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Best New Bank Account Offers and Promotions in Canada for 2024

Dec 9, 2024Chequing account offers include cash rewards, gift cards, waived fees, merchandise and more. You may need to complete qualifying activities to get the offer.
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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.

NerdWallet Home PagePartner Spotlight
Simplii Financial™ No Fee Chequing Account

Welcome offer: Earn $500 — and ditch the monthly fees when you become a new Simplii Financial™ client and open a No Fee Chequing Account. Add an eligible direct deposit of at least $100 a month for 3 straight months. Terms apply. Offer ends on February 28th, 2025.

APPLY NOW
on Simplii Financial™'s website
Simplii Financial™ No Fee Chequing Account

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.

Best chequing account offers and promotions

Best for cash bonus on a banking package
Scotiabank Preferred Package
Scotiabank Preferred Package
APPLY NOW
on Scotiabank's website
Sign-Up Bonus
Up to $800*

Monthly Fee
$16.95
Waived with minimum balance

Transactions
Unlimited
APPLY NOW
on Scotiabank's website

Best for cash bonus and tiered monthly fees
CIBC Smart™ Account
CIBC Smart™ Account
APY
N/A

Sign-Up Bonus
Up to $600

Monthly Fee
$6.95-$16.95
Waived with minimum balance

Transactions
Varies with monthly fee

Best for cash bonus on a banking package
BMO Performance Chequing Account
BMO Performance Chequing Account
APPLY NOW
on BMO's website
APY
N/A

Sign-Up Bonus
Up to $700*

Monthly Fee
$17.95
Waived with minimum balance

Transactions
Unlimited
APPLY NOW
on BMO's website

Best cash-back bonus and a modest interest rate
Simplii Financial™ No Fee Chequing Account
Simplii Financial™ No Fee Chequing Account
APPLY NOW
on Simplii Financial™'s website
Sign-Up Bonus
$500

Monthly Fee
$0

Transactions
Unlimited
APPLY NOW
on Simplii Financial™'s website

Best for cash bonus on a banking package
TD Unlimited Chequing Account
TD Unlimited Chequing Account
Sign-Up Bonus
Up to $500

Monthly Fee
$16.95
Waived with minimum balance

Transactions
Unlimited

Best for cash bonus and a multi-product rebate
RBC Signature No Limit Banking
RBC Signature No Limit Banking
APPLY NOW
on RBC's website
APY
N/A

Sign-Up Bonus
$450

Monthly Fee
$16.95
Rebates available

Transactions
Unlimited
APPLY NOW
on RBC's website

Best for cash bonus and a monthly fee rebate
Coast Capital Elevate Chequing Account
Coast Capital Elevate Chequing Account
Sign-Up Bonus
$400*

Monthly Fee
$16.95

Transactions
Unlimited

Best for cash-back bonus and a modest interest rate
Tangerine No-Fee Daily Chequing Account
Tangerine No-Fee Daily Chequing Account
APY
Up to 0.10%

Sign-Up Bonus
$250

Monthly Fee
$0

Transactions
Unlimited

Best for bonus reward points
The PC Money™ Account
The PC Money™ Account
APY
4.25%

Sign-Up Bonus
150,000 bonus PC Optimum points.*

Monthly Fee
$0

Transactions
Unlimited

NerdWallet Home PagePartner Spotlight
Simplii Financial™ No Fee Chequing Account

Welcome offer: Earn $500 — and ditch the monthly fees when you become a new Simplii Financial™ client and open a No Fee Chequing Account. Add an eligible direct deposit of at least $100 a month for 3 straight months. Terms apply. Offer ends on February 28th, 2025.

APPLY NOW
on Simplii Financial™'s website
Simplii Financial™ No Fee Chequing Account

Methodology

BACK TO TOP

NerdWallet Canada selects the best chequing 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.

Why choose a chequing account with an introductory offer?

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.

