Best Canadian Bank Account Promotions 2025

At any given time, there are numerous bonus offers and bank account promo codes available. But how do you decide which Canadian bank promotions are worth signing up for? To help, we’ve put together an updated list of the top offers.

These promotions include deals from both online banks, as well as traditional brick-and-mortar banks. They cover standalone savings and chequing accounts, as well as “hybrid” accounts, and the offers range from no-fee accounts to premium packages.

For a quick comparison, check out our “Best Bank Promo Comparison Chart,” which highlights each offer. Below, you’ll find summaries for each account. While there’s a bonus for everyone, some stand far above the others.

For example, no one comes close to matching EQ Bank’s ongoing interest rate of 4.00%. Read on to learn more about this offer, and to access our helpful tips to guide you in choosing the best account for your specific needs.

Best Bank Promo Comparison Chart

Best Overall Value: EQ Bank Personal Account

The EQ Bank Personal account from online bank EQ (powered by Equitable Bank, founded over 50 years ago) is a hybrid account, that combines the best features of chequing and savings.

While EQ doesn’t offer a traditional debit card, they have a prepaid bank card called the EQ Bank Card which can be used like a debit card. You can use it to access cash and spend money both online and in-store.

In addition, their free e-transfers, electronic funds transfers, and bill payments still give you the flexibility of a chequing account.

What makes the EQ Bank Personal Account stand out, however, is the fact that you can obtain an ongoing 4.00% interest rate! 

This comes from a 1.25% base interest rate, that jumps to 4.00% when you direct deposit your pay of $2,000/month or more.

While it may not be a promotional rate, it’s like a welcome bonus that keeps welcoming you month after month. It’s not going to run out after the time period for the teaser rate runs out (such as the case with Tangerine’s 4.50% for just 5 months).

The ongoing 4% everyday interest rate is just one reason why the EQ Bank Personal Account is our pick for the best savings account in Canada, and why it’s our pick for the best bank account promo… even though it’s not really a welcome bonus at all.

Check out our EQ Bank Review for all the details.

Runner Up for Best Overall Value: Neo Money Account

Neo Financial is a new kid on the block having been founded in 2019, but they’ve entered the scene on strong footing offering industry-leading interest rates. 

The Neo Money Account is another hybrid account and is a strong runner-up to our top pick, the EQ Bank Personal Account.

It offers a 3% everyday interest rate. This is an ongoing interest rate meaning it doesn’t have an expiration date. There are no monthly fees and this account offers free transactions and unlimited point-of-sale availability so you can go ahead and use it as you would a chequing account.

While it doesn’t come with a debit card, you can get the “Neo Money Card” – a prepaid Mastercard that functions like a debit card and offers cashback rewards for many different categories.

You may be wondering, where does the Neo Money Account fall short of our top pick, the EQ Personal Account? Well, in addition to having a lower interest rate (3% vs. 4%), it is lacking in a few areas/products. The Neo Money Account does not offer USD accounts, GICs, or paper cheques. It also has limited joint account options. However, depending on your individual needs these may not be an issue for you.

Check out our Neo Money Account Review for all the details.

Tangerine Chequing and Savings Account

Tangerine, a digital-only division of Scotiabank, offers customers no-fee accounts and credit cards, plus competitive investments, lending, and most of what you’d expect from a more traditional brick-and-mortar bank.

Tangerine account holders have access to Scotiabank’s ATM network, and their no-fee Visa debit card allows you to make point-of-sale purchases. You can read more about Tangerine’s offerings in our Tangerine Bank review.

Tangerine’s current promo includes 3 offers. Benefitting from all 3 requires new clients to open both a chequing and a savings account, and apply for a credit card:

• Become a new Tangerine client using the promo code EARNMORE
• Open a Tangerine Savings Account within 60 days and earn 4.50% interest in your savings account for 5 months (after the 5 months are up, interest rates return to 0.30%).
• Open a Tangerine Chequing Account, switch your payroll deposits for 2 consecutive months, and earn $250.
• Apply for a Tangerine Money-Back Credit Card, and get 10% cash back on purchases (for the first 60 days, up to $100 cashback).

