Name: Summary of the best new bank account offers
Creator: NerdWallet

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

ALSO CONSIDER: Best chequing accounts | Best No-fee Chequing Accounts | Best Student Bank Accounts | Best Senior Bank Accounts

It’s satisfying to get something for free — especially when that something is cold, hard cash. But money isn’t the only thing you could get for opening a chequing account. Chequing account offers include gift cards, waived fees, merchandise and more.

Banks offer account promotions to incentivize new customers to sign up. If you’re in the market for a new chequing account, compare account features and promotions to nab the best offer for your lifestyle and spending habits.

The best chequing account offers and promotions
Summary of our picks
Why should you choose a chequing account with an introductory offer?

BMO Performance Chequing Account

Earn up to a $450* welcome bonus when you open a new BMO Chequing account and a 5.50% promo interest rate when you add a Savings Amplifier account*.

Apply Now

Best chequing account offers and promotions

RBC Signature No Limit Banking

Bonus Offer

$350

You can qualify for the offer by: (1) opening your first RBC Signature No Limit Banking account or RBC VIP Banking account as a primary owner between Nov 1, 2023, and the end date of the campaign (Jan 3, 2024, at 9:00PM EST). (2) completing two of the three Qualifying Criteria from your new account by March 13, 2024, at 9:00PM EST, which are: (a) Complete 1 automated and recurring payroll or pension direct deposit, or (b) Set up and complete 2 pre-authorized payments, or (c) Set up and clear 2 eligible bill payments to a service provider (i.e., utility bill, cable, etc.). NOTE: Once you qualify, to receive your cash your bonus offer will be deposited into your new account within 6 to 10 weeks.
Monthly Fee

$16.95

$10.95 or $5 monthly fee with Value Program Rebate.¹⁰ $12.95 monthly fee for seniors¹¹ or less with Value Program Rebate.¹⁰

Rebates available
Number of Transactions

Unlimited

Apply Now

RBC Signature No Limit Banking offers unlimited debit transactions, free Interac e-Transfers®, and up to a $48 annual fee rebate on eligible RBC credit cards.
Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.

Switch to an RBC chequing account and complete the criteria to receive a $350 cash offer. Conditions apply. Ends January 3, 2024.
Unlimited debits transactions in Canada, valuable savings and even more.
Get a credit card for less – Up to $48 rebate on the annual fee of an eligible credit card.⁵
FREE Interac‡ e-Transfer transactions.⁶𝄒⁷
3 non-RBC ATM fees waived/month, $2 each thereafter.⁸
5 FREE cross-border debits/month, $1 each thereafter.⁹
No minimum balance (even to get rebates).
Monthly Fee¹: $16.95 (or less with rebate).²
$10.95 or $5 monthly fee with Value Program Rebate.¹⁰
$12.95 monthly fee for seniors¹¹ — or less with Value Program Rebate.¹⁰
Avion Points¹² – Enroll your account in the Value Program to get a minimum of 1 Avion point for every $10 you spend in-store and online using your enrolled account.
Overdraft Protection¹⁵ – Fee waived (overdraft interest applies if used).
Safe Deposit Box¹⁶ – Up to $12/year discount on regular fees.
Non-Sufficient Funds (NSF) Fee – 1 NSF fee rebated every calendar year.²⁶
1 book of cheques FREE, afterwards Fees Apply¹⁷
Bank Drafts¹⁸ – 6 FREE/year, $9.95 each thereafter.
Online, Mobile and Telephone Banking FREE.
eStatements FREE.
Monthly Paper Statements $2.25 without cheque image, $2.50 with cheque image.
Right Account Guarantee® If you’re not completely satisfied within the first 4 months, we’ll refund your monthly fees for up to 3 months.¹²

BMO Performance Chequing Account

Bonus Offer

$450*

Earn $350* with a Performance Chequing Account. Plus an additional $100* when you add a second member and make it a BMO Family Bundle. Our most popular account offers unlimited everyday banking transactions for a competitive price. 5.50% interest rate (volatile rate) from November 1st, 2023 until February 29th, 2024 if you add a Savings Amplifier Account.
Monthly Fee

$16.95

Waive the monthly fee by maintaining a $4,000 minimum balance.

