Are you unsatisfied with your current bank? There’s no better time than now for finding a new one since most banks offer various signup promotions and offers.
After all, banking is a very competitive sector, and these financial institutions go out of their way to attract and retain new customers for long-term profits.
Good news for ordinary Canucks, though, as they can take advantage of these new bank account promos and bonuses when opening a new account.
Let’s check them out below!
How to Do New Bank Account Promos Work?
Sign-up bonuses serve as incentives meant to attract new customers. In most cases, they are cash deposits that you will receive if and when you meet certain requirements, such as depositing or receiving some money. Let’s take a closer look.
1. They Get New Customers
Banks know that the best way to attract new customers is to pull them away from their former financial institutions by showing them the benefits and bonuses they offer. An extremely useful promotion for that purpose is the sign-up bonus.
Once this offer catches the customers’ attention, they can be directed toward all the features they will access if and when they sign up with the bank. In other words, the sign-up bonus is used as an incentive to look at all other benefits, including cashback offers, low-interest rates on credit offers, savings opportunities, and more.
2. They Encourage You to Save
Some sign-up cash offers require you to deposit a specific amount of money into your account and hold it there for a predetermined period. Therefore, they encourage financial frugality and teach you how to spend less on things you don’t need.
Over time, this amount will accumulate, and you will begin earning interest on it on top of the sign-up bonus that will eventually be deposited into your account. Moreover, the bank may provide you with better interest rates to boost your savings even more.
Combined with applicable cashback offers and low annual fees, you’ll be seeing noticeable returns on your decision to join the bank within a few years.
3. They Come With Hidden Restrictions
The above benefits come with some caveats: in most cases, you will need to meet certain requirements to unlock the sign-up bonus. Some are more tedious or costlier to do than others, but you will nonetheless have to fulfill them.
Once you look at the fine print, you will most likely read anything from depositing a minor amount of money each month for several months to putting your entire life savings into a savings account and holding them there for at least a year.
For yet other bonuses, you may have to bring in referral customers yourself, and the amount you earn increases with the number of customers you bring in.
Therefore, you should always consider the stipulations of any bank offers you encounter and weigh them against the other benefits when making your decision.
Best New Bank Account Promos
Let’s take a look at some of the best Canadian banks in terms of the value of their new customer offers and the requirements they implement.
Starting things off, we have the Bank of Montreal offering a $400 sign-up bonus to customers who open a chequing account by following these steps:
- Open a ‘Performance’ or a ‘Premium’ chequing account before July 3, 2023;
- Make a deposit of any amount before July 3, 2023;
- Complete two of the following actions before September 2023:
- Set up a recurring direct deposit;
- Pay eligible online bills of at least $50 twice;
- Set up 2 different pre-authorized debits of $50 or more.
- Get at least one family member to join you for an extra $50.
Note: BMO’s Premium and Performance plans come with a monthly fee if you fail to meet the minimum balance requirements.
Another big bank that offers a similar benefit is CIBC with its $350 extra cash promo. To qualify, you have to meet the following criteria:
- Open a CIBC Smart Account with a max monthly fee of $16.95;
- Set up monthly direct deposits of at least $500;
- Complete one of these transactions in the same month:
- Set up at least 2 pre-authorized debits;
- Pay 2 online bills of at least $50 each;
- Use your Visa card at least 5 times.
Note: You must be at least 25 years of age to take advantage of this offer.
3. TD Bank
This huge Canadian bank also goes all out when trying to attract new customers: it offers them up to $450 if they complete the following steps:
- Open an ‘All-Inclusive’ or ‘Unlimited’ chequing account;
- Complete two of the following actions by December 22, 2023:
- Set up your paycheck or pension to be deposited into your account;
- Arrange for a recurring pre-authorized debit payment of $50 or more;
- Pay one bill of at least $50 through the online TD services.
- Earn $100 more by opening an ‘ePremium’ or ‘Every Day’ savings account and completing the following tasks ($50 per each):
- Set up a pre-authorized transfer service or ‘Simply Save’ with your first transaction within 30 days of opening the account;
- Add $5,000 into your savings account within the first 30 days.
- Earn the final $50 by adding an overdraft protection plan by October 31, 2023.
