Best new bank account offers in Canada

BMO makes you work for that $1,100. To unlock the first $800 of this offer, you’ll need to start by opening and funding a new BMO Performance or Premium Plan Chequing Account by March 1, 2027. After that, you need to complete the following qualifying criteria by April 30, 2027: 

1. Set up a recurring direct deposit of $500 or more from your employer, the government, or your pension, and have the first deposit appear by April 30, 2027.

2. Complete one of the following by April 30, 2027: 

• Make two (2) bill payments of $50 or more to two (2) different payees through BMO Online Banking or the BMO Mobile Banking app; and

• Set up two (2) pre-authorized debits (PADs) of $50 or more from two (2) different payees.

For the next $200, you’ll need to open a Savings Amplifier Account by March 1, 2027 and complete the following: 1. Deposit a total $10,000 or more into the Savings Amplifier Account within the first 30 calendar days of opening the Savings Amplifier Account; 2. Maintain a daily closing balance of $10,000 or more for 120 calendar days from the date of deposit to earn the 5.00% promotional interest rate** on balances up to $1,000,000; 3. After the initial 120-day promotional period, continue to maintain a daily closing balance of $10,000 or more for an additional 90 calendar days to qualify for the $200 cash bonus. You must complete the Chequing Account offer to qualify for the Savings Account offer.

Finally, if you want to squeeze this offer for all it’s worth (which I respect), you must open and fund eligible Chequing and Savings accounts and apply and are approved for an Eligible Credit Card within 30 days of opening your Chequing Account. Then, apply for and be approved for an Eligible Credit Card within 30 calendar days of opening your Chequing Account. This gets you the extra $100 to earn the full offer. You must complete the Chequing Account offer to qualify for this offer.

Get a Walmart+ membership for up to 12 months* when you: Open and fund a new Performance, Premium, Practical or Plus chequing account by March 1, 2027. Then, sign up for or update your existing Walmart+ membership on Walmart.ca by April 30, 2027. You’ll have to select Debit Mastercard as the payment option and enter your new BMO debit card number.

Related: Best joint bank accounts

^{Offer Period and Eligibility Criteria: This offer is available until March 1st, 2027. If you meet the eligibility criteria, the Chequing Account and Savings Account cash bonus will be credited to your account by October 30, 2027. The Credit Card cash bonus will be credited by June 30, 2027. Unfortunately if you already have a chequing account with us from November 3, 2025 to March 1, 2027 you are not eligible for this promotion. If you close your account before March 1, 2028, you will not be eligible for this promotion. Each bill payment is required to be paid to a different biller account number. For example, if you are paying a cell phone bill it has to be paid to different accounts numbers to be counted as 2 different bill payments.}

^{Terms & Conditions: The 2027 Winter Everyday Banking Offer (“Everyday Banking Offer”) is available from November 3, 2026 – March 1, 2027 (“Offer Period”). You can earn up to $1,000.00 in total cash bonuses when you open a new Canadian Dollar Primary Chequing Account with the Performance or Premium Bank Plan (each a “Chequing Account”) and open a new Savings Amplifier Account (“Savings Account”) at any BMO Bank of Montreal branch or online at bmo.com/cash. The 2027 Winter Everyday Banking Credit Card Offer (“Credit Card Offer”) is available from November 3, 2026 – March 1, 2027. You can earn a $100.00 cash bonus (“Cash Bonus”) when you open a new Canadian Dollar Primary Chequing Account with the Practical, Performance, Premium Bank Plan, or earn 15,000 Blue Points when you open a new Canadian Dollar Primary Chequing Account with the Blue Rewards Bank Plan (each a “Chequing Account”), and open a new Savings Amplifier Account (“Savings Account”), and apply and be approved for a new Eligible Credit Card Account (defined below) (“Credit Card”) within the timelines below.}

*Terms and Conditions Apply. Visit bmo.com/cash for more details.

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 1.00% interest rate* on your balance. To earn the full 2.75%, 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 0.5% cash back.

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

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.}

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 $350^† offer you’ll need to set up an eligible recurring direct deposit of at least $100 for at least four consecutive months. Offer ends on January 31, 2027.

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.}

For the first $700 of this promotion, you’ll need to complete the following:

◦ Open a new Ultimate or Preferred Package account before March 4, 2027.

◦ Within 60 days of Eligible Chequing Account opening, set up and receive at least one eligible automated and recurring direct deposit, such as payroll or pension, which will recur monthly for a minimum of four (4) consecutive months in total; and complete any one (1) of the following actions: set up and make a minimum of one eligible recurring pre-authorized transaction with a value of at least $50 for at least six consecutive months, make at least one eligible online bill payment of at least $50 through the Scotiabank Mobile App or through Scotia OnLine, or complete at least five (5) eligible Visa* Debit purchases using your ScotiaCard® anywhere Visa* Debit is accepted. Only the following Visa Debit transaction types are eligible: online debit purchases, and in-store purchases made outside of Canada.

To qualify for another $200, you must need to meet all the conditions for the $700 bonus, and within 60 days, open a new Eligible Registered Account; such as Scotia Registered Retirement Savings Plans (excluding Spousal RRSPs and locked-in plans such as LIRAs and LRSPs) (each an “RRSP”), Scotia Tax-Free Savings Accounts (each a “TFSA”) and Scotia First Home Savings Accounts (each a “FHSA”). Scotia RRIFs (including locked-in income plans), RESPs, RDSPs, and non-registered Scotia Investment Accounts are not included in the definition and are not eligible for the Offer.

Now let’s talk about getting that remaining $100 cash bonus. You must meet all the conditions of the $700 bonus, and within 60 days of opening your account, you must apply and be approved for an Eligible Credit Card Account in which you are the primary cardholder and complete at least one qualifying purchase with the card.

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

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.

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.

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.

A Tangerine Savings Account offers a simple and flexible way to save for the future—whether your goals are short-term, medium-term, or long-term. It helps you grow your money with ease, and with the Automatic Savings Program, you can stay on track effortlessly by saving without even thinking about it.

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.

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.