Most financial institutions provide new bank account offers for clients opening new bank accounts. These bonuses can include cash amounts, high interest rates, and even new tech devices, like iPads and smartwatches.
Currently, the best new account offers come from Scotiabank, CIBC, and Coast Capital. The right chequing account from Scotiabank can earn you up to $700.
One of the basics of banking in Canada is to research and compare the various bonus offers from various banks to make sure you aren’t missing out on the best bank accounts in Canada – and the welcome perks that can come with them.
Key Takeaways
- Most banks provide valuable welcome bonuses to new clients who open at least one account with them.
- These welcome offers can involve a cash bonus, a (temporary) increased interest rate or a physical gift (like an iPad).
- Welcome offers often require the account holder to complete a few extra tasks beyond opening the account, such as setting up direct deposits or pre-authorized debits.
- Just because a welcome offer is valuable doesn't mean that particular account is right for you – you should weigh the options carefully before committing.
Comparing Canada's new bank account offers
There are plenty of new bank account offers available from a very long list of banks and financial institutions. Here's an overview of the top bonus offers currently available in Canada:
| Bank | Bonus offers | Who qualifies | Learn more |
|---|---|---|---|
| Scotiabank | * Up to $700 cash * Up to 4.95% interest rate | Anyone who opens a new: * Scotiabank Ultimate Package * Scotiabank Preferred Package * Scotiabank MomentumPLUS Savings Account | * Scotiabank Ultimate Package * Scotiabank Preferred Package * Scotiabank MomentumPLUS Savings Account |
| Simplii Financial | * $350 cash * 4.5% interest rate | Anyone who opens a new: * Simplii No Fee Chequing Accountand/or * Simplii High Interest Savings Account | * Simplii No Fee Chequing Account * Simplii High Interest Savings Account |
| BMO | * $100 - $450 cash * 4.6% interest rate | Anyone who opens a new: * BMO Plus Chequing Account * BMO Premium Chequing Account * BMO Performance Chequing Account * BMO Savings Amplifier Account | * BMO Plus Chequing Account * BMO Performance Chequing Account * BMO Premium Chequing Account * BMO Savings Amplifier Account |
| TD | * $400 cash * $150 cash | Anyone who opens a new: * TD Unlimited Chequing Account * TD All-Inclusive Banking Plan * TD Every Day Savings Account * TD ePremium Savings Account | * TD Unlimited Chequing Account * TD All-Inclusive Banking Plan * TD Every Day Savings Account * TD ePremium Savings Account |
| Tangerine | * $250 cash * 4.5% interest | Anyone who opens a new: * Tangerine Chequing Account * Tangerine Savings Account | * Tangerine Chequing Account * Tangerine Savings Account |
| CIBC | * $100 - $600 cash * 4.75% interest rate | Anyone who opens a new: * CIBC Smart Account * CIBC eAdvantage Savings Account * CIBC Smart Start Account | * CIBC Smart Account * CIBC eAdvantage Savings Account * CIBC Smart Start Account |
| RBC | * $450 cash * 4.7% interest rate | Anyone who opens a new: * RBC Signature No Limit Banking Account * RBC VIP Banking * RBC High Interest eSavings account | * RBC Signature No Limit Banking Account * RBC VIP Banking * RBC High Interest eSavings account |
| PC Money | * 100,000 bonus PC Optimum points | Anyone who opens a new: * PC Money Account | * PC Money Account |
| Coast Capital | * $150 - $400 cash * 4% interest rate | Anyone who opens a new: * Coast Capital Elevate Chequing Account * Coast Capital Unlimited Chequing Account * Coast Capital Free Chequing, Free Debit, and More Account * High-Interest Savings Account | * Coast Capital Elevate Chequing Account * Coast Capital Unlimited Chequing Account * Coast Capital Free Chequing, Free Debit, and More Account * High-Interest Savings Account |
| Meridian Credit Union | * $300 cash * Waived monthly fees for a year | Anyone who opens a new: * Essential Chequing Package * Everyday Chequing Package * Digital Chequing Package | * Essential Chequing Package * Everyday Chequing Package * Digital Chequing Package |
For more information, you can see full details of each of the above accounts here:
Scotiabank new account offers
Scotiabank Ultimate Package: $700 cash
The Scotiabank Ultimate Package is the chequing account that offers everything. From unlimited transactions, credit card fee waivers, a free safe deposit, rewards on debit purchases, increased interest rates on GICs and savings accounts, and more, this account includes everything you might need from a chequing account.
