Best Chequing Account Offers and Promotions in Canada

ALSO CONSIDER: Best chequing accounts | Best No-fee Chequing Accounts | Best Student Bank Accounts | Best Senior Bank Accounts

It’s satisfying to get something for free — especially when that something is cold, hard cash. But money isn’t the only thing you could get for opening a chequing account. Chequing account offers include gift cards, waived fees, merchandise and more.

Banks offer account promotions to incentivize new customers to sign up. If you’re in the market for a new chequing account, compare account features and promotions to nab the best offer for your lifestyle and spending habits.

• The best chequing account offers and promotions
• Summary of our picks
• Why should you choose a chequing account with an introductory offer?

Back to Top

BMO Performance Chequing Account

Earn up to a $400* welcome bonus when you open a new BMO Chequing account and a 4% promo interest rate when you add a Savings Amplifier account*.

Apply Now

BMO Performance Chequing Account

• Bonus Offer
  $400*

  Earn $350* with a Performance Chequing Account. Plus an additional $50* when you add a second member and make it a BMO Family Bundle. Our most popular account offers unlimited everyday banking transactions for a competitive price. 4.00% interest rate (volatile rate) from May 1st until September 30th, 2023 if you add a Savings Amplifier Account.
• Monthly Fee
  $16.95

  Waive the monthly fee by maintaining a $4,000 minimum balance.

  Waived with minimum balance
• Number of Transactions
  Unlimited

Apply Now

Our Take

• Enjoy unlimited everyday banking transactions, no-fee daily banking for loved ones through a family bundle, up to a $40 annual fee rebate on your BMO credit card, and more on the Performance Chequing Account.
• The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.

Product Details

• Performance Chequing Account, as one of BMO’s popular accounts, offers unlimited everyday banking transactions for a competitive price.
• Open an account in minutes and earn a welcome bonus of up to $400*.
• Add an account and subtract the fees with the BMO Family Bundle that lets your loved ones enjoy no-fee daily banking with all the benefits and privacy of separate chequing accounts.
• Enjoy unlimited transactions when visiting a BMO branch or ATM and when using BMO Online, Mobile, and Telephone Banking.
• Get up to $40 of your BMO credit card annual fee rebated annually with a Performance Plan Chequing Account. Enjoy all the perks of a BMO credit card, with lower fees.
• Feel secure with OnGuard Identity Theft protection at no charge. You’ll get complimentary access to OnGuard with the Performance Plan – saving you over $150 a year.
• Enjoy all these benefits for $16.95 per month – or, pay no monthly fee when you keep a minimum balance of $4,000.
• The Performance Plan chequing account is eligible for CDIC insurance.

Scotiabank Preferred Package

• Bonus Offer
  $350*

  Earn a $350 welcome bonus with a new bank account. To qualify, certain conditions must be met. Offer ends July 31, 2023.
• Monthly Fee
  $16.95

  No monthly account fee by maintaining a minimum daily closing balance of $4,000 for the entire month.

  Waived with minimum balance
• Number of Transactions
  Unlimited

Apply Now

Our Take

• You can enjoy unlimited transactions, e-transfers and a first-year annual fee waiver of up to $150 on select credit cards with the Scotiabank Preferred Package.
• Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Product Details

• Earn a $350* welcome bonus with the Scotiabank Preferred Package! The longer you save, the higher your interest rate. Plus, save for multiple goals in one account.
• Earn a savings rate of up to 4.95%* for 5 months on your MomentumPLUS Savings Account.
• Scotiabank’s most popular features packaged for your everyday banking needs.
• Unlimited debit transactions² & Interac e-Transfer† transactions.
• First year annual fee waiver (up to $150) on select credit cards².
• Send money globally for $1.99³ with Scotia International Money Transfer.
• Earn rewards on debit transactions with the Scene+™ Program².
• Fee waived on one non-Scotiabank ABM withdrawal per month in Canada.
• Preferred rates on select GICs.
• No monthly account fee on a Scotia U.S. Dollar Daily Interest Account.
• Eligible deposits are covered by CDIC.
• Terms and Conditions Apply. Click ‘Apply Now’ for complete details.

