Most Canadian banks, and several app-based accounts, pay new customers a cash bonus for opening a chequing account and meeting a few conditions, usually moving a payroll direct deposit and keeping the account open for a set time. The amounts and terms change often and without much notice, so this page doesn’t list them. It explains how these offers work, what they usually require and what they cost to collect, and links each bank’s page, where you can check the bank’s current offer.
It is one of the guides to Canadian bank accounts, which also cover opening, switching and closing accounts.
Banks that run chequing account promotions
| Bank | Account the offer is usually tied to | What offers usually require | Current offer |
|---|---|---|---|
| Scotiabank | A paid chequing package | Payroll direct deposit over a few months | Scotiabank |
| BMO | A paid chequing plan (often Performance) | Direct deposit or bill payments, then a holding period | BMO |
| TD | A paid chequing plan | A deposit or direct deposit within a set window, then a holding period | TD |
| CIBC | The CIBC Smart Account | Direct deposit for a set number of months | CIBC |
| RBC | A chequing account opened online | Opening steps and qualifying transactions | RBC |
| Simplii Financial | No Fee Chequing Account | Payroll direct deposits | Simplii |
| Tangerine | Chequing Account | Switching payroll direct deposit for consecutive months | Tangerine |
| Wealthsimple | Wealthsimple Chequing | A first deposit, often through a referral | Wealthsimple |
| KOHO | KOHO spending account | A first purchase, or a referred friend’s | KOHO |
| Neo Financial | Neo account or card | Varies by promotion (card approval or referral) | Neo Financial |
Banks don’t all run an offer at the same time, and the offer can change between the day you read about it and the day you apply. The bank’s own offer page and its terms and conditions are the only reliable statement of what it pays and what it requires.
How these offers work
New customers only
Offers are almost always limited to people new to the bank’s personal banking. Each bank sets its own look-back period: if you held an account there within that window, you won’t qualify. Some offers say “new to this promotion” rather than “new to the bank”, which excludes anyone who collected the same bonus before. The definition is in the offer’s terms, often a separate PDF, rather than on the bank’s home page.
The qualifying conditions
The most common condition is a recurring payroll or pension direct deposit, sometimes with a minimum amount per month. Others are a one-time deposit within a set number of days, a number of bill payments or pre-authorized debits, or opening a specific paid plan. Most offers also require the account to stay open, with the qualifying activity continuing, for a holding period of a few months.
When the bonus is paid, and when it’s taken back
The terms state when the bonus is paid, usually a set number of months after you meet the conditions. Closing the account, or stopping the qualifying direct deposit, before the holding period ends usually cancels the bonus or lets the bank claw it back.
Is a bonus on a paid account worth it?
Offers on no-fee accounts are simple: nothing comes off the bonus. Offers on the big banks’ paid plans cost the plan’s monthly fee for every month you hold the account, unless you keep the balance that waives it. The net value is roughly:
bonus minus (monthly fee x months held), or the full bonus if you hold the fee-waiver balance throughout.
A long holding period on a premium plan can take a noticeable share of the bonus. Each bank’s plan fees and waiver balances are in the Canadian bank fees comparison, and the best no-fee chequing accounts page compares the accounts where no fee applies at all.
Collecting more than one bonus
Each bank tracks its own eligibility, so being a customer at one bank doesn’t stop you qualifying at another. Holding several accounts at once is allowed; having multiple bank accounts explains how people use them and what to watch. The practical limit is logistics: redirecting part of a paycheque, tracking each account’s conditions and dates, and avoiding fees on the paid plans. Many payroll systems can split a deposit across accounts, which lets a new account receive a qualifying direct deposit without moving all your pay.
Step by step: qualifying without missing out
- Read the offer’s terms. Check the new-customer definition, the account it applies to, every condition, the holding period and when the bonus is paid.
- Open the account and start the conditions early. Most offers count from the opening date, so a deposit window starts running at once. The steps and ID requirements are in how to open a bank account.
- Set up the qualifying direct deposit. Your employer or pension payer needs the new account’s details; a split deposit keeps your main account running.
- Record the dates. Note when you meet the conditions, when the bonus is due and when the holding period ends. A screenshot of the offer page on the day you apply helps if the terms change or the bonus doesn’t arrive.
- Watch for fees. Keep a buffer so a payment doesn’t bounce, check whether e-Transfers are included, and check whether the bank charges for closing an account soon after opening.
- Follow up if it’s late. If the payment date passes, contact the bank with your opening date and the dates of your qualifying deposits.
If you plan to keep the new account as your main one, the checklist for switching banks covers moving pay and pre-authorized payments in full.
Closing an account after the bonus
Once the holding period is over and the bonus has been paid, redirect any payments and deposits, move the balance out and ask the bank to close the account, keeping written confirmation. Closing a bank account covers each bank’s process. An account left unused instead of closed can draw inactivity fees and eventually become one of the dormant accounts that go to the Bank of Canada as unclaimed balances.
Credit score impact
Opening a chequing account doesn’t usually involve a credit check, so collecting chequing bonuses doesn’t generally affect your credit score. The exception is credit attached to the account: overdraft protection is a credit product, and applying for it, like applying for a credit card, can mean a hard inquiry.
| Action | Credit impact |
|---|---|
| Opening a chequing account | Usually none |
| Closing a chequing account | None |
| Adding overdraft protection | Possible hard inquiry |
| Applying for a credit card | Hard inquiry |