Best Chequing Account Promo Offers – Scotiabank Ultimate and Preferred Package

Scotiabank’s Ultimate and Preferred package accounts have relatively high fees ($30.95 and $16.95 respectively) but they’re honestly so packed with features that they’re worth a look.  Because of all the features, and the ability to waive the monthly fee by maintaining minimum balances, they are actually a top contender in our list of the Best Chequing Accounts in Canada.

These Scotiabank packages include unlimited debit transactions, bonus interest on a Momentum PLUS Savings account, and a free Premium Credit Card.

Depending on what your bank balance is in an average month, the Scotiabank Ultimate and Preferred packages could cost you nothing. The monthly fee is waived if you maintain a minimum balance of $6,000 for an Ultimate package or $4,000 for a Preferred package.

Here are the details for Scotiabank’s promo offer:

• For the $400 bonus, open a new Ultimate or Preferred Package account by April 30, 2025.
• Within 60 days, complete any TWO of the following:
  • Use mobile or online banking to make an eligible bill payment of at least $50
  • Set up and clear 2 eligible separate recurring pre-authorized payments of at least $50 and have them recur monthly for at least 6 consecutive months
  • Set up and clear one eligible recurring direct deposit, such as a payroll or pension that recurs for 6 consecutive months
• Bonus will be deposited in your account within 6 months
• For an additional $100 bonus, after completing the above, open a new TFSA, RRSP or FHSA (within 60 days of opening account). Then:
  • Contribute or transfer-in a minimum of $5,000 in your new eligible Registered Account and maintain it for 6 3 consecutive months

You can learn more in our detailed Scotiabank review, or sign up using the button below.

CIBC Smart Account and Smart Plus Account

CIBC’s Smart account is a basic chequing account with pricing that varies depending on the number of transactions you need. Meanwhile, the Smart Plus is a premium all-in-one account package that includes unlimited transactions including e-transfers, features like overdraft protection and an eligible CIBC credit card.

CIBC’s Smart and Smart Plus accounts are on the pricier side (up to $16.95 for the Smart account or up to $29.95 for the Smart Plus account with lower monthly fees for seniors over 65). However, fees can be waived if you maintain a minimum balance of $4,000 for the Smart Account or $6,000 for the Smart Plus Account. In order to receive CIBC’s $450 cash bonus, you must do the following:

• Open a CIBC Smart Account or CIBC Smart Plus Account and provide an email address
• Set up ongoing monthly direct deposits which total $500 or more
• Within the same calendar month, complete ONE of the following tasks:
  • Set up at least two recurring pre-authorized debits
  • Complete two online bill payments of $50 or more each
  • Complete five online Visa Debit purchases

Your $450 cash reward will be deposited into your qualifying account within 7 months after the month you opened the account.

RBC Signature No Limit Banking and RBC VIP Banking

RBC’s Signature No Limit Banking account is a standard account with unlimited transactions in Canada, no minimum balance, free e-transfers, and up to a $48 rebate on the annual fee on various RBC credit cards. The monthly fee is $16.95 although it can be less with “the Value Program” rebate (which is essentially signing up for more RBC products and programs).

The RBC VIP Banking account is a premium account that includes unlimited transactions worldwide, up to $120 off the annual fee of an RBC premium credit card, and extra bank accounts, all for a monthly fee of $30 (or less with a rebate).In order to receive RBC’s promo offer of an Apple Watch Series 9 you must:

• Open an eligible account by June 2, 2025
• Set up and complete TWO of the following by August 11, 2025:
  • Your pay or pension as a direct deposit
  • Two pre-authorized monthly payments
  • Two eligible bill payments to a service provider

Best Savings Account Offers

We’ve already dug into a couple of featured savings accounts that are worth considering. Let’s review:

EQ Bank’s Personal Account has all the benefits of a savings account with the flexibility of a chequing account. Its 1.25% everyday interest rate can be easily increased to 4% by simply setting up your payroll deposits to the account. Best of all, this is an ongoing rate!

Neo Financial’s Neo Money Account is another hybrid account with the utility of both a savings and chequing account. It offers an everyday 3% ongoing interest rate.

While Tangerine has a higher promotional rate of 4.50%, it only lasts 5 months before dropping down to 0.30%.