HSBC Advance Chequing Account

• Bonus Offer
  Up to $400*

  Get a cash bonus of up to $400 when you open an HSBC Advance Chequing Account and complete qualifying actions. Conditions apply. Expires November 30, 2023.
• Monthly Fee
  $25

  Waive the monthly fee by maintaining $5,000 or more in personal deposits and investments or by holding a personal HSBC mortgage with an original amount of $150,000 or more.

  Waived with minimum balance
• Number of Transactions
  Unlimited

Apply Now

Our Take

• With the HSBC Advance Chequing Account you get unlimited deposits, withdrawals, debit purchases and Interac e-transfers for $25 monthly — though you can waive the fee by having $5,000 or more across HSBC deposit and investment accounts.
• HSBC is one of the largest global banks offering financial services like wealth, personal and commercial banking in over 63 countries.

Product Details

• Earn up to $400* when you open an HSBC chequing account online.
• A flexible, all-inclusive chequing account that allows you to bank on your terms.
• No monthly fees* for the first 6 months, and later when you maintain $5,000 minimum balance in combined deposits and investments, including chequing, savings, RRSPs, TFSAs and more.
• Or no monthly fees when you hold a personal mortgage with us with an original amount of $150,000 or more.
• Unlimited day-to-day chequing account transactions*, Free Interac e-Transfer®.
• Convenient online international money transfer (over 30 countries)*.
• Free ATM withdrawals at any HSBC or EXCHANGE Network ATMs (over 3,000 locations across Canada).
• Access to emergency cash while outside of Canada at any HSBC branch worldwide.
• Issued by HSBC Bank Canada. *Terms and conditions apply. Offer value is composed of multiple products, offer ends November 30, 2023.
• ®Trade-mark of Interac Inc. Used under license. ® THE EXCHANGE is a registered trademark owned by Fiserv Inc. licensed for use in Canada by FICANEX Services Limited Partnership.

RBC Signature No Limit Banking

• Bonus Offer
  No cost iPad

  Receive an iPad Pro at no cost by completing the qualifying criteria: 1. Open an eligible RBC bank account by July 31, 2023. 2. Set up and complete two of the following qualifying criteria by 9:00 PM Eastern Time January 9, 2024: a. Your payroll as a direct deposit. b. Two pre-authorized monthly payments (PAPs). c. Two eligible bill payments to a service provider. Offer Ends July 31, 2023. Conditions Apply.
• Monthly Fee
  $16.95

  $10.95 or $5 monthly fee with Value Program Rebate.¹⁰ $12.95 monthly fee for seniors¹¹ or less with Value Program Rebate.¹⁰

  Rebates available
• Number of Transactions
  Unlimited

Apply Now

Our Take

• RBC Signature No Limit Banking offers unlimited debit transactions, free Interac e-Transfers®, and up to a $48 annual fee rebate on eligible RBC credit cards.
• Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.

