Online Banks That Pay You To Open an Account in Canada
Enoch Media Inc. (Savvy New Canadians)
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If you are looking for Canadian banks that pay you to open an account, you have come to the right place.
This list includes online banks with sign-up bonuses as high as $400, and it is easy to meet their eligibility requirements.
You can also check out these brokerage promotions and credit card bonuses if you are in the market for these products.
Best Banks That Pay You To Open an Account
1. Simplii Financial No-Fee Chequing
Sign up bonus: $400.
Simplii Financial offers one of the easiest to qualify for bank bonuses in Canada.
To earn $400, you will need to open a no-fee chequing account and set up an eligible direct deposit of at least $100 for 3 months consecutively.
This direct deposit can be from your employer, pension, or a government benefit.
The $400 cash bonus is deposited in your account within 5 months of opening it.
Simplii’s chequing account has no monthly maintenance fees and includes unlimited transactions and free access to CIBC ATMs across Canada.
Here’s our detailed Simplii Financial review. You can sign up for the $400 offer here.
2. Scotiabank Preferred Package
Sign up bonus: $350.
Scotiabank is one of the largest banks in Canada. It also owns the online bank, Tangerine.
You can apply online to open a Preferred Package account and get a $350 bonus if complete any two of the following requirements within 2 months of opening an account:
The $350 bonus is paid to your account within 6 months.
The Scotiabank Preferred Package chequing account has a $16.95 monthly fee. This fee is waived if you maintain a minimum daily closing balance of $4,000 or higher.
3. Neo Financial
Sign up bonus: Up to $45.
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If you are looking for a financial institution that pays you to open an account instantly, Neo Financial is worth checking out.
With the free Neo Money account, you receive an instant $20 bonus when you make your first purchase and an additional $25 if you apply for the no-annual-fee Neo credit card.
The Neo Money account pays a high-interest rate on your deposits and includes free unlimited transactions. It also comes with a Mastercard that pays up to 15% cash back on purchases.
4. BMO Performance Plan
Sign up bonus: Up to $350.
BMO’s Performance Chequing Account includes unlimited transactions, a credit card fee rebate, and access to identity theft protection for a $16.95 monthly fee. This fee is waived if you keep a minimum balance of $4,000.
To qualify for its account opening bonus of $350, you must complete two of these tasks for at least 2 consecutive months:
5. Tangerine
Sign up bonus: Up to $400.
Tangerine’s chequing account offers 20% cash back to new clients when they spend using the Tangerine Visa Debit card. This cash back is available for the first 60 days and is valued at up to $400.
Learn more about Tangerine here.
New bank account offers are often tied to setting up a direct deposit or completing some other tasks, so be sure to read the terms and conditions before applying.
Savings Account Promotions
You can also take advantage of promotional savings rates to maximize interest earned on your deposits over a short timeframe.
6. Simplii Financial High Interest Savings
Sign up offer: 5.90% interest.
Simplii offers a bonus interest rate for a limited time. There’s no minimum balance required for the 5.90% interest offer and no monthly fees.
After the promo ends, you earn 0.40% to 5.5% interest, depending on your account balance.
Check out other bank promotions in Canada.
This article is a condensed version of the original guide titled "The Online Banks That Pay You To Open an Account" written by Enoch Omololu and published on Savvy New Canadians.