In addition to these excellent accounts, there’s one more that’s worth a look:

Simplii Financial High Interest Savings Account

If EQ, Neo, and Tangerine don’t appeal, you could consider a High Interest Savings Account from Simplii Financial (an online division of CIBC). This account has no fees or minimum balance requirements.

New Savings Account holders will receive a special promotional rate of 3.70% for the first 7 months. You’ll receive the bonus interest as a lump sum payment at the end of that time period. After the promotional period is over your interest rate returns to 0.30%-1.50% (0.30% for accounts of $0-$50,000) – which is why we feel the everyday interest rates of EQ Bank and Neo Financial make them far superior offers.

For those who open a Chequing Account with Simplii, a bonus of $300 can be earned by adding an eligible direct deposit of at least $100 for 3 consecutive months.

For the first 3 months, you will also receive 10% cash back on eligible purchases with your Cash Back Visa Card. However, this is limited to a spend of $1000.

Read our Simplii Financial review where we provide more details and compare it to other Canadian banks.

Which Bank Promo Is Right for You? (Hint: it’s not always the biggest one)

Even though bank account welcome promotions can be valuable ($500 is nothing to sneeze at!), picking an account based solely on the bonus is risky. That’s why it’s important to be sure the bank account you’re getting is the one that’s right for you, promo offer or not.

We built this list with bonus value, institution reliability, and customer service in mind. We wanted you to have a solid list of options to start from. But you still need to consider your personal situation before you make your choice

Here are some things to consider:

• Do you qualify for the bonus? Most promo offers are geared toward new banking customers, so make sure you qualify!
• How difficult is it to open an account?  Do you need extra documents? Do you need to visit a branch in person? How hard will that be for you?
• Does the account give you what you need? Do you need point of sale abilities, or are e-transfers and bill payments what you’re looking for? How many monthly transactions are you anticipating? Your answers can make a huge difference in which account will work best for you.
• What do you need to do to get the full bonus? As you’ve seen from our list, many bonus offers require account holders to complete multiple tasks. These are fine if you were already planning to use your account for those things—but what if you weren’t?
• And what is the timeline for the full bonus? Will you be able to achieve all the tasks within that timeframe? If you’re not on time, it will have been a waste of time!
• Don’t pick an account that needs you to set up a direct payroll deposit or bill payments if you were planning to use it for something else entirely. Think about why you’re opening this account and what you want to use it for, and then make sure your welcome bonus fits that.
• What kinds of fees do the accounts have? A bonus that waives monthly fees is tempting, but keep in mind that unless you maintain a hefty bank balance, you’ll have to pay those fees eventually. Is a $30/month account what you need, or would a no-fee bank account do the trick? It also helps to skim the fine print. Make sure you’re not signing up for hidden extra fees without realizing it!

If you’re looking for more information about which account is best for you, we have resources that can help! Check out our posts about the Best Chequing Account in Canada and the Best Online Bank in Canada to give you a solid start. If you’re a student, we recommend our list of the Best Bank Accounts for Students.

Canadian Banks Promotions: FAQ

The Best Bank Promo Offers in Canada

Choosing a new bank account is about more than just the best bonus offer. Promotional rates are temporary (and some end sooner than others!), so it’s important to pick an account that will suit your long-term needs.

Luckily, Canada’s banks offer a wide range of options. Whether you need a chequing or savings account, and whether you’re looking for a no-fee option or willing to pay for a premium all-in-one package, our list has something for everyone.

Gen Y Money also keeps an up-to-date list of the best bank account promotions, so be sure to check there too. Their list features some of the top offers in British Columbia, with exclusive promotions for residents of the province.

For the best chequing accounts, we recommend Tangerine, Scotiabank, and CIBC. While Tangerine’s promo interest rate drops after 5 months, we appreciate a low/no-fee bank with a wide range of product offerings. 

When it comes to savings accounts with the best everyday interest rates, EQ Bank takes top place with its ongoing 4% interest rate. The runner-up there is Neo Money, with their 3% everyday rate. While other banks may offer higher interest, their rates tend to drop below 1% after a few months. 

While not technically a promotion, EQ Bank takes the top spot for the best Canadian bank account promotion because of its high ongoing interest rate and low fees.