Waived with minimum balance
Number of Transactions

Unlimited

Apply Now

Enjoy unlimited everyday banking transactions, no-fee daily banking for loved ones through a family bundle, up to a $40 annual fee rebate on your BMO credit card, and more on the Performance Chequing Account.
The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.

Performance Chequing Account, as one of BMO’s popular accounts, offers unlimited everyday banking transactions for a competitive price.
Open an account in minutes and earn a welcome bonus of up to $450*.
Add an account and subtract the fees with the BMO Family Bundle that lets your loved ones enjoy no-fee daily banking with all the benefits and privacy of separate chequing accounts.
Enjoy unlimited transactions when visiting a BMO branch or ATM and when using BMO Online, Mobile, and Telephone Banking.
Get up to $40 of your BMO credit card annual fee rebated annually with a Performance Plan Chequing Account. Enjoy all the perks of a BMO credit card, with lower fees.
Feel secure with OnGuard Identity Theft protection at no charge. You’ll get complimentary access to OnGuard with the Performance Plan – saving you over $150 a year.
Enjoy all these benefits for $16.95 per month – or, pay no monthly fee when you keep a minimum balance of $4,000.
The Performance Plan chequing account is eligible for CDIC insurance.

Scotiabank Preferred Package

Bonus Offer

Up to $550*

Earn up to a $550 welcome bonus with a new bank account. To qualify, certain conditions must be met. Offer ends February 29, 2024.
Monthly Fee

$16.95

No monthly account fee by maintaining a minimum daily closing balance of $4,000 for the entire month.

Waived with minimum balance
Number of Transactions

Unlimited

Apply Now

You can enjoy unlimited transactions, e-transfers and a first-year annual fee waiver of up to $150 on select credit cards with the Scotiabank Preferred Package.
Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Earn up to a $550* welcome bonus with the Scotiabank Preferred Package! The longer you save, the higher your interest rate. Plus, save for multiple goals in one account.
Make money while you wait. Earn up to 5.60% interest on your MomentumPLUS Savings Account.
Scotiabank’s most popular features packaged for your everyday banking needs.
Unlimited debit transactions² & Interac e-Transfer† transactions.
First year annual fee waiver (up to $150) on select credit cards².
Send money globally for $1.99³ with Scotia International Money Transfer.
Earn rewards on debit transactions with the Scene+™ Program².
Fee waived on one non-Scotiabank ABM withdrawal per month in Canada.
Preferred rates on select GICs.
No monthly account fee on a Scotia U.S. Dollar Daily Interest Account.
Eligible deposits are covered by CDIC.
Terms and Conditions Apply. Click ‘Apply Now’ for complete details.

Simplii Financial™ No Fee Chequing Account

Bonus Offer

$400

Open a No Fee Chequing Account by February 29, 2024 and add an eligible direct deposit of at least $100 a month for 3 straight months to earn a cash reward of $400.
Monthly Fee

$0
Number of Transactions

Unlimited

Apply Now

With no monthly fee, unlimited debit purchases and free access to more than 3,400 ATM machines across Canada, Simplii Financial’s No Fee Chequing Account is a low-cost way to handle your day-to-day banking.
Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.

