Best new bank account offers in Canada

Explore the best bank promotions in Canada, including cash bonuses, high-interest rates, and tech giveaways. Find the best fit for your financial needs and start earning today.

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Looking for free money, rewards, or bonuses? Explore the best new bank account offers in Canada this month.

If you're looking to switch banks or just open a new bank account, make sure you compare the best new bank account offers in Canada. From chequing account offers to high-interest savings account promos, here's a summary of the best bank promotions in Canada for this month from our partners, followed by a list of all the best bank offers from all major banking providers in Canada.

Best new bank account offers in Canada for March 2025

Bank specials for new accounts Description Get started
Earn up to $700 cash bonus when you sign up for a BMO Performance Chequing Account and a BMO Savings Amplifier Account. Go to site
Earn 3.75% interest* on your balance and 1% cash back on your debit spending with an EQ Bank Personal Account Go to site
Earn 3% on your balance and 1% cash back on purchases (or more) with a Neo Money account Go to site
Earn $300 when you become a new client and open a No-fee Chequing Account by April 30th, 2025. Go to site
Earn up to $500 with a Scotiabank Ultimate or Preferred package and eligible investment plans.† Go to site

Next, assess whether you’ll truly be able to meet the conditions to get the reward. Banks rely on the splashy offer to draw us in, in hopes that we’ll get too lazy to qualify it once we’re already a customer. So, let’s make sure that doesn’t happen to you by diving into the current promotions for new bank accounts. 

My pick for the best new bank account promotion

My top choice for the best promotion is, hands down, the Simplii No Fee Chequing Account. It’s the best deal in terms of effort versus reward. I like this promotion because you don’t need to jump through too many hoops to get the $300 cash bonus. 

All you have to do is set up a recurring direct deposit of at least $100 for three months, and you’re done. As we’ll see below, earning a cash bonus isn’t as simple with the Big Banks.

Get $300 with Simplii

Best new bank account offers in Canada in alphabetical order

BMO new account offer

Promo offer: Up to $700 cash bonus when you sign up for a BMO Performance Chequing Account and a BMO Savings Amplifier Account by July 2, 2025
  • Monthly fee: $17.95
  • Minimum account balance to waive monthly fee: $4,000
  • Number of transactions: Unlimited

BMO makes you work for that $700. To unlock the first $450 of this offer, you’ll need to start by making a deposit of any amount to your BMO Performance Chequing Account. After that, you need to complete two of the following three actions:

◦ Set up a recurring direct deposit

◦ Make two bill payments to different payees of at least $50 each

◦ Set up two pre-authorized debits from different payees of at least $50 each

For the next $200, you’ll need to open a Savings Amplifier Account and deposit $10,000 within 30 days of opening the account. This amount must be maintained for an additional 90 days. For example, if you made your initial deposit on March 1, you’ll need to deposit $10,000 or more by March 31st, and then maintain a balance of $10,000 until the end of June.

Finally, if you want to squeeze this offer for all it’s worth (which I respect), you must get a family member open a new account and add them to your BMO Performance Chequing Account. This gets you the extra $50 to earn the full offer.

Related: Best joint bank accounts

Offer Period: From March 4 2025 to July 2 2025, to qualify for the Chequing Account Offer you must open a valid chequing account, provide a valid email address, make a deposit of any amount by July 2, 2025, and complete at least two of the following actions: set up recurring direct deposit, make two eligible bill payments of at least $50 through BMO Online banking or the Mobile app, or set up two pre-authorized debits from different payees of at least $50 each.

