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 1.50%* everyday interest rate Visit Site EQ Bank
GICs 1.50% interest for 3 month GIC Visit Site CIBC Dividend® Visa Infinite* Card
Credit Cards Get a first-year annual fee rebate + 10% cash back for the first 4 statements on total purchases of 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
† 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 1.50%* 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 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.
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 (1.70%), 6-year (1.60%), and 10-year (2.00%) 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 1.50%* 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 solid up front offer: new cardholders get a first-year annual fee rebate and 10% cash back for the first 4 statements on total purchases of up to $2,000.†. 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.†
- Annual Fee: $120 (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 + 10% cash back for the first 4 statements on total purchases of up to $2,000.†
- 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.