Welcome offer: Apply for a Simplii Financial No Fee Chequing Account by February 29, 2024 and earn a $400† cash reward. Must be a new Simplii Financial client and set up one or more eligible recurring direct deposits totalling at least $100 per month within 120 days. Recurring direct deposits must be credited to the account for at least three consecutive months in the 120-day period.
No monthly fees.
No minimum balance.
Unlimited debit purchases, bill payments and withdrawals.
Free access to over 3,400 CIBC ATMs across Canada.
Shop online and in-store with the Simplii Financial Debit Mastercard, which can be used anywhere Mastercard is accepted.
Direct payroll and pension deposit.
Optional overdraft protection for $4.95 a month.
Pre-authorized bill payments.
Account-to-account transfers, including automatic transfers.
Send personalized gift cards.
Earn $50 by referring a friend who opens a No Fee Chequing Account or other eligible account.
Interest rate: 0.01% on balances of $25,000 or less; 0.05% on balances greater than $25,000.
CDIC protection for eligible deposits.

TD Unlimited Chequing Account

Bonus Offer

Up to $600

To be eligible for this offer, you must be a new TD Chequing customer. Offer ends January 31, 2024. Conditions apply.
Monthly Fee

$16.95

Waive the monthly fee by maintaining a $4,000.00 minimum balance.

Waived with minimum balance
Number of Transactions

Unlimited

The TD Unlimited Chequing Account is a convenient way to manage your daily expenditures, with unlimited transactions, free Interac e-transfers and a first-year annual fee rebate on select TD credit cards up to $139.
TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.

Earn $350 by opening a new account and completing two of the following by March 31, 2024: 1. Set up a Recurring Direct Deposit from your employer, pension provider or the Government. 2. Setup a Recurring Pre-Authorized Debit Payment of at least $50. 3. Make an Online Bill Payment of at least $50 through EasyWeb or the TD app.
Earn up to $200 by depositing $10,000 -$24,999 into the New Savings Account within 30 days of account opening and maintain the balance for 90 days. Plus, get additional cash offers with the deposit tiers and earn: $50 for $2,500-$4,999 deposit, $100 for $5,000-$9,999 deposit, $200 for $10,000 – $24,999 deposit, $500 for $25,000-$49,999 deposit, $1,000 for $50,000 -$99,999 deposit, $2,000 for $100,000+ deposit.
Earn an extra $50 by adding a Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by January 31, 2024.
Monthly fee: $16.95. ($11.95 for customers 60 and older.) No fee if you have $4,000 in your account at the end of each day of the month.
Unlimited transactions included per month.
Free Interac e-transfer transactions.
Use your TD Access Card for online and in-person shopping, and cash withdrawals, wherever Visa is accepted.
Visa and Interac Zero Liability protection: no customer responsibility for any unauthorized transactions.
No additional fee for using non-TD ATMs in Canada. Other banks may charge their own fees.
Foreign ATM fees: $3 in U.S. and Mexico, $5 in any other foreign country.
Use TD MySpend to track monthly spending and improve spending habits.
Direct deposit for paycheques, mobile deposit for all other cheques.
Access to the Simply Save program, which automatically transfers small amounts of money to a linked TD savings account when using your TD Access Card.
CDIC protection for eligible deposits.

CIBC Smart™ Account

Bonus Offer

$350

Get a $350 bonus when you provide your email address when you open a CIBC Smart™ Account, then within 2 months: 1. Set up ongoing monthly direct deposits totalling $500 or more. 2. Complete one of these 3 transactions within the same calendar month: 2 ongoing pre-authorized debits Learn about pre-authorized debits. 2 online bill payments of $50 or more each, 5 Visa*Debits.
Monthly Fee

$6.95-$16.95

The monthly fee varies by the number of transactions included. Waive the monthly fee and enjoy unlimited transactions by maintaining a $4,000 minimum balance.

Waived with minimum balance
Number of Transactions

Varies with monthly fee

Up to 12 transactions: $6.95 monthly fee. 13 to 20 transactions: Additional $1.25 each Unlimited transactions: $16.95 monthly fee Monthly fee rebated with minimum deposit balance.

Pay for what you use with the CIBC Smart™ Account, which offers a flexible monthly fee that adjusts to the number of transactions you make.
Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.

