Finance, Personal

Best Bank Account Promotions in Canada For Newcomers 2023

Opening a new bank account in Canada can be a subtle way of making quick cash, from a welcome bonus to account opening promotions. I’d go over great bank account opening promotions that may be worth the effort in this post.

Mind you, all – without exceptions have criteria you must fulfill and a minimum time to maintain the highest Package of account to keep your ‘gifted’ money.

Best bank account promotions in Canada
Photo credit: Unknown

Let us take a deep dive into best bank account promotions in Canada for 2022.

HSBC Canada – up to $1,500

Headquartered in Vancouver is a less known bank to Canadians but sits comfortably as the 7th largest bank in the world where no Canadian bank made the top 20 list.

HSBC Canada currently offers a welcome bonus of up to $1,500 for Newcomers to Canada. The definition of newcomers under their terms and conditions is in Canada under someone less than five years.

The $1,500 is strata into multiple layers on criteria you fulfill.

The first $350 is the easy part. We are opening a chequing account, registering for online banking, and depositing the account. $350 is all yours at this stage.

Next, for an additional $100, enroll your new account for payroll with your employer within six (6) months.

For an additional $50, you’d need to set up two (2) direct debits (phone bill, electricity, internet, or any bill you want to automate) within three (3) months.

For an additional $50, you need to make two (2) bill payments online within three (3) months of account opening, and the list goes on to lure you into business with HSBC Canada.

Offer valid through January 31, 2022

BMO – Bank of Montreal (Welcome bonus up to $350)

Like the promotional offer above is the BMO Performance and BMO Premium chequing account. The pair offer a $350 bonus for opening a new account with BMO. With 900 branches evenly distributed around Canada, BMO doesn’t sound like a wrong choice to get in and get your $350.

You get the first $300 when you set up a recurring direct deposit, make an eligible online bill payment of at least $50, or set up an eligible pre-authorized debit of at least $50. Easy stuff!

There is, however, an additional $50 up for grabs when you invite a family member as part of a BMO Family Bundle, and they open an account before January 31, 2022.

Mind you, the account maintenance fee for the Performance chequing account is $16.95, while the Premium chequing account is $30. However, these fees are rebated if you maintain a minimum daily balance of $4,000 and $6,000, respectively.

Offer valid through January 31, 2022

TD Bank (Welcome bonus up to $400)

TD Bank has a flat promotion of $300 to Canadian residents opening a new account. Ideally, have not received the account promotion in the past three (3) years or be a joint account holder with someone who’s received this in the past three (3) years.

To receive the $300 welcome bonus, two (2) of three (3) criteria below must be met:

  1. Set up a Recurring Direct Deposit from their employer, pension provider, or the Government with the first deposit posted to the New Account before February 28, 2022. The Direct Deposit must occur weekly, biweekly, monthly, or twice per month.
  2. Make an Online Bill Payment through EasyWeb or the TD app, a minimum of $50 before February 28, 2022.
  3. Set up a Recurring Pre-Authorized Debit, minimum $50, with the first pre-authorized debit posted to the New Account before February 28, 2022. Pre-authorized Debit must occur weekly, biweekly, monthly, or twice per month.

TD All-Inclusive Account

The monthly fee for this TD All-Inclusive account is $29.95 monthly, and you may not downgrade to the regular chequing account for three months; otherwise, the $300 bonus may be reversed. In essence, you lose about $90 in monthly fees to get a $300 bonus.

TD Unlimited Chequing Account

On the other hand, you may maintain a minimum daily balance of $5,000 in the account, and your monthly fees are rebated each month.

The second type of promotional account with TD bank is the TD Unlimited chequing account. The same criteria as above apply, but this account is $16.95 in monthly fees and the minimum balance to have this fee rebated is $4,000 in daily closing balance.

Offer valid through January 3, 2022

CIBC (Welcome Bonus – $300)

Like the promotion in TD bank above, CIBC will gift $300 to newcomers to Canada by opening the CIBC Smart Account. The following criteria would have to be met:

1. Open a CIBC Smart Account as your first CIBC chequing account and provide your email address

2. Within the first two months, set up and maintain 2 of the following:

  • One recurring direct deposit, such as a payroll deposit from your employer
  • Two recurring pre-authorized debits, such as utility bills or mortgage payments
  • Two online bill payments of $50 or more each

The turnaround time to receive your $300 bonus is around seven months, so you may want to be sure you’d keep your end of the bargain through this long wait.

Highlight – this account has monthly fees waived for the first year, after which it becomes $6.95 per month for up to 12 transactions

$1.25 each for additional transactions over 12, capped at $16.95 monthly. Your account fee is rebated when you maintain a minimum end-of-day balance of $4,000 through the month.

Bank of Nova Scotia – Scotiabank ($300/$350)

As on the website, this is an offer worth a second look. Scotiabank is by no means a small bank. It is strong with a huge market presence in Canada and overseas. Scotiabank has two (2) packages:

Ultimate Package: $350 welcome bonus

Preferred Package: $300 welcome bonus

To qualify for the special offers, you need to complete any two of the following actions within 60 days of opening your account:

  1. Make an eligible $50 bill payment through online or mobile banking.

  2. Set up and clear at least two eligible separate recurring pre-authorized transactions that are $50 or more, each recurring monthly for a minimum of 3 consecutive months.

  3. Set up and clear at least one eligible recurring direct deposit, such as payroll, which will recur monthly for a minimum of 3 consecutive months.

The $300 cash bonus for Preferred Package or $350 cash bonus for Ultimate Package will be deposited directly into your new Ultimate Package or new Preferred Package account within six months.

Offer valid through February 28, 2022

Tangerine Bank – Welcome Bonus $300

With a solid online presence, Tangerine bank isn’t out of touch with the realities of money Scouters like myself are searching for free money, aka welcome bonus.

The terms are like Simplii Financial as they have similar business models, but there is a negligible differential. Tangerine is a direct bank and subsidiary of Scotiabank.

Tangerine bank requires you to set up payroll to your new account within 60 days of opening and receive payroll credit from your employer for three consecutive months. 

You may want to note that even if your payroll was bi-weekly (and three payrolls are completed in 6 weeks), Tangerine bank follows a posted schedule for crediting your welcome bonus three months after meeting the criteria. No minimum amount for payroll.

Again, not a fan of savings accounts, but you stand to earn 2.25% for five months if you open your first eligible savings and chequing account within 30 days.

Simplii Financial – Welcome bonus $200

The welcome cash bonus from Simplii Financial for customers signing up for the No Fee Chequing Account sits at $200.

For context, Simplii Financial is a subsidiary and a direct banking division of CIBC bank.

The criterion is not as hard to accomplish. Set up an eligible direct deposit of at least $100 for three (3) consecutive months.

There is also no monthly fee with no minimum balance, which is an excellent feature of this bank.

Although I’m not a fan of savings accounts, Simplii Financial also offers 2.20% on its high-interest savings account until April 30, 2022.

Offer valid through March 31, 2022

For similar and other finance-related posts, visit our blog section.

Photo of author

About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

Leave a comment