Summary of the best new bank account offers in Canada

NerdWallet ratingAPYSign-Up BonusMonthly Fee
Scotiabank Preferred Package
Scotiabank Preferred Package
-/5
N/A
Up to $800*
$16.95
Waived with minimum balance
APPLY NOW
on Scotiabank's website
CIBC Smart™ Account
CIBC Smart™ Account
-/5
N/A
Up to $600
$6.95-$16.95
Waived with minimum balance
BMO Performance Chequing Account
BMO Performance Chequing Account
-/5
N/A
Up to $700*
$17.95
Waived with minimum balance
APPLY NOW
on BMO's website
Simplii Financial™ No Fee Chequing Account
Simplii Financial™ No Fee Chequing Account
-/5
N/A
$500
$0
APPLY NOW
on Simplii Financial™'s website
RBC Signature No Limit Banking
RBC Signature No Limit Banking
-/5
N/A
$450
$16.95
Rebates available
APPLY NOW
on RBC's website
TD Unlimited Chequing Account
TD Unlimited Chequing Account
-/5
N/A
Up to $500
$16.95
Waived with minimum balance
Coast Capital Elevate Chequing Account
Coast Capital Elevate Chequing Account
-/5
N/A
$400*
$16.95
Tangerine No-Fee Daily Chequing Account
Tangerine No-Fee Daily Chequing Account
-/5
Up to 0.10%
$250
$0
The PC Money™ Account
The PC Money™ Account
-/5
4.25%
150,000 bonus PC Optimum points.*
$0

Other new bank account promotions from the Big 6 Banks

  • Chequing accounts:

    • BMO Performance and Premium Chequing Accounts: Earn up to $700 with a new Savings Amplifier Account and a Family Bundle.

    • BMO Plus Chequing Account: Earn a $100 cash reward.

    • BMO Student Chequing Account: Earn a $100 cash reward and get six months of Domino’s pizza (worth $95).

    • BMO Banking for International Students: Get up to 12 months of Domino’s pizza (worth $190).

    • BMO NewStart Program for newcomers: Earn up to $600 and a $100 Walmart Canada eGift card.

    Savings accounts:

    • BMO Savings Builder Account: Earn up to 1.55%.BMO Savings Amplifier Account: Earn up to 4.75% with a new BMO Student Chequing Account, NewStart Program for newcomers, Performance, Premium and AIR MILES Plan.Earn a $150 cash reward with a new Performance or Premium Plan.

  • Chequing accounts:

    • RBC VIP Banking and Signature No Limit Banking: Earn a $450 cash reward.

    • RBC Advantage Banking for students: Earn a $100 cash reward.

    Savings accounts:

  • Chequing accounts:

    • CIBC Smart Account and Smart Account for Newcomers: Earn up to $600.

    • CIBC Smart Plus Account: Earn up to $600.

    • CIBC Smart for Students and Smart for International students: Earn a $100 cash reward.

    Savings accounts:

    • CIBC eAdvantage Savings Account: Earn up to 5.25% for 4 months.Earn a $200 cash reward with CIBC Smart Account, Smart Plus Account and CIBC Smart for Newcomers.

  • Chequing accounts:

    • Scotiabank Ultimate, Preferred Packages and Scotiabank Preferred Package with the StartRight Program offer for newcomers: Earn up to $800 with an eligible registered plan.

    • Scotiabank Student Banking Advantage Plan for domestic and international students: Earn a $100 cash reward and 7,500 Scene+ points (up to $75 value).

    Savings accounts:

    • Scotiabank MomentumPLUS Savings Account: Earn up to 5.50% with Scotiabank Ultimate and Preferred Packages.Earn 1,250 Scene+ points ($12.50 value) with the Scene+ Student Banking Bundle for domestic and international students

  • Chequing accounts:

    • TD Unlimited Chequing Account, All-Inclusive Banking Plan and TD New to Canada Banking Package with the Unlimited Chequing Account: Earn a $600 cash reward. Plus, extra $100 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: Earn a $100 cash reward when bundled with TD ePremium Savings Account or Every Day Savings Account and an eligible TD credit card.

    • TD Student Chequing Account and TD International Student Banking Package: Earn a $125 cash reward.

    Savings accounts:

    • TD ePremium and Every Day Savings Accounts: Earn a $100 cash reward with TD Unlimited Chequing Account, All-Inclusive Banking Plan and TD New to Canada Banking Package with the Unlimited Chequing Account bundled with an eligible TD Credit Card.TD Every Day Savings Account: Earn 1.00% bonus interest rate with TD New to Canada and International Student Banking Packages

  • None.

      Chequing account alternatives to consider

      ACCOUNT 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 Everyday 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. Earns low or no interest.

      Frequently asked questions


      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.

      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.

      Many Big Six banks, such as BMO, CIBC, Scotiabank and TD Bank, offer cash bonuses when you open a new chequing account and complete the qualifying actions. Our picks for best new bank account offers also include online banks, such as Tangerine and Simplii Financial, that have attractive cash-back promotions.