Get $350 with a CIBC Smart™ Account – Open your first chequing account, complete the qualifying actions and earn some extra cash.
The monthly fee varies by the number of transactions included: $16.95 for unlimited transactions, $6.95 for up to 12 transactions, or, for 13 to 20 transactions, $6.95 plus $1.25 for each additional transaction.
Waive the monthly fee and enjoy unlimited transactions by maintaining a $4,000 minimum daily balance.
Free Interac e-transfer transactions that count towards your total transactions.
Access to nearly 4,000 ATMs across Canada.
One free non-CIBC ATM withdrawal per month in Canada.
Shop online and in-app using money directly from your CIBC Smart Account with Visa* Debit.
Manage your daily spending and grow your savings with help from CIBC Insights — a tool included in the CIBC Mobile Banking App that offers tailored tips based on your debit and credit card activity.
CIBC Smart Balance Alert gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
Checkout with CIBC’s digital payment options, including Visa Debit, Click to Pay, Google Pay, Apple Pay and Samsung Pay.
Save up to 10 cents per litre on gas by linking your CIBC card with Journie Rewards to save on gas at participating Pioneer, Fas Gas, Ultramar and Chevron locations.
Bank in-person, online or in the mobile app.
Only available to Canadians aged 25 and older.
CIBC Smart Account offers for students, newcomers and foreign workers.
Deposits are eligible for insurance from CDIC

CIBC Smart™ Plus Account

Bonus Offer

Up to $350

Get a $350 bonus when you complete qualifying actions and pay no monthly fees for three months when you open a CIBC Smart™ Plus Account. Conditions apply.
Monthly Fee

$29.95

Waive the monthly fee and enjoy unlimited transactions by maintaining a $6,000 minimum balance or $100,000 in combined eligible savings and investments, including GICs.

Waived with minimum balance
Number of Transactions

Unlimited

Unlimited transactions, a CIBC credit card annual fee rebate, and plenty of included perks make the CIBC Smart™ Plus Account a solid choice for Canadians looking for an all-in-one bank account.
Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.

To earn the $350 intro offer and pay no monthly fees for three months, you must be age 25 and older and satisfy conditions outlined by CIBC.
$29.95 monthly fee.
Waive the monthly fee and enjoy unlimited transactions by maintaining a $6,000 minimum balance or $100,000 in combined eligible savings and investments, including GICs.
Enjoy unlimited transactions, including Interac e-transfer service.
Includes one eligible CIBC credit card with an annual fee rebate for the primary cardholder and up to three authorized users.
Access to nearly 4,000 ATMs across Canada.
No CIBC fee for ATM withdrawals worldwide or for CIBC Overdraft Protection Service.
Enjoy free personalized cheques, bank drafts, money orders and stop payments on cheques and pre-authorized payments.
Includes CIBC Overdraft Protection Service.
Shop online and in-app using money directly from your CIBC Smart Account with Visa* Debit.
Manage your daily spending and grow your savings with help from CIBC Insights — a tool included in the CIBC Mobile Banking App that offers tailored tips based on your debit and credit card activity.
CIBC Smart Balance Alert gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
Checkout with CIBC’sdigital payment options, including Visa Debit, Click to Pay, Google Pay, Apple Pay and Samsung Pay.
Save up to 10 cents per litre on gas by linking your CIBC card with Journie Rewards to save on gas at participating Pioneer, Fas Gas, Ultramar and Chevron locations.
Bank in-person, online or in the mobile app.
To qualify, you must be a Canadian resident that’s reached the age of majority in your province or territory.
Deposits are eligible for insurance from CDIC.

