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 $500, 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: $300 bonus.
- KOHO: $40 bonus.
- BMO: Up to $350 bonus.
1. Simplii Financial No-Fee Chequing
Sign up bonus: $300.
Simplii Financial offers one of the easiest to qualify for bank bonus in Canada.
To earn $300, 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 $300 cash bonus is deposited in your account within 5 months of opening it.
Simpliiโs chequing account has no monthly maintenance fees and includes unlimited transactions and free access to CIBC ATMs across Canada.
Hereโs our detailed Simplii Financial review. You can sign up for the $300 offer here.
2. KOHO
Sign up bonus: $40.
If you are looking for a financial institution that pays you to open an account instantly, KOHO is worth checking out.
With the free KOHO account, you earn up to 5% cash back on your purchases and a $20 welcome bonus after completing your first transaction. Top features include free unlimited transactions, bill payments, eTransfers, and more.
KOHO also pays a high-interest rate on your deposits of up to 5%.
3. BMO Performance Plan
Sign up bonus: Up to $350.
BMOโs 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.
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: 3.90% interest.
Simplii offers a bonus interest rate for a limited time. Thereโs no minimum balance required for the 3.90% interest offer and no monthly fees.
After the promo ends, you earn 0.35% to 3.75% interest, depending on your account balance.
Simplii High-Interest Savings Account

3.90%* rate for 5 months
Unlimited debits and bill payments
Unlimited Interac e-Transfers
Access to a $300 cash bonus when you open no-fee chequing account
Access to free FX transfers, investments, GICs, mortgages, lines of credit, and credit cards
$300 cash bonus offer with a free chequing account
For non-promotional high-interest rates, you can check out the EQ Bank Personal Account.
EQ Bank Personal Account
Earn up to 4.00% interest (non-promo)
No monthly account fees or minimum balance
Free unlimited debit transactions and e-Transfers
Free cashback Mastercard & no ATM fees in Canada
Access to investing, mortgages, FX transfers, USD accounts, GICs
Supports mobile cheque deposits
Credit Card Bonuses
These credit card promotions offer up to $400.
- KOHO Mastercard: $40
- Neo Card: $25.
- Scotiabank Passport Visa Infinite Card: $400.
- Tangerine World Mastercard: $100.
KOHO Prepaid Mastercard
$40 welcome bonus after first purchase (use GETCASH promo code during sign-up)
$0 monthly fee*
Earn up to 5% unlimited cash back
Get up to 4% savings interest on your balance
Unlimited Interac e-Transfers and debit transactions
Free budgeting app and access to credit building
Scotiabank Passport Visa Infinite Card
Rewards: Earn 2x Scene+ points/$1 on groceries, dining, entertainment, and daily transit; 1x points/$1 everything else; 6 free airport lounge passes/year; no FX fees.
Welcome offer: Get up to 40,000 points ($400 value).
Interest rates: 20.99% on purchases; 22.99% on cash advances.
Annual fee: $150 (waived in the first year)
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: na
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
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: $60
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.
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