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Canadian Chequing Accounts Offering Sign-Up Bonuses: Search Below For Deals

4 minute read

By Ryan Pratt

Canada’s banking scene is notoriously competitive, which is why financial institutions offer enticing sign-up bonuses for new customers. By opening a chequing account with one of these Canadian banks, you can take advantage of lucrative deals and rewards. Naturally, you want to make the most of your hard-earned money. So, if you’re interested in opening a new chequing account, you can find the best sign-up bonuses with an online search right now.

Simplii Financial: No-Fee Chequing Account Promotion

Bonus: $400

Simplii Financial, an online-only bank backed by CIBC, provides customers with no-fee chequing and high-interest savings accounts. Their no-fee chequing account features unlimited transactions, including online bill payments and Interac e-Transfers, and even earns interest.

New clients can enjoy a generous $400 bonus by opening a chequing account before June 30, 2023, and setting up a monthly payroll or pension direct deposit of at least $100 for three consecutive months.

The $400 cash bonus will be deposited into your No Fee Chequing Account five months after the account is opened. For example, if you open the account in March 2023, you’ll receive the bonus in August 2023.

TD Bank: Unlimited Chequing Account Promotion

Bonus: $300

TD Bank is offering a $300 bonus to customers who open a TD Unlimited Chequing Account or TD All-Inclusive Banking Plan. To qualify, open an account by May 31, 2023, and complete two of the following actions by July 26, 2023:

  • Set up direct deposit for payroll or pension,
  • Establish a pre-authorized debit of at least $50, or
  • Make an online bill payment of at least $50 through EasyWeb or the TD app.

While the TD Unlimited Chequing Account has a $16.95 monthly fee and the TD All-Inclusive Banking Plan carries a $29.95 fee, these charges are waived if you maintain a minimum balance of $4,000 or $5,000, respectively.

RBC Royal Bank: No-Fee Chequing Account Promotion

Bonus: $350

Premium RBC chequing accounts offer unlimited debit transactions, online bill payments, and savings on annual fees for eligible credit cards. Various perks include: overdraft protection, free personalized cheques, cross-border debits, non-RBC ATM transactions, and discounts on safe deposit boxes.

RBC is currently offering new customers a $350 cash bonus when they open one of two all-inclusive accounts: an RBC Signature No Limit Banking ($16.95 monthly fee), or an RBC VIP Banking ($30 monthly fee). Alternatively, opening an RBC Advantage Banking account ($11.95 monthly fee) grants a $100 cash bonus.

To qualify, you must not have an existing RBC bank account or have had one in the past five years and must open one of the qualifying accounts by May 1, 2023. Additionally, you need to set up two of the following by July 7, 2023:

  • A payroll or pension direct deposit,
  • Two pre-authorized monthly payments, or
  • Two bill payments to a service provider.

Scotiabank: Ultimate Package or Preferred Package Promotion

Bonus: $350

Open an Ultimate Package or Preferred Package account with Scotiabank by July 31, 2023, and qualify for a $350 welcome bonus. To be eligible, complete any two of the following within two months:

  • Set up one eligible automated recurring direct deposit, such as a payroll or pension, that recurs for three consecutive months;
  • Establish two separate pre-authorized transactions of $50 or more that recur for three consecutive months, or
  • Make one eligible bill payment of at least $50, such as a car or cable bill, through online or mobile banking.

The $350 bonus will be directly deposited into your new account within six months of opening the account.

BMO: Performance Plan Chequing Account Promotion

Bonus: Up to $400

BMO is offering up to a $400 bonus when you open a new banking package, such as a Performance Plan chequing account, a Premium Plan, or a Plus Plan. The bonuses for the Performance or Premium Plan are $350, whereas the bonus for the Plus Plan is $100. BMO’s Performance Plan includes unlimited transactions, free Interac e-Transfers, and access to BMO’s AIR MILES Reward Program.

To qualify, make a deposit, set up a direct deposit, and complete one of the following actions by June 30, 2023:

  • Establish a recurring direct deposit for at least two months,
  • Make one bill payment of at least $50 through BMO Online Banking or the BMO Mobile App for two consecutive months, or
  • Set up one pre-authorized debit of at least $50 for two consecutive months.

In addition to this $350 welcome bonus, you can earn an extra $50. All you have to do is open a Premium or Performance Plan account and add a new family member account as part of BMO’s Family Bundle package.

Who Turns Down Free Money?

Numerous Canadian banks are offering sign-up bonuses for new customers. If you’re in the market for a new chequing account, there’s ample reason to explore the best cash bonuses available.

Keep in mind the deadlines for each promotion and ensure you complete the required actions within the specified timeframes. Whether you prefer digital banking or more traditional banking services, there’s a chequing account promotion out there waiting to boost your financial journey.

Shutterstock: Mark van Dam

Ryan Pratt



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