Pros and cons of the BMO promo

Pros

Pros

  • $700 welcome offer

  • 5.00% promo interest rate with Savings Amplifier Account

Cons

Cons

  • Must complete two of the following: recurring direct deposit, two bill payments, two pre-authorized debits

  • Required to open a Savings Amplifier Account and maintain a $10,000 balance

  • Full bonus only eligible to those who invite a family member to open an account as part of the BMO Family Bundle

EQ Bank new bank account sign up bonus

Promo offer: Earn 3.75% interest* on a EQ Bank Personal Account
  • Monthly fee: $0
  • Minimum account balance to waive monthly fee: N/A
  • Number of transactions: Unlimited

This is the bank promotion for long-term thinkers. Here’s how it works: as soon as you fund your account, you’ll start earning a 2.25% interest rate* on your balance. To earn the full 3.75%, you’ll need to set up a direct deposit of at least $2,000 per month.

As an EQ customer, I appreciate how this promotion doesn’t have an end date. While the Big Bank cash bonuses are flashy, the 2.75% interest* will likely add up to more money over time.

EQ also has one of the best debit cards in Canada with 1% cash back.

* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

Pros and cons of the EQ bank offer

Pros

Pros

  • 3.75% interest rate

Cons

Cons

  • Must set up a direct deposit of at least $2,000

Neo Financial promotional offer

Promo/Bonus offer: Earn up to 3% cash back on gas and groceries, and up to 1% on everything else
  • Monthly fee: $0
  • Minimum account balance to waive monthly fee: N/A
  • Number of transactions: Unlimited

Unlike the Big Banks, Neo doesn’t offer a sign-up bonus for opening an account. Instead, they let their product speak for itself.

Like many challenger banks, Neo blurs the lines between traditional savings and chequing accounts. Their account functions as both. In short, the more you have in your account, the more money you earn when you spend.

For example, if you have $10,000 in your account, you’ll earn 3% cash back on gas and groceries, plus 1% cash back on everything else. While it may not have a flashy promotion, this account is a great banking product for those who can forgo the in-person support of a Big Bank.

Neo Money is provided by People's Bank. Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

Best new bank account offer from Simplii

Promo/Bonus offer: Earn $300 when you become a new client and open a No-fee Chequing Account by April 30th, 2025.
  • Monthly fee: $0
  • Minimum account balance to waive monthly fee: N/A
  • Number of transactions: Unlimited

Not only is this one of the best promotions on the list, but the Simplii No Fee Chequing Account is a great choice for your daily banking. To qualify for the $300 offer you’ll need to set up a recurring direct deposit of at least $100 in the first 120 days of account opening. Plus, you’ll need to maintain this recurring direct deposit for at least three consecutive months.

And that’s it. The Simplii No Fee Chequing Account is for no-fee lovers. However, if you’re a person who enjoys the in-person support of a Big Bank, this may not be the product for you.

"Simplii FinancialTM" is a trademark and division of CIBC. Banking services are not available in Quebec.

Pros and cons of the Simplii Financial promo

Pros

Pros

  • $300 welcome offer

Cons

Cons

  • Must add a direct deposit of at least $100 a month for 3 straight months

New bank account offer from Scotiabank

Promo/Bonus offer: Earn up to $500 with a Scotiabank Ultimate or Preferred package and eligible investment plans.
  • Monthly fee: $16.95
  • Minimum account balance to waive monthly fee: $4,000
  • Number of transactions: Unlimited

Scotiabank mixes up the standard Big Bank promotion playbook by encouraging customers to open a registered account.

For the first $400 of this promotion, you’ll need to complete the following:

◦ Open a new Ultimate or Preferred Package account before April 30th, 2025.

◦ Within 60 days, set up a recurring direct deposit and either two recurring pre-authorized transactions of at least $50 (e.g. mortgage payment) or one bill payment (e.g. phone, utility) of at least $50.

Now let’s talk about getting that remaining $100 cash bonus. Earn an additional $100 bonus when you deposit $5,000 into your new eligible RRSP, TFSA, or FHSA within 60 days of opening the account, and maintain that balance for at least three consecutive months.

