Best New Bank Account Offers and Promotions in Canada for 2025
ALSO CONSIDER: 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.
New bank account account offers may 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.
Why trust NerdWallet
NerdWallet follows strict editorial guidelines to remain objective in our evaluations and ensure accuracy for our readers. Evaluations are based on a proprietary formula that factors in the overall value and benefits of each savings account.
Nearly 25 financial institutions, including traditional banks, credit unions and online banks reviewed by our banking specialists.
Close to 20 data points on over 40 currently available new bank account offers examined to determine their eligibility for our list.
A couple of smart money moves could land you up to $500 cash. Earn $250 cash, move your eligible pay to a Chequing Account with no monthly fees. Then, move $3,000 into an eligible TFSA/RSP Savings or GIC Account to earn an extra $250 cash. Click "Apply Now" for details.
Best new bank account offers and promotions
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BACK TO TOPNerdWallet Canada selects the best bank account offers and promotions based on the overall value of the bank promotions. In addition, our evaluation methodology considers 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.
What to look for in a bank account offer
Banks use a variety of rewards to entice people to sign up for new accounts. These include:
Cash. Premium accounts may offer cash rewards above $500 while basic accounts, like those for students, often have cash rewards closer to $100.
Things. A new smart watch, for example.
Rewards points. You can redeem points in a variety of ways. Not the same as cash, but close.
Joint offers. Earn even more if you open a second type of account, like a credit card, registered account (like an RRSP) or savings account.
Downsides to be aware of when comparing bank account offers
Before jumping at the highest offer, consider the following:
Bonuses aren’t always instant. To get the biggest rewards, you’ll need to do more than just open the account. A bank may require you to have direct deposit in place for six months or pay bills online before sending you a bonus, for instance.
Account minimums may be out of reach. A premium chequing account — which offers the biggest bonuses — typically requires you to maintain a minimum balance, sometimes $5,000 or more. Miss that minimum and monthly fees kick in, washing your bonus away.
Bundled awards may not be your best bet. To earn the maximum advertised bonus, you may need to open other accounts, which may not fit your needs. If you’re in the market for other accounts, you may be able to get a better overall value by pursuing different promo offers for each account.
How to find the best bank account offers and promotions
It’s great to get a bonus for opening a chequing account. That’s why NerdWallet considers sign-up offers in its account ratings formula. However, offers and perks like these have the smallest effect on an account’s overall star rating.
The factors we think are more important are:
No monthly fees. Look for accounts that don’t charge you to keep it open.
No transaction fees. Steer clear of a sign-up bonus if it means paying to use your debit card or make online transfers.
Broad ATM network. More in-network ATMs where you spend your time means more savings when you take out cash.
Banking experience. You should expect an app that works well and a bank website that’s easy to navigate. Do you ever use in-person banking services? If so, you’ll want nearby branches as well.
What to expect when opening a bank account
Opening a bank account is simple — most can be completed online in five minutes. Before you start the sign-up process, make sure you meet the requirements to get the sign-up bonus and to keep your monthly fees to $0.
Other new bank account promotions from the Big 6 Banks
BANK OF MONTREAL (BMO)
BMO new bank account offers
Chequing accounts:
BMO Performance Chequing Account and Premium Chequing Accounts: Earn up to $700 and a $50 Walmart Canada eGift card with a new BMO Savings Amplifier Account and a Family Bundle.
BMO Plus Chequing Account: Earn a $100 cash reward.
BMO Performance Chequing Account for Students and BMO Banking for International Students: Earn a $125 cash reward and get six months of Domino’s pizza (worth $95).
BMO NewStart Program for newcomers: Earn up to $700 and a $100 Walmart Canada eGift card.
Savings accounts:
BMO Savings Builder Account: Earn up to 0.95%.
BMO Savings Amplifier Account: Earn up to 4.70% with a new BMO Performance Chequing Account for Students, NewStart Program for newcomers and eligible BMO chequing accounts. Earn a $150 cash reward and a $50 Walmart Canada eGift card with a new BMO Performance Chequing Account or Premium Plan.
ROYAL BANK OF CANADA (RBC)
RBC new bank account offers
Chequing accounts:
RBC VIP Banking and RBC Signature No Limit Banking: Get an Apple Watch.
RBC Advantage Banking for students: Earn a $100 cash reward.
Savings accounts:
RBC High Interest eSavings Account: Earn up to 4.70% for three months.
CANADA IMPERIAL BANK OF COMMERCE (CIBC)
CIBC new bank account offers
Chequing accounts:
CIBC Smart™ Account, CIBC Smart™ Plus Account and Smart Account for Newcomers: Earn a $450 cash reward.
CIBC Smart™ for Students and Smart for International students: Earn a $125 cash reward.
Savings accounts:
CIBC eAdvantage® Savings Account: Earn up to 5.00% for four months.
SCOTIABANK
Scotiabank new account offers
Chequing accounts:
Scotiabank Ultimate, Scotiabank Preferred Package and Scotiabank Preferred Package with the StartRight Program offer for newcomers: Earn up to $700 with an eligible registered plan.
Scotiabank Student Banking Advantage® Plan for domestic and international students: Earn a $100 cash reward.
Savings accounts:
Scotiabank MomentumPLUS Savings Account: Earn up to 4.90% with a Scotiabank Ultimate Package.
TD BANK
TD Bank promotions
Chequing accounts:
TD Unlimited Chequing Account and All-Inclusive Banking Plan: Earn up to $600 cash reward when bundled with TD ePremium Savings Account or Every Day Savings Account and an eligible TD credit card.
TD Every Day Chequing Account and Minimum Chequing Account: Earn a $150 cash reward when bundled with TD ePremium Savings Account or Every Day Savings Account and an eligible TD credit card.
TD New to Canada Banking Package with the Unlimited Chequing Account: Earn a $450 cash reward.
TD Student Chequing Account and TD International Student Banking Package: Earn a $125 cash reward.
Savings accounts:
TD ePremium, Every Day Savings and High Interest Savings Accounts: Earn up to $2,400.
TD Every Day Savings Account: Earn 1.00% bonus interest rate with TD New to Canada and International Student Banking Packages
NATIONAL BANK OF CANADA (NBC)
National Bank promotions
None.
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