Search
  1. Home
  2. Banking
  3. Best Chequing Account Offers and Promotions in Canada
Published November 14, 2022

Best Chequing Account Offers and Promotions in Canada

Chequing account offers include cash rewards, gift cards, waived fees, merchandise and more. To earn the introductory promotion, you may need to complete qualifying account activities.

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.

Back to Top

Best Chequing account offers and promotions

Scotiabank Preferred Package

Scotiabank Preferred Package
  • Bonus Offer
    $350*
  • Monthly Fee
    $16.95
    Waived with minimum balance
  • Number of Transactions
    Unlimited
  • Our Take
    • 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.
  • Product Details
    • Earn a $350* welcome bonus with the Scotiabank Preferred Package! The longer you save, the higher your interest rate. Plus, save for multiple goals in one account.
    • Earn a savings rate of up to 4.45%* for 5 months 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.

HSBC Advance Chequing Account

HSBC Advance Chequing Account
  • Bonus Offer
    Up to $400*
  • Monthly Fee
    $25
    Waived with minimum balance
  • Number of Transactions
    Unlimited
  • Our Take
    • With the HSBC Advance Chequing Account you get unlimited deposits, withdrawals, debit purchases and Interac e-transfers for $25 monthly — though you can waive the fee by having $5,000 or more across HSBC deposit and investment accounts.
    • HSBC is one of the largest global banks offering financial services like wealth, personal and commercial banking in over 63 countries.
  • Product Details
    • Earn up to $400* when you open an HSBC chequing account online.
    • A flexible, all-inclusive chequing account that allows you to bank on your terms.
    • No monthly fees* for the first 6 months, and later when you maintain $5,000 minimum balance in combined deposits and investments, including chequing, savings, RRSPs, TFSAs and more.
    • Or no monthly fees when you hold a personal mortgage with us with an original amount of $150,000 or more.
    • Unlimited day-to-day chequing account transactions*, Free Interac e-Transfer®.
    • Convenient online international money transfer (over 30 countries)*.
    • Free ATM withdrawals at any HSBC or EXCHANGE Network ATMs (over 3,000 locations across Canada).
    • Access to emergency cash while outside of Canada at any HSBC branch worldwide.
    • Issued by HSBC Bank Canada. *Terms and conditions apply. Offer value is composed of multiple products, valid from May 16, 2022 to December 31, 2022.
    • ®Trade-mark of Interac Inc. Used under license. ® THE EXCHANGE is a registered trademark owned by Fiserv Inc. licensed for use in Canada by FICANEX Services Limited Partnership.

BMO Performance Chequing Account

BMO Performance Chequing Account
  • Bonus Offer
    $400*
  • Monthly Fee
    $16.95
    Waived with minimum balance
  • Number of Transactions
    Unlimited
  • Our Take
    • 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.
  • Product Details
    • 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 $400*.
    • 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.

TD Unlimited Chequing Account

TD Unlimited Chequing Account
  • Bonus Offer
    $300
  • Monthly Fee
    $16.95
    Waived with minimum balance
  • Number of Transactions
    Unlimited
  • Our Take
    • 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.
  • Product Details
    • Special offer: Open a TD Unlimited Chequing Account by October 31, 2022, complete two eligible transactions by December 27, 2022 and receive a $300 Amazon gift card.
    • 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.

National Bank The Connected® Chequing Account

National Bank The Connected® Chequing Account
  • Bonus Offer
    $300
  • Monthly Fee
    $15.95
    Waived with minimum balance
  • Number of Transactions
    Unlimited
  • Our Take
    • You get unlimited digital transactions, free unlimited e-transfers and a $30 discount on eligible credit cards when you open The Connected chequing account.
    • National Bank of Canada or NBC, headquartered in Montreal, Quebec is one of Canada’s Big Six banks offering bank accounts, lending and investment solutions, and wealth management services. Read our review of National Bank of Canada for more information.
  • Product Details
    • To earn the $300 cashback intro offer, you must do the following within 60 days after opening the account: make at least one bill payment from your new bank account, for a minimum amount of $50, from your online bank or via your National Bank app, and set up a recurring, automatic direct deposit of your monthly pay or pension.
    • Unlimited access to all digital transactions.
    • Unlimited and free Interac e-transfers.
    • Make international payments with Mastercard Send by Mastercard and Interac.
    • $30 off after enrolment of an eligible credit card.
    • Mobile or contactless payment with Apple Pay, Google Pay and Interac Debit contactless payments.
    • Access to cheque images and mobile cheque deposits.
    • Free online statements.
    • Special rate for online trading.
    • Access to ABMs in THE EXCHANGE network at no additional cost.
    • Eligible deposits are covered by CDIC.

CIBC Smart™ Account

CIBC Smart™ Account
  • Bonus Offer
    Up to $400
  • Monthly Fee
    $0-$16.95
    Waived with minimum balance
  • Number of Transactions
    0 to Unlimited
  • Our Take
    • 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.
  • Product Details
    • To earn the $400 intro offer and pay no monthly fees for three months, you must be age 25 and older and satisfy conditions outlined by CIBC.
    • 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

CIBC Smart™ Plus Account
  • Bonus Offer
    Up to $400
  • Monthly Fee
    $29.95
    Waived with minimum balance
  • Number of Transactions
    Unlimited
  • Our Take
    • 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.
  • Product Details
    • To earn the $400 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.

