The Best Bank Promotions in Canada

The first half of 2020 has been a year like no other. If the COVID-19 pandemic hasn’t made you reconsider your financial picture, then the impending arrival of ‘murder hornets’ will. In some ways, staying at home can save you money. Fewer trips out means less spent on gas and restaurant meals, for example. But when you account for the money spent on streaming service subscriptions and jigsaw puzzles, you may actually be coming out about even.

If you’ve seen changes in your spending habits, you may well be considering shaking up your financial services. This gives you the perfect opportunity to snag an excellent bank promotion – a special welcome offer that banks use to attract new customers. Whether you’re looking at chequing or savings accounts, investments, or credit cards, you’ll find the best bank promotions in Canada here. Read on to learn more about the best bank offers in Canada.

Best Bank Promotions in Canada

* Scotiabank Ultimate Package: To qualify, certain conditions must be met. Offer ends April 30th, 2023. Visit here for full terms.

* Scotiabank Preferred Package: To qualify, certain conditions must be met. Offer ends April 30, 2023. Visit here for full terms.

¹ Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.

† Conditions apply

* For BMO: Conditions apply. Visit bmo.com/350 for full offer details.

Best Chequing Account Promotions

Not all chequing accounts are created equal. Most chequing accounts are fairly utilitarian — designed for everyday banking transactions and offer few to no rewards or interest. If you’re looking for a bank account promotion in Canada, you can score an excellent deal if you cruise The Best Chequing Accounts in Canada.

Savings Plus Account

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Chequing accounts aren’t typically the place for finding deals, but EQ Bank is breaking the mold. The Savings Plus Account currently comes with an outstanding 2.50%* everyday interest rate — a unicorn in the banking world. Even though this isn’t a promotional rate, but we couldn’t help but include this account on our list because the rate is that good. With no everyday banking fees, free Interac e-Transfers®, free day-to-day transactions, and a great everyday rate, you can bank on the Savings Plus Account to grow your money.

* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

Scotiabank Chequing Accounts

• Earn $350 cash* when you open a new Scotiabank Preferred Package + make money while you wait and earn up to 4.95% on your MomentumPLUS Savings Account for 5 months¹
• Earn $350 cash* when you open a new Scotiabank Ultimate Package + make money while you wait and earn up to 5.00% on your MomentumPLUS Savings Account for 5 months¹

Both accounts offer unlimited debit transactions² and Interac e-Transfers†.

Another stand-out feature: you can earn rewards with these chequing accounts—a rarity in the banking world. You can earn rewards on debit transactions with the Scene+™ Program², which can be used towards flights, merchandise, hotels, Airbnb stays, and more. Points are earned whenever you use your debit card attached to your account for purchases.

* Scotiabank Ultimate Package: To qualify, certain conditions must be met. Offer ends April 30th, 2022. Visit here for full terms.

* Scotiabank Preferred Package: To qualify, certain conditions must be met. Offer ends April 30, 2023. Visit here for full terms.

¹ Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.

² Scotiabank Ultimate Package: Conditions apply. Visit here to learn more.

² Scotiabank Preferred Package: Conditions apply. Visit here to learn more.

†Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license.

TM Trademark of Scene IP LP.

®Registered trademarks of The Bank of Nova Scotia

BMO Performance Chequing Account

Earn up to $400* when you open a chequing account!

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BMO is another bank that’s stepping up its chequing account game. The BMO Performance Chequing Account comes with some super-handy perks, like unlimited transactions*, including Interac e-Transfers* transactions, and you won’t be charged a monthly fee* if you keep a balance of $4,000 (otherwise the fee is $15.95/month). Plus you’ll get $40 towards the annual fee of eligible BMO credit cards.*

If you open an account before January 31, 2023, BMO will give you a head start on your savings with a hefty bonus of up to $400*. To earn the $350* you’ll be rewarded for doing two of the following for at least two consecutive months by March 31, 2023: set up a recurring direct deposit, make two eligible online bill payments of at least $50 to different billers, or set up two eligible pre-authorized debits of at least $50. Plus, invite a family member as part of a BMO Family Bundle³ and earn an extra $50* when they open their account by January 31, 2023. That’s a $400* bonus to put towards whatever you choose.

* Terms and Conditions Apply.

³ Conditions apply. Visit bmo.com/350 for full offer details.

Best Savings Account Promotions

Traditionally the domain of the vanishingly low-interest rate, the advent of online banks (not to mention COVID-inspired cold feet for everyday Canadians) has inspired the lowly savings account to achieve greatness. While both EQ Bank have earned their place among the best high-interest savings accounts in Canada with higher-than-average everyday interest rates, you may be able to get even better returns if you shop around.

