5) months when you open a new account.

This promo rate applies to a maximum deposit of $1 million for 153 days beginning on the date you meet the qualifying conditions.

Because this offer is part of a bundle, you must also open a new Tangerine Chequing Account within 30 days of becoming a client.

Savings offer: Earn 5% on your savings for five (5) months.

If you need a credit card, Tangerine offers a no-fee cash-back credit card and currently offers a $100 cash-back bonus when you spend at least $1,000 in the first two (2) months.

BMO Savings Account Promotion – 2.5%

The BMO Savings Builder Account pays up to 2.50% interest as follows:

  • 0.50% base interest rate.
  • 2.00% bonus interest when you increase your balance by at least $200 each month.

Bonus interest applies to a balance of up to $250,000.

Savings offer: Get a 2% bonus interest when you open a BMO Savings Builder Account and increase your balance by at least $200 each month.

Read our full BMO Savings Builder review.

Vancity Savings Account Offer –  expired

The Vancity Jumpstart High-Interest Savings Account pays 4.50% on new deposits until February 28, 2023.

The maximum eligible deposit is $1 million. TFSA, RRSP, and RRIF high-interest savings accounts are also eligible.

This offer is only available in British Columbia.

Manulife RRSP and TFSA Savings Promos – expired

You can earn a 4.50% promotional interest rate on new deposits in a Manulife TFSA, or RRSP savings account until April 28, 2023.

This promo rate comprises a 2.10% regular annual interest rate and a 2.40% annual promotional rate.

The maximum deposit eligible for the bonus rate is $250,000.

What to Consider for the Best Savings Promotions

While these savings account offers are higher than average, they are only available for a short time.

If you want to maximize your returns, they may be worthwhile, but watch out for:

Length of promotion: The longer, the better since you earn more this way.

Interest rate: How high is the interest rate? Compare with other banks, as some online banks may offer comparable rates that are not time-bound.

Fees: Confirm if there are fees to withdraw or transfer money from the account to other banks.

Requirements: Check how much work is required to qualify for the offer. You may need to make a minimum deposit.

Pros of Savings Account Promotions

  • Earn higher interest rates on your savings account.
  • Funds are easily accessible, unlike non-redeemable GICs.
  • No monthly account fees.
  • Usually have no minimum account requirements.
  • Low risk of loss

Cons of Savings Account Promotions

  • Shortlived offers for a few months.
  • Hassle of moving funds from one bank to another.
  • Limited access to everyday transactions (fees may apply to debits).

Related: Advantages and disadvantages of savings accounts.

Top Promotions this month

Get the best FREE chequing account offer in Canada ($400 cash bonus)

$400 cash bonus when you add a $100 direct deposit for 3 months.

Unlimited free debits and Interac e-Transfer transactions.

No monthly account or transaction fees.

No monthly or minimum balance is required.

Best no-fee cash back credit card with a $100 welcome bonus

$100 sign-up bonus on first $1,000 spending within 2 months.

Get unlimited 2% cashback in three categories of spending.

Low $12,000 income requirement and 600+ credit score.

0.50% unlimited cashback on all other purchases and no annual fee.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

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 is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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.

1 thought on “Best Savings Account Promotions in Canada for May 2023”

  1. Gravatar for Manish Shah

    Does the Simplii promotional rate of 5.25% apply to existing account holders who deposit new money?

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