Best Bank Account Offers and Promotions in Canada

Banks in Canada may offer bonuses which could be a game changer in your banking needs. Read on to learn more.

Want to make banking in the Land of Maple Leaf a bit extra? What about cash rewards, better interest rates, or waived fees, eh?

The good news? Your options could be as diverse as the country is as multicultural.

Discover the latest bank promotions in Canada and see if one is right for you.

Best Chequing Account Offers in Canada

Get more than just a spending account with these generous promos.

Best Savings Account Offers in Canada

Saving for a rainy day? These bank accounts are designed to grow your hard-earned money, and then some.

What is a bank promotional offer in Canada?

A Canadian bank promotion is typically an incentive given by the bank to new customers. This is to encourage you to open an account with them and perform activities to increase their usage.

Although details may vary by bank, the following incentives are usually presented as introductory offers:

• Cash bonuses on new chequing accounts
  
• Higher savings interest rates
  
• Reward points/cashback
  
• Free merchandise
  
• Waived fees
  
• Gift cards
  
• Referral bonuses

Why should I consider a bank promotion?

If you are going to open an account anyway, one with an existing promo may be a sensible option. If the requirements are easy or doable, that could mean extra cash or savings you can't get elsewhere.

However, you must read the terms and conditions before you jump the gun. For example, you may need to maintain a certain amount for a period.

If meeting these requirements can be troublesome for you, maybe a promo isn't worth considering. That's why you also wouldn't want to open an account solely for the bonus.

How do I qualify for a banking promotion?

While banks may have unique requirements, here are some typical qualifying activities to earn banking bonuses.

• Keep a minimum balance in your bank account
  
• Perform a specific number of transactions within a given period
  
• Set up an ongoing monthly direct deposit for a certain amount
  
• Make eligible bill payments
  
• Keep your account open for a certain period

Things to know about bank promos

There may be caveats to bank promotions. Here are some conditions to consider if the rewards can be worth it:

The perks may not be forever.
Reality check: things may change after the promo. For example, a 5% interest rate on your savings applies only for six months. That means you'll revert to the regular rate, which could be much lower.

Requirements may be demanding.
Typically, the higher the cash bonus, the more money and activities could be required. And often, you need to get them done within a specific period.

Bank fees.
Although banks may reward you for opening a new account, it may cost you more in the long run if that account comes with a ton of fees to maintain.

Likely for first-time bonus recipients only.
If you are a previous or current customer, you may not be eligible for some promos. Some banks may even disqualify you if you have received a bonus from them within the last 2-3 years.

How to open a Canadian bank account

Whether it's a savings or chequing account, here are the steps you'll typically take to open one.

1. Once you've chosen your bank, check if you can open it online or in person.
   
2. Be ready to provide your personal information, including your name, address, Social Insurance Number (SIN), and government-issued photo ID.
   
3. You may be asked to make an opening deposit of any amount to activate the account.

Make sure you understand the account's terms and conditions, including fees before signing up.

FAQs

Which bank is best for foreigners in Canada?
Many big banks can accommodate non-Canadian citizens. For example, National Bank of Canada may be a good choice. Aside from convenience and a variety of deposit and credit products, you can enjoy zero monthly fees for up to 3 years.^[1]

Can I open a bank account in Canada without living there?
Some Canadian banks allow non-residents to open an account with them.^[2] But without plans to live in the country either temporarily or longer, you will only likely be able to open an online account.

What is an example of a direct deposit?
Some examples of direct deposits in Canada include paychecks, pension payments, government benefits, and EI (Employment Insurance) deposits. They are payments that are electronically credited to your bank account at regular intervals.

Bottom Line

Bank promotions in Canada can be very tempting, especially when they are only available for a limited time. While it can be rewarding, check first if you qualify and are willing to fulfill the requirements to earn the bonus.

More importantly, remember that you are not only considering this account for its promotional offer, but it should also align with your financial needs and goals.

References