Best New Bank Account Offers and Promotions in Canada
ALSO CONSIDER: Best no-fee chequing Accounts | Best student bank accounts | Best senior bank accounts
Summary of the best new bank account offers in Canada
| Account | NerdWallet rating | Bonus offer | Monthly fee | Apply Now |
|---|---|---|---|---|
| RBC Signature No Limit Banking | APPLY NOW on RBC's website | |||
 APPLY NOW on RBC's website | 4.7/5 | Get Apple Watch | $16.95 Rebates available | |
| BMO Performance Chequing Account | APPLY NOW on BMO's website | |||
 APPLY NOW on BMO's website | 4.6/5 | Up to $800* | $17.95 Waived with minimum balance | |
| Scotiabank Preferred Package | APPLY NOW on Scotiabank's website | |||
 APPLY NOW on Scotiabank's website | 4.5/5 | Up to $700* | $16.95 Waived with minimum balance | |
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.
Open an RBC VIP Banking account and enjoy premium everyday banking with no minimum balance, free Interac e-Transfer transactions, Avion points on everyday purchases, and savings like 3¢/L at Petro-Canada. As a VIP Banking client, you can also get up to a $120 rebate on the annual fee of an eligible credit card, plus no monthly fee on two additional CAD personal accounts and one USD personal account. Conditions apply. Click "Apply Now" for details.
Best new bank account offers and promotions
NerdWallet's take
NerdWallet's take- 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.
Product details
Product details- Open an eligible RBC Chequing Account and get the new Apple Watch.¹ Offer ends by June 1, 2026. Conditions Apply.
- Unlimited tap, swipe, and debit transaction in Canada.
- Save up to $48 on eligible credit card annual fee. ⁹𝄒⁴¹
- FREE Interac e-Transfer transactions. ⁴𝄒⁵
- 3 non-RBC ATM fees waived/month, $2 each thereafter.⁷
- No minimum balance requirement to enjoy account benefits.
- If you're not completely satisfied within the first 4 months, we'll refund your monthly fees for up to 3 months.⁴
- Earn Avion points¹⁴ on everyday purchases.
- Save 3c/L on gas at Petro-Canada.⁶
NerdWallet's take
NerdWallet's take- Enjoy unlimited everyday banking transactions, a family bundle that helps waive monthly fees for loved ones, and an annual fee rebate on eligible BMO credit cards with 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
Product details- (a) Earn $500 when you: Open and fund a new BMO Performance or Premium Plan Chequing Account by June 1, 2026. And complete 2 qualifying criteria by July 31, 2026. (b) Earn $100 when you: Set up a recurring direct deposit of $500 or more by July 31, 2026 and maintain it for one year. (c) Earn a Walmart Delivery Pass Subscription for up to 12 months when you: Open a Savings Amplifier Account by June 1, 2026, deposit any amount by June 30, 2026, and sign up for or update your existing Walmart Delivery Pass by July 31, 2026. (d) Earn $150 when you: Open a Savings Amplifier Account by June 1, 2026, and deposit $10,000 or more within 30 days of opening and maintain that balance for 3 months. (e) Earn $50 when you: Apply 1 Goal and 1 Strategy in My Financial Progress Plan by July 31, 2026. (f) *Terms and conditions apply. Visit bmo.com/cash.
- Performance Chequing Account, as one of BMO’s popular accounts, offers unlimited everyday banking transactions for a competitive price.
- 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 $17.95 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.
- *T&Cs apply.
NerdWallet's take
NerdWallet's 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
Product details- Earn up to $700 when you open a new chequing account between March 3, 2026 and July 2, 2026 and complete the qualifying tasks.
- Get $500 when you complete two of the tasks within 60 days of account opening. (1) Set up and receive one monthly eligible automated recurring direct deposit (for payroll or pension) for a minimum of six consecutive months. (2) Set up and make a minimum of one monthly eligible recurring pre-authorized transaction (for your mortgage, insurance or rent) of at least $50 for a minimum of 6 consecutive months. (3) Make one eligible bill payment (like a phone or utility bill) of at least $50 with online or mobile banking.
- Get an additional $100 when you open a new Money Master Savings Account, and set up either Pay Yourself First or the Savings Finder tool and maintain it for at least 90 days.
- Get another $100 when you open your eligible registered account within 60 days of account opening and before July 2, 2026.
- Earn an additional 0.05% on your Momentum Plus Savings Account
- Unlimited debit transactions and Interac e-transfer transactions
- First year annual fee rebate on select credit cards (up to $150)
- Earn points on every day purchases with the Scene+™ program
- Rates, fees and other information are effective as of Oct. 28, 2025. Subject to change.
- Terms and Conditions Apply. Click 'Apply Now' for complete details.
NerdWallet's take
NerdWallet's take- 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.
Product details
Product details- Welcome Offer: Earn $300 and a $50 Skip gift card when you become a new client and open a No-fee Chequing Account and add an eligible direct deposit of at least $100 for 3 straight months. Offer end date is March 31, 2026.
- 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 $4.97 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 all balances.
- CDIC protection for eligible deposits.
NerdWallet's take
NerdWallet's take- Tangerine’s No-Fee Daily Chequing Account offers free access to thousands of Scotiabank ABMs in Canada and 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.
