Best Bank Promotions in Canada (Dec 2022)

November 23, 2022
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What Are The Best Bank Promotions In Canada?

#1 RBC Personal Banking Account — Best for Its Offer of 10.2″ iPad Wi-Fi 64GB with Monthly Fee Reductions and Rebates

The Royal Bank of Canada (RBC) offers a free 10.2″ iPad Wi-Fi 64GB (9th Generation) for its Summer 2022 Promotion to its new eligible customers. You can choose between the color Silver or Space Grey (color may depend on availability). To qualify for this promotion, You must open one of the qualifying accounts (e.g., RBC Signature No Limit Banking, RBC VIP Banking) by September 30, 2022, and you cannot already have an RBC bank account. Additionally, you need to complete at least two of the following by January 6, 2023:

  • Payroll direct deposit or monthly recurring pension direct deposit
  • Set up two (2) Pre-Authorized Monthly Payments (“PAPs”)
  • Set up two (2) eligible bill payments to a service provider from your new Eligible Personal Banking Account

Features for RBC Signature No Limit Banking

  • Unlimited debit transactions in Canada
  • Up to a $39 rebate on the annual fee of an eligible credit card
  • No minimum balance (even to get rebates)

Features for RBC VIP Banking

  • No Extra Fees
  • Unlimited debit transactions worldwide and FREE Interac e-Transfer transactions
  • Up to a $120 rebate on the annual fee of an eligible credit card
  • No RBC fee to use ATMs worldwide
  • RBC Direct Investing maintenance fees waived
  • Extra accounts included—up to 2 Canadian and 1 U.S. dollar.

Pros & Cons Of RBC Personal Banking Account

Pros
  • The RBC VIP Banking account's monthly charge has been reduced to $24. When you sign up for the Value Program, you can cut it even further to $18.05.
  • For the RBC Signature No Limit Banking account, the monthly charge drops from $16.95 to $10.95 or $5 when you enroll in the Value Program.
  • The iPad is a fantastic offer with a selling price of $429. The annual costs will be roughly $210 if you select the No Limit Banking account option and enroll at the end of September 2022. Therefore the iPad will cost approximately this amount.
  • You don't need to visit an RBC bank to open an account; you can do it online in about 5 minutes.
  • Unlimited debit transactions worldwide and FREE Interac e-Transfer transactions
  • Up to a $120 rebate on the annual fee of an eligible credit card
Cons
  • Monthly fee payments
  • Need to sign-up by September 30, 2022, and meet the requirements by January 6, 2023, to qualify for the 10.2″ iPad Wi-Fi 64GB offer.
  • You cannot be eligible if you have had a personal RBC banking account within the last five years.
  • Your account should remain open until October 31, 2023.

Pricing

  • The monthly charge for an RBC Signature No Limit Banking account is $15.95 (or $4 with the Value Program rebate). Please bear in mind that throughout the summer, No Limit Banking will cost $16.95 per month.
  • The monthly fee for an RBC VIP Banking account is $30 (or $18 with the Value Program Rebate).

Best For

  • Its offer of a 10.2″ iPad Wi-Fi 64GB

#2 HSBC Chequing Account — Best For Its $500 Plus An Additional $958 in Cash Back and Savings

The HSBC Chequing Account offers a welcome bonus of up to $500 cash and an additional $958 in cashback and savings when you open a new chequing account by December 31, 2022. To qualify for this promotion, you need to do these steps below:

You need to open a Premier chequing account, sign up for internet banking within 30 days, and carry out two of the four steps to get $300 cash:

  • You must set up recurring payroll within six months of starting your account.
  • Send two distinct merchant pre-authorized debits within three months of creating your account.
  • Within three months of opening your account, send two separate INTERAC e-transfers®.
  • Within three months of opening your account, send two separate online bill payments to 2 different merchants.

To get $100 cash, you need to open an account online.