Product Details

• Switch to an RBC chequing account and complete the criteria to receive an iPad Pro at no cost. Conditions apply. Ends July 31, 2023.
• Unlimited debits transactions in Canada, valuable savings and even more.
• Get a credit card for less – Up to $48 rebate on the annual fee of an eligible credit card.⁵
• FREE Interac‡ e-Transfer transactions.⁶𝄒⁷
• 3 non-RBC ATM fees waived/month, $2 each thereafter.⁸
• 5 FREE cross-border debits/month, $1 each thereafter.⁹
• No minimum balance (even to get rebates).
• Monthly Fee¹: $16.95 (or less with rebate).²
• $10.95 or $5 monthly fee with Value Program Rebate.¹⁰
• $12.95 monthly fee for seniors¹¹ — or less with Value Program Rebate.¹⁰
• Avion Points¹² – Enroll your account in the Value Program to get a minimum of 1 Avion point for every $10 you spend in-store and online using your enrolled account.
• Overdraft Protection¹⁵ – Fee waived (overdraft interest applies if used).
• Safe Deposit Box¹⁶ – Up to $12/year discount on regular fees.
• Non-Sufficient Funds (NSF) Fee – 1 NSF fee rebated every calendar year.²⁶
• Personalized Cheques¹⁷ – FREE.
• Bank Drafts¹⁸ – 6 FREE/year, $9.95 each thereafter.
• Online, Mobile and Telephone Banking FREE.
• eStatements FREE.
• Monthly Paper Statements $2.25 without cheque image, $2.50 with cheque image.
• Right Account Guarantee® If you’re not completely satisfied within the first 4 months, we’ll refund your monthly fees for up to 3 months.¹²

TD Unlimited Chequing Account

• Bonus Offer
  Up to $400

  Earn $300 by opening a TD Unlimited Chequing Account by May 31, 2023 and complete two of the following actions by July 26, 2023: 1. Set up a Recurring Direct Deposit from your employer, pension provider or the Government. 2. Setup a Recurring Pre-Authorized Debit Payment of at least $50. 3. Make an Online Bill Payment of at least $50 through EasyWeb or the TD app. Earn an extra $50 by adding a TD Savings Account, and complete one of the following by July 26, 2023: 1. Set up a Pre-authorized Transfer Service with your first transaction processed by July 26, 2023. 2. Set up Simply Save with your first transaction processed by July 26, 2023. Earn an extra $50 by adding Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by May 31, 2023.
• Monthly Fee
  $16.95

  Waive the monthly fee by maintaining a $4,000.00 minimum balance.

  Waived with minimum balance
• Number of Transactions
  Unlimited

Our Take

• The TD Unlimited Chequing Account is a convenient way to manage your daily expenditures, with unlimited transactions, free Interac e-transfers and a first-year annual fee rebate on select TD credit cards up to $139.
• TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.

Product Details

• Special offer: Earn $300 by opening a TD Unlimited Chequing Account by May 31, 2023 and complete two of the following actions by July 26, 2023: 1. Set up a Recurring Direct Deposit from your employer, pension provider or the Government. 2. Setup a Recurring Pre-Authorized Debit Payment of at least $50. 3. Make an Online Bill Payment of at least $50 through EasyWeb or the TD app. Earn an extra $50 by adding a TD Savings Account, and complete one of the following by July 26, 2023: 1. Set up a Pre-authorized Transfer Service with your first transaction processed by July 26, 2023. 2. Set up Simply Save with your first transaction processed by July 26, 2023. Earn an extra $50 by adding Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by May 31, 2023.
• Monthly fee: $16.95. ($11.95 for customers 60 and older.) No fee if you have $4,000 in your account at the end of each day of the month.
• Unlimited transactions included per month.
• Free Interac e-transfer transactions.
• Use your TD Access Card for online and in-person shopping, and cash withdrawals, wherever Visa is accepted.
• Visa and Interac Zero Liability protection: no customer responsibility for any unauthorized transactions.
• No additional fee for using non-TD ATMs in Canada. Other banks may charge their own fees.
• Foreign ATM fees: $3 in U.S. and Mexico, $5 in any other foreign country.
• Use TD MySpend to track monthly spending and improve spending habits.
• Direct deposit for paycheques, mobile deposit for all other cheques.
• Access to the Simply Save program, which automatically transfers small amounts of money to a linked TD savings account when using your TD Access Card.
• CDIC protection for eligible deposits.

