There are always plenty of bank bonuses and promo codes to choose from, but how do you know which Canadian bank offers are actually worth it? To make things easier for you, we’ve compiled an up-to-date list of the best promotions available right now.
These deals come from both online banks and traditional brick-and-mortar institutions, covering everything from standalone savings and chequing accounts to hybrid options. You’ll find a range of offers, including no-fee accounts and premium banking packages.
For a quick side-by-side look, check out our “Best Bank Promo Comparison Chart,” which highlights the key details of each offer. Below that, you’ll find a breakdown of individual accounts. While many promotions are worthwhile, a few clearly stand out from the rest.
For a limited time, Neo Financial is offering one of the strongest deals available with an interest rate of 2.90%, and it’s backed by a solid platform. That said, EQ Bank still continues to rank number one overall among Canada’s top online banks. Keep reading to learn more about these offers and get helpful tips for choosing the account that best fits your needs.
Best Bank Promo Comparison Chart
| Bank/Account | Account Type | Promo Offer | Expiry |
| EQ Bank Personal Account | Savings/ hybrid | 1% every day interest rate + 1.75% bonus interest when you direct deposit your pay | N/A |
| Neo Money | Savings/ hybrid | 2.25% everyday interest rate +0.65% when you hold $20,000 in your account + Up to $650 signup bonus | N/A |
| Tangerine | Chequing and Savings | 4.50% interest rate for only 5 months + plus cash bonus of $250 | N/A |
| Scotiabank Ultimate Package | Chequing and Savings | $500 cash bonus + $100 cash bonuses x2 for bundling a savings account and a registered account with your banking package | July 2, 2026 |
| CIBC Smart | Chequing | $500 cash bonus with a CIBC Smart Account, plus up to $350 with a CIBC Dividend Visa Infinite Card | May 13, 2026 |
| RBC Signature No Limit or VIP Banking | Chequing | New Apple Watch Series 11 (value of approximately $549) | June 1, 2026 |
| Simplii | Chequing and Savings | 4.50% interest rate for only 5 months + $300 cash bonus + $50 Skip gift card | April 30, 2026 |
| BMO | Chequing and Savings | 4.50% promotional interest rate for only |
March 31, 2026 |
| TD | Chequing and Savings | 4.00%-4.50% interest rate for only 3 months (dependent on account and account balance) + cash bonus of up to $750 | June 3, 2026 |
Best Overall Bank: EQ Bank Personal Account
The EQ Bank Personal account from online bank EQ (powered by Equitable Bank, founded over 50 years ago) is a another hybrid account, that combines the best features of chequing and savings.
While EQ doesn’t offer a traditional debit card, they have a prepaid bank card called the EQ Bank Card which can be used like a debit card. You can use it to access cash and spend money both online and in-store.
In addition, their free e-transfers, electronic funds transfers, and bill payments still give you the flexibility of a chequing account.
What makes the EQ Bank Personal Account stand out, however, is the fact that you can obtain an ongoing 2.75% interest rate!
This comes from a 1.75% base interest rate, that jumps to 2.75% when you direct deposit your pay of $2,000/month or more.
While it may not be a promotional rate, it’s like a welcome bonus that keeps welcoming you month after month. It’s not going to run out after the time period for the teaser rate runs out (such as the case with Tangerine’s 4.50% for just 5 months).
The ongoing 2.75% everyday interest rate, plus a trusted, versatile platform are why the EQ Bank Personal Account is our pick for the overall best savings account in Canada.
Check out our EQ Bank Review for all the details.
Best 2026 Promotion: Neo Money Account
The EQ Bank Personal Account has won this category for the past few years, but this year, there has been a toss-up due to Neo Money Account’s new 2.90% interest rate!
Neo Financial is a new kid on the block having been founded in 2019, but they’ve entered the scene on strong footing offering industry-leading interest rates.
The Neo Money Account is a hybrid account – meaning it can complete most of the functions of both a chequing and a savings account.
It offers a 2.25% everyday interest rate that increases to a generous 2.90% if you hold $20,000 in your account. This is an ongoing interest rate meaning it doesn’t have an expiration date. There are no monthly fees and this account offers free transactions and unlimited point-of-sale availability so you can go ahead and use it as you would a chequing account.
While it doesn’t come with a debit card, you can get the “Neo Money Card” – a prepaid Mastercard that functions like a debit card and offers cashback rewards for many different categories.
Compared to EQ Bank, the Neo Money Account is missing a few products but depending on your needs, this may or may not be an issue for you. The Neo Money Account does not offer USD accounts, GICs, or paper cheques. It also has limited joint account options.
So, while EQ Bank remains Canada’s top online bank, Neo’s current ongoing interest rate and solid platform have it winning the Best Overall Value category!Check out our Neo Money Account Review for all the details.
Tangerine Chequing and Savings Account
Tangerine, a digital-only division of Scotiabank, offers customers no-fee accounts and credit cards, plus competitive investments, lending, and most of what you’d expect from a more traditional brick-and-mortar bank.