- Get a $100 GeniusCash boost
- Get up to $700 in welcome bonus cash
- Unlimited transactions
- Plenty of physical bank locations
- Save money on premium credit cards
- Exclusive rates and fee rebates for other accounts
- Earn rewards
- Minimum balance to waive fee
- High monthly fee
- Minimum balance is a wasted investment opportunity
- You may still be charged for non-Scotiabank ATM withdrawals
- You must be at least 16 years old
- A Canadian resident or you're here for work or study
- Opening this account in your own name
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.- Earn Scene+ points on debit transactions
- No monthly overdraft protection fee
- Unlimited free Scotia International Money Transfers
- Up to $150 annual fee waiver each year on select credit cards
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.Bonus for opening this account: $700 cash
Monthly fee: $30.95
How to claim the offer:
- Open a new Scotiabank Ultimate Package
- Make 2 of these within 60 days: 2 separate pre-authorized transactions of $50+ each to recur for at least 6 months, or set up a direct deposit to recur for at least 6 months, or make one bill payment of $50+ via online or mobile banking
- Open an eligible registered account
- Deposit $5,000 into this registered account within 60 days
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Scotiabank Preferred Package: $700 cash
There's not much better than unlimited free transactions, but the Scotiabank Preferred Package comes packed with even more perks to seal the deal. These include a bonus interest rate on the top Scotiabank savings account, a first year annual fee waiver on select cards, and points on every day purchases with the Scene+™ program.
- Kickstart your account with a $50 GeniusCash bonus
- Get a welcome bonus worth up to $700 (ends October 30, 2025)
- Unlimited debit transactions and Interac e-Transfers
- Ability to waive monthly fee with a minimum balance of $4,000
- Earn Scene+ points on your debit transactions
- First year annual fee waiver on select Scotiabank credit cards
- Age of majority
- Canadian citizen
$50 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases.- First year annual fee waiver (up to $150) on select credit cards
- Earn Scene+ points on debit transactions
- Earn an additional 0.05% on your Momentum Plus Savings Account
$50 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases.Bonus for opening this account: $700 cash
Monthly fee: $16.95
How to claim the offer:
- Open a new Scotiabank Preferred Package
- Make 2 of these within 60 days: 2 separate pre-authorized transactions of $50+ each to recur for at least 6 months, or set up a direct deposit to recur for at least 6 months, or make one bill payment of $50+ via online or mobile banking
- Open an eligible registered account
- Deposit $5,000 into this registered account within 60 days
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Scotiabank MomentumPLUS Savings Account: 4.95% promo interest rate
With one of the highest savings rates you can get from a big bank account, the Scotiabank MomentumPLUS Savings Account packs some serious punch for your money. Right now, you could get up to 4.95%* interest for the first 3 months on your savings.
- Savings goals with bonus interest rates
- Multiple savings goals, one account
- Bonus interest rates
- No monthly fees
- Unlimited free self-service transfers
- No minimum balance
- Money is locked in if you want the bonus interest rate
- No free Interac e-Transfers
- No free debit transactions
- Save for multiple goals at once
- Tiered Premium Period interest rates
- Unlimited tree transfers between Scotiabank accounts
Bonus for opening this account: Up to 4.95% promo interest rate
Monthly fee: $0
How to claim the offer:
- Open a new Scotiabank MomentumPLUS Savings Account
- Start a premium period of either 360, 270, 180, or 90 days and earn the associated interest rate
- Open/hold a Scotiabank Ultimate Package and/or Scotiabank Preferred Package for a promo rate of either 0.05% or 0.1% respectively
- Enjoy a 4.95% bonus interest rate on eligible deposits for 3 months
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Simplii new account offer
Simplii No Fee Chequing Account: $350 cash
Monthly fees on your chequing account can get as high as $30 per month, but thankfully the CIBC-owned digital bank Simplii has a solution for you. With the Simplii No-Fee Chequing account, you'll get unlimited access to your money, plus you can even use CIBC ATMs for free.
- No monthly fee or minimum balance requirement
- Free and unlimited transactions
- Earn interest on your balance
- Free international money transfers
- Free access to over 3,400 CIBC ATMs
- Get up to $125 in friend referrals
- Going into overdraft can be costly
- Extra fees on non-affiliated and international ATMs
- No extra bells and whistles
- Not available in Quebec
- Resident of Canada
- Age of majority
- Free access to CIBC ATMs
- Send money internationally for free
- Valuable referral bonuses
Bonus for opening this account: $350 cash
Monthly fee: $0.00
How to claim the offer:
- Open a new Simplii No Fee Chequing Account
- Add an eligible direct deposit of $100+
- Have your funds deposited for 3 consecutive months
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Simplii High Interest Savings Account: 4.5% promo interest rate
With a jaw-dropping promotional interest rate of 4.5% for the first 5 months, it's hard not to be tempted by the Simplii High Interest Savings Account. You'll even get free transfers to your Simplii chequing account to make accessing your money easy and stress free.
