Best Bank Account Promotions in Canada Right Now

Canada’s Big Five banks are paying real money to win new chequing clients this fall. The bonuses are generous, but each one comes with a checklist and a deadline.

We read the offer terms on each bank’s official page and turned them into plain steps, so you can see what the bank account bonus actually costs you in time and fees.

Key takeaways

• Every offer needs a new chequing account plus actions such as a recurring direct deposit or bill payments.
• The biggest totals require bundling a savings account and a credit card. Each card application is a hard inquiry on your credit report.
• The accounts carry monthly fees of $16.95 to $30.95 unless you keep a minimum daily balance.
• Deadlines are close: TD’s offer ends October 1, 2026.

Bank account promotions at a glance

Offers as of September 2026, from each bank’s official offer page. Conditions and fees are in each bank’s section below.

1. Scotiabank Preferred Package

The largest cash total this season, split into three parts you can earn separately.

At a glance

• $700: open the account between July 3 and October 29, 2026. Within 60 days, set up a direct deposit (like payroll or pension) that recurs for at least 6 months, plus one recurring pre-authorized payment or one bill payment of at least $50.
• +$200: open a Money Master Savings Account within 60 days and before October 29, 2026.
• +$100: get approved for an eligible credit card within 60 days and make one purchase with it.
• Cost: $16.95 a month, or $0 with a $4,000 daily balance. Seniors pay $12.95.

Pros and cons

• Highest cash total, and the $700 core needs no credit card.
• Unlimited debit and Interac e-Transfer transactions.
• The direct deposit must keep recurring for 6 months.
• Without a $4,000 balance, fees add up to about $203 a year.

How to get it

Open the account online or in a branch, then switch your pay. Read the offer details for who qualifies before you apply.

2. BMO Performance or Premium Chequing

A big offer with until December 31, 2026 to finish the steps.

At a glance

• $700: open and fund a Performance or Premium chequing account by November 2, 2026. By December 31, set up a recurring direct deposit of at least $500 and either two bill payments or two pre-authorized debits of $50 or more to two different payees.
• +$150: open a Savings Amplifier Account by November 2, deposit $10,000 or more within 30 days, and keep it there for 120 days plus 90 more. You earn a 5.00% promo rate for the first 120 days.
• +$50: set 1 goal and 1 strategy in BMO’s My Financial Progress plan by December 31.
• Cost: Performance $17.95 a month ($0 with a $4,000 balance); Premium $30.95 ($0 with $6,000).

Pros and cons

• No credit card needed for any part of the $900.
• Adds up to 12 months of Walmart+ when you pay with your BMO debit card.
• The $150 needs $10,000 parked for about 7 months.
• Monthly fee unless you hold the minimum balance.

How to get it

Open online, fund the account, then set up your direct deposit and payments before the year-end deadline.

3. TD Unlimited Chequing or All-Inclusive Banking Plan

The earliest deadline, plus a bonus savings rate.

At a glance

• $500: open a TD Unlimited Chequing Account or All-Inclusive Banking Plan by October 1, 2026, then complete two of these by December 2: a recurring direct deposit, a recurring pre-authorized debit, or an online bill payment of at least $50.
• +$150: within 30 days, open an eligible savings account and get approved for an eligible TD credit card.
• Bonus rate: 4.00% on top of the posted rate for 90 days on a new savings account, up to $1,000,000.
• Cost: Unlimited $17.95 a month ($0 with $4,000); All-Inclusive $30.95 ($0 with $6,000).

Pros and cons

• The Unlimited plan adds a first-year TD credit card fee rebate of up to $139.
• Open online, by phone or in a branch.
• Not for anyone who already held a TD chequing account on June 4, 2026.
• Cash arrives up to 12 weeks after you meet the conditions.

How to get it

Open the account before October 1, then finish two qualifying actions by December 2, 2026.

4. CIBC Smart Account

The simplest actions of the group, but a strict rule on who qualifies.

At a glance

• $500: open your first Smart Account and, within 2 months, set up a recurring direct deposit of $500 or more a month. Within 60 days, complete one action in the same calendar month: 2 pre-authorized debits, 2 online bill payments of $50 or more, or 5 Visa Debit purchases.
• +$100: get approved for an eligible CIBC credit card within one month.
• Who qualifies: Canadian residents aged 25 or older with no CIBC chequing account in the past 5 years.
• Cost: $16.95 a month, or $0 with a $4,000 end-of-day balance every day of the month.

