Best Canadian Bank Account Opening Promotions for 2025

Best Canadian Bank Account Opening Promotions for 2025

Opening a new bank account in Canada can be an excellent opportunity to boost your personal finances, thanks to attractive promotions offered by major financial institutions. These promotions, which often include cash bonuses, high-interest rates, or valuable rewards like an Apple Watch, are designed to entice new customers. This guide explores the current account opening promotions from major Canadian banks, provides recommendations based on different financial situations, and highlights key details to help you choose the best offer. All information is accurate as of May 23, 2025, and includes links to each bank’s homepage for further details.

Understanding Bank Account Promotions

Canadian banks frequently offer incentives to attract new clients, particularly for chequing and savings accounts. These promotions often require completing specific actions, such as setting up direct deposits, making bill payments, or maintaining a minimum balance. While the rewards can be significant, it’s essential to review the terms, including monthly fees, to ensure the offer aligns with your financial needs. Below, we outline the current promotions from major Canadian banks, focusing on eligibility, requirements, and benefits.

Current Account Opening Promotions by Major Canadian Banks

1. Royal Bank of Canada (RBC)

• Promotion: Open a new RBC Signature No Limit Banking or RBC VIP Banking account by June 2, 2025, and receive an Apple Watch Series 10 GPS (valued at approximately $549 CAD). Additionally, enjoy a 4.70% interest rate for three months on a new RBC High Interest eSavings account opened by June 3, 2025.
• Requirements:
  • Open an eligible chequing account (RBC Signature No Limit Banking, $16.95/month; RBC VIP Banking, $30/month).
  • Complete two of the following by August 11, 2025: set up two pre-authorized payments, establish one recurring payroll or pension direct deposit, or make two eligible bill payments to a service provider.
  • For the savings account, open an RBC High Interest eSavings account and deposit funds to earn the promotional rate.
• Eligibility: Must be a Canadian resident of the age of majority and not have held an RBC personal banking account in the past five years. The savings account offer is available to new customers.
• Access: Apply online via RBC Royal Bank or in-branch.
• Best For: Tech-savvy individuals or frequent travelers seeking rewards like Avion points and free Interac e-Transfers.

2. Toronto-Dominion Bank (TD)

• Promotion: Earn up to $600 when you open a TD All-Inclusive Banking Plan or TD Unlimited Chequing Account by May 28, 2025, and complete qualifying actions. An additional $150 is available if you bundle with a TD Credit Card.
• Requirements:
  • Open a TD All-Inclusive Banking Plan ($29.95/month, waived with $5,000 minimum balance) or TD Unlimited Chequing Account ($16.95/month, waived with $4,000 minimum balance).
  • Complete two of the following by July 29, 2025: set up a recurring direct deposit (weekly, bi-weekly, monthly, or twice per month), make an online bill payment of at least $50, or set up a recurring pre-authorized debit of at least $50.
  • For the additional $150, apply for and be approved for a TD Credit Card and open a TD ePremium or Every Day Savings Account by July 28, 2025, and set up a pre-authorized transfer service by October 24, 2025.
• Eligibility: Canadian residents without an existing or recently closed TD chequing account. The credit card bundle offer excludes customers who have activated or closed a TD Credit Card in the past six months.
• Access: Apply online at TD Canada Trust or in-branch.
• Best For: Those who can maintain high balances to waive fees or newcomers eligible for the TD New to Canada Banking Package.

3. Bank of Montreal (BMO)

• Promotion: Earn up to $700 when you open a BMO Performance Chequing Account or Premium Chequing Account by July 2, 2025, and bundle with a Savings Amplifier Account and Family Bundle.
• Requirements:
  • Open a Performance Chequing Account ($17.95/month, waived with $4,000 minimum balance) or Premium Chequing Account ($30.95/month, waived with $6,000 minimum balance).
  • By August 29, 2025, make a deposit and complete two of the following: set up a recurring direct deposit, make two bill payments of at least $50 via BMO Online Banking or Mobile App, or set up two pre-authorized debits of at least $50 to different payees.
  • For an additional $200, open a Savings Amplifier Account and deposit $10,000 within 30 days. Earn an extra $50 by inviting a family member to open an account under the BMO Family Bundle.
• Eligibility: New BMO customers or those without a personal chequing account in the past 12 months.
• Access: Apply online at BMO Canada or in-branch.
• Best For: Families or high-balance account holders seeking substantial cash bonuses and high-interest savings (4.80% promotional rate).