- 4.5% interest for the first 5 months
- No monthly fees
- $125 friend referrals available
- Backed by CIBC bank
- Low regular interest rate of 0.3%
- High minimum balance to earn the top rate of 1.5%
- No Interac e-Transfer or debit capabilities
- $20 inactivity fees
- Resident of Canada
- Age of majority
- Refer a friend for $125
- Very impressive promo interest rate
Bonus for opening this account: 4.5% promo interest rate
Monthly fee: $0
How to claim the offer:
- Open a new Simplii High Interest Savings Account
- Make a deposit of any amount
- Enjoy the 4.5% rate for 5 months
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BMO promotions
BMO Performance Chequing Account: $700 cash
The BMO Performance Plan will get you unlimited transactions and Interac e-Transfers for $17.95 a month – which can be cut down to $0 if you keep a $4,000 balance in your account.
- Bonus: Get $75 GeniusCash when you open your new account
- Unlimited transactions and Interac e-Transfers
- Rebate for BMO credit cards
- No fee for Global Money Transfers
- OnGuard identity theft protection included for free
- Special rates for a long list of people groups
- Walmart Delivery Pass Subscription
- Valuable welcome bonus
- High minimum balance fee waiver
- Extra fees are high and can add up
- No safety deposit box waiver
$75 GeniusCash + Up to $700 in welcome bonuses + up to 4.6% interest on Savings Amplifier account. *T&Cs apply.- Special rates available for students, seniors, Indigenous persons, and more
- Free OnGuard Identity Theft Protection
- Eligible for a free BMO Family Bundle
- Valuable welcome offer
- No fee for Global Money Transfers
$75 GeniusCash + Up to $700 in welcome bonuses + up to 4.6% interest on Savings Amplifier account. *T&Cs apply.Bonus for opening this account: $700 cash
Monthly fee: $17.95
How to claim the offer:
- Open a new BMO Performance Chequing Account
- Provide a valid email address
- Make a deposit of any amount
- Make 2 of these: 1 recurring direct deposit or 2 different pre-authorized debits of $50+ and/or 2 different online bill payments of $50+
| Pros | Cons |
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BMO Premium Chequing Account: $700 cash
The BMO Premium Plan offers everything you may want from a chequing account, from unlimited transaction and Interac e-Transfers to credit card annual fee waivers on most BMO credit cards. While it has a monthly fee of $30.95, it can be waived by keeping $6,000 in it.
- Get a $75 GeniusCash bonus when you open your new account
- Unlimited transactions, e-Transfers, and global ATM withdrawals
- $150 annual credit card fee waiver
- Safety deposit box discount
- Loads of added freebies
- $700 welcome offer
- Walmart Delivery Pass Subscription
- Extremely high monthly fee
- High minimum balance requirement to waive the fee
- Age of majority
- Canadian citizen
$75 GeniusCash + $700 welcome bonus and up to 4.6% interest on Savings Amplifier account. *T&Cs apply.- Free cheques, money orders, and drafts
- Free OnGuard Identity Theft protection
- Preferred U.S. foreign exchange rate
- Unlimited unaffiliated ATM withdrawals worldwide
$75 GeniusCash + $700 welcome bonus and up to 4.6% interest on Savings Amplifier account. *T&Cs apply.Bonus for opening this account: $700 cash
Monthly fee: $30.95
How to claim the offer:
- Open a new BMO Premium Chequing Account
- Provide a valid email address
- Make a deposit of any amount
- Make 2 of these: 1 recurring direct deposit or 2 different pre-authorized debits of $50+ and/or 2 different online bill payments of $50+
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BMO Plus Chequing Account: $100 cash
The BMO Plus Chequing Account is one of BMO’s more straightforward banking plans, offering 25 free transactions per month for a monthly fee of $11.95, or $6.95 if you’re 60 or older and eligible for the $4 senior discount. Students also get the account for free, making it accessible to those who want a reliable option without extra frills. Unlimited Interac e-Transfers are included, and if you open the account before July 2, 2025, you can snag a $100 welcome bonus by completing a couple of basic banking tasks like setting up direct deposit or making a bill payment.
