Which Canadian banks offer bonuses for opening an account?

In Canada's competitive banking environment, financial institutions are actively competing for new customers by offering attractive bonuses for opening accounts. These offers can range from cash rewards of several hundred dollars to free goods, high interest rates, and other attractive incentives. For consumers, this creates a unique opportunity not only to obtain quality banking services, but also to earn a significant amount of money simply by switching to a new financial partner.

The modern market for banking bonuses is characterized by a variety of offers from traditional banks, online platforms, and credit unions. The largest Canadian banks, including the “Big Five” (RBC, TD, Scotiabank, CIBC, BMO), regularly update their promotional offers, offering generous bonuses especially for newcomers and customers switching from other institutions. At the same time, online banks and credit unions often outperform traditional banks in terms of ease of qualification and reward size.

Scotiabank: the most generous leader with bonuses up to $700

Scotiabank is traditionally considered one of the most generous banks in terms of account opening bonuses. The bank currently offers a comprehensive Cash Bonus Bundle Offer, which is valid from August 1 to October 30, 2025, and can earn customers up to $700 in cash bonuses.

The main bonus is $500 for opening a new Preferred Package or Ultimate Package checking account and completing two of three qualifying actions within 60 days: setting up automatic direct deposit (salary or pension) for a minimum of six months, making two online payments for bills of $50 or more each, or setting up two pre-authorized debits of $50 or more each.

Additionally, customers can earn another $100 for opening a Money Master Savings Account and registering for the Smart Savings Tool within 90 days, as well as another $100 for opening a registered account (RRSP, TFSA, or FHSA) with a minimum deposit of $5,000 and maintaining that amount for three months.

The offer is particularly attractive for newcomers as part of the StartRight Program, which includes all of the above bonuses plus additional benefits worth up to $2,000 in total value in the first year.

BMO: a technological innovator with comprehensive offerings

Bank of Montreal is demonstrating an innovative approach to customer acquisition by offering one of the most comprehensive programs with a bonus of up to $750 plus a $50 Walmart Canada eGift Card. The offer includes several reward tiers, allowing customers to choose options that suit their needs.

The $500 base bonus is available when you open a BMO Performance or Premium Plan Chequing Account with any deposit by September 30, 2025, and complete two qualifying actions by November 28: setting up a recurring direct deposit of at least $500, making two online payments of at least $50 to different service providers, or setting up two pre-authorized debits of at least $50.

An additional $150 bonus is available when you open a Savings Amplifier Account with a deposit of $10,000 or more within the first 30 days and maintain that balance for an additional 90 days. BMO also offers a 4.70% promotional interest rate on the Savings Amplifier Account and a $50 bonus for referring a family member to the BMO Family Bundle.

A unique feature of BMO is that it offers an additional $150 bonus through a partnership with Finder for customers who open an account through this platform, bringing the total reward to $900.

TD Canada Trust: Focus on youth and newcomers

TD Canada Trust maintains its reputation as a bank focused on students and newcomers by offering bonuses of up to $700 for opening a TD Unlimited Chequing Account or TD All-Inclusive Banking Plan. The offer is valid from May 29 to November 5, 2025, and includes a phased approach to receiving bonuses.

An initial bonus of $450 is available for opening a qualifying account, and additional bonuses can be earned by completing specific actions, such as setting up direct deposit, using a debit card, or opening additional products.

TD's offer for newcomers as part of the New to Canada Banking Package is particularly attractive, as it includes not only account bonuses but also access to credit cards with a limit of up to $15,000 without a Canadian credit history. Students can take advantage of special terms with free service and additional bonuses.

CIBC: a differentiated approach by age group

Canadian Imperial Bank of Commerce offers different bonuses depending on the customer's age group. Adult customers are eligible for a $450 bonus when they open a CIBC Smart Account and meet the qualifying conditions: add at least one monthly direct deposit and make two pre-authorized debits, two Visa debit payments, or two online payments of at least $50 each within the first two months.

Young people aged 16 to 24 can take advantage of the CIBC Smart Start Account with a $125 bonus for making five Visa debit purchases online during the same month. This account is particularly attractive as it has no monthly fees until the age of 25 and includes free SPC+ membership, which provides discounts at major stores.

RBC: Premium offers and technological innovations

Royal Bank of Canada focuses on premium customers, offering unique irregular rewards instead of traditional cash bonuses. Currently, RBC is offering a new iPad for opening a qualifying account or an Apple Watch for opening an RBC VIP Banking or RBC Signature No Limit Banking account.

For students, RBC offers a $100 cash bonus with RBC Advantage Banking, and the RBC High Interest eSavings Account offers a promotional rate of up to 4.70% for three months. Newcomers can take advantage of special terms with RBC Newcomer Advantage, which offers access to credit cards without a Canadian credit history.

RBC's focus on long-term customer relationships through innovative NOMI technology and integrated financial solutions makes it attractive to tech enthusiasts regardless of the size of the cash bonus.