Within one month of the account being opened, deposit $25,000; keep it there for six months, and receive $100 more. By then, you will receive a $500 welcome bonus from HSBC. If you terminate the account within less than a year of opening it, the $500 payment is forfeited. Otherwise, it is paid out after seven months of meeting the eligibility criteria and remains open for a year.

To be eligible for HSBC Premier Chequing Account, You must at least one of the following:

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  • The total balance of $100,000 or more
  • Total Mortgage with the original amount of $500,000 or more
  • Have a monthly income of $6500 or $100,000 assets under Canadian management 

To be eligible for HSBC Advance Chequing Account, you must have at least one of the following:

  • The total balance of $5000 or more
  • The total Mortgage is $150,000 or greater.

Features for HSBC Premier Chequing Account

  • No monthly fee
  • no minimum balance required
  • Up to 4 authorized user cards for your family with no additional fee.
  • No wire transfer fees when you send foreign exchange wire transfers less than $10,000
  • Free overseas account opening before moving or working abroad
  • Emergency cash is available at any HSBC branch when you or your family is abroad.

Pros & Cons of HSBC Chequing Account

Pros
  • No minimum deposit
  • No monthly fee for the first six months for Premium and Advance account
  • Save up to $209 in waived monthly banking fees.
  • Get $50 when you send 2 International Foreign Exchange wire transfers.
  • Get $50 when you open a safety deposit box at a branch.
  • No monthly fee for student account
  • Up to 4 authorized user cards for your family with no additional fee.
  • No wire transfer fees when you send foreign exchange wire transfers less than $10,000
  • Free overseas account opening before moving or working abroad
  • Unlimited chequing account transactions
  • Emergency cash is available at any HSBC branch when you or your family is abroad.
Cons
  • You have to be a new client.
  • If, after account opening, you do not meet at least one of the eligibility requirements, a monthly fee will be applied to your account.
  • You need to have a minimum balance to waive the monthly fee.
  • Need to remain the bank account open for one year to qualify for the promo

Pricing

  • HSBC Premier Account is $34.95 a month
  • HSBC Advance Account is $25 a month
  • Student Chequing Account has no monthly fees  

Best For

  • It offers up to $500 cash for Premier Account, $400 cash for Advance, and a welcome bonus after seven months of meeting the eligibility criteria. 

#3 CIBC Smart Account — Best For Its $400 Cash Bonus and No Monthly Fee for 3 Months

The Canadian Imperial Bank of Commerce (“CIBC”) offered a $400 cash reward for opening a New CIBC Smart Account. This offer is valid from April 30, 2022, to January 31, 2023. To be eligible for this promotion, you must be a Canadian Resident, 25 years old and above, and have no prior Account with the Bank. The $400 offer consists of two Cash Rewards, the $350 and $50 offers.

To qualify to receive a $350 Cash Reward, you must complete the steps below:

  • Provide a Valid Email Address and be valid for one year
  • Create at least one regular deposit within two months of the month in which you start the account
  • Provide at least one (1) of the following 3 Qualifying Actions from the Account:
  • Two different recurring pre-authorized debits ((i.e., utility bill)
  • Two eligible Visa Debit purchases
  • Two online bill payments (at least $50 each)

To be eligible for an additional $50 Cash Reward(for the total of a $400 Cash Reward), you must:

  • Within two months, transfer $200 from your CIBC Smart account to CIBC eAdvantage Savings.

If you qualified for this promotion, you'd receive your $400 reward within seven months of creating your account.  