Tangerine account holders have access to Scotiabank’s ATM network, and their no-fee Visa debit card allows you to make point-of-sale purchases. You can read more about Tangerine’s offerings in our Tangerine Bank review.
Tangerine’s current promo includes 3 offers. Benefitting from all 3 requires new clients to open both a chequing and a savings account, and apply for a credit card:
- Become a new Tangerine client
- Open a Tangerine Savings Account within 60 days and earn 4.50% interest in your savings account for 5 months (after the 5 months are up, interest rates return to 0.30%).
- Open a Tangerine Chequing Account, switch your payroll deposits for 2 consecutive months, and earn $250.
- Apply for a Tangerine Money-Back Credit Card, and get 8% cash back on purchases (for the first 90 days, up to $120 cashback).
Best Chequing Account Promo Offers – Scotiabank Ultimate and Preferred Package
Scotiabank’s Ultimate and Preferred package accounts have relatively high fees ($30.95 and $16.95 respectively) but they’re honestly so packed with features that they’re worth a look. Because of all the features, and the ability to waive the monthly fee by maintaining minimum balances, they are actually a top contender in our list of the Best Chequing Accounts in Canada.
These Scotiabank packages include unlimited debit transactions, bonus interest on a Momentum PLUS Savings account, and a free Premium Credit Card.
Depending on what your bank balance is in an average month, the Scotiabank Ultimate and Preferred packages could cost you nothing. The monthly fee is waived if you maintain a minimum balance of $6,000 for an Ultimate package or $4,000 for a Preferred package.
Here are the details for Scotiabank’s promo offer:
- For the $500 bonus, open a new Ultimate or Preferred Package account by July 2, 2026.
- Within 60 days, complete any TWO of the following:
- Use mobile or online banking to make an eligible bill payment of at least $50
- Set up and clear 2 eligible separate recurring pre-authorized payments of at least $50 and have them recur monthly for at least 6 consecutive months
- Set up and clear one eligible recurring direct deposit, such as a payroll or pension that recurs for 6 consecutive months
- Bonus will be deposited in your account within 6 months
- For an additional $100 bonus, after completing the above, open a new Money Master Money Savings Account (within 60 days of opening account and before July 2, 2026). Then set up either “Pay Yourself First” or the “Savings Finder tool” and stay enrolled for a minimum of 3 consecutive months.
- For an additional $100 bonus, after completing the above, open a new TFSA, RRSP or FHSA (within 60 days of opening account and before July 2, 2026)). Then:
- Contribute or transfer-in a minimum of $5,000 in your new eligible Registered Account and maintain it for 3 consecutive months
You can learn more in our detailed Scotiabank review, or sign up using the button below.
CIBC Smart Account and Smart Plus Account
CIBC’s Smart account is a basic chequing account with pricing that varies depending on the number of transactions you need. Previously, there was also an account called Smart Plus, but as of November 2025, there is no longer a “Smart Plus Account”. Instead, there are 3 tiers of the Smart Account.
CIBC’s Smart Account is on the pricier side: $16.95 per month. However, the fee can be waived if you maintain a minimum balance of $4,000. In addition, there are no monthly account fees for youth and students under 25, students over age 25, seniors, newcomers, foreign workers, and beneficiaries of RDSPs and recipients of the Disability Tax Credit.
In order to receive CIBC’s $500 cash bonus, you must do the following:
- Open a CIBC Smart Account and provide an email address
- Within two months, set up ongoing monthly direct deposits which total $500 or more
- Within 60 days of opening the Smart Account, complete ONE of the following tasks:
- Set up at least two recurring pre-authorized debits
- Complete two online bill payments of $50 or more each
- Complete five online Visa Debit purchases
Your $500 cash reward will be deposited into your qualifying account within 7 months after the month you opened the account.
If you’re also looking for a credit card, you can get up to another $350 cash.
- The first $100 comes from applying and being approved for any eligible credit card (within one month of account opening).
- Up to $250 can be earned with a CIBC Dividend Visa Infinite Card from 10% cash back on purchases and $50 for setting up a pre-authorized payment.
RBC Signature No Limit Banking and RBC VIP Banking
RBC’s Signature No Limit Banking account is a standard account with unlimited transactions in Canada, no minimum balance, free e-transfers, and up to a $48 rebate on the annual fee on various RBC credit cards. The monthly fee is $16.95 although it can be less with “the Value Program” rebate (which is essentially signing up for more RBC products and programs).
The RBC VIP Banking account is a premium account that includes unlimited transactions worldwide, up to $120 off the annual fee of an RBC premium credit card, and extra bank accounts, all for a monthly fee of $30 (or less with a rebate).In order to receive RBC’s promo offer of an Apple Watch Series 11 you must:
- Open an eligible account by June 1, 2026
- Set up and complete TWO of the following by August 10, 2026:
- Your pay or pension as a direct deposit
- Two pre-authorized monthly payments
- Two eligible bill payments to a service provider
The watch also comes with 3 free months of Apple Music and Apple Fitness+ for new subscribers.