CIBC Smart™ Account

• Bonus Offer
  Up to $350

  Get a $350 bonus when you provide your email address when you open a CIBC Smart™ Account, then within 2 months: 1. Set up ongoing monthly direct deposits totalling $500 or more. 2. Complete one of these 3 transactions within the same calendar month: 2 ongoing pre-authorized debits Learn about pre-authorized debits. 2 online bill payments of $50 or more each, 5 Visa*Debits.
• Monthly Fee
  $0-$16.95

  The monthly fee varies by the number of transactions included. Waive the monthly fee and enjoy unlimited transactions by maintaining a $4,000 minimum balance.

  Waived with minimum balance
• Number of Transactions
  0 to Unlimited

  Varies by the monthly fee, the number of transactions included, and the minimum account balance.

Our Take

• Pay for what you use with the CIBC Smart™ Account, which offers a flexible monthly fee that adjusts to the number of transactions you make.
• Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.

Product Details

• Earn the $350 intro offer when your provide your email address during account opening and complete qualifying actions.
• The monthly fee varies by the number of transactions included: $16.95 for unlimited transactions, $6.95 for up to 12 transactions, or, for 13 to 20 transactions, $6.95 plus $1.25 for each additional transaction.
• Waive the monthly fee and enjoy unlimited transactions by maintaining a $4,000 minimum daily balance.
• Free Interac e-transfer transactions that count towards your total transactions.
• Access to nearly 4,000 ATMs across Canada.
• One free non-CIBC ATM withdrawal per month in Canada.
• Shop online and in-app using money directly from your CIBC Smart Account with Visa* Debit.
• Manage your daily spending and grow your savings with help from CIBC Insights — a tool included in the CIBC Mobile Banking App that offers tailored tips based on your debit and credit card activity.
• CIBC Smart Balance Alert gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
• Checkout with CIBC’s digital payment options, including Visa Debit, Click to Pay, Google Pay, Apple Pay and Samsung Pay.
• Save up to 10 cents per litre on gas by linking your CIBC card with Journie Rewards to save on gas at participating Pioneer, Fas Gas, Ultramar and Chevron locations.
• Bank in-person, online or in the mobile app.
• Only available to Canadians aged 25 and older.
• CIBC Smart Account offers for students, newcomers and foreign workers.
• Deposits are eligible for insurance from CDIC

CIBC Smart™ Plus Account

• Bonus Offer
  Up to $350

  Get a $350 bonus when you complete qualifying actions and pay no monthly fees for three months when you open a CIBC Smart™ Plus Account. Conditions apply.
• Monthly Fee
  $29.95

  Waive the monthly fee and enjoy unlimited transactions by maintaining a $6,000 minimum balance or $100,000 in combined eligible savings and investments, including GICs.

  Waived with minimum balance
• Number of Transactions
  Unlimited

Our Take

• Unlimited transactions, a CIBC credit card annual fee rebate, and plenty of included perks make the CIBC Smart™ Plus Account a solid choice for Canadians looking for an all-in-one bank account.
• Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.

Product Details

• To earn the $350 intro offer and pay no monthly fees for three months, you must be age 25 and older and satisfy conditions outlined by CIBC.
• $29.95 monthly fee.
• Waive the monthly fee and enjoy unlimited transactions by maintaining a $6,000 minimum balance or $100,000 in combined eligible savings and investments, including GICs.
• Enjoy unlimited transactions, including Interac e-transfer service.
• Includes one eligible CIBC credit card with an annual fee rebate for the primary cardholder and up to three authorized users.
• Access to nearly 4,000 ATMs across Canada.
• No CIBC fee for ATM withdrawals worldwide or for CIBC Overdraft Protection Service.
• Enjoy free personalized cheques, bank drafts, money orders and stop payments on cheques and pre-authorized payments.
• Includes CIBC Overdraft Protection Service.
• Shop online and in-app using money directly from your CIBC Smart Account with Visa* Debit.
• Manage your daily spending and grow your savings with help from CIBC Insights — a tool included in the CIBC Mobile Banking App that offers tailored tips based on your debit and credit card activity.
• CIBC Smart Balance Alert gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
• Checkout with CIBC’sdigital payment options, including Visa Debit, Click to Pay, Google Pay, Apple Pay and Samsung Pay.
• Save up to 10 cents per litre on gas by linking your CIBC card with Journie Rewards to save on gas at participating Pioneer, Fas Gas, Ultramar and Chevron locations.
• Bank in-person, online or in the mobile app.
• To qualify, you must be a Canadian resident that’s reached the age of majority in your province or territory.
• Deposits are eligible for insurance from CDIC.