*See Account Provider's website for complete account details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

Pros and cons of the Scotiabank promo

Pros

Pros

  • $500 welcome offer

Cons

Cons

  • Must complete a multi-step process

  • Open a new registered account and set-up pre-authorized contribution

  • Make a minimum deposit of $5,000 in registered account

CIBC new bank account offer

Promo/Bonus offer: Get a 6 month Disney+ subscription and $600 for opening a CIBC Smart Account and CIBC eAdvantage Savings Account
  • Monthly fee: $6.95 - $16.95 (depending on number of monthly transactions)
  • Minimum account balance to waive monthly fee: $4,000
  • Number of transactions:
  • ◦ Up to 12 transactions: $6.95
  • ◦ 13-20 transactions: Additional $1.25 each
  • ◦ Unlimited transactions: $16.95

CIBC brings some creativity to the bank promotion table with a Disney+ subscription offer. To qualify, open a new CIBC account and subscribe to Disney+ using your Visa Debit card. CIBC will then reimburse you for up to six months.

To receive the first $400 of the cash bonus, you’ll need to set up a direct deposit of $500 or more per month to your new Smart Account. After that, you must complete one of the following actions within the same calendar month:

◦ Set up two recurring pre-authorized debits

◦ Make two online bill payments of $50 more each

◦ Complete five online Visa Debit purchases

Once you’ve completed that, you’re ready for the final boss of this bank promotion. The additional $200 cash bonus requires you to open an eAdvantage Savings Account. Once that’s done, simply plop $10,000 into that account and maintain this balance for the next three months.

Pros and cons of the CIBC promo

Pros

Pros

  • 6 month Disney+ Subscription

  • $600 welcome offer

  • 5.25% promo interest rate for first 4 months with eAdvantage Savings Account

Cons

Cons

  • Must set up recurring direct deposit

  • Must complete one of the following: two bill payments, two pre-authorized debits, five online Visa debit purchases

  • Required to open a CIBC eAdvantage Savings Account and maintain a $10,000 balance

Best new bank account offer from RBC

Royal Bank logo
Promo/Bonus offer: Earn $450 for opening an RBC Signature No Limit Banking Account
  • Monthly fee: $16.95
  • Minimum account balance to waive monthly fee: N/A
  • Number of transactions: Unlimited

RBC offers one of the more straightforward promotions of the Big Banks, even if it’s not as lucrative. To get your $450 you will need to open a RBC Signature No Limit Banking Account. Next, you’ll complete two of the three actions:

◦ Set up a recurring direct deposit

◦ Complete two pre-authorized monthly payments

◦ Make two bill payments to a service provider

As noted above, RBC does not offer a monthly fee rebate for maintaining a minimum balance – something to consider when assessing this account for the long term. Instead, they provide the RBC Value Program, which reduces your monthly fee if you have two additional products with RBC.

Pros and cons of the RBC bonus

Pros

Pros

  • $450 welcome bonus

Cons

Cons

  • Must set up two of the following: recurring direct deposit, two pre-authorized monthly payments, two bill payments

Tangerine bank account promotional offer

Tangerine logo
Promo/Bonus offer: Open a Chequing Account and earn $250
  • Monthly fee: $0
  • Minimum account balance to waive monthly fee: N/A
  • Number of transactions: Unlimited

I’ll admit, I’m a Tangerine fan. After a long list of complicated bank promotions, I appreciate Tangerine’s simplicity. While the cash bonus isn’t substantial, all you need to do is open a Tangerine Chequing Account and set up a recurring direct deposit of at least $200 from your paycheques for two consecutive months.

This bank promotion is ideal for those interested in a no-fee account for the long term. Plus, you get access to Scotiabank ABMs if you need cash. Of course, if you’re looking for in-person support, one of the Big Bank offers may be better for you.