Features for CIBC Smart Account

  • No monthly fee
  • Lower monthly fee for Seniors
  • Monthly fee by the number of transactions
  • Free Interac e-Transfer transactions
  • 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.
  • Apply online and instantly access your Bank Account using the CIBC Mobile Banking App

Pros & Cons Of CIBC Smart Account

Pros
  • Get a discount of $6.95 on your monthly fee if you're 65 years or older.
  • No Monthly fee for three months
  • The monthly fee is waived when you have $4000 in your account daily.
  • Free Interac e-Transfer transactions
  • One free non-CIBC ATM withdrawal per month in Canada
Cons
  • Online access to bank accounts is only available for iPhone users.
  • You have to be 25 years old and up.
  • You must have a minimum balance of $4000 daily to waive the monthly fee.
  • You must have two pre-authorized debits or one recurring direct deposit per month.
  • Only 1 $400 cash reward per Eligible client and for joint Accounts
  • If your daily balance falls below $3,000 after the 12-month promotional period, you will be charged a monthly fee of up to $14.95.
  •  Monthly fee by transactions

Pricing

  • You have to pay $6.95 per month for up to 12 transactions.
  • You have to pay $1.25 each for additional transactions over 12, up to a total monthly fee of $16.95
  • You don't have to pay a monthly payment with a minimum end-of-day balance of $4,000 daily.

Best For

  • It offers of $400 Cash Reward.

#4 BMO Chequing Account — Best For Its Up To A $400 Cash Bonus and No Monthly Fee for 12 Months

The Bank of Montreal (BMO) offers up to a $400 opening bonus when you open a new eligible Chequing Account, deposit any amount by October 31, 2022, and keep the account open for one year. These Chequing Accounts are BMO Performance Chequing Account and BMO Premium Chequing Account. By December 31, 2022, BMO will reward you with $350 if you complete two of the following for at least two months in a row:

  • Set up a recurring direct deposit
  • Make an eligible online bill payment of at least $50
  • Make an eligible pre-authorized debit of at least $50

To earn an extra $50 bonus, invite a family member as part of a BMO Family Bundle to open their account by October 31, 2022. By January 31, 2023, the Cash Bonus will be credited to your account. 

For an Eligible Joint Account, only one of you is allowed to receive the Cash Bonus.

Features for BMO Performance Chequing Account

  • Get accounts for your family members without paying an additional monthly fee.
  • Earn a 3.50% bonus interest rate when you add a Savings Amplifier Account
  • Up to a $40 rebate on the annual fee for eligible BMO credit cards
  • OnGuard® Identity Theft Protection at no charge
  • Unlimited transactions

Features for BMO Premium Chequing Account

  • Get accounts for your family members without paying an additional monthly fee.
  • Earn a 3.50% bonus interest rate when you add a Savings Amplifier Account
  • Up to a $150 rebate on the annual fee for an eligible BMO credit card
  • Preferred U.S. foreign exchange rate
  • Unlimited transactions and free worldwide non-BMO ATM withdrawals
  • OnGuard Identity Theft Protection at no charge

Pros & Cons Of BMO Chequing Accounts

Pros
  • No Overdraft Monthly Fee for Premium Chequing Account
  • Canadian and US dollar Savings account at no cost.
  • You can get a $0 Monthly Plan Fee if you're 60 or older.
  • Students and recent grads can get a $0 Monthly Plan Fee.
  • Anyone 18 or under can get a $0 Monthly Plan Fee.
  • No-fee daily banking for your family with the BMO Family Bundle
  • Unlimited transactions
Cons
  • A $5 Monthly Fee for Overdraft for Performance Chequing Account
  • It would be best if you had a minimum balance to waive the monthly fee.
  • Make a minimum of $50 eligible pre-authorized debit. 
  • Make at least a $50 eligible online bill payment.
  • You must be a permanent resident or foreign worker who arrived in Canada within the last five (5) years.
  • The monthly fee is waived for one year. After that, you'll pay $16.95 per month.

Pricing for BMO Performance Chequing Account

  • You have to pay a $16.95 monthly fee or free if you have a minimum balance of $4000.

Pricing for BMO Premium Chequing Account

  • You have to pay a $30.00 monthly fee or free if you have a minimum balance of $6000..

Best For

  • It offers up to a $400 cash reward.