- $100 welcome bonus
- 25 free transactions per month
- $4.00 senior’s discount
- High monthly fee for what you get
- High minimum balance required to waive that fee
- No other special features or freebies
- $4 senior's discount
- Free, unlimited Interac e-Transfers
Bonus for opening this account: $100 cash
Monthly fee: $11.95
How to claim the offer:
- Open a new BMO Plus Chequing Account
- Provide a valid email address
- Make a deposit of any amount
- Make 2 of these: 1 recurring direct deposit or 2 different pre-authorized debits of $50+ and/or 2 different online bill payments of $50+
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BMO Savings Amplifier Account: $200 cash and special promo interest rate
The BMO Savings Amplifier Account is one of several savings accounts offered by the Bank of Montreal, providing a base interest rate of 0.7%. It's a very basic savings account that doesn’t offer much, but the security and peace of mind provided by a bank of this stature may just offset its flaws.
- High base interest rate (for a big bank account)
- High promotional rate
- No monthly fees
- Free to transfer money to yourself
- No minimum balance requirement
- Fees for external transfers
- No other interesting or useful features
- Age of majority
- Canadian citizen
- Free transfers between BMO accounts
- BMO Savings Goals feature
Bonus for opening this account: $200 cash and a 4.6% promo interest rate
Monthly fee: $0
How to claim the offer:
- Open a new BMO Savings Amplifier Account
- Open a new BMO Premium Chequing Account or new BMO Performance Chequing Account and qualify for the associated welcome bonus
- Make a deposit of $10,000+
- Maintain a balance of $10,000+ for 3 months for 90 days
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TD new account offers
TD Unlimited Chequing Account: $700 cash
The TD Unlimited Chequing Account lives up to its name, offering unlimited transactions and unlimited Interac e-Transfers. At $17.95 per month, it’s a mid-tier bank account that comes with plenty of value, including a generous welcome bonus and the option to receive a first-year annual fee rebate on several TD credit cards—perfect if you like keeping your financial products all at one institution.
- Completely unlimited transactions
- Free ATM withdrawals from any ATM in Canada
- Valuable welcome bonus offered
- Credit card fee rebate included
- Earn 50% more Starbucks stars
- The minimum balance to waive the fee is quite high
- No free cheques or safety deposit box waiver
- High fees for using global ATMs
- Age of majority
- Discounted monthly fee for seniors
- Free unaffiliated ATM use
- Earn 50% more Starbucks Stars
Bonus for opening this account: $700 cash
Monthly fee: $17.95
How to claim the offer:
- Open a new TD Unlimited Chequing Account
- Make 2 of these: 1 recurring direct deposit or a recurring pre-authorized debit payment and/or make an online bill payment
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TD All-Inclusive Banking Plan: $450 cash
The TD All-Inclusive Banking Plan offers a rich set of benefits in exchange for a $30.95 monthly fee, which is waived when a $5,000 daily balance is maintained throughout the month. Account holders can enjoy unlimited transactions, no fees for TD or non-TD ATMs, rebates on the annual fee for select TD credit cards, and the opportunity to earn bonuses from partners like Starbucks.
- Generous welcome bonus
- Unlimited transactions and Interac e-Transfers
- Free safety deposit box, cheques, and money orders
- Rebate on select TD credit cards
- Free ATM use (both TD and non-TD ATMs)
- High minimum balance to waive the monthly fee
- No rewards program or valuable perks
- No savings on international money transfers
- Age of majority
- TD Fraud Alerts
- No ATM fees
- Automatic savings transfers
- Free personalized cheques, money orders, and certified cheques
Bonus for opening this account: $450 cash
Monthly fee: $30.95
How to claim the offer:
- Open a new TD All-Inclusive Banking Plan
- Make 2 of these: 1 recurring direct deposit or a recurring pre-authorized debit payment and/or make an online bill payment
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TD Every Day Savings Account: $150 cash
If you’re someone who doesn’t need to make a lot of transactions throughout the month and wants a simple way to save, the TD Every Day Savings Account could be a great option for you. TD Every Day Savings Account holders earn interest on every dollar for no monthly fee, and the account includes one free transaction per month. Additionally, it offers the convenience of free unlimited transfers between TD accounts, making it easy to use this account for savings and a chequing account for day-to-day banking.
