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

Banks	Savings Account Promotions
Simplii	Earn a 5.25% interest rate for 5 months.
Scotiabank Momentum	Earn up to 5.00% until June 30, 2023.
RBC	Earn up to 5.00% for 3 months when you open your first RBC High-Interest eSavings account. This offer expires on July 31, 2023.
Tangerine	Earn 5% on your savings for five months.
BMO	Get 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.

Scotiabank Momentum Savings Account Offer – Up to 5%

The Momentum^PLUS 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 Momentum^PLUS 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.