#5 Simplii Financial Chequing AccountBest For Its $350 Cash Bonus and No Monthly Fee

The Simplii Financial Bank offers a Welcome Bonus of $350 Cash that will be deposited within five months after you open a New Chequing Account by October 31, 2022. To be eligible for this Promotion, you need to make a direct deposit, either by pension or payroll, for at least $100 a month for three consecutive months; You also need to be a new account holder meaning no prior account from this Bank. You can also earn an additional $50 Cash Bonus with your friend when you use your referral link to bring your friend to open a New Simplii Financial Chequing Account. There is no limit to this cash bonus you can earn. 

After meeting all the eligibility criteria of this promotion, you will receive your cash bonuses to your No Fee Chequing Account 5 months after the month the new account is opened.

Features for Simplii Financial Chequing Account

  • No monthly or minimum balance is needed.
  • Free access to all CIBC ATMs across Canada
  • Unlimited Interac e-Transfer® and debit transactions
  • Get real-time USD exchange rates.
  • Free daily banking: Unlimited debit purchases, bill payments, and withdrawals
  • Free access to over 3,400 CIBC ATMs across Canada

Pros & Cons Of Simplii Financial Chequing Account

Pros
  • No Monthly Fee
  • No Minimum Balance
  • Free daily banking: Unlimited debit purchases, bill payments, and withdrawals
  • Free access to over 3,400 CIBC ATMs across Canada
  • Overdraft Protection
  • You can set up automatic payments and pay your bills on time, every time.
Cons
  • You have to be a new Client to avail the promotion.
  • Only direct deposits from an employer or the Canadian government, such as payroll, pension, and EI direct deposits (including old age security), are eligible for the cash bonus; PROVINCIAL government payments are not.
  • Overdraft Protection has a monthly charge of $4.95 when you use this service, with a fixed interest rate of 19% on overdraft balances.

Pricing

  • You have to make an eligible direct deposit for at least three consecutive months for at least $100

Best For

  • It offers of $350 Welcome Bonus, no monthly fee, and an unlimited $50 referral bonus.

What Are Bank Promotions?

A bank promotion is a bank that offers promotions with cash bonuses, high-interest rates, or even devices (e.g., Ipad) to attract more new customers or businesses. New customers mean new deposits, therefore, more money for banks to use for their investments.  

What Qualifies As A Bank Promotion?

The general qualifications of a bank promotion are to open a new account, set up a direct deposit with the bank, and keep the account active for at least a few months. Banks offer these promotions, but you will still need to pay monthly fees or make an eligible online payment with your newly opened bank. You'll probably have to return your bonus money to the bank if you can't avoid paying these costs or maintaining a minimum balance.

Bank Promotion FAQs

What's The Easiest Bank Promotion To Receive?

The easiest bank promotion to receive is the Simplii Financial Chequing Account. You need to be a new account holder, direct deposit, and a minimum of $100 monthly deposit for three consecutive months.

What's The Best Free Bank Promotion?

The best free bank promotion is the Simplii Financial Chequing Account, offering a $350 Welcome Bonus, no monthly fee, and an unlimited $50 referral bonus.

Are Bank Promotions Worth The Effort?

Yes, bank promotions are generally worth the effort because they can put hundreds of dollars in your pocket for less than an hour of work.

Which Bank Gives Free iPads In Canada?

The bank giving out free iPads is The Royal Bank of Canada (RBC). Read #1 above for more details on their free iPad offer.

When Will I Get My Cash Bonus?

  • For HSBC, after seven months of meeting the criteria.
  • For RBC, after you've met the requirements, RBC bank will send you an email with details on how to order your 10.2″ iPad Wi-Fi 64GB (9th Generation).
  • For CIBC, after seven months of opening your account.
  • For BMO, you will receive cash bonuses by January 31, 2023
  • For Simplii Financial, you will receive your cash bonuses to your Account 5 months after the month the new account is opened.

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