The PC Money™ Account

Bonus Offer

Up to 130,000 Points

Earn up to 130,000 bonus PC Optimum points: Get 10,000 PC Optimum points on up to eight bill payments of $50 or more (80,000 points). Earn up to 50,000 points with 4 months of eligible payroll deposits.
Monthly Fee

$0
Number of Transactions

Unlimited

The PC Money Account from President’s Choice Financial is not just another no-fee chequing account. It’s a rewards program, too. Every time you spend money using your PC Money Account card, you’ll earn PC Optimum points that can be put toward future purchases.
President’s Choice Financial is part of Loblaw Companies Limited with millions of account holders across Canada that save bank fees and earn rewards through the PC Optimum points system.

Earn up to 130,000 bonus PC Optimum points: Get 10,000 PC Optimum points on up to eight bill payments of $50 or more (80,000 points). Earn up to 50,000 points with 4 months of eligible payroll deposits.
Earn 10 PC Optimum points (five regular, five bonus) for every dollar spent.
Earn up to 25 PC Optimum points per dollar spent at Shoppers Drug Mart.
Earn up to 5,000 points per month when making bill payments with your account.
No monthly fee.
No minimum balance required.
Free unlimited everyday transactions online and in-store, including electronic fund transfers, withdrawals at PC Financial bank machines, self-serve bill payments and purchases in Canadian dollars.
Free Interac e-Transfer® services.
The PC Money Account card, provided by Mastercard, is compatible with Apple Pay and Google Pay digital wallets and can be used anywhere Mastercard is accepted.
PC Financial provides Mastercard Zero Liability Promise for unauthorized purchases.
Free access to PC Financial ATMs.
CDIC protection on eligible deposits worth up to $100,000.

Tangerine No-Fee Daily Chequing Account

Bonus Offer

Up to $500

Sign up as a Client using the promo code EARNMORE. Open your first Chequing Account and Savings Account within 30 days of becoming a Client. Start earning: 20% cash back on eligible Visa* Debit transactions for 60 days (up to a maximum cash back Bonus of $400). Set up automatic transfers from your new Chequing Account to your Savings or Investing account (min. $25 per month) within 60 days and get a $100 bonus. Enjoy a 6.00% interest rate on your new Savings account for the first 5 months. Offer ends November 30, 2023.
Monthly Fee

$0
Number of Transactions

Unlimited

Tangerine’s No-Fee Daily Chequing Account offers free access to 44,000 ABMs worldwide, overdraft protection, financial monitoring tools and a secure way to shop both online and in person.
Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.

Special offer: Open your first chequing and savings accounts using the promo code EARNMORE by November 30, 2023 and earn up to $500 cash back in the first 60 days (chequing) and a 6.00% interest rate for five months on eligible savings accounts.
No monthly fee.
Interest rate: up to 0.1%.
Free online daily banking, including debit purchases, bill payments, pre-authorized payments, Interac e-Transfers and ABM transactions that use Scotiabank’s ABM network.
ABM withdrawals with other banks in Canada: $1.50.
ABM withdrawals on other networks worldwide: $3.00.
Free first cheque book (50 cheques). $50 for each additional cheque book.
Tangerine Client Card with Visa Debit can be used anywhere Visa is accepted, and can be added to Apply Pay, Google Pay and Samsung Pay.
Card is covered by Interac and Visa Debit Zero Liability protection, so you won’t have to pay for unauthorized purchases.
Access to tools and alerts that help monitor spending activity.
CDIC protection for all eligible deposits.

Methodology to identify the best new bank account offers

NerdWallet Canada selects the best chequing account offers and promotions based on the overall value of the bank promotions. In addition, we consider the value of the bank and account features, such as monthly fees, minimum balances, and included services. The accounts considered for this list are available to Canadians in more than one province.

Summary of the best new bank account offers in Canada

Account	Intro Offer
Scotiabank Preferred Package	Up to $550*
Tangerine No-Fee Daily Chequing Account	Up to $500
TD Unlimited Chequing Account	Up to $600
CIBC CIBC Smart™ Account	$350
Simplii Financial™ No Fee Chequing Account	$400
CIBC CIBC Smart™ Plus Account	Up to $350
BMO Performance Chequing Account	$450*
The PC Money™ Account	Up to 130,000 Points
RBC Signature No Limit Banking	$350

Why choose a chequing account with an introductory offer?