Online banks: maximum ease of qualification

Digital banks often offer the simplest conditions for receiving bonuses with minimal requirements and quick payouts. These institutions compensate for the lack of physical branches with generous promotional offers and convenient digital services.

Simplii Financial: focus on direct deposit

Simplii Financial offers a $300 bonus for opening a No Fee Chequing Account and setting up a qualifying direct deposit. The conditions are relatively simple: become a new customer, open a checking account, and add a direct deposit within the specified time frame.

Additionally, Simplii offers a 4.25% promotional rate on a High Interest Savings Account for the first four months, which can significantly increase the total value of the offer for customers with large savings. The bank also has a Cash Back Visa Card with 8% cash back at restaurants for the first three months.

Tangerine: Combined Offers

Tangerine uses a multi-step approach to bonuses, offering up to $500 for a combination of products. The base bonus of $250 is available for transferring direct deposit of your paychecks to a new Tangerine Chequing Account with a minimum of $200 each month for at least two months.

An additional $250 bonus can be earned by transferring $3,000 to a qualifying TFSA or RRSP account. Tangerine also offers a 4.50% promotional rate on savings for the first five months, which is one of the highest in the industry.

Tangerine's referral program allows existing customers to earn $50 for each friend they successfully refer, making the bank popular for word-of-mouth marketing.

Credit unions: regional advantages and a personalized approach

Credit unions and regional banks often offer the most flexible terms for earning bonuses because they have more freedom in setting eligibility criteria and can adapt to the needs of the local community.

Coast Capital Savings: highest bonuses for new members

Coast Capital Savings offers some of the largest bonuses among credit unions—up to $600 plus 3.70% bonus interest on a high-yield savings account. The offer includes different bonus levels depending on the type of account: $400 for an Elevate Chequing Account, $250 for an Unlimited Chequing Account, and $150 for a basic Free Chequing Account.

Qualifying conditions include setting up direct deposit of your paycheck or pension within 90 days and maintaining it for six months. Coast Capital also offers an additional $200 bonus for a credit card and up to $80 for opening investment accounts.

Affinity Credit Union: Focus on Long-Term Relationships

Affinity Credit Union offers a $400 bonus for opening a checking account with a requirement to visit a branch in person. Conditions include setting up direct deposit of paychecks or pensions and preauthorized debits within 90 days, with both maintained for six months.

Additionally, Affinity offers 12 months of fee-free banking, a 0.25% bonus on term deposits during the first year, and 60,000 to 200,000 welcome points with an Affinity Mastercard.

Alterna Savings: easy online registration

Alterna Savings Credit Union combines the convenience of online registration with generous bonuses of up to $600 depending on the package you choose. The Unlimited Package offers a $400 bonus, and the Basic Package offers $100. Qualification requirements include setting up one direct deposit and completing two of the following three options: online payments, Interac e-Transfer, or debit transactions of at least $50 each.

Meridian Credit Union and regional offers

Meridian Credit Union offers up to $1,050 in bonuses through a combined offer. A base bonus of $300 is available for opening a qualifying checking account with a minimum deposit of $50 and setting up direct deposit within the first 30 days.

National Bank: Special offers for newcomers

National Bank of Canada is focusing on newcomers, offering up to $550 cash back from April 1 to October 25, 2025. The offer includes opening a checking account and adding certain services during the qualifying period.

Strategies for maximizing bonuses and important caveats

To maximize your bonuses, it is important to understand the eligibility requirements and terms of each offer. Most banks require that the customer has not had an account with the institution for the past 1-2 years, which limits the opportunities for systematic “account hopping.”

Bonus payment terms vary from a few weeks to nine months after all conditions are met, so it is important to keep your accounts in good standing throughout the entire period. Some bonuses are tied to minimum balances or transaction counts, which can affect the overall cost of service.

When choosing a bank based solely on the size of the bonus, it is important to consider long-term maintenance costs, service quality, and the convenience of branches and digital platforms. A bonus of $500-700 can quickly be “eaten up” by high monthly fees if the customer does not maintain the required minimum balances.

Future trends and seasonality of offers

Bank bonuses show clear seasonality, with peak offers usually in the fall (to attract students) and in the spring (for new residents and employees after a year). Bonus sizes also correlate with Bank of Canada interest rates — during periods of high rates, banks may offer larger cash bonuses to compensate for the reduced attractiveness of deposit products.

The digital transformation of the banking industry is driving increasingly innovative promotional offers, including gamified elements, personalized bonuses based on artificial intelligence, and integration with popular lifestyle apps and services.

For consumers, this means that the landscape of banking bonuses will continue to evolve, offering more opportunities to earn significant rewards for choosing the right financial partners. The key to success is careful research, a realistic assessment of your own banking habits, and a willingness to invest time in setting up and maintaining new accounts.