Best Chequing Account Promotions & Sign-Up Bonuses in Canada 2026: Earn $100–$400+

Canadian banks spend tens of millions of dollars each year competing for new chequing account customers. That competition benefits you. In 2026, the major banks and several digital alternatives are offering cash bonuses of $400 or more to new account holders who meet relatively simple conditions: usually a direct deposit and keeping the account open for a few months.

Done methodically, collecting these bonuses is one of the simplest ways to put $400–$2,000 in your pocket over the course of a year with minimal ongoing effort. The math is straightforward: open an account, redirect your payroll direct deposit for a pay period or two, wait for the bonus, and either keep the account or move on.

This guide covers the best promotions available in Canada in 2026, the terms you need to understand before signing up, and how to collect multiple bonuses without running afoul of eligibility rules.

Current Chequing Account Promotions

All major Canadian banks are running competitive sign-up offers in 2026. Promotional terms change frequently — always verify the current offer before applying, as bonus amounts, requirements, and end dates shift without much notice.

Promotions change frequently. Verify current terms directly with each bank before applying.

The $400 figure has become the competitive benchmark among major banks. Most of the Big 5 and the leading no-fee alternatives are matching it, which means the differentiating factor is now the ease of qualifying conditions rather than the bonus size itself. On that measure, Simplii and Tangerine are meaningfully easier to qualify for than the Big 5.

Best Sign-Up Bonuses Reviewed

Scotiabank — Up to $400

Scotiabank’s promotion requires opening an Ultimate Package account and maintaining $4,000 in monthly direct deposit for at least three months. The $4,000 minimum is the highest direct deposit requirement among the major banks, which makes this one of the more demanding qualifications — it is calibrated for someone receiving a full paycheque rather than a partial direct deposit.

The Ultimate Package carries a monthly fee of $30.95, which is waived if you maintain a $6,000 minimum balance. If you are collecting the bonus with the intention of closing the account afterward, you will be paying the monthly fee during the holding period — roughly $93 over three months — so factor that into your net gain calculation.

Net value (3-month hold, fee not waived): $400 bonus minus ~$93 in fees = approximately $307 net.

BMO — Up to $400

BMO’s Performance Plan promotion is one of the more flexible big bank offers. The Performance Plan has a $16.95 monthly fee (waived at $4,000 minimum balance), making the fee cost lower than Scotiabank’s during the holding period. BMO periodically adjusts its qualifying requirements — the direct deposit threshold has varied between $2,000 and $4,000 depending on when the promotion runs.

The six-month holding period is longer than most competitors, which is worth noting if you plan to close the account after collecting the bonus.

TD — Up to $400

TD’s All-Inclusive Banking Plan promotion requires a $2,500 deposit within the first 30 days and maintaining the account for 90 days. The $2,500 deposit threshold is lower than Scotiabank’s direct deposit requirement, making it accessible to people who can make a lump-sum deposit but may not have payroll large enough to qualify elsewhere.

The All-Inclusive account carries a $29.95 monthly fee, waived with a $5,000 minimum balance. If you are holding $5,000 in the account for the 90-day period, the fee is waived and the $400 bonus is pure profit. If not, you are paying roughly $90 in fees over three months, reducing the net to about $310.

CIBC — Up to $400

CIBC’s Smart Plus Account promotion requires $1,000/month in direct deposit maintained for two months — the most accessible direct deposit threshold among the Big 5. The shorter qualification window (two months) also makes it faster to collect and exit compared to BMO’s six-month hold.

The Smart Plus Account carries a monthly fee of $29.95, waived with a $6,000 minimum balance. At two months of fees without a balance waiver, you are paying about $60 in fees against a $400 bonus — a net of $340.

Best No-Fee Chequing Promotions

No-fee accounts offering sign-up bonuses are the most straightforward way to collect a bonus with no offsetting cost. Because there is no monthly fee, the full bonus amount goes directly into your pocket regardless of whether you maintain a minimum balance.

Simplii Financial — $400

Simplii requires two qualifying direct deposits of $100 or more each. That is an extremely low bar — many people can qualify with a single split payroll deposit or two small government deposits. There is no minimum balance, no monthly fee, and no branch requirement.

Simplii is backed by CIBC and offers access to the CIBC ATM network. Its no-fee chequing account includes unlimited transactions, free Interac e-Transfers, and a competitive interest rate on balances. For the purposes of bonus collection, it is arguably the easiest qualifying offer in Canada.

Net value: $400 (no fees to offset).

Tangerine — $400

Tangerine’s promotion requires switching your payroll direct deposit or making a single deposit of $250. Like Simplii, there is no monthly fee on the base chequing account, so the bonus cost is zero. Tangerine is known for its competitive savings rates and a clean mobile app, making it a legitimate long-term banking option rather than just a bonus vehicle.

Net value: $400 (no fees to offset).

How to Collect Multiple Bonuses

There is no rule preventing you from opening accounts at multiple banks simultaneously or in sequence. Each bank tracks its own eligibility — being a customer of TD does not make you ineligible at Scotiabank. As long as you are a “new customer” at each bank (or meet the re-eligibility window), you can collect all of them.

The practical constraint is logistics: you need to manage multiple accounts, redirect your direct deposit each time, and track the qualifying requirements and hold periods for each. Most people find two or three simultaneous accounts manageable. More than that becomes an administrative burden.

