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The Online Banks That Pay You To Open an Account in 2024

Updated:

Fact Checked

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

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.

Learn more at Scotiabank.

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

simpliifinancialnewlogo3-img

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

EQ Bank tfsa.

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

Which online banks give you money for signing up?

You can earn welcome bonuses when you open an account with Simplii Financial, Tangerine, Scotiabank and Neo Financial.

Which big banks give you money for opening an account?

BMO, Scotiabank, RBC, and CIBC all offer cash incentives when you open an account.

Related:

Top Banking Offers for April

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

Get the TOP spending and savings account with 5% rewards and $20 bonus

Instant approval and a $20 welcome bonus when you make your first purchase.

Earn up to 5% unlimited cashback on purchases while paying no fees!

Earn 3.00% to 5.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Earn a regular 4.00% interest on your savings account

Earn a non-promotional 4.00% high interest rate on every dollar.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays an average cashback of 5% on purchases.

No monthly or annual account fees; free budgeting app.

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

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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