- Free to have this account
- No fees to transfer to other TD accounts
- Earn 0.01% interest on your savings
- Only one free transaction per month
- Fees for additional transactions and ATM use
- Low interest rate that doesn’t increase with tiers
- Automated savings feature
- Free transfers to other TD accounts
Bonus for opening this account: $150 cash
Monthly fee: $0
How to claim the offer:
- Open a new TD Every Day Chequing Account or TD Minimum Chequing Account
- Open a new TD Every Day Savings Account
- Set up a pre-authorized transfer that occurs weekly, biweekly, monthly, or bimonthly
- Set up Simply Save
- Apply and be approved for a new eligible TD credit card
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TD ePremium Savings Account: $150 cash
With high transaction fees and zero interest on balances under $10,000, the TD ePremium Savings Account is pretty lacklustre. Its main draw is that it's with one of the biggest and most reliable banks in Canada.
- Age of majority in your province or territory
Bonus for opening this account: $150 cash
Monthly fee: $0
How to claim the offer:
- Open a new TD Every Day Chequing Account or TD Minimum Chequing Account
- Open a new TD ePremium Savings Account
- Set up a pre-authorized transfer that occurs weekly, biweekly, monthly, or bimonthly
- Set up Simply Save
- Apply and be approved for a new eligible TD credit card
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Tangerine new account offers
Tangerine Chequing Account: $250 cash
The Tangerine Chequing Account is one of the best no fee chequing accounts around. Get unlimited transactions, all the Interac e-Transfers you need, and earn an interest rate of up to 0.1% on your balance, rare for a chequing account.
- No monthly fee
- Unlimited free transfers
- No minimum balance requirement
- Pairs well with a Tangerine Savings Account
- Welcome bonus available
- Advertised interest rates are misleading
- Limited free cheques
- High non-affiliated ATM fees
- Limitations of an online bank
- Age of majority
- Canadian citizen
- Automatically categorizes your spending
- Free first book of 50 cheques
Bonus for opening this account: $250 cash
Monthly fee: $0.00
How to claim the offer:
- Become a Tangerine client
- Open a new Tangerine Chequing Account
- Have your paycheque deposited into your new account for 2 consecutive months
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Tangerine Savings Account: 4.5% promo interest rate
The Tangerine Savings Account starts you out with a bang - 4.5% for the first 5 months. And if you happen to have a Tangerine Mastercard, you'll unlock a 3rd bonus category simply by getting your cash back deposited in your Tangerine Savings Account.
- Excellent promotional interest rate
- No fees or service charges
- No minimum balance required
- Automatic savings program
- Not the highest available interest rate
- Getting money out of the account can be inconvenient
- Age of majority
- Canadian citizen
- Excellent promo interest rate
- Automatic Savings Plans
Bonus for opening this account: 4.5% interest rate
Monthly fee: $0
How to claim the offer:
- Become a Tangerine client
- Open a new Tangerine Savings Account
- Enjoy the 4.5% rate for 5 months
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$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.CIBC new account offers
CIBC Smart Account: $500 cash
CIBC is one of the largest and most popular banks in Canada, and the CIBC Smart Account is a low-fee chequing account. Your monthly fee is based on the number of transactions made, so you don’t pay for more than you use.
- Only pay for what you use
- Sweet welcome offers
- Discounts for seniors
- Interac e-Transfers count as transactions
- Really, everything is a transaction
- Canadian resident
- Age of majority
- Low monthly fee for low usage, higher fees for high usage
- Comes with 12 months free Skip+ free trial
- Can save up to 10 cents per litre at participating gas stations when your card is linked to the Journie Rewards program
Bonus for opening this account: $500 cash
Monthly fee: $16.95
How to claim the offer:
- Open a new CIBC Smart Account
- Set up a recurring deposit of $500+
- Make 1 of these: 2 recurring pre-authorized debits, or 2 online bill payments of $50+, or 5 online purchases with your Visa debit card
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CIBC Smart Start Account: $175 cash
The CIBC Smart Start Account is a chequing account tailored for Canadians under the age of 25, and its convenient features make it very attractive, especially to students. And since CIBC is one of Canada's big 5 banks, the young account holders can rest assured of their bank's security and reliability.