Best Short-Term GIC Rate

For those who are risk-averse – and these days, who isn’t? – GICs are a comfy investment tool. The idea behind a guaranteed investment certificate is simple: in exchange for agreeing to leave your money in one for a predetermined amount of time, you get a better-than-usual interest rate. And, your principal is protected so you needn’t break out into a stocks-and-bonds sweat every time you think of them.

EQ Bank

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Finding the best GICs in Canada is tricky because interest rates on GICs are changing constantly. And since COVID-19, rates have been on a downward spiral. Luckily for investors looking for a secure short-term investment, EQ Bank is currently offering a three-month GIC at a 2.65% return. Alternately, for those wanting to stow safely their money for a longer period, EQ has tempting rates for five-year (4.15%), 6-year (3.60%), and 10-year (3.60%) terms.

To get an EQ Bank GIC, you must first open an EQ Bank Savings Plus Account, which has no everyday banking fees, free Interac e-Transfers®, free day-to-day transactions, and a fabulous 2.50%* everyday interest rate. Worth it!

* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

EQ Bank GICs: Rates are calculated on a per annum basis and are subject to change at any time.

Best Credit Cards Promotions

If you’re in the market for a new credit card, it definitely pays off to check the best credit card offers and promotions in Canada. Tempting new customers with valuable bonuses are so common that a card needs to offer something truly outstanding if they want to stand out. Here are our top picks: one credit card with no annual fee and one with an annual fee for cash back cards with promotions.

CIBC Dividend® Visa Infinite* Card

Get a first-year annual fee rebate for you and up to three Authorized Users† and earn 15% cash back welcome bonus for the first 4 statements of up to $300!†

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Right now, the CIBC Dividend® Visa Infinite* Card is offering a solid upfront Welcome Offer: Get a first-year annual fee rebate and earn 15% cash back welcome bonus of up to $300!† After the Welcome Offer ends, get 4% cash back on eligible gas and grocery purchases†; 2% cash back on eligible transportation, dining purchases and recurring payments†; and 1% cash back on all other purchases†. Plus, there’s no limit on the total cash back you can earn.† This card also comes with insurance (including travel medical) and access to the exclusive luxury hotel and travel benefits offered through the Visa Infinite program.†

The Details:

• Annual Fee: $120 (first-year annual fee rebate)†
• Purchase Annual Interest Rate: 20.99%†
• Balance Transfer Annual Interest Rate: 22.99%† (21.99% QC only)
• Cash Advance Annual Interest Rate: 22.99%† (21.99% QC only)
• Income Eligibility: $60,000 individual, or $100,000 household†
• Credit Score Required: Good;Excellent
• Welcome Offer: Get a first-year annual fee rebate and earn 15% cash back welcome bonus of up to $300!†
• Additional Benefits: Earn cash back on every dollar you spend, includes travel insurance, and access to Visa Infinite benefits†

This is a digital-exclusive offer.† To be eligible for this offer, you must apply for a new eligible card using the “Apply Now” link available on this webpage.†

†Conditions apply 

Quebec Residents – Learn More about this CIBC product here.

Résidents du Québec – Pour en savoir plus sur ce produit CIBC, suivez ce lien.

The BMO CashBack® World Elite®* Mastercard®*

New cardholders can get an annual fee rebate for the primary cardholder* ($120 value), plus 10% cash back for their first three months*.

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With its generous welcome offer, the BMO CashBack® World Elite®* Mastercard®* is an extremely attractive choice to add to your wallet. Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year*.. The regular earn rate — Earn 5% on groceries*, 4% on transit including ride sharing, taxis and public transportation*, 3% on gas and electric vehicle charging*, 2% on recurring bill payments like your monthly phone bill or favourite streaming service*, and 1% unlimited cashback on all other purchases*.— is also quite competitive, making this card a contender for one of the best credit cards in Canada. As part of the welcome offer, the annual fee is rebated in the first year* so carrying this card won’t cost you a thing for your first 12 months. Plus, you can redeem the cash any way you want: deposit it into your BMO chequing or savings accounts, put it into your Investorline account, or apply the credit to your monthly statement.

The Details:

• Annual Fee: $120 (first-year annual fee rebate)
• Minimum Income Eligibility: Minimum $80,000 (individual) or $150,000 (household)
• Credit Score Required: Excellent
• Additional Benefits: Travel insurance*, shopping protection*
• Interest on Purchases: 20.99% | Interest on Cash Advances: 23.99% (21.99% for Quebec residents)

*Terms and conditions apply.

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

The Final Word

For many Canadians, this is a time of uncertainty but there is some good news on the financial front with many banks and credit card providers offering up pretty sweet benefits. Right now, check out the range of attractive and valuable bank promotions up for grabs. If you’re considering making a move as you review your personal finances, this is the time to get a little value-add on a new bank account, deposits, investment, or credit card. Finally, if you love deals, don’t forget to check out The Best Credit Card Offers and Promotions in Canada.