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The Best Savings Account Promotions in Canada for May 2024

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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 2024

BanksSavings Account Promotions
SimpliiEarn a 5.90% interest rate for 5 months.
KOHO Earn InterestEarn 5.00% with no time limits; Earn up to 5% cash back on purchases
Scotiabank MomentumEarn up to 5.60% for the first 5 months.
RBCEarn up to 5.50% until July 23, 2024
TangerineEarn 5.75% 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 – 5.90% Interest

Simplii Financial’s high-interest savings account (HISA) offers a 5.90% 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 5.90% 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 5.90% interest rate for 5 months.

You can open an account here or read our full Simplii Bank review. Add a free Simplii chequing account and qualify for a $400 bonus if you meet the requirements.

Simplii High-Interest Savings Account

simpliifinancialnewlogo3-img

5.90%* rate for 5 months

Unlimited debits and bill payments

Unlimited Interac e-Transfers

$400 cash bonus offer with a free chequing account

KOHO Earn Interest Savings Account – Get 5.00%

There are many great things about a KOHO Earn Interest account. It combines multiple account features into one, and you get access to savings, chequing (spending), credit building, a cash back card, and more with a single application.

Also, the high interest you earn with KOHO Save is non-promotional or time-limited. A $0* monthly fee Essential account pays 5% interest on your entire balance while earning 1% unlimited cash back on groceries, transportation, and gas.

KOHO Essential accounts also come with the following:

  • Free budgeting app (fee waived when you setup direct deposit)
  • $20 welcome bonus when you sign up using our CASHBACK referral code and complete your first purchase
  • Unlimited free debits, eTransfers, and bill payments
  • Free credit score checks
  • Access to 0% APR cash advances if needed
  • Access to add optional credit building

Savings offer: Ongoing (earn 5.00% interest on your entire balance)

KOHO Earn Interest

koho logo

5.00% savings interest on your balance

$20 sign up bonus after first purchase (use promo code CASHBACK)

Earn 1% cash back on groceries, gas, and transportation; up to 5% unlimited cash back on purchases at partners

Unlimited Interac e-Transfers and debit transactions

$0* monthly

Scotiabank Momentum Savings Account Offer

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 5.60% for the first 150 days (5 months).

These rates add up as follows:

  • Regular interest rate: 1.30%
  • Premium period interest rate: 1.25% (360 days), 1% (270 days), 0.90% (180 days), and 0.85% (90 days).
  • Welcome bonus interest: 3.40%
  • 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 5.60% for the first 5 months.

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

RBC Savings Account Promotion

RBC is offering a 5.50% interest rate on its High-Interest e-Savings Account for a limited time.

The standard rate on this account is 1.70%. When you add the bonus interest of 3.80%, you earn up to 5.50% for three (3) months.

Savings offer: Earn up to 5.50% when you open your first RBC High-Interest eSavings account. This offer expires on July 23, 2024. The maximum balance eligible for the bonus rate is $1 million.

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

Tangerine Savings Account Promotion

Tangerine Savings Account pays a 5.75% savings rate for five 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 5.75% on your savings for 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

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

The Vancity Jumpstart High-Interest Savings Account pays 5.25% on new deposits until March 14, 2024 (the regular rate is 1.80%).

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 5.50% promotional interest rate on new deposits in a Manulife TFSA, or RRSP savings account until April 30, 2024.

This promo rate comprises a 2.10% regular annual interest rate and a 3.40% annual promotional rate. The promo rate only applies to net new deposits from December 1, 2023, to March 15, 2024.

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

Stop paying Fees. Get the best FREE chequing account offer in Canada + $400 cash bonus

Easy $400 cash bonus when you add a direct deposit to your Simplii account.

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 prepaid credit card with up to 5% cashback + $20 bonus

Up to 5% unlimited cashback on purchases and no annual fee*.

Instant $20 sign-up bonus after your first purchase online or in-store.

Guaranteed approval with no income requirement.

Get free unlimited transactions & Transfer + earn interest on your balance.

Author

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

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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1 thought on “The Best Savings Account Promotions in Canada for May 2024”

  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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