- No monthly fees until age 25
- Unlimited transactions
- Free SPC+ membership
- CIBC Investor's Edge trading perks
- Save up to 10 cents per litre on gas
- Welcome and referral bonuses
- Converts to the CIBC Smart Account at age 25
- Unaffiliated ATM fees are rather high
- Under 25 years of age or a parent of a youth under age 13
- Free SPC+ membership
- Earn up to $500 each year with referrals
- Save on gas with Journie Rewards
Bonus for opening this account: $175 cash
Monthly fee: $0.00
How to claim the offer:
- Open a new CIBC Smart Start Account
- Make at least 5 online purchases with your Visa debit card within one month
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CIBC eAdvantage Savings Account: 4.75% promo interest rate
The CIBC eAdvantage Savings Account is a basic savings account with a few convenient perks, but lacklustre interest rates. Still, as a product from one of the country's largest and most respected financial institutions, familiarity and reliability can make it feel like quite an attractive option.
- No monthly fee
- Sweet promotional interest rate
- Earn Smart Interest on top of your regular interest
- No fee for transferring money between CIBC accounts
- Low interest rate
- No other free transactions
- High per-transaction fees
- And everything else incurs some kind of fee
- You must be a Canadian resident
- You must meet your province's age of majority
Bonus for opening this account: 4.75% promo interest rate
Monthly fee: $0
How to claim the offer:
- Open a new CIBC eAdvantage Savings Account
- Enjoy the 4.75% rate for 3 months
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RBC bank new account offers
RBC Signature No Limit Banking Account: New Apple Watch
The RBC Signature No Limit Banking Account gives you unlimited free transactions, including Interac e-Transfers, plus a host of other benefits like up to $48 off premium credit cards. And it's all for a monthly fee of $16.95, which you can get down to as low as $5 with the Value program.
- At least the age of majority in your province
- Opening a sole account in your own name
- Living in Canada
- Earn Avion points
- Up to $48 rebate on annual fee of select RBC credit cards
- Multi-product and seniors' rebates available
- Save on fuel at Petro-Canada
- Free Apple Watch Series 10 as a welcome offer
Bonus for opening this account: c
Monthly fee: $16.95
How to claim the offer:
- Open a new RBC Signature No Limit Banking Account
- Set up 2 of these: a recurring payroll or pension direct deposit, or 2 pre-authorized monthly payments, or 2 bill payments to a service provider
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RBC VIP Banking: New Apple Watch
Looking for a chequing account that has everything you need and then some? The RBC VIP Banking is your most premium option from RBC, giving you more options than you could think to ask for. This includes unlimited transactions, Interac e-Transfers, ATM withdrawals, up to $120 in credit card fee rebates, and more.
- New Apple Watch as a welcome bonus
- Unlimited free transactions and e-Transfers
- Earn RBC Avion points
- Additional account fee waiver
- Credit card annual fee waiver
- Save on fuel and earn Petro-Points
- Plenty of discounts and freebies
- Value Program fee discounts
- Very high monthly fee
- Can't completely waive the monthly fee
- Overdraft interest still applies
- At least the age of majority in your province
- Opening a sole account in your own name
- Living in Canada
- Earn at least 1 Avion point per $10 spent with your debit card
- No monthly overdraft protection fee
- Free personalized cheques
- RBC Direct Investing maintenance fees waived
- Save 3 cents/L on fuel at Petro-Canada and earn 20% more Petro-Points
Bonus for opening this account: New Apple Watch Series 10
Monthly fee: $30.00
How to claim the offer:
- Open a new RBC VIP Banking
- Set up 2 of these: 1 recurring payroll or pension direct deposit, or 2 pre-authorized monthly payments, or 2 bill payments to a service provider
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PC Money new account offer
PC Money Account: 200,000 bonus PC Optimum points
The PC Money Account is a simple, basic bank account that earns significant PC Optimum points for users. It’s not quite a chequing account, though. It was launched in September of 2020 by PC Financial, a Canadian financial company.
- No fees for transactions or e-Transfers
- Unlimited transactions
- Earns tons of extra PC Optimum points
- Works like a prepaid Mastercard
- Optional savings feature with interest
- No option to use cheques
- Can't deposit cash or cheques at ATMs
- Annoying $20 inactivity fee
- Resident of Canada
- At least 16 years old
- Earns at least 5 PC Optimum points per $1 spent
- Access to PC Financial ATMs
- Earn up to 5,000 monthly bonus points when you deposit your payroll
- Earn up to 5,000 bonus points for making monthly bill payments
Bonus for opening this account: 200,000 bonus PC Optimum points
Monthly fee: $0.00
How to claim the offer:
- Open a new PC Money Account
- Set up a recurring direct deposit of $1,500+
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Coast Capital new account offers
Coast Capital Elevate Chequing Account: $400 cash
The Coast Capital Elevate Chequing Account offers complimentary Coursera*** access and identity theft protection, in addition to free unlimited e-Transfers, more included ATM transactions and a credit card rebate.
