The Best Bank Promotions in Canada for New Customers

One of the fastest ways to earn free rewards is by opening a new account with one of Canada’s financial institutions. Most people have heard of someone getting a free iPad or a few hundred dollars cash when they opened a new bank account, but there are many other ways to earn as well, from new credit card promotions and even by opening an investment account.

Because these offers are always coming and going, it’s hard to keep track of what’s available. For this reason, I decided to list all of the offers in one place, well, most of them at least. Let’s kick things off with the current offers from Canada’s online banks.

EQ Bank Promotions

No current chequing or savings offer available. Check back regularly for future promotions.

Manulife Bank Promotions

Offer: All-In Banking Package w/ free Amazon Prime membership for 1 year.

Deadline: Ongoing promotion

Manulife is one of Canada’s largest life insurance companies, but did you know that they also offer a full range of banking products through their subsidiary, Manulife Bank? In 2019, Manulife Bank launched All-In Banking. This is an ongoing promotion that offers new customers a free membership to Amazon Prime for 1 year.

To qualify for the offer, you’ll need to open a new All-In Banking account, and then make at least 5 purchases or bill payments in each of the first two full months that the account is open. All-In Banking packages include the following benefits:

• Everyday Banking Account w/ unlimited e-Transfers, debit purchases, withdrawals and bill payments
• High-Interest Savings Account
• Automated Savings Tools
• $10,000 of annual travel disruption insurance
• Overdraft Protection

Simplii Financial Promotions

No current chequing or savings offer available. Check back regularly for future promotions.

Simplii Financial Credit Card Offer

Simplii Financial Cash Back Visa Welcome Offer

Right now, Simplii Financial has a very generous welcome offer for customers who sign up for their Simplii Financial Cash Back Visa card. Not only do you get a low introductory interest rate of 10.99% until February 2021, but you’ll earn a whopping 10% cash back on all restaurant and bar transactions for the first four months, up to a maximum $500 spend. Afterward, it reverts to a 4% earn rate on the same spending category. There is no annual fee for this card.

Tangerine Bank Promotions

Offer: 2.15% interest and $200 cash with a new chequing and savings account

Deadline: November 23, 2020

When you open a new Tangerine Savings and Chequing account by November 23, 2020, using the EARNMORE promo code, you’ll be eligible to receive 2.15% interest on the savings account for the first five months.

Furthermore, by adding your payroll direct deposit to the chequing account within 60 days of account opening, you’ll earn $200 in bonus cash. You’ll receive the cash rewards after your direct deposit has been going into your account for 3 months.

Major Bank Promotions

Not to be outdone by their online peers, Canada’s big banks come to the table regularly with some lucrative welcome offers of their own. Let’s take a look at what’s currently available.

BMO Promotions

No current chequing or savings offer available. Check back regularly for future promotions.

BMO Credit Card Offers

BMO CashBack Mastercard Welcome Offer

The BMO CashBack Mastercard is a great entry-level rewards card that comes with no annual fee. Not only do you get 5% cash back on purchases for the first three months, but BMO is also offering a 1.99% interest rate on balance transfers for nine months, with a 1% transfer fee. The best part is that this promotion runs until October 31, 2021!

BMO CashBack World Elite Mastercard Welcome Offer

This premium rewards credit card ups the ante, offering up to 10% cash back for the first 3 months and an annual fee waiver of $120 for the first year. Once the introductory period expires, you’ll still get 1.5% cash back on all purchases made with the card.

BMO Investment Offers

BMO adviceDirect is available to clients who have at least $50,000 to invest. It combines the professional advice offered in a managed account with the control of a self-directed trading platform. You can currently earn up to $2500 in cash back when you transfer funds into a new adviceDirect account. There are fees associated with this account; however, so make sure you do the proper research to determine if it’s the right investment solution for you.

Offer Details:

Investment Amount           Cash bonus

$100,000-$249,999             $500

$250,000-$499,999             $800

$500,000-$999,999             $1,000

$1,000,000+                         $2,500

CIBC Promotions

Offer: 1.45% bonus interest when you open an eAdvantage Savings Account.

Deadline: N/A

Interest rates are at an all-time low, but that doesn’t mean there aren’t some good deals out there. CIBC is offering a 1.45% bonus interest rate on its eAdvantage Savings account for the first 120 days. The account does not have a monthly fee, and you can transfer funds for free between CIBC accounts. I couldn’t find an expiry date for the promotion, so keep in mind that it could end at any time.

CIBC Credit Card Offers

CIBC Dividend Visa Infinite Card Welcome Offer

The CIBC Dividend Visa Infinite card offers new cardholders a whopping 4% cash back on grocery and gas purchases for a limited time, crediting the funds to your account at the end of the year. CIBC will also rebate the $99 annual fee for the first year.

HSBC Promotions

Offer: Up to $1000 cash when you open an eligible account and deposit funds

Deadline: November 30, 2020

This new account offer from HSBC is one of the most lucrative that you’ll see. Until November 30, 2020, HSBC offers up to $1000 in cash when you open a new account and complete a few extra steps. Here’s how it works:

Part A. Earn up to $500 in 3 Steps.

1. Open an eligible HSBC chequing account: Premier, Advanced, Student, or Youth.
2. Make a minimum deposit within 30 days (ranges between $1,000 and $25,000)
3. Sign up for online banking within 30 days

Part B. Earn up to an additional $500 by completing several other steps. These include making online bill payments, setting up a direct payroll deposit, opening an HSBC investment account, and more.