Best Savings Account Offers
We’ve already dug into a couple of featured savings accounts that are worth considering. Let’s review:
EQ Bank’s Personal Account has all the benefits of a savings account with the flexibility of a chequing account. Its 1.25% 1.00% everyday interest rate can be easily increased to 2.75% by simply setting up your payroll deposits to the account. Best of all, this is an ongoing rate!
Even better is Neo Financial’s New Money Account with an everyday 2.25% ongoing interest rate, because if you hold $20,000 in the account, you will receive 2.90% interest. This is another hybrid account with the utility of both a savings and a chequing account.
While Tangerine has a higher promotional rate of 4.50%, it only lasts 5 months before dropping down to 0.30%.
In addition to these excellent accounts, there’s one more that’s worth a look:
Simplii Financial High Interest Savings Account
If EQ, Neo, and Tangerine don’t appeal, you could consider a High Interest Savings Account from Simplii Financial (an online division of CIBC). This account has no fees or minimum balance requirements.
New Savings Account holders will receive a special promotional rate of 4.50% for the first 5 months. You’ll receive the bonus interest as a lump sum payment at the end of that time period. After the promotional period is over your interest rate returns to 0.30%-1.00% (0.30% for accounts of $0-$50,000) – which is why we feel the everyday interest rates of EQ Bank and Neo Financial make them far superior offers.
For those who open a Chequing Account with Simplii, a bonus of $300 plus a $50 Skip the Dishes gift card can be earned by adding an eligible direct deposit of at least $100 for 3 consecutive months.
For the first 3 months, you will also receive 20% cash back on eligible purchases with your Cash Back Visa Card. However, this is limited to a spend of $500.
Read our Simplii Financial review where we provide more details and compare it to other Canadian banks.
Which Bank Promo Is Right for You? (Hint: it’s not always the biggest one)
Even though bank account welcome promotions can be valuable ($500 is nothing to sneeze at!), picking an account based solely on the bonus is risky. That’s why it’s important to be sure the bank account you’re getting is the one that’s right for you, promo offer or not.
We built this list with bonus value, institution reliability, and customer service in mind. We wanted you to have a solid list of options to start from. But you still need to consider your personal situation before you make your choice
Here are some things to consider:
- Do you qualify for the bonus? Most promo offers are geared toward new banking customers, so make sure you qualify!
- How difficult is it to open an account? Do you need extra documents? Do you need to visit a branch in person? How hard will that be for you?
- Does the account give you what you need? Do you need point of sale abilities, or are e-transfers and bill payments what you’re looking for? How many monthly transactions are you anticipating? Your answers can make a huge difference in which account will work best for you.
- What do you need to do to get the full bonus? As you’ve seen from our list, many bonus offers require account holders to complete multiple tasks. These are fine if you were already planning to use your account for those things—but what if you weren’t?
- And what is the timeline for the full bonus? Will you be able to achieve all the tasks within that timeframe? If you’re not on time, it will have been a waste of time!
- Don’t pick an account that needs you to set up a direct payroll deposit or bill payments if you were planning to use it for something else entirely. Think about why you’re opening this account and what you want to use it for, and then make sure your welcome bonus fits that.
- What kinds of fees do the accounts have? A bonus that waives monthly fees is tempting, but keep in mind that unless you maintain a hefty bank balance, you’ll have to pay those fees eventually. Is a $30/month account what you need, or would a no-fee bank account do the trick? It also helps to skim the fine print. Make sure you’re not signing up for hidden extra fees without realizing it!
If you’re looking for more information about which account is best for you, we have resources that can help! Check out our posts about the Best Chequing Account in Canada and the Best Online Bank in Canada to give you a solid start. If you’re a student, we recommend our list of the Best Bank Accounts for Students.
Canadian Banks Promotions: FAQ
The Best Bank Promo Offers in Canada
Choosing a new bank account involves more than just chasing the biggest bonus. Promotional rates don’t last forever (with some expiring sooner than others!), so it’s important to choose an account that will continue to meet your needs over time.
The good news is that Canadian banks offer a wide variety of options. Whether you’re looking for a chequing or savings account or a hybrid banking situation, a no-fee setup, or a premium all-in-one package, there’s something out there for everyone.
You can also check out Gen Y Money’s regularly updated list of the best bank account promotions, which highlights some of the top offers in British Columbia, including exclusive deals for residents of the province.
For chequing accounts, strong options include Tangerine, Scotiabank, and CIBC. While Tangerine’s promotional interest rate drops after about five months, it remains a great low- or no-fee choice with a large diversity of product offerings.
When it comes to savings accounts with competitive everyday interest rates, Neo Financial takes the lead in 2026 with an ongoing 2.90% rate. For years, EQ Bank held the top spot with its 2.75% rate and continues to stand out as Canada’s best overall online bank thanks to its reliable platform. For a direct comparison between these two, check out our EQ Bank vs Neo Financial Review. Although some banks may advertise higher promotional rates, those often fall below 1% after a few months.
So while it’s not a traditional promo, Neo Financial currently stands out for offering a strong, consistent rate paired with low fees, making it one of the most compelling options available right now.