- Monthly fee discounts available****
- Annual fee rebate on select Coast Capital credit cards
- 50 free cheques annually
- Free ID protection and password manager
- Free access to Coursera***
- Limited unaffiliated ATM withdrawals and slightly higher ATM fee
- Not available in Quebec
- Have a SIN
- Age of majority in your province
- Live in Canada (except Quebec)
- New members must purchase a minimum of $5 in membership equity shares
$125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
- Free access<sup>***</sup> to Coursera's global learning platform (Value $538/year)<sup>*</sup>
- Free identity theft protection and password manager with ID Assist
- New members must purchase a minimum of $5 in membership equity shares
- 2 free Interac network Canadian ATM withdrawals per month<sup>†</sup>
- 3 free International ATM withdrawals per year<sup>††</sup>
$125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
Bonus for opening this account: $400 cash
Monthly fee: $16.95
How to claim the offer:
- Open a new Coast Capital Elevate Chequing Account
- Set up payroll or direct deposit (lasting at least 3 months)
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Coast Capital Unlimited Chequing Account: $250 cash
Get access to free ID theft protection and unlimited free e-Transfers with the Coast Capital Unlimited Chequing Account. It’s available in all provinces (except for Quebec) for a lower-than-average monthly fee.
- Reasonable monthly fee***
- Valuable welcome offer**
- Free ID Assist protection
- Discounts for seniors, youth, and others***
- Free cheques each year
- Unavailable in Quebec
- No free unaffiliated ATM withdrawals
- Be the age of majority in your province or territory
- Have a SIN
- Live in Canada (except Quebec)
- New members must purchase a minimum of $5 in membership equity shares
$125 GeniusCash + New members can get $250** when they open and use an Unlimited Chequing Account.
- Online identity theft protection and monitoring (Value $96/year)
- Free withdrawals and deposits at more than 4,000 ATMs across Canada
$125 GeniusCash + New members can get $250** when they open and use an Unlimited Chequing Account.
Bonus for opening this account: $250 cash
Monthly fee: $8.50
How to claim the offer:
- Open a new Coast Capital Unlimited Chequing Account
- Set up payroll or direct deposit (lasting at least 3 months)
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Coast Capital Free Chequing, Free Debit, and More Account: $150 cash
With the Coast Capital Free Chequing, Free Debit, and More Account, you'll get free unlimited day-today transactions*** for no monthly fee.
- Banking with a full-service institution
- Earn a sweet welcome bonus
- Free use of ATMs across Canada
- Deposit cheques with just a photo
- Fees for sending Interac e-Transfers
- Age of majority in your province
- Social Insurance Number for new members
- New members must purchase a minimum of $5 in membership equity shares
$100 GeniusCash + New members can get $150** when they open and use a Free Chequing Account.
- Work with a full service bank, not just an online bank
- Free withdrawals and deposits at more than 4,000 Exchange Network ATMs across Canada
$100 GeniusCash + New members can get $150** when they open and use a Free Chequing Account.
Bonus for opening this account: $150 cash
Monthly fee: $0.00
How to claim the offer:
- Open a new Coast Capital Free Chequing, Free Debit, and More Account
- Set up payroll or direct deposit (lasting at least 3 months)
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Coast Capital High-Interest Savings Account: 4% promo interest rate
Bonus for opening this account: 4% promo interest rate
Monthly fee: $0
How to claim the offer:
- Open a new Coast Capital High-Interest Savings Account
- Earn this bonus rate – on top of the regular posted rate – until April 30, 2025
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Meridian Credit Union new account offers
Meridian Credit Union Essential Chequing Package: $300 cash
Bonus for opening this account: $300 cash
Monthly fee: $3
How to claim the offer:
- Open a new Essential Chequing Package
- Deposit $40
- Set up an eligible recurring monthly direct deposit of $100+
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Meridian Credit Union Everyday Chequing Package: $300 cash
Bonus for opening this account: $300 cash
Monthly fee: $9
How to claim the offer:
- Open a new Everyday Chequing Package
- Deposit $40
- Set up an eligible recurring monthly direct deposit of $100+
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Meridian Credit Union Digital Chequing Package: $300 cash
Bonus for opening this account: $300 cash
Monthly fee: $14
How to claim the offer:
- Open a new Digital Chequing Package
- Deposit $40
- Set up an eligible recurring monthly direct deposit of $100+
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Why you should get a bank account with a welcome offer
Opening a bank account with a welcome offer is an easy way to maximize your financial benefits from the start.
