You work hard for your money, so you want to do all you can to ensure that your money is working hard for you. There are a wide variety of ways to earn more and save more when opening a new bank account across several Canadian financial institutions. Not only can opening an account make you money, but also some may be able to save you money, too! Below is an overview of some bank account bonuses across Canada in December 2020.
Open up an eligible chequing account with HSBC Canada and receive up to $500 as a welcome bonus. You can earn another $500 in rewards and cash back with added promotions if you take some additional steps.
The first thing to do is open an HSBC chequing account that is eligible within the offer. Another requirement is making a minimum deposit within 30 days, and the third step is registering the account for online banking, also within the 30-day time frame.
Eligible accounts include HSBC Premier Chequing Account, HSBC Advance Chequing Account, the HSBC Student Chequing Account, and the HSBC Youth Savings Account.
There are added steps to unlock more rewards and funds of up to $500. If you make two bill payments via HSBC’s mobile banking app or online banking within three months of opening up the account, you earn an added $50. Setting up a minimum of two separate recurring transactions that are pre-authorized within three months can also earn you another $50, and if you organize a recurring payroll deposit on the account within your first six months, you get an added $100.
View more information about HSBC’s account bonuses.
Earn $300 when opening a Scotiabank Ultimate or Preferred Package!
You can save and spend while you get more from a banking package with Scotia’s Ultimate. In fact, there are up to $650 in savings and benefits in the package! Not only can you earn $300 in cash by opening this account, but you also gain access to an added 0.10% interest rate on your Momentum Plus Savings account. Clients receive unlimited Interac e-transfers and debit transactions, unlimited new Scotia International Money Transfers, and Global non-Scotiabank withdrawals. Plus, you get to waive an annual credit card fee (on select cards) of up to $139. If you maintain a minimum closing balance of $5,000 within your Ultimate Package or an amount of $30,000 combined between this account and a Momentum Scotia Savings account, your monthly fee is free.
Another offer, the Scotia Preferred Package, is a great way to gain access to $300 and added savings. Much like the Ultimate, you can earn an added 0.05% rate within your Momentum Savings account, plus Interac e-transfers and debit transactions are unlimited. You also get the first annual fee, free, on select credit cards, (up to $139.00 value). If you carry a balance of $4,000, your monthly maintenance is free.
There are more perks, too! View more information about Scotia Bank’s Ultimate and Preferred Package bonus offers.
RBC Royal Bank of Canada
Maybe you aren’t overly interested in cash, but like the latest in technology and gadgets? RBC Royal Bank has a unique new account opening offer. In December, they are promising new clients a new 10.2” iPad, in the colour of their choice, when they open an RBC bank account. The two eligible accounts are both all-inclusive, with RBC VIP Banking, as well as the RBC Signature No Limit Banking included in the deal.
How do you get started? Open one of the above accounts by no later than December 18th of this year. To become eligible, you also need to take two of the following steps by February 15, 2021: place a payroll direct deposit on the account, make two bill payments to the same service provider, or add two monthly pre-authorized payments to the account.
After accomplishing these tasks, RBC will send you an email with instructions on how to order your 8th Generation 10.2” iPad.
The greatest thing about this offer is the fact that the two accounts that are eligible for the promotion offer amazing value. You can use both accounts as much as needed, and both provide unlimited debit transactions across the country. You also are given three free Interac access fees when you take money out from a banking machine that isn’t linked to RBC. Both have a monthly fee of $15.95.
View more information about RBC’s new account iPad offer.
TD Bank is offering $300 to new clients who open up either a TD Unlimited Chequing Account or a TD All-Inclusive Banking Plan. Canadian residents are eligible for this, and there are specific requirements that apply.
First, you need to open one of these accounts, and complete two of the three steps. These include setting up a recurring direct deposit from the government, a pension provider, or employer; setting up a recurring pre-authorized payment of a minimum of $50; or making an online bill payment of a minimum of $50 via the TD mobile app or EasyWeb. These actions must be completed by February 1, 2021, to be eligible.
Both of the featured accounts offer incredible value. The TD Unlimited waives monthly fees for clients who have a $4,000+ balance at the end of each month, and it offers zero TD ATM fees across Canada. Unlimited transactions are also available, as well as sending Interac e-transfers. Annual fees on a select TD credit card are waived for the first year (a value of up to $139).
The TD All-Inclusive Banking Plan also waives monthly fees for accounts with balances at the end of the month over $5,000 plus there are free perks in the form of certified cheques, a small safety deposit box, money orders, and personalized cheques. You also get unlimited and free transactions and Interact e-transfers. Lastly, annual fees are waived for the first year on one select TD credit card, for the first year (up to $139).
View more information about this TD new account promotion.
Open up a BMO chequing account online and earn up to $300, plus an added $50 when you place a family member under the account, for a total of up to $350.
The qualifying accounts include their BMO Performance Chequing Account and Premium Plan.
The Performance package offers unlimited transactions at a low monthly fee of $15.95, which is waived with a minimum balance of $4,000. You can add accounts for family members under BMO’s family bundle and enjoy $40 off annual credit card fees for select BMO cards.
Meanwhile, the BMO Premium package offers unlimited transactions, plus bonuses for travellers. Much like the Premium plan, you can add family members without worry about the added monthly fee of $30, which is waived if you have a minimum balance of $6,000. Clients are given a preferred rate when it comes to U.S. exchange, as well as $150 off annual fees for one select BMO credit card, plus unlimited transactions across the globe, including non-BMO bank machine withdrawals.
The bank is also currently offering a bonus of $100 for new clients that open up a Plus Plan Chequing account.
View more information about this BMO new bank account offer.
There are two ways to earn more this December with Simplii Financial. Open up a no-fee chequing account and earn $200! To be eligible, you must add a direct deposit, minimum of $100, for three consecutive months.
Another way to stretch your dollar with Simplii is by opening a savings account with the bank. Doing so will earn you a bonus of 2% interest rate on all deposits that qualify. Savings accounts include RRSPs and Tax-Free Savings Accounts (TFSA).
Some conditions do apply, and both offers end on March 31, 2021. View more information about Simplii Financial’s bonus offers.
Receive $300 when you open up a CIBC Smart Account or a Smart Plus!
With the Smart Account offer, you’ll not only receive $300, but also your monthly fee (generally $4.95-$14.95) will be waived. You can also avoid the monthly fee by carrying a $3,000 balance, or by making two pre-authorized payments or one recurring direct deposit, monthly. With this account, you gain access to free Interac e-transfers, and 12 to unlimited transactions (depending on the price tier package you choose).
Or you can go with the CIBC Smart Plus account, where you can earn $500+ banking value and this doesn’t include the $300 welcome bonus! You also get unlimited transactions with the account, including Interac e-transfers. Clients who sign up for the Smart Plus also gain access to unlimited ATM withdrawals in Canada, as well as internationally, and there is an annual fee rebate on one select CIBC credit card. While the monthly fee is $29.95, you can avoid this by carrying a $6,000 balance or $100,000 in investments and savings.
Some conditions do apply for this offer, including keeping the account open for 12 months.
View more information about CIBC’s new banking bonus offers.