Current Chequing Account Promotions
| Bank | Bonus | Requirements | Offer Ends |
|---|---|---|---|
| Scotiabank | $400 | New customers, $4,000 direct deposit | Ongoing |
| BMO | $400 | New customers, open Performance Plan | Mar 31 |
| TD | $400 | New customers, $2,500 deposit | Apr 30 |
| CIBC | $400 | New customers, direct deposit | Ongoing |
| RBC | $400 | New customers, $2,500 deposit | Ongoing |
| Tangerine | $400 | New customers, $250 deposit | Ongoing |
| Simplii | $400 | New customers, direct deposit | Ongoing |
| Wealthsimple | $25 | New Cash account | Ongoing |
| KOHO | $20 | New customers | Ongoing |
| Neo Financial | $25 | New customers | Ongoing |
Promotions change frequently. Click through to verify current offers.
Best Sign-Up Bonuses
Scotiabank – Up to $400
| Requirement | Details |
|---|---|
| Account type | Ultimate Package |
| Direct deposit | Min $4,000/month |
| Maintain | 3 months |
| Bonus paid | After 3 months |
Fine print: New customers only. Must not have had Scotiabank account in past 2 years.
BMO – Up to $400
| Requirement | Details |
|---|---|
| Account type | Performance Plan |
| Direct deposit | Required |
| Maintain | 6 months |
| Bonus paid | After 3 months |
Fine print: New customers or those without BMO account in past 24 months.
TD – Up to $400
| Requirement | Details |
|---|---|
| Account type | All-Inclusive Banking |
| Deposit | $2,500 within 30 days |
| Maintain | 90 days |
| Bonus paid | Within 5 months |
Fine print: New customers to TD Canada Trust personal banking.
CIBC – Up to $400
| Requirement | Details |
|---|---|
| Account type | Smart Plus Account |
| Direct deposit | $1,000/month |
| Maintain | 2+ months |
| Bonus paid | After 2 months |
Fine print: Must be new to CIBC personal banking.
Best No-Fee Chequing Promotions
Simplii Financial – $400
| Requirement | Details |
|---|---|
| Account type | No Fee Chequing |
| Monthly fee | $0 |
| Direct deposit | 2 deposits of $100+ |
| Bonus paid | After requirements met |
Why it’s great: No fee account + $400 bonus = pure profit.
Tangerine – $400
| Requirement | Details |
|---|---|
| Account type | Chequing |
| Monthly fee | $0 |
| Requirement | Switch payroll or deposit $250 |
| Bonus paid | Within 60 days |
Why it’s great: Free account with excellent app and high savings rates.
How to Maximize Bonuses
Step 1: Check Eligibility
Most bonuses require:
- New customer status (never had account, or not in 2+ years)
- Direct deposit or minimum deposit
- Maintaining account for set period
Step 2: Meet Requirements Quickly
- Set up direct deposit immediately
- Make required deposits on Day 1
- Set calendar reminder to track timing
Step 3: Watch for Hidden Fees
| Fee Type | How to Avoid |
|---|---|
| Monthly fee | Meet minimum balance or use no-fee account |
| e-Transfer fees | Many accounts include free e-Transfers |
| NSF fees | Don’t overdraw |
Step 4: Document Everything
- Screenshot the promotion terms
- Keep confirmation emails
- Track when you met requirements
Step 5: Follow Up
If your bonus doesn’t arrive on time:
- Wait until after the stated dates
- Contact customer service with documentation
- Escalate if needed
Promo Stacking Strategy
You can collect multiple bonuses by opening accounts at different banks:
| Month | Bank | Bonus | Running Total |
|---|---|---|---|
| Jan | Scotiabank | $400 | $400 |
| Feb | Simplii | $400 | $800 |
| Mar | TD | $400 | $1,200 |
| Apr | BMO | $400 | $1,600 |
| May | Tangerine | $400 | $2,000 |
Note: Keep each account open for the required period before closing.
Credit Score Impact
| Action | Credit Impact |
|---|---|
| Opening chequing account | No impact (no credit check) |
| Closing account | No impact |
| Opening credit card | Hard inquiry (small impact) |
Chequing accounts don’t require credit checks and don’t affect your credit score.
When to Close Accounts
After receiving your bonus:
- Keep account open until required period ends
- Remove any linked services (bills, direct deposit)
- Withdraw all funds
- Request account closure (online, phone, or in-branch)
- Get confirmation in writing
Tip: Don’t close before the required period — you may have to return the bonus.
Red Flags to Avoid
| Red Flag | Why It’s Bad |
|---|---|
| “New customers only” but you had account recently | Won’t qualify |
| High minimum balance | May cost more than bonus |
| Long hold period | Money tied up |
| Complicated requirements | Easy to miss and forfeit bonus |
Comparison: Bonus vs Ongoing Value
| Account | Bonus | Monthly Fee | Annual Cost | Net Year 1 |
|---|---|---|---|---|
| Scotiabank Ultimate | $400 | $30.95 | $371 | +$29 |
| TD All-Inclusive | $400 | $29.95 | $359 | +$41 |
| Simplii Free | $400 | $0 | $0 | +$400 |
| Tangerine Free | $400 | $0 | $0 | +$400 |
Insight: No-fee accounts with bonuses offer the best value. Premium accounts only make sense if you need their features.
Best Strategy for Most People
- Primary account: Simplii, Tangerine, or EQ Bank (no fees, good features)
- Bonus collection: Open TD/BMO/Scotiabank for bonus, close after
- Repeat: New promos appear regularly