Best Canadian Bank Account Promotions 2024

At any point in time, there are handfuls of bonus offers and bank account promo offer codes available. 

But how do you choose which of Canada’s bank account promotions to sign up for? 

We’ve curated a list for you of the best current offers.

Some offers are for brick-and-mortar banks, while others are for online banks. They include savings accounts as well as chequing, and range from no-fee accounts to premium packages. 

You can find an overview in our “Best Bank Promo Comparison Chart”, with summaries for each account included below. 

While there’s a bonus offer for everyone we provide you with some considerations to help you select the best account for your individual 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, combining 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. And an unprecedented 2.50% everyday interest rate easily beats your typical bank savings accounts.

This isn’t a promotional rate, but it’s so good that it’s like getting a welcome bonus every single month.

There is a short-term bonus available here though. If you add and maintain qualifying direct deposits you’ll receive an additional 1.5% interest for the first 12 consecutive months.

The ongoing 2.5% 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, EQ Bank Personal Account.

It offers a 4% 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.

If you’re wondering where the Neo Money Account falls short of our top pick, EQ Bank Personal Account, it is missing a few things. 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:

• Become a new Tangerine client using the promo code EARNMORE
• Open a Tangerine Savings Account within 30 days and earn 5.75% interest in your savings account for 5 months (after the 5 months are up, interest rates return to 0.70%).
• In addition to the Savings Account, open a Tangerine Chequing Account within 30 days and activate your Client Card within 60 days to get 20% cash back on eligible online Visa debit transactions (for 60 days, up to $400). 
• Within 60 days set up Automatic Transfers from your new Chequing Account to new Savings or Investment Funds Account and receive a $100 bonus (transfers must be a minimum of $50 total per month for 2 consecutive months).

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.

These 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 $5,000 for an Ultimate package or $4,000 for a Preferred package.

Here are the details for Scotiabank’s promo offer:

• For the $350 bonus, open a new Ultimate or Preferred Package account by July 31, 2024
• 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 $50 bonus, after completing the above, open a new TFSA, RRSP or FHSA (within 60 days of opening account). Then, complete ONE of the following:
  • Set up and clear a recurring pre-authorised contribution of a minimum $50 per month, recurring for 6 consecutive months
  • Deposit a minimum of $3,000 in your new eligible Registered Account and maintain it for 6 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 $400 Costco Shop Card, 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 $400 Costco Shop Card will be mailed to you

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, 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 a rebate.

The RBC VIP Banking account is a premium account which 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 3, 2024
• Set up and complete TWO of the following by August 9, 2024:
  • 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. It also has an everyday 2.50% interest rate that won’t expire in a few month’s time, although you can increase the rate to 4% for the first 12 months by completing a few simple actions.

Neo Financial’s Neo Money Account is another hybrid account with the utility of both a savings and chequing account. It offers an everyday 4% ongoing interest rate.

Tangerine has a standalone Savings account, but maximizing their welcome bonus requires new account holders open both a chequing and a savings account. Tangerine has a much higher promotional rate (5.75%) but it only lasts for five months before dropping down to 0.70%.

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 6% for the first 5 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 0.4% – which is why we feel the everyday interest rates of EQ Bank and Neo Financial make them superior offers.

For those who open a Chequing Account with Simplii, a bonus of $400 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 20% cash back on eligible purchases with your Cash Back Visa Card. However, this is limited to a spend of $500.

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 ($400 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 no.

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 towards 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?
• 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 entails more than choosing the best bonus offer. Promotional rates eventually end (some sooner than others!), so you need to select a bank account that is going to meet your needs in the long term.

Fortunately, you have a variety of options to select from from Canada’s banks. Whether you’re in need of a chequing account or a savings account, and whether you’re looking for no-fees, or willing to pay a monthly fee for a premium all-in-one package, our list has something to meet your needs.

Gen Y Money also keeps an updated list of the best bank account promotions, so make sure to check there as well. Their list includes British Columbia’s best bank account promotions, some of which are available exclusively to residents of the province.

Our picks for best chequing accounts are Tangerine and Scotiabank, with an honourable mention to CIBC. As for savings accounts with the best everyday interest rates we recommend Neo Money and EQ Bank.

While other banks offer high interest on savings accounts, their interest rates are not going to drop down to below 1% after 5 months. Being hybrid accounts with no fees, they are versatile for everyday use.