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The Online Banks That Pay You To Open an Account in 2025

Updated:

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

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.

Simpliiโ€™s chequing account has no monthly maintenance fees and includes unlimited transactions and free access to CIBC ATMs across Canada.

Hereโ€™s 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.

BMOโ€™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.

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. Thereโ€™s 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

simpliifinancialnewlogo3-img

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

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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

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:

Best Banking Offers for February

Get the BEST spending and savings account with 5% rewards + $40 bonus

Instant approval and a $40 welcome bonus when you make your first purchase.

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

Get up to 4.00% interest on your entire account balance.

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

Get the best FREE chequing account offer in Canada + $300 cash bonus

Get a $300 cash bonus when you open an account and set up a direct deposit.

Access unlimited free debits and e-Transfer transactions.

No monthly account or transaction fees.

No minimum balance and access to 3,000+ free ATMs.

Earn a regular 4.00% interest on your savings account

Earn 4.00% interest on every dollar when you set up a direct deposit.

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

Get a prepaid card that pays 0.50% cashback on all purchases.

No monthly account fees, free ATM withdrawals in Canada, and no FX fees.

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).

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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