4. Scotiabank

• Promotion: Earn up to $700 when you open a Scotiabank Preferred Package or Ultimate Package by July 31, 2025, and complete qualifying actions. Additionally, earn up to 4.95% interest for three months on a MomentumPLUS Savings Account.
• Requirements:
  • Open a Preferred Package ($16.95/month, waived with $4,000 minimum balance) or Ultimate Package ($30.95/month, waived with $5,000 minimum balance).
  • Within 60 days, complete two of the following: set up one recurring direct deposit (e.g., payroll or pension for six months), make two pre-authorized transactions of at least $50 (e.g., mortgage, rent) for six months, or make one bill payment of at least $50 via online or mobile banking.
  • For an additional $100, open a Money Master Savings Account and enroll in Pay Yourself First or Savings Finder for 90 days. Earn another $100 by opening and depositing $5,000 into an eligible RRSP, TFSA, or FHSA for three months.
• Eligibility: New customers without an existing Scotiabank chequing account.
• Access: Apply online at Scotiabank Canada or in-branch.
• Best For: Newcomers through the StartRight Program or those investing in registered accounts.

5. Canadian Imperial Bank of Commerce (CIBC)

• Promotion: Earn up to $450 when you open a CIBC Smart Account by June 30, 2025. Students can earn $125 with a CIBC Smart for Students or Smart for International Students account. Additionally, get 5.00% interest for four months on a new CIBC eAdvantage Savings Account.
• Requirements:
  • Open a CIBC Smart Account (monthly fee varies by transaction volume, waived with $3,000 minimum balance or for seniors 65+).
  • Within two months, set up recurring direct deposits of $500 or more per month (e.g., employer, government, or pension) and complete one of the following in the same month: two recurring pre-authorized debits or one eligible transaction.
  • For the savings account, open a CIBC eAdvantage Savings Account to earn the promotional rate.
• Eligibility: New CIBC chequing account customers who are Canadian residents. The student offer is available to eligible students.
• Access: Apply online at CIBC or in-branch.
• Best For: Students, seniors, or newcomers eligible for the CIBC Smart Account for Newcomers (no monthly fee for two years).

6. National Bank of Canada

• Promotion: Earn up to $550 cashback for newcomers opening a chequing account by July 31, 2025, and adding eligible services. Professionals (e.g., physicians, engineers) can also get a first-year fee waiver on a Platinum, World, or World Elite Mastercard and a line of credit at prime + 0.25%.
• Requirements:
  • Open a new chequing account and complete one or more of the following within 120 days: set up recurring salary direct deposits for two months, make one online credit card payment, or set up recurring deposits of at least $50 into an investment product (e.g., Cash Advantage Solution).
  • Additional cashback for setting up pre-authorized mortgage payments or signing up for an eligible Mastercard.
• Eligibility: Newcomers to Canada (within five years of arrival) or professionals in specific fields. Must be at least 14 years old.
• Access: Apply in-branch or by phone at National Bank of Canada.
• Best For: Newcomers or professionals seeking tailored banking packages with low-rate credit options.

7. Tangerine

• Promotion: Earn $250 and a 3.70% interest rate for five months when you open a Tangerine Chequing Account and Savings Account by June 30, 2025. Existing customers may receive targeted offers for a 5.00% savings rate from December 4, 2024, to February 28, 2025.
• Requirements:
  • Open a new Tangerine Chequing Account and Savings Account.
  • Set up a recurring direct deposit or complete qualifying transactions (details vary by offer).
  • For the targeted offer, deposit new funds into an existing Tangerine Savings Account.
• Eligibility: New customers or existing customers with targeted offers. No monthly fees apply.
• Access: Apply online at Tangerine.
• Best For: Online banking enthusiasts or those seeking no-fee accounts with competitive interest rates.

8. Simplii Financial

• Promotion: Earn $300 when you open a No Fee Chequing Account by June 30, 2025, and an additional $50 with promo code GMTEVENT for a Global Money Transfer by October 31, 2025. Get 3.90% interest for five months on a High Interest Savings Account opened by March 31, 2025.
• Requirements:
  • Open a No Fee Chequing Account and set up a recurring direct deposit of at least $100 for three consecutive months within 120 days.
  • For the $50 bonus, complete a Global Money Transfer using the promo code.
  • Open a High Interest Savings Account to earn the promotional rate on deposits up to $1,000,000.
• Eligibility: New customers without an existing Simplii chequing account. Canadian residents of the age of majority.
• Access: Apply online at Simplii Financial.
• Best For: Those seeking no-fee banking with minimal requirements for cash bonuses.