- Free money: Boost your savings with a cash bonus to raise your initial balance
- High earn rates: Promo interest rates can be more than double the regular rate, and taking advantage can really boost your savings
- Bonus points add up: Receiving bonus points can be just as valuable as cash if you use them in the right way
- Extra features: Enjoy perks like waived fees and temporary premium features
- Cool, convenient new technology: iPads, Apple Watches, and other such devices are fun and offer easy, convenient ways to manage your personal finances
Welcome offers accelerate your journey toward reaching your financial goals. While rate hikes and premium features may be temporary, you can make a cash bonus stretch pretty far and long.
Just make sure that the account will actually suit your future financial needs, once any bonus perks expire.
What to consider when comparing bank promotions
Are bank promotions really worth it? It ultimately depends on whether or not the cash or reward amount outweighs the terms of receiving the bonus.
Here are some things you should consider before opening a bank account with a promotion:
- Do you need to have the account open for a certain period before you're given the welcome bonus? If you do, just be sure that you meet the minimum balances if applicable and not to close the account before the welcome bonus is paid out.
- Are there fees after the promo period? If there is a promo period followed by fees, make sure you know what will change after the promo period is over so that it still aligns with your financial goals.
- Are the steps required to claim the promo bonuses reasonable? If you can't move the required amount of money into the account or don't want to go through the hassle of moving a paycheque over, then it may be a non-starter to get the account.
- How does the promotional interest rate compare to the regular rate? If the interest rate that you get for the promo period is fantastic but drops to a negligible amount after the period ends, is it really worth the switch?
- How long is the welcome offer period? If it's a very short period (especially if one of the calling cards is to get a higher interest rate), it may be worth shopping around and finding something that's better. For instance, getting 5% but only for the first couple of months may sound good on paper, but if you did the math, it may not add up to much.
- How difficult is it to open an account with the institution? If there are a ton of steps or there are a lot of bad reviews about the institution online, you may want to save yourself the headache and apply elsewhere.
- What are the competitors offering? One of the most important tips on saving money is to shop around. Spending a little time on research can earn you a ton of money.
How to qualify for new bank account offers
Getting that bonus cash, boosted interest rate, or free tech is usually contingent on completing a checklist of tasks – because banks want to ensure you'll use the account and not just try to get the bonuses and switch accounts again.
You may need to:
- Maintain a minimum balance for a few months
- Set up a recurring minimum deposit for a few months
- Bundle one product with another product, like a credit card or savings account
- Get people to sign up with your referral code
Expect to show your photo ID and proof that you live in Canada. Remember, you can’t qualify for promo offers if you already have that account.
Whenever you see an asterisk or sub/superscript symbol, be sure to check the terms and conditions before applying and opening an account.
FAQ
What are the best new bank account offers in Canada?
Scotiabank offers up to $700 when you open a Scotiabank Ultimate Package or Scotiabank Preferred Package and follow a few extra steps. For a 4% promo savings account interest rate, check out the offer from Coast Capital Savings.
Is there a TD Bank new account offer?
TD is currently offering new clients the opportunity to earn $700 for a new TD All-Inclusive Banking Plan or TD Unlimited Chequing Account, plus another $150 when you open a qualified savings account and TD credit card.
Is the Scotiabank new account offer any good?
Scotiabank has several valuable new account offers. You can earn $700 with a new Scotiabank Ultimate Package, $700 with a new Scotiabank Ultimate Package, and a 4.95% promo rate with a new Scotiabank MomentumPLUS Savings Account.
Are bank account bonuses taxable?
Yes, you should report this as income on your taxes. Occasionally, a bank will label the cash welcome bonus as a refund and therefore you don't need to claim it. But as a general rule, these bonuses are taxable.
Which bank has the best offers right now?
New chequing account holders can receive up to $700 cash from Scotiabank. If you're looking for promo interest, Coast Capital Savings currently offers a 4% promo interest rate. New RBC clients can qualify for a new Apple Watch.
What banks are offering bonuses for new accounts?
The big 5 banks all offer bonuses to new account holders, as do most of the big online banks. In fact, big banks can always be counted on to have some type of welcome offer available for new clients.
How do you receive bank account welcome bonuses?
For cash offers, you can expect funds to be deposited in your new account once all requirements are met and the required time has passed. Promo interest rates are usually calculated daily and paid monthly, directly into your new account.
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