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Thinking about shaking up your personal finances in the wake of COVID-19? You're in luck. New bank promotions in Canada offer fresh reasons to switch.

The first half of 2020 has been a year like no other. If the COVID-19 pandemic hasn’t made you reconsider your financial picture, then the impending arrival of ‘murder hornets’ will. In some ways, staying at home can save you money. Fewer trips out means less spent on gas and restaurant meals, for example. But when you account for the money spent on streaming service subscriptions and jigsaw puzzles, you may actually be coming out about even.

If you’ve seen changes in your spending habits, you may well be considering shaking up your financial services. This gives you the perfect opportunity to snag an excellent bank promotion – a special welcome offer that banks use to attract new customers. Whether you’re looking at chequing or savings accounts, investments, or credit cards, you’ll find the best bank promotions in Canada here. Read on to learn more about the best bank offers in Canada.

Best Bank Promotions in Canada

InstitutionCategoryPromo 
Savings Plus Account
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Chequing account1.25%* everyday interest rateVisit Site
Scotiabank Preferred Package Account
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Chequing accountEarn $300 cash* when you open a new Scotiabank Preferred Package + for a limited time, earn up to 1.80% on your MomentumPLUS Savings AccountVisit Site
Scotiabank Ultimate Package account
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Chequing accountEarn $300 cash* when you open a new Scotiabank Preferred Package + for a limited time, earn up to 1.80% on your MomentumPLUS Savings AccountVisit Site
BMO Performance Chequing Account
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Chequing accountPromo: earn up to $350 opening cash bonus*!Visit Site
EQ Bank
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GICs1.30% interest for 3 month GICVisit Site
CIBC Dividend® Visa Infinite* Card
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Credit CardsGet 10% cash back (up to $200)* Plus, a first-year annual fee rebate!†Visit Site
The BMO CashBack® World Elite®* Mastercard®*
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Get up to 10% cash back in your first 3 months*Visit Site
*Terms and conditions apply

† Conditions apply

Best Chequing Account Promotions

Not all chequing accounts are created equal. Most chequing accounts are fairly utilitarian — designed for everyday banking transactions and offer few to no rewards or interest. If you’re looking for a bank account promotion in Canada, you can score an excellent deal if you cruise The Best Chequing Accounts in Canada.

Savings Plus Account

Chequing accounts aren’t typically the place for finding deals, but EQ Bank is breaking the mould. The Savings Plus Account currently comes with an outstanding 1.25%* everyday interest rate — a unicorn in the banking world. Even though this isn’t a promotional rate, but we couldn’t help but include this account on our list because the rate is that good. With no everyday banking fees, free Interac e-Transfers®, free day-to-day transactions, and great everyday rate, you can bank on the Savings Plus Account growing your money.

Start saving with EQ Bank

*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

Scotiabank Chequing Accounts

ScotiabankScotiabank is currently offering a stellar sign-up offer for select chequing accounts: open a Scotiabank Ultimate Package or Scotiabank Preferred Package account and earn a $300 welcome bonus*. Plus, for a limited time, earn up to 1.80% on your MomentumPLUS Savings Account—one of the highest interest rates on the market right now. Both accounts offer unlimited debit transactions and Interac e-Transfers®.

Another stand-out feature: you can earn rewards with these chequing accounts—a rarity in the banking world. You can choose between earning SCENE®* (redeemable for entertainment and movies) or Scotia Rewards® Points*, which can be used towards flights, merchandise, hotels, Airbnb stays, and more. Points are earned whenever you use your debit card attached to your account for purchases.

Learn more about Scotiabank

*Conditions apply. Visit www.scotiabank.com/ultimate300 to learn more

BMO Performance Chequing Account

BMO Performance Plan ChequingBMO is another bank that’s stepping up its chequing account game. The BMO Performance Chequing Account comes with some super-handy perks, like unlimited transactions*, including Interac e-Transfers* transactions, and you won’t be charged a monthly fee* if you keep a balance of $4,000 (otherwise the fee is $15.95/month). Plus you’ll get $40 towards the annual fee of eligible BMO credit cards.*

If you open an account before May 31, 2021, BMO will give you a head start on your savings with a hefty bonus of up to $350*. Earn $300* when you make a deposit before May 31st, and complete two of the following from the lead account for two consecutive months by July 31, 2021: set up an eligible recurring direct deposit, make an eligible bill payment (of at least $50) through online or mobile banking, or set up an eligible pre-authorized debit (of at least $50). If you can bundle with family members by May 31st—even better! You can earn an extra $50 bonus to jump-start your savings. That’s a $350* bonus to put towards whatever you choose.