By SHANNON TERRELL

If you plan to open a chequing account, it pays to pick one with a competitive intro offer — literally. You could receive cash, free merchandise, promotional rates on other banking products or the chance to waive off credit card fees. Just be mindful of the offer’s terms and conditions. You may need to perform an account activity or transaction to receive the offer.

Who should consider a chequing account with an introductory offer?
How to find the best chequing account offer for you
Chequing account alternatives to consider

Who should consider a chequing account with an introductory offer?

Anyone interested in opening a chequing account should consider an account with an intro offer. Promotions vary by provider, but many offer attractive cash bonuses.

How to qualify for a chequing account’s intro offers

Some offers are available as soon as you open an account. Other offers require customers to complete qualifying activities or transactions to receive the offer. You may need to:

Make a deposit.
Set up a recurring deposit.
Set up preauthorized debit payments.
Make an online bill payment.
Provide your email address.

How to find the best chequing account offer for you

The ideal chequing account offer depends on your lifestyle. Some accounts have cash bonuses, while others offer gift cards or merchandise. A chequing account that comes with a gift card to a store you don’t visit won’t be as practical as an account that offers cash.

You also want to take note of any qualifying activities or transactions. Since you must fulfil these criteria to ensure you are eligible for the promotional offer, make sure the steps you need to take to earn the offer are worth your time and money. If you don’t use preauthorized debit payments, for example, there’s no sense in setting them up just to receive a gift card.

Considerations for chequing account offers

An enticing bank account offer is worth considering but shouldn’t make or break your account selection. A lucrative cash promotion won’t make up for an account with steep fees or limited ATM access.

Does the account you’re interested in have features suited to your financial goals and spending habits? Your chequing account should be a practical fit long after the excitement of the welcome bonus has faded.

Nerdy Tip: Read the fine print. To make sure the account you’re considering is right for you, take a long, hard look at the fine print. Read the terms and conditions of the account and scout for ongoing fees, penalties and restrictions. No account is without its drawbacks, but your chosen account should fit your lifestyle.

Chequing account alternatives to consider

If you’re concerned with bank fees, a no-fee account without a promotional offer may be well worth your consideration. And you don’t need to limit yourself to chequing accounts — a credit card may be a more lucrative option for someone seeking rewards.

The best choice for you depends on your financial situation, but here are a few alternative options to explore:

Product Type	Pros	Cons
Credit cards with rewards	Earns rewards. Some cards offer insurance coverage.	Annual fees are common. High interest rates on borrowed funds.
Hybrid bank accounts	Can be used as a savings and chequing account. Competitive interest rates. Notable hybrid accounts: -EQ Bank's Savings Plus Account -Wealthsimple Cash account -Neo Money account.	Limited availability in Canada, and typically only offered by online banks. Frequent ATM use could result in many added charges.
No fee chequing accounts	No monthly fees. Unlimited transactions are common.	Rarely offers access to branch banking. Low to no interest.

Many banks have promotions for customers opening a new chequing or savings account. Most banks advertise new bank account offers on their websites and in physical branches. See our picks for noteworthy chequing account offers and promotions in Canada.

The best chequing account offer for you depends on your preferences and banking needs. Figuring out how and where you’d use the offer value and whether you’d be able to complete the qualifying transactions to receive the offer, can help you find the ideal account with the best promotion.

About the Authors

Shannon Terrell

Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about credit cards and personal finance. Previously, she was a writer, editor and video host for financial…

Siddhi Bagwe

Siddhi Bagwe is a content management specialist at NerdWallet Canada. Treating content marketing as an educational medium for readers, Siddhi believes in empowering them with the knowledge of personal finance…

DIVE EVEN DEEPER