If you are looking for Canadian banks that pay you to open an account, you have come to the right place.
This list includes online banks with sign-up bonuses as high as $400, and it is easy to meet their eligibility requirements.
You can also check out these brokerage promotions and credit card bonuses if you are in the market for these products.
Best Banks That Pay You To Open an Account
- Simplii Financial: $400 bonus.
- Neo Financial: Up to $45 bonus.
- Scotiabank: $350 bonus.
- BMO: Up to $350 bonus.
- Tangerine: Up to $400 bonus.
1. Simplii Financial No-Fee Chequing
Sign up bonus: $400.
Simplii Financial offers one of the easiest to qualify for bank bonus in Canada.
To earn $400, you will need to open a no-fee chequing account and set up an eligible direct deposit of at least $100 for 3 months consecutively.
This direct deposit can be from your employer, pension, or a government benefit.
The $400 cash bonus is deposited in your account within 5 months of opening it.
Simplii’s chequing account has no monthly maintenance fees and includes unlimited transactions and free access to CIBC ATMs across Canada.
Here’s our detailed Simplii Financial review. You can sign up for the $400 offer here.
2. Neo Financial
Sign up bonus: Up to $45.
If you are looking for a financial institution that pays you to open an account instantly, Neo Financial is worth checking out.
With the free Neo Money TM account, you receive an instant $20 bonus when you make your first purchase and an additional $25 if you apply for the no-annual-fee Neo credit card.
The Neo Money account pays a high-interest rate on your deposits and includes free unlimited transactions. It also comes with a Mastercard that pays up to 15% cash back on purchases.
3. Scotiabank Preferred Package
Sign up bonus: $350.
Scotiabank is one of the largest banks in Canada. It also owns the online bank, Tangerine.
You can apply online to open a Preferred Package account and get a $350 bonus if complete any two of the following requirements within 2 months of opening an account:
- Set up one recurring direct deposit for at least 3 months straight.
- Set up at least 2 recurring pre-authorized transactions of $50 or more that recur for 3 months straight.
- Make one bill payment of at least $50 using online or mobile banking.
The $350 bonus is paid to your account within 6 months.
The Scotiabank Preferred Package chequing account has a $16.95 monthly fee. This fee is waived if you maintain a minimum daily closing balance of $4,000 or higher.
4. BMO Performance Plan
Sign up bonus: Up to $350.
BMO’s Performance Chequing Account includes unlimited transactions, a credit card fee rebate, and access to identity theft protection for a $16.95 monthly fee. This fee is waived if you keep a minimum balance of $4,000.
To qualify for its account opening bonus of $350, you must complete two of these tasks for at least 2 consecutive months:
- Set up a recurring direct deposit for at least 2 months.
- Complete two online bill payments of at least $50 to different billers.
- Set up two pre-authorized debits of $50 or more.
5. Tangerine
Sign up bonus: Up to $400.
Tangerine’s chequing account offers 20% cash back to new clients when they spend using the Tangerine Visa Debit card. This cash back is available for the first 60 days and is valued at up to $400.
Learn more about Tangerine here.
New bank account offers are often tied to setting up a direct deposit or completing some other tasks, so be sure to read the terms and conditions before applying.
Savings Account Promotions
You can also take advantage of promotional savings rates to maximize interest earned on your deposits over a short timeframe.
Simplii Financial High Interest Savings
Sign up offer: 6.00% interest.
Simplii offers a bonus interest rate for a limited time. There’s no minimum balance required for the 6.00% interest offer and no monthly fees.
After the promo ends, you earn 0.40% to 5.5% interest, depending on your account balance.
Simplii High-Interest Savings Account
6.00%* rate for 5 months
Unlimited debits and bill payments
Unlimited Interac e-Transfers
$400 cash bonus offer with a free chequing account
For non-promotional high-interest rates, you can check out the EQ Bank Savings Plus Account.
EQ Bank Personal Account
Up to 4.00%* interest rate
Unlimited debits and bill payments
Unlimited Interac e-Transfers
No monthly account fees
Credit Card Bonuses
These credit card promotions offer up to $400.
- Neo Card: $25.
- Tangerine World Mastercard: $100.
- Scotiabank Gold American Express Card: $400.
Neo Secured Credit
Rewards: Get an average of 5% cash back at 10,000+ locations.
Welcome offer: Up to 15% welcome bonus cash back on your first-time purchases; $25 cash bonus.
Interest rates: 19.99% – 29.99% for purchases; 22.99% – 31.99% for cash advances.
Annual fee: $0
Tangerine World Mastercard
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases; VIP perks.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
Scotiabank Gold American Express
Rewards: Earn 5x Scene+ points/$1 on restaurants, food delivery, and grocery (up to 6x at some stores); 3x points/$1 in gas & travel; 1x points/$1 everything else.
Welcome offer: Get up to 40,000 points ($400 value).
Interest rates: 20.99% on purchases; 22.99% on cash advances.
Annual fee: $120
FAQs
You can earn welcome bonuses when you open an account with Simplii Financial, Tangerine, Scotiabank and Neo Financial.
BMO, Scotiabank, RBC, and CIBC all offer cash incentives when you open an account.
Related:
