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
Institution Category Promo Savings Plus Account
Chequing account 1.70%* everyday interest rate Visit Site HSBC Canadian Dollar High Rate Savings Account
Savings account Enjoy up to 2.25% on New Deposits* Visit Site EQ Bank
GICs 1.50% interest for 3 month GIC Visit Site CIBC Dividend® Visa Infinite* Card
Credit Cards First-year annual fee rebate and 10% cash back for the first 4 statements on total purchases up to $2,000.* Visit Site The BMO® CashBack® World Elite®* Mastercard®*
Get up to 10% cash back in your first 3 months* Visit Site *Terms and 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 1.70%* 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.
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
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 and LBC Digital have earned their place among the best high interest savings accounts in Canada with higher-than-average everyday interest rates, you can get even better returns with this hot bank promotion.
HSBC Canadian Dollar High Rate Savings Account
The HSBC Canadian Dollar High Rate Savings Account also has a promo that’ll entice supersavers: until August 6, 2020, you can enjoy up to 2.25% on New Deposits* in your HSBC Canadian Dollar High Rate Savings Account. Here’s how it works: A Bonus interest rate of 2.00%* is earned on New Deposits in an HRSA of up to a maximum of $1,000,000. On top of that, regular rates are earned on the entire HRSA Balance. That means New Deposits will earn 2.05% if your HRSA Balance is less than $25,000, or 2.25% if your HRSA Balance is $25,000 or more. Interest is calculated daily and paid to you each month.
The promo rate is not quite as high as the one from Tangerine, but it does have one distinct advantage. It applies to new deposits — not just new clients — so anyone can get the boosted rate of return. By August 6, 2020, you can either open a new account or deposit into an existing one (up to $1,000,000) and reap the rewards of up to 2.25% interest. After the promo expires, the regular interest rate is up to 0.25%.
*Terms and conditions apply.
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.
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 1.50% return. Alternately, for those wanting to stow safely their money for a longer period, EQ has tempting rates for five-year (2.15%), 6-year (2.40%), and 10-year (2.70%) 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 1.70%* everyday interest rate. Worth it!
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
Right now, the CIBC Dividend® Visa Infinite* Card is offering a fantastic promotion: new cardholders get a first-year annual fee rebate and 10% cash back for the first 4 statements on total purchases up to $2,000.† That’s a value of almost $300. After that, you’ll get 4% cash back on eligible gas and grocery purchases, 2% cash back on Tim Hortons and TELUS purchases, and 1% cash back on everything else.† 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.†
- Annual Fee: $99 (first-year annual fee rebate)†
- Annual Interest on Purchases: 19.99%† | Annual Interest on Cash Advances: 22.99%†
- Income Eligibility: $60,000 individual or $100,000 household
- Credit Score Required: Good
- Welcome Offer: Get a first-year annual fee rebate and 10% cash back on the first 4 statements (up to $2,000 in total purchases)†
- Additional Benefits: Earn cash back on every dollar you spend, includes travel insurance, access to Visa Infinite benefits†
- Interest on Purchases: 19.99% | Interest on Cash Advances and Balance Transfers: 22.99%
The BMO® CashBack® World Elite®* Mastercard®*
With its generous welcome offer of up to 10% cash back offer for the first three months (up to $2,000 in total purchases), the BMO® CashBack® World Elite®* Mastercard®* offers an extremely attractive bonus. The regular earn rate — 1.5% 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.
- 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: 19.99% | Interest on Cash Advances: 22.99%
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.
Insurance coverage(s) included with CIBC credit cards are underwritten by Royal & Sun Alliance Insurance Company of Canada. You may contact the insurer at 1 866 363-3338 in Canada and the U.S or collect from elsewhere at 905 403-3338 or visit cibccentre.rsagroup.ca. Some insurance coverage(s) require purchase(s), common carrier fares, accommodations and other trip costs to be charged to the card to activate coverage. Other conditions may apply. For important information regarding coverage, eligibility requirements, benefits, pre-existing health/medical conditions, limitations and exclusions, see cibc.com/ca/credit-card/agreements-insurance.html and the insurance certificate(s) in your card package.