A simple stacking approach, opening one new account per month:

The important rule: keep each account open until the required holding period expires, and do not remove your direct deposit until you have confirmed the bonus has been deposited. Closing an account or cancelling the qualifying direct deposit before the hold period ends typically triggers a clawback of the bonus.

Step-by-Step: How to Qualify Without Missing Out

Check Eligibility First

Before applying, confirm you meet the bank’s definition of “new customer.” Most banks define this as never having held an account, or not having held one in the past 12–24 months. If you closed a TD account 18 months ago and TD requires 24 months of non-customer status, you will not receive the bonus.

Check the promotional terms, not just the bank’s homepage — the eligibility fine print is usually in the offer’s terms and conditions PDF.

Apply and Set Up Direct Deposit Immediately

Do not wait a few weeks before setting up direct deposit. Most promotions start counting from the account opening date, and if there is a 30-day window to make a qualifying deposit or initiate the first direct deposit, you want that clock running from Day 1.

Contact your payroll department or employer and request a direct deposit form. Most payroll systems can split your deposit across multiple accounts, so you can redirect even a small portion ($100–$250) to the new account without disrupting your primary banking.

Track Requirements and Dates

Set a calendar reminder for:

• The end of the minimum qualifying period (when you have met all requirements)
• The expected bonus payment date (usually stated in the terms as “within X months of opening”)
• The end of the required hold period (when you can safely close if you choose to)

Screenshot the promotion terms at the time you apply. Banks occasionally update promotional pages, and having the original terms documented protects you if you need to dispute a missing bonus.

Avoid Common Fee Traps

Follow Up if the Bonus Does Not Arrive

Banks do not always pay bonuses automatically or on time. If the stated payment window passes without a deposit, contact customer service and provide documentation of when you met the requirements (date of first direct deposit, account opening date, etc.). Be polite but persistent — most banks will pay out once you demonstrate you qualified.

Is the Bonus Worth the Fees?

For no-fee accounts, the calculation is simple: $400 bonus, $0 in fees, net gain of $400. For premium bank accounts with monthly fees, the math depends on whether you maintain the balance waiver.

Fees paid assumes no minimum balance waiver. If you maintain the required balance, monthly fees are $0 and net gain equals the full $400.

The big bank promotions still yield $300+ net even without a balance waiver, which is meaningful. However, if you can maintain the balance waiver threshold — for example, leaving $5,000 in a TD account for 90 days — the fee cost drops to zero and you net the full $400 while also earning interest on the parked balance.

Eligibility Rules and the Re-Eligibility Window

Most banks define new customer status as having had no personal banking account at that institution within the past 12–24 months. After that window closes, you become eligible again — meaning you can, in theory, collect the same bank’s bonus multiple times over several years.

The practical approach is to maintain a calendar of when you closed accounts and when each bank’s eligibility window resets. Banks do not make this information easy to find, so keep your own records.

One important nuance: some banks tie eligibility to the promotion specifically, not just the account type. A bank might say “new to this promotion” rather than “new to the bank,” which means a customer who collected the bonus during a previous promotional run is ineligible even if their account is still active. Read the terms carefully.

Closing an Account After the Bonus

Once your hold period expires and you have confirmed the bonus has been paid, closing the account is straightforward. Before closing:

1. Redirect any automatic payments (bills, subscriptions) to another account
2. Cancel or redirect your direct deposit
3. Transfer all remaining funds out
4. Request account closure — this can usually be done online, by phone, or in-branch
5. Request a written confirmation of closure and keep it

Do not simply stop using the account and assume it is closed — banks may charge inactivity fees on dormant accounts, and an unclosed account can occasionally generate unexpected activity.

Credit Score and Background Check Impact

A common concern about opening multiple bank accounts is whether it affects your credit score. It does not. Chequing accounts do not require a credit check — banks may perform a soft identity verification pull, but this has no impact on your credit score. Opening five chequing accounts in a year will not affect your score at all.

The only exception is overdraft protection. If you add overdraft as a line of credit to a chequing account, that credit application may trigger a hard inquiry. Declining overdraft protection avoids this entirely.

Best Long-Term Strategy

If you are primarily interested in the bonuses and do not intend to stick with the bank long-term, the optimal approach is:

1. Start with no-fee accounts. Simplii and Tangerine are the easiest to qualify for, cost nothing in fees, and are worth keeping as backup accounts even after collecting the bonus.

2. Move to Big 5 bonuses next. TD, CIBC, and BMO all offer $400 with manageable requirements. If you can maintain the balance waiver, the full $400 is yours at no cost.

3. Rotate through banks over 12–18 months. You can realistically collect $1,500–$2,000 in bonuses across five or six banks without much overlap in holding periods.

4. Track re-eligibility. Keep a record of when you closed each account so you know when you can return.

If you want an account worth keeping permanently, Simplii and Tangerine are the strongest no-fee options. EQ Bank is the best for savings rates. TD and RBC are worth keeping if you need the branch network or anticipate wanting a lending relationship.

Related Resources

• Best No-Fee Chequing Accounts in Canada
• Best Savings Accounts in Canada
• EQ Bank vs Tangerine vs Simplii
• Tangerine vs Simplii Financial
• How to Switch Banks in Canada
• BMO Review
• Best HISA Rates in Canada
• Best Business Bank Accounts in Canada
• Banking Basics Hub: Accounts, Transfers & Banking in Canada