The PC Money™ Account

• Bonus Offer
  Up to 200,000 Points

  Earn up to 200,000 bonus PC Optimum points: 20,000 points when you first fund the account with $150 or more in the first 120 days; up to 130,000 points (10% back) on your first $1,300 worth of purchases at participating stores; up to 50,000 points with 4 months of eligible payroll deposits.
• Monthly Fee
  $0
• Number of Transactions
  Unlimited

Our Take

• The PC Money Account from President’s Choice Financial is not just another no-fee chequing account. It’s a rewards program, too. Every time you spend money using your PC Money Account card, you’ll earn PC Optimum points that can be put toward future purchases.
• President’s Choice Financial is part of Loblaw Companies Limited with millions of account holders across Canada that save bank fees and earn rewards through the PC Optimum points system.

Product Details

• Earn up to 200,000 bonus PC Optimum points: 20,000 points when you first fund the account with $150 or more in the first 120 days; up to 130,000 points (10% back) on your first $1,300 worth of purchases at participating stores; up to 50,000 points with 4 months of eligible payroll deposits.
• Earn 10 PC Optimum points (five regular, five bonus) for every dollar spent.
• Earn up to 25 PC Optimum points per dollar spent at Shoppers Drug Mart.
• Earn up to 5,000 points per month when making bill payments with your account.
• No monthly fee.
• No minimum balance required.
• Free unlimited everyday transactions online and in-store, including electronic fund transfers, withdrawals at PC Financial bank machines, self-serve bill payments and purchases in Canadian dollars.
• Free Interac e-Transfer® services.
• The PC Money Account card, provided by Mastercard, is compatible with Apple Pay and Google Pay digital wallets and can be used anywhere Mastercard is accepted.
• PC Financial provides Mastercard Zero Liability Promise for unauthorized purchases.
• Free access to PC Financial ATMs.
• CDIC protection on eligible deposits worth up to $100,000.

Coast Capital Free Chequing, Free Debit, and More Account®

• Bonus Offer
  Up to $400

  Get up to $400 cash when you become a member: Earn $300 by setting up 1 direct deposit for 3 consecutive months and make at least 15 everyday transactions within 3 months of account opening. Earn $100 by opening a new Mutual Funds account and setting up a monthly, pre-authorized contribution ($100 minimum). Offer ends June 30, 2023.
• Monthly Fee
  $0
• Number of Transactions
  Unlimited

Our Take

• As the name of the account suggests, this everyday banking account offers loads of free unlimited banking services without charging a monthly fee or needing a minimum balance in return.
• Coast Capital is a Federal Credit Union providing personal and business banking, mortgage, auto finance and wealth management services to its members. Coast Capital has been certified as a B Corp® since 2018 for its commitment to social and environmental performance practices.