Product details
Product details- 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.
NerdWallet's take
NerdWallet's 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
Product details- Get a $500 cash reward when you open a new TD Unlimited Chequing Account by June 3, 2026, and complete two of the qualifying actions by August 5, 2026. Offer ends June 3, 2026. Conditions apply.
- Get a $150 additional cash bonus when you bundle the new chequing account with an eligible TD savings account and TD credit card, and complete the eligibility criteria within 30 days of account opening.
- Earn a bonus interest rate of up to 4.50% when you deposit into a new eligible savings account.
- Monthly fee: $17.95. ($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.
NerdWallet's take
NerdWallet's take- Enjoy unlimited transactions and perks that stack based on your average monthly eligible CIBC balances.
- 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
Product details- Earn up to a $950 cash bonus when you open your first CIBC Smart Account and complete the qualifying actions.
- Scale up the three account tiers for benefits as your eligible balances grow.
- Get unlimited transactions, including Interac e-transfers.
- $16.95 or $0 monthly fee for up to 3 accounts, waived with an end-of-day balance of $4,000 each day of that month in one CIBC Smart Account.
- Take advantage of the annual fee rebates on an eligible credit card.
- Manage your daily spending and grow your savings with help from CIBC Insights and the CIBC Smart Planner.
- Pay no transfer fee to send money internationally with CIBC Global Money Transfer.
- 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.
- Fee rebates on the CIBC Smart Account for seniors, youth and students under 25, students age 25 and over, newcomers, foreign workers, RDSP beneficiaries and recipients of the Disability Tax Credit. No minimum balance required.
- Deposits are eligible for insurance from CDIC.
NerdWallet's take
NerdWallet's take- The PC Money Account with the optional savings feature makes it an attractive high-interest paying no-fee hybrid account. Aside from the chequing and savings account features, it has a unique rewards program.
- 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
Product details- Option to earn a high rate of interest with the savings feature.
- The savings feature is not available in Quebec. Residents can still open a PC Money Account and start earning points.
- 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.
Get up to $800 cash + Walmart Delivery Pass Subscription. Plus, enjoy no-fee daily banking for anyone in your household when they join your Everyday Banking Account. New to Canada? Enjoy no monthly fees for two years when you open a Performance chequing account. Apply now to get started.
Methodology
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.
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.
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 savings account, registered account (like an RRSP) or a credit card.
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 $4,000 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.
🔔 As of March 12, 2026, federally regulated financial institutions must cap non-sufficient funds (NSF) fees at $10 for personal accounts. Even with the new rules, NSF fees can still add up. Choose a chequing account with reasonable overdraft fees and balance alerts to avoid surprise charges.
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 $800 and a Walmart Delivery Pass Subscription for up to 12 months with a new BMO Savings Amplifier Account and a My Financial Progress Cash Bonus Offer.
BMO Plus Chequing Account: Earn a $100 cash reward.
BMO Performance Chequing Account for Students and BMO Banking for International Students: Earn a $175 cash reward.
BMO NewStart Program for newcomers: Earn up to $800 and a Walmart Delivery Pass Subscription for up to 12 months.
Savings accounts:
BMO Savings Builder Account: Earn up to 0.50%.
BMO Savings Amplifier Account: Earn up to 4.50% with a new BMO Performance Chequing Account for Students, NewStart Program for newcomers and eligible BMO chequing accounts. Earn a $150 cash reward with a new BMO Performance Chequing Account or Premium Plan.
CANADA IMPERIAL BANK OF COMMERCE (CIBC)
CIBC new bank account offers
Chequing accounts:
CIBC Smart™ Account, CIBC Smart Account for Foreign Workers and Smart Account for Newcomers: Earn a $500 cash reward.
CIBC Smart™ for Students and Smart for International students: Earn up to $175 cash reward and 12 months of Skip+ for free.
Savings accounts:
CIBC eAdvantage® Savings Account: Earn up to 4.60% for three months.
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 (domestic and international): Earn a $100 cash reward.
Savings accounts:
BMO Savings Amplifier Account: Earn up to 4.60%.
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 savings account and registered plan.
Scotiabank Preferred Package for Students and Youth for domestic and international students: Earn a $175 cash reward.
Savings accounts:
Scotiabank MomentumPLUS Savings Account: Earn up to 4.75% with a Scotiabank Preferred and Ultimate Packages.
TD BANK
TD Bank promotions
Chequing accounts:
TD Unlimited Chequing Account and All-Inclusive Banking Plan: Earn up to $750 cash reward when bundled with when bundled with an eligible savings account or credit card.
TD New to Canada Banking Package with the Unlimited Chequing Account: Earn $500.
TD Student Chequing Account and TD International Student Banking Package: Earn a $125 cash reward.
Savings accounts:
TD ePremium, GrowthTM Savings Account and Every Day Savings Account: Earn up to $150 (with TD Unlimited Chequing Account and All-Inclusive Banking Plan).
TD ePremium Savings Account and Every Day Savings Account: Earn 4.00% bonus interest rate for three months with TD New to Canada and International Student Banking Packages.
NATIONAL BANK OF CANADA (NBC)
National Bank promotions
None.
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