There are a few steps you’ll need to follow to get the most out of this offer, so make sure you follow the instructions carefully.

HSBC Credit Card Offers

HSBC World Elite Mastercard Welcome Offer

If you apply for this premium travel credit card by December 28, 2020, you’ll receive a welcome bonus of 100,000 travel points, as well as an annual fee rebate for the first year. The combined value of this offer is up to $649, although you will need to spend at least $5000 on the card within the first 180 days to maximize your bonus earnings.

Royal Bank Promotions

Offer: Free iPad with a new chequing account.

Deadline: December 18, 2020

When you open a new RBC All-Inclusive chequing account by December 18, 2020, you can get the latest iPad for free. In addition to opening an account, you’ll need to complete at least 2 of the following three steps by February 15, 2021: connect your direct payroll deposit, set up two pre-authorized monthly payments, or make two bill payments to a service provider.

RBC Credit Card Offers

WestJet RBC World Elite Mastercard Welcome Offer

The WestJet RBC World Elite card has established itself as one of Canada’s top travel rewards credit cards. It features an attractive welcome offer, which seems to have become a permanent fixture with this card; a $250 WestJet Dollar sign up bonus!

Apart from the welcome offer, the standard features of this card are something to write home about. For example, each year, cardholders receive a round-trip companion voucher, starting at $119. And anytime you travel on a WestJet flight, you and up to 8 guests will get your first checked bag for free.

Scotiabank Promotions

Offer: New chequing account offer with $300 cash bonus

Deadline: December 16, 2020

When you open an Ultimate or Preferred package chequing account with Scotiabank, you can earn a $300 cash bonus. Once the account is open, you’ll need to check off two of the following three items to receive your $300 cash: complete an eligible bill payment via online or mobile banking ($50 minimum), connect two eligible pre-authorized transactions (monthly), set up an eligible, recurring direct deposit.

Scotiabank Credit Card Offers

Scotia Momentum Visa Infinite Welcome Offer

Until February 28th, 2021, you’ll earn 10% cash back on all purchases for the first three months when you open a Momentum Visa Infinite card. The offer is valid for up to $2000 in total purchases, for a potential value of $200. You won’t pay an annual fee for the first year, bringing the overall value of this offer up to $350. What’s more, this top-rated card includes no fewer than 8 types of insurance protection for cardholders.

Scotiabank Passport Visa Infinite Welcome Offer

There isn’t much travel going on these days due to COVID-19, but travel enthusiasts will be ready when the borders reopen. The Scotiabank Passport Visa is a top-flight travel rewards card that allows you to convert points for travel and comes with six complimentary airport lounge passes annually. If you sign up by February 28th, you can earn up to 30,000 bonus Scotia Rewards points, a value of $300. The annual fee for this card is $139/year.

TD Bank Promotions

No current chequing or savings offer available. Check back regularly for future promotions.

TD Credit Card Offers

There is almost always a special offer happening at TD with so many credit cards in its lineup. Right now, you can save on interest and earn bonus points, including cash back, on two popular TD credit cards.

TD Rewards Visa Welcome Offer

The TD Rewards Visa is a perfect entry-level credit card for someone who wants to avoid paying an annual fee. If you sign up by November 7th, you’ll receive an introductory purchase interest rate of 9.99% for the first six months. Also, you’ll earn 10,000 TD Rewards points at sign up ($25 value).

TD Cash Back Visa Infinite Welcome Offer

The TD Cash Back Visa Infinite is a premium cash back credit card. If you sign up before December 6th, 2020, not only will you get the first year’s annual fee waived ($120), but you’ll earn 10% cash back on purchases for the first 90 days, up to a spending limit of $2000, up to a $200 value.

Robo-Advisor Promotions

Offer: Get $10,000 managed for free for a year with a new Wealthsimple Invest account.

Deadline: Ongoing promotion

Wealthsimple is one of those rare companies whose regular pricing is comparable to what many others offer only on a promotional basis. Take Trade, for example, Wealthsimple’s fully mobile self-directed trading platform. It allows you to buy and sell thousands of individual stocks and ETFs for free. That’s right, no commission fees.

What’s more, Wealthsimple Invest has a promotional offer for MapleMoney readers. If you open an account using my exclusive link, Wealthsimple will manage the first $10,000 in your account for free for the first year. The regular fee is .50% annually, up to $100,000, still a good bargain.

Discount Broker Promotions

Offer: $50 in free trades when you open a new Questrade account

Deadline: Ongoing promotion

If self-directed online trading is your thing, you may want to check out Questrade. Canada’s largest independent discount broker is a top pick for its low fees and a well-rounded trading platform. As a MapleMoney reader, you can get $50 in free trades when you open a Questrade account using my exclusive link.

Final Thoughts on Canadian Bank Promotions

Whether it’s that you’re not happy with your current bank or want a way to make some cash, one of the quickest ways to earn rewards is by taking advantage of the many promotions offered by Canada’s banks and investment companies. All of the financial institutions I’ve included here have something for new customers, but the offers come and go. So, if you didn’t find anything that interests you today, I recommend that you bookmark this article and check back often as I will be updating it with new offers regularly.