Pros and cons

• Five debit purchases count as a qualifying action.
• The Dividend Visa Infinite welcome offer can add up to $250 in cash back.
• Not open to anyone under 25.
• CIBC publishes a start date (January 22, 2026) but no end date.

How to get it

Apply online. If you want the extra $100, apply for the card within a month of opening the account.

5. RBC Signature No Limit or VIP Banking

A device instead of cash: open an eligible account and get a new iPad.

At a glance

• Reward: an iPad with a $649 value. RBC also lists upgrade options if you add new funds to eligible RBC investment accounts.
• Steps: open Signature No Limit or VIP Banking by November 2, 2026. Within 90 days, complete two of: full payroll or pension direct deposit, two pre-authorized monthly payments, or two bill payments.
• Cost: Signature No Limit $16.95 a month; VIP $30.00.

Pros and cons

• Useful if you were going to buy a tablet anyway.
• No cash, so it cannot cover fees or savings goals.
• The direct deposit must be your full pay, with no splitting.

How to get it

Open the account online and read RBC’s qualifying criteria before you start.

How to choose a bank account promotion

• Choose Scotiabank if you want the most cash and can keep a direct deposit for 6 months.
• Choose BMO if you want $900 without applying for a credit card.
• Choose TD if you can open an account in the next few days.
• Choose CIBC if you are 25 or older and want the easiest qualifying actions.
• Choose RBC only if you value the iPad more than cash.

Do the fee maths first. A $16.95 monthly fee costs about $203 a year, which eats a large part of any bonus if you can’t keep the minimum balance. Under Canada’s commitment on basic banking, the Financial Consumer Agency of Canada says all Canadians can get an account for $4 a month or less. Youth, students, seniors on the Guaranteed Income Supplement and newcomers in their first year can get a no-cost account.

If the credit card part of a bundle tempts you, compare it against our list of the best credit cards in Canada for 2026 first. Newcomers should also read our banking guide for newcomers, since each bank runs separate newcomer packages. Prefer no fees at all? See our look at digital banks in Canada.

Your bonus checklist

• Confirm you are eligible (new client, age, past accounts).
• Write down the open-by date and the action deadline.
• Set up the direct deposit first; it is required by every bank.
• Keep the minimum balance, or budget for the monthly fee.
• Screenshot the offer terms on the day you open.

How we compared

• Checked: every bonus, deadline and fee on September 23, 2026, on each bank’s official offer page.
• Order: offers are listed by the maximum cash you can earn, from highest to lowest. RBC’s reward is a device, so it comes last.
• Criteria: cash value, number of steps, deadlines, monthly fees and eligibility rules.
• Independence: no bank paid for placement or reviewed this article.

FAQ

Which Canadian bank has the best account bonus right now?

By cash value, Scotiabank’s Preferred Package offer is the largest at up to $1,000 as of September 2026. BMO’s up to $900 needs no credit card.

Can I get a bonus if I already bank there?

Usually not. TD excludes anyone with a TD chequing account on June 4, 2026, and CIBC excludes anyone with a CIBC chequing account in the past 5 years.

What do Reddit threads say about bank account offers in Canada?

Forum users often share which actions triggered a payout. Treat those posts as anecdotes: the bank’s written terms decide whether you qualify.

Is a bank bonus worth a monthly fee?

Only if you keep the minimum balance or the bonus far exceeds a year of fees. At $16.95 a month, fees reach about $203 a year.

For the full picture, see our hub Best Savings Accounts in Canada 2026, our list of the best high-interest savings accounts in Canada and our guide to CPP 2026 payment dates and increases.

Sources

• Scotiabank — Preferred Package offer
• BMO — New bank account offers and promotions
• TD — Chequing and savings offer
• CIBC — Smart Account special offer
• RBC — New bank account offers
• FCAC — Improving your credit score (credit inquiries)
• FCAC — Low-cost and no-cost accounts

Ieveera SEO is an independent publisher, not a bank or financial advisor; content is for information only and may include paid affiliate links that never affect our rankings — always confirm current rates and terms with the provider. Rates shown in CAD; verify with the issuer.