Product Details

• No monthly fee or minimum balance requirement.
• Unlimited day-to-day transactions.
• Free withdrawals and deposits at 4000+ ding free® ATMs across Canada, plus free Coast Capital Savings or THE EXCHANGE® Network ATM withdrawals and deposits .
• Free in-branch, online or phone bill payments.
• Overdraft Protection on approved credit available.
• Free eStatements.
• Free POS payments (in Canada).
• Free pre-authorized payments and deposits.
• Free withdrawals, transfers or deposits.
• Free cheque clearing.
• Free online images of cleared cheques.
• Sending an e-Transfer $1.50 each; receiving e-transfers is free.
• Deposit On-the-go helps you deposit multiple cheques straight into your account in real-time by simply snapping a photo of the front and back.
• Complete transfers, bill payments, cheque deposits or almost any transaction on your smartphone with Coast Mobile® Banking app.
• Access Coast Capital’s award-winning digital banking anytime and anywhere.
• Best-in-class digital money tools and remote resources are available 24/7 to help you achieve your financial goals.
• The Money Manager tool gives you a snapshot of your budget, spending and all other bank accounts in one place.
• Coast Capital calculators help you find how long it will take to pay off your loan and crunch numbers for your TFSA or RRSP.
• Eligible deposits (including interest) equivalent to $100,000 CAD per deposit category are insured by CDIC.

Back to Top

Summary of our picks

Back to Top

Why should you choose a chequing account with an introductory offer?

By SHANNON TERRELL

If you plan to open a chequing account, it pays to pick one with a competitive intro offer — literally. You could receive cash, free merchandise, promotional rates on other banking products or the chance to waive off credit card fees. Just be mindful of the offer’s terms and conditions. You may need to perform an account activity or transaction to receive the offer.

• Who should consider a chequing account with an introductory offer?
• How to find the best chequing account offer for you
• Chequing account alternatives to consider

Who should consider a chequing account with an introductory offer?

Anyone interested in opening a chequing account should consider an account with an intro offer. Promotions vary by provider, but many offer attractive cash bonuses.

How to qualify for a chequing account’s intro offers

Some offers are available as soon as you open an account. Other offers require customers to complete qualifying activities or transactions to receive the offer. You may need to:

• Make a deposit.
• Set up a recurring deposit.
• Set up preauthorized debit payments.
• Make an online bill payment.
• Provide your email address.

How to find the best chequing account offer for you

The ideal chequing account offer depends on your lifestyle. Some accounts have cash bonuses, while others offer gift cards or merchandise. A chequing account that comes with a gift card to a store you don’t visit won’t be as practical as an account that offers cash.

You also want to take note of any qualifying activities or transactions. Since you must fulfil these criteria to ensure you are eligible for the promotional offer, make sure the steps you need to take to earn the offer are worth your time and money. If you don’t use preauthorized debit payments, for example, there’s no sense in setting them up just to receive a gift card.

Considerations for chequing account offers

An enticing bank account offer is worth considering but shouldn’t make or break your account selection. A lucrative cash promotion won’t make up for an account with steep fees or limited ATM access.

Does the account you’re interested in have features suited to your financial goals and spending habits? Your chequing account should be a practical fit long after the excitement of the welcome bonus has faded.

Nerdy tip:

Read the fine print. To make sure the account you’re considering is right for you, take a long, hard look at the fine print. Read the terms and conditions of the account and scout for ongoing fees, penalties and restrictions. No account is without its drawbacks, but your chosen account should fit your lifestyle.

Chequing account alternatives to consider

If you’re concerned with bank fees, a no-fee account without a promotional offer may be well worth your consideration. And you don’t need to limit yourself to chequing accounts — a credit card may be a more lucrative option for someone seeking rewards.

The best choice for you depends on your financial situation, but here are a few alternative options to explore:

About the Author

Shannon Terrell

Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about a variety of personal finance topics. Previously, she was a writer, editor and video host for…

Read More

DIVE EVEN DEEPER

Best CIBC GIC Rates

Compare CIBC GIC rates for the various types of GICs to choose the best term for your investment goals.

Best TD GIC Rates

TD Bank is one of the big 6 banks that offers a range of GICs at terms, interest rates and redeemability options starting at a $500 minimum deposit.

Best GIC Rates in Canada

The best GIC rates offer a safe, secure way to grow your money over a set term.

Siddhi JahagirdarBarry Choi

Best RBC GIC Rates

RBC’s non-redeemable GICs offer high interest rates, a wide range of terms, RRSP and TFSA eligibility, and can be opened with as little as $500.