Note: Depending on the account you choose, you’ll have to pay a monthly fee of $16.95 (Unlimited) or $29.95 (All-Inclusive).
If you are looking to grab Scotiabank’s $350 welcome bonus, you have to open a Preferred (up to $16.95/month) or an Ultimate (up to $30.95/month) Package by July 31, 2023. Then, you’ll have to complete a few extra steps:
- Complete two of the following actions within the first two months:
- Set up an eligible recurring direct deposit;
- Approve 2 recurring transactions of at least $50;
- Pay a bill of at least $50 via online or mobile banking.
- You can expect the $350 bonus to be added to your account within six months.
Note: You must be a new customer or a returning one who has not held a Scotiabank account within the last two years.
While the National Bank of Canada does not currently have an active sign-up bonus (the last one expired in 2022), it still offers certain promotions depending on your account package. For instance, the most expensive chequing account—The Total at $28.95/month—comes with a $150 discount on your Mastercard credit card.
Note: If you are a student, young adult, or an eligible professional, such as a healthcare worker, lawyer, or engineer, your monthly fee may even be waived.
HSBC entices potential newcomers with a fantastic offer of up to $500 in cash deposited in their account if they complete certain steps:
- Open an ‘Advance’ or ‘Premier’ chequing account;
- Register for HSBC’s online banking services within 30 days;
- Complete 2 of the following 4 actions to get the first $300:
- Have your paycheck or pension sent to your account;
- Pre-authorize 2 merchants to debit you within the first 3 months;
- Pay 2 separate parties via INTERAC in the first 3 months;
- Pay 2 different bills online within the first 3 months.
- Open your account online to get an extra $100;
- Deposit your life savings of at least $25,000 within the first month and maintain your balance to get an additional $100 (for ‘Advance’ users).
Note: HSBC customers also get access to other promos, such as the $649 available to those who join the HSBC World Elite Mastercard program by September 2023.
7. PC Financial
If you are looking for a simple-to-use spending account without any monthly fees and cash rewards, look no further than PC Financial’s Money Account.
Every newcomer can quickly create an online account and start earning up to 150,000 points that can be redeemed for groceries, beauty, and gas rewards across thousands of locations across Canada. They only have to follow a few steps:
- Fund the account with at least $150 to earn 20,000 points;
- Pay eight bills of at least $50 for a maximum of 80,000 points;
- Earn up to 50,000 points by receiving payroll deposits for at least 4 months.
Users will continue accruing PC Optimum points for every dollar they spend using the PC Financial Mastercard. Note that the approximate value of 150,000 is $150.
Canada’s Tangerine Bank is also getting in the game with its own new account promotional offers, which can net customers up to $400 and a 5.25% savings rate. To take advantage of this special welcome, you’ll have to complete a few steps:
- Become a Tangerine client using the promo code ‘EARNMORE’;
- Open both a chequing and savings accounts within the first 30 days;
- Start earning 20% cashback on every online or app purchase for the first 60 days to earn a maximum cashback bonus of $400.
Note: You won’t pay any fees for your daily transactions, and for the first 5 months, you’ll also earn a 5.25% interest in your savings account.
Last but not least, let’s look at Vancity’s (Vancouver City Savings Credit Union) offering: newcomers that open a chequing account by July 31, 2023 can get a $400 cash bonus and unlock an additional $390 by using their enviro Visa Infinite card.
The conditions you have to meet to reap the first $400 include:
- You are at least 19 and have not received a promo before;
- Open a Vancity chequing account (‘E-Package’ or ‘Pay As You Go’);
- Set up a recurring deposit for at least 6 months (paycheck, benefits, or pension);
If you want to earn $390 more in value, you need Vancity’s Visa card. Its first $120 annual fee will be waived, plus you’ll earn points as you spend that can add up to a reward of $180. Lastly, you’ll receive the Visa Airport Companion membership, valued at $90.
As you can see, there are plenty of bank account offers and bonuses to take advantage of when going to a new bank, regardless of whether you are opening a chequing, savings, or credit account. However, most of these promotions come with various terms and conditions you have to meet before they pay off. For that reason, you shouldn’t immediately leap at any seemingly good offers but compare them instead to find a genuine one.