*Terms and conditions apply. See bmo.com for more details

Learn more about the BMO Performance Chequing Account

Best Savings Account Promotions

Traditionally the domain of the vanishingly low-interest rate, the advent of online banks (not to mention COVID-inspired cold feet for everyday Canadians) has inspired the lowly savings account to achieve greatness. While both EQ Bank have earned their place among the best high interest savings accounts in Canada with higher-than-average everyday interest rates, you may be able to get even better returns if you shop around.

Best Short-Term GIC Rate

For those who are risk-averse – and these days, who isn’t? – GICs are a comfy investment tool. The idea behind a guaranteed investment certificate is simple: in exchange for agreeing to leave your money in one for a predetermined amount of time, you get a better-than-usual interest rate. And, your principal is protected so you needn’t break out into a stocks-and-bonds sweat every time you think of them.

EQ Bank

Finding the best GICs in Canada is tricky because interest rates on GICs are changing constantly. And since COVID-19, rates have been on a downward spiral. Luckily for investors looking for a secure short-term investment, EQ Bank is currently offering a three-month GIC at a 1.30% return. Alternately, for those wanting to stow safely their money for a longer period, EQ has tempting rates for five-year (1.80%), 6-year (1.85%), and 10-year (2.25%) terms.

To get an EQ Bank GIC, you must first open a Savings Plus Account, which has no everyday banking fees, free Interac e-Transfers®, free day-to-day transactions, and a fabulous 1.25%* everyday interest rate. Worth it!

Start saving with EQ Bank

Best Credit Cards Promotions

If you’re in the market for a new credit card, it definitely pays off to check the best credit card offers and promotions in Canada. Tempting new customers with valuable bonuses is so common that a card needs to offer something truly outstanding if they want to stand out. Here are our top picks: one credit card with no annual fee and one with an annual fee for cash back cards with promotions.

CIBC Dividend®  Visa Infinite* Card

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Right now, the CIBC Dividend® Visa Infinite* Card is offering a solid up front offer: new cardholders get 10% cash back (up to $200)* Plus, a first-year annual fee rebate!†. That’s worth up to $320! After that, you’ll get 4% cash back on eligible gas and grocery purchases† , 2% cash back on eligible transportation, dining purchases and recurring payments†, and 1% cash back on all other purchases. Plus, there’s no limit on the total cash back you can earn.† This card also comes with insurance (including travel medical) and access to the exclusive luxury hotel and travel benefits offered through the Visa Infinite program.

The Details:

  • Annual Fee: $120 (first-year annual fee rebate)
  • Interest on Purchases: 19.99%
  • Interest on Balance Transfer: 22.99%† 
  • Interest on Cash Advances: 22.99%† (21.99% QC only)
  • Income Eligibility: $60,000 individual or $100,000 household
  • Credit Score Required: Good
  • Welcome Offer: Get 10% cash back (up to $200)* Plus, a first-year annual fee rebate!†
  • Additional Benefits: Earn cash back on every dollar you spend, includes travel insurance, access to Visa Infinite benefits

†Conditions apply

Quebec Residents – Learn More about this CIBC product here

Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien

Learn more about the CIBC Dividend® Visa Infinite* Card.


The BMO CashBack® World Elite®* Mastercard®*

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With its generous welcome offer of up to 10% cash back offer for the first three months (up to $2,600 in total purchases), the BMO CashBack® World Elite®* Mastercard®* offers an extremely attractive bonus. The regular earn rate — 1% cash back on all card purchases*, with no caps or category limits — is also quite competitive, making this card a contender for one of the best credit cards in Canada. As part of the welcome offer, the annual fee rebated in the first year* so carrying this card won’t cost you a thing for your first 12 months. Plus, you can redeem the cash any way you want: deposit it into your BMO chequing or savings accounts, put it into your Investorline account, or apply the credit to your monthly statement.

The Details:

  • Annual Fee: $120 (first-year annual fee rebate)
  • Minimum Income Eligibility: $80,000 individual or $150,000 household
  • Credit Score Required: Excellent
  • Additional Benefits: Travel insurance, complimentary membership in Mastercard Airport Experiences provided by LoungeKey*, shopping protection
  • Interest on Purchases: 20.99% | Interest on Cash Advances: 22.99% (21.99% for Quebec residents)

Learn more about the BMO CashBack® World Elite®* Mastercard®*

The Final Word

For many Canadians, this is a time of uncertainty but there is some good news on the financial front with many banks and credit card providers offering up pretty sweet benefits. Right now, check out the range of attractive and valuable bank promotions up for grabs. If you’re considering making a move as you review your personal finances, this is the time to get a little value-add on a new bank account, deposits, investment, or credit card. Finally, if you love deals, don’t forget to check out The Best Credit Card Offers and Promotions in Canada.

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