Pros and cons of the Tangerine offer

Pros

Pros

  • $250 welcome offer

Cons

Cons

  • Must move your paycheques to your Tangerine Chequing Account for two consecutive months

TD new account offer

TD Bank logo
Promo/Bonus offer: Get $600 by opening a TD Unlimited Chequing Account and eligible Savings Account
  • Monthly fee: $16.95
  • Minimum account balance to waive monthly fee: $4,000
  • Number of transactions: Unlimited

Another day, another Big Bank $600 offer. Let’s break it down. For the first $400, you’ll need to complete two of the following actions:

◦ Set up a recurring direct deposit

◦ Make an online bill payment of at least $50

◦ Set-up a recurring pre-authorized debit of at least $50

For the next $200, you must deposit $10,000 into your TD Savings Account within 30 days of opening your TD Unlimited Chequing Account. This balance must be maintained for 150 days.

The cool thing about this offer is that you can earn even more cash by depositing a higher amount. For example, if you deposit over $100,000, you can earn a $1,000 cash bonus. While most of us don’t have a spare $100,000 lying around (I wish!), this offer could be perfect for someone keeping a large amount in cash for an upcoming down payment.

Pros and cons of the TD bank promo

Pros

Pros

  • $600 welcome offer

Cons

Cons

  • Must complete two of the following: set up a recurring direct deposit, set up a recurring pre-authorized debit payment, make an online bill payment

  • Deposit $10,000 into a new Savings Account and maintain balance for 150 days

Wealthsimple Cash bonus offer

Promo/Bonus offer: Earn up to 3.75% interest on your cash account balance
  • Monthly fee: $0
  • Minimum account balance to waive monthly fee: N/A
  • Number of transactions: Unlimited

Wealthsimple doesn’t need to stoop to complicated cash bonuses to get customers. While their cash account doesn’t have a new account promotion, you can still boost your earning potential by holding your investments with Wealthsimple.

At the lowest tier, you’re getting a generous 2.75% interest on your account balance. That’s pretty good. Bump your assets to $100,000 (this includes your Wealthsimple investment accounts), you’ll enjoy 3.25% interest. Finally, generation clients receive 3.75% interest with $500,000 in assets with Wealthsimple.

Pros and cons of the Wealthsimple Cash promo

Pros

Pros

  • At least 2.75% interest on Cash account

Cons

Cons

  • Need $500,000 in assets to access the highest interest rate

Summary: Best new bank account offers in Canada

The saying “there’s no such thing as a free lunch” applies to new bank promotions. While the advertisements promise us easy cash, the fine print tells a different story. Often these promotions require tedious tasks, such as setting up direct deposits or recurring bill payments.

So opening a new bank account worth it? Before making the decision, it’s important to look beyond the promotion and make sure the account aligns with your long-term needs. Consider the features that fit your financial goals, such as in-person banking or low account fees. 

New bank account offers Canada FAQs

  • Where can I find the best new bank account offers?

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    Currently, BMO, CIBC, TD, Scotiabank, RBC, Simplii, and Tangerine are offering promotions for opening new accounts. For example, BMO offers up to $700 to those who sign up for a BMO Performance Chequing Account and a BMO Savings Amplifier Account. It’s important to read the detailed offer description to ensure you qualify for the full cash bonus.

  • Which bank gives you money to open a new account online?

    +

    Currently, BMO, CIBC, TD, Scotiabank, RBC, Simplii, and Tangerine provide cash bonuses for opening a new account online. For example, Simplii offers $300 to individuals who sign up for a new account and set up a recurring direct deposit.

  • What bank gives you money just for signing up?

    +

    No banks offer cash bonuses simply for opening a new account right now. Typically, you will need to set up recurring direct deposits and pre-authorized payments to qualify for the cash bonus.

  • Which bank has the best new account bonus?

    +

    The Simplii No Fee Account offers one of the best new account bonuses. You can earn $300 by opening a new account and setting up a recurring direct deposit.

  • How hard is it to earn a new account offer?

    +

    Earning a new account bonus is not difficult, but it can be time-consuming. In addition to opening your account, you will often need to set up direct deposits from your paycheque. You may also be required to establish recurring pre-authorized payments and complete bill payment transactions.

Christine Smonk Freelance writer

After years as a product manager at TD Bank and Ratehub.ca, Christine now expresses herself with words, especially in credit cards and personal finance.

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