Recommendations Based on Financial Situations

Choosing the right bank account promotion depends on your financial situation, banking preferences, and ability to meet offer requirements. Below are tailored recommendations:

1. High-Income Earners or High-Balance Holders

• Recommendation: BMO or TD
• Why: BMO’s $700 bonus is ideal for those who can maintain a $4,000–$6,000 balance to waive fees and deposit $10,000 into a Savings Amplifier Account. TD’s $600 offer suits those who can meet the $5,000 balance requirement for the All-Inclusive Banking Plan, with the added perk of a credit card bundle.
• Considerations: Ensure you can meet minimum balance requirements to avoid monthly fees, which could offset the bonus.

2. Students or Young Professionals

• Recommendation: CIBC or RBC
• Why: CIBC’s $125 bonus for students with the Smart for Students account is easy to achieve with minimal requirements, and the account has no monthly fees. RBC’s Apple Watch offer appeals to students who value tech rewards and can meet the chequing account criteria.
• Considerations: Student accounts often have limited transaction allowances, so review your banking needs.

3. Newcomers to Canada

• Recommendation: National Bank or Scotiabank
• Why: National Bank’s $550 cashback for newcomers, combined with a low-rate line of credit for professionals, is tailored for those new to Canada. Scotiabank’s StartRight Program offers up to $700 and supports newcomers with multilingual services and registered account bonuses.
• Considerations: Newcomers must provide proof of status (e.g., permanent resident or work permit) and meet transaction requirements.

4. Online Banking Enthusiasts

• Recommendation: Simplii Financial or Tangerine
• Why: Simplii’s $300 bonus and 3.90% savings rate are straightforward, with no monthly fees, making it ideal for digital-first users. Tangerine’s $250 bonus and 3.70% savings rate (or 5.00% for targeted offers) suit those comfortable with online-only banking.
• Considerations: Online banks lack physical branches, so ensure you’re comfortable with digital services and have access to CIBC ATMs (for Simplii).

5. Budget-Conscious Individuals

• Recommendation: Simplii Financial or Coast Capital Savings
• Why: Simplii’s no-fee chequing account and $300 bonus require only a $100 monthly direct deposit, making it accessible for those with lower incomes. Coast Capital Savings offers up to $500 ($400 for a chequing account, $100 for a credit card) with a 5.00% savings rate until April 30, 2025, and no monthly fees.
• Considerations: Coast Capital is primarily available in British Columbia, so confirm branch or ATM access if outside the region.

Tips for Maximizing Bank Promotions

1. Read the Fine Print: Ensure you meet all eligibility criteria, such as not having an existing account with the bank, and complete required actions within the specified timeframe.
2. Avoid Fees: Choose accounts with no or waivable monthly fees to maximize the net benefit of the bonus. For example, maintain minimum balances or opt for no-fee accounts like Simplii or Tangerine.
3. Plan for Requirements: Set up direct deposits or pre-authorized debits early to meet deadlines. Payroll, pension, or government deposits typically qualify.
4. Consider Long-Term Fit: Select a bank that aligns with your banking needs beyond the promotion, such as ATM access, online banking features, or additional services like credit cards.
5. Check for Referral Bonuses: Some banks, like Simplii, offer referral bonuses (up to $50 per referral), which can increase your rewards if you refer friends or family.

Conclusion

Canadian banks are offering compelling promotions in 2025 to attract new customers, ranging from cash bonuses to high-interest savings rates and unique rewards like an Apple Watch. Simplii Financial and Tangerine are excellent for no-fee, online banking with straightforward bonuses, while BMO and Scotiabank offer high cash rewards for those who can meet balance or transaction requirements. RBC’s Apple Watch and CIBC’s student-friendly offers cater to specific audiences, and National Bank’s newcomer package is ideal for recent arrivals. Before applying, verify terms on the banks’ websites linked above and ensure the account fits your financial goals.

Disclaimer: Promotions and rates are subject to change. Confirm eligibility and conditions with the financial institution before applying.

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