National Bank The Total Chequing Account

National Bank The Total Chequing Account
  • Bonus Offer
    $300
  • Monthly Fee
    $28.95
    Waived with minimum balance
  • Number of Transactions
    Unlimited
  • Our Take
    • The Total Chequing Account comes with unlimited transactions, free unlimited Interac e-Transfers®, and up to $150 off after enrolment of an eligible credit card.
    • National Bank of Canada or NBC, headquartered in Montreal, Quebec is one of Canada’s Big Six banks offering bank accounts, lending and investment solutions, and wealth management services. Read our review of National Bank of Canada for more information.
  • Product Details
    • Earn a $300 cashback when you open a Total Chequing Account.
    • Unlimited access on all digital and counter transactions.
    • Unlimited and free Interac e-Transfers®.
    • Up to $150 off after enrolment of an eligible credit card.
    • Free use of the CIRRUS and Interac network.
    • Free stop payments for pre-authorized cheques and debits.
    • Free account statements by mail.
    • Integrated Line of Credit of up to $5,000.
    • Legal and estate assistance included.
    • Free safety deposit box rental for the first year, then benefit from a $10/year discount for subsequent years.
    • Free overdraft protection.
    • Special rates for online trading.
    • 100 free cheques per year.
    • Access to ABMs in THE EXCHANGE network at no additional cost.
    • Eligible deposits are covered by CDIC.

The PC Money™ Account

The PC Money™ Account
  • Bonus Offer
    Up to 200,000 Points
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
  • Our Take
    • 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.
  • Product Details
    • Earn up to 200,000 bonus PC Optimum points: 20,000 points when you first fund the account with $150 or more in the first 120 days; up to 130,000 points on your first $1,300 worth of purchases at participating stores; up to 50,000 points when you refer two friends.
    • 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.

RBC Signature No Limit Banking

RBC Signature No Limit Banking
  • Bonus Offer
    10.2" iPad
  • Monthly Fee
    $16.95
    Rebates available
  • Number of Transactions
    Unlimited
  • Our Take
    • RBC Signature No Limit Banking offers unlimited debit transactions, free Interac e-Transfers®, and up to a $39 annual fee rebate on eligible 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.
  • Product Details
    • Get an iPad at No Cost with an RBC Signature No Limit Banking account.
    • Tap, click and swipe — unlimited debit transactions in Canada without extra fees.
    • Get a credit card for less with up to a $39 annual fee rebate on an eligible credit card.
    • Free Interac e-Transfer® transactions.
    • 3 non-RBC ATM fees waived/month, $2 each thereafter.
    • 5 FREE cross-border debits/month, $1 each thereafter.
    • $10.95 or $5 monthly fee with Value Program Rebate.
    • $12.95 monthly fee for seniors or less with Value Program Rebate.
    • Overdraft Protection fee waived (overdraft interest applies if used)
    • Get up to a $12/year discount on Safe Deposit Box fees.
    • 1 Non-Sufficient Funds (NSF) fee rebated every calendar year.
    • Free personalized cheques.
    • Deposits are eligible for CDIC insurance.
Back to Top

Methodology

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.

Back to Top

Why should you 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?

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:

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 TypeProsCons
Credit cards with rewardsEarns rewards.

Some cards offer insurance coverage.
Annual fees are common.

High interest rates on borrowed funds.
Hybrid bank accountsCan be used as a savings and chequing account.

Competitive interest rates.
Limited availability in Canada, and typically only offered by online banks.

Frequent ATM use could result in many added charges.
No fee chequing accountsNo monthly fees.

Unlimited transactions are common.
Rarely offers access to branch banking.

Low to no interest.
  • FAQs

    • Which banks offer chequing account promotions?

      Many banks have offers and incentives for new customers opening an account. Most banks advertise account promotions on their websites and in physical branches.

    • How do I get the cash from a chequing account offer?

      Once you fulfill qualifying criteria, banks typically deposit cash rewards directly into your account.

About the Author

Shannon Terrell

Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about a variety of personal finance topics. Previously, she was a writer, editor and video host for financial comparison company, Finder. Shannon has appeared as a financial expert on CP24 and has been quoted in numerous publications, including Yahoo! Finance and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga. She’s also a published author whose work has been featured in academic journals from the University of Toronto. Shannon is based in Brampton, Ontario.

DIVE EVEN DEEPER

Best Senior Bank Accounts in Canada

Check out the best senior bank accounts and compare fees, perks and more to find the right account for your finances.

Best Student Bank Accounts in Canada

Choose a student chequing account that offers no monthly fees, free transactions and other perks to make your day-to-day banking easier and more affordable.

Best No-fee Chequing Accounts in Canada

Canada’s best no-fee chequing accounts are free chequing accounts that can help you save money, earn rewards and manage your day-to-day expenses.

Best EQ Bank GIC Rates

EQ Bank’s non-redeemable GICs offer high interest rates, a wide range of terms, RRSP and TFSA eligibility, and can be opened with as little as $100.
Back To Top