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Different Bank Promos
Depending on whether you choose to go with a traditional bank, credit union or an online bank, there will be different stipulations that go with their offer. There is almost always an expiry date as well. So, if you are thinking about changing banks or cashing in on an offer, you may not want to wait too long.
CIBC
Canadian Imperial Bank of Commerce, also known as CIBC, has two different promotions. The first is that you could get up to $400 with a CIBC Smart Account. In order to qualify for the promotion, here is what you need to do to receive the first $350.
- Open a CIBC smart account as a chequing account (must be a new CIBC customer)
- Add at least one or more ongoing monthly direct deposits (paycheque)
- Either add two pre-authorized debits, two visa debit payments or two online bill payments; they must be at least $50 or more. This must be done in the first two months.
To get an additional $50, you must transfer $200 from your CIBC chequing account to your CIBC eAdvantage savings account. Again, this must happen within two months of opening your chequing account.
The CIBC smart account includes unlimited transactions, free e-transfers and low monthly fees. You must be at least 25 years old in order to get this type of chequing account.
The other promotion that they have is offering $150 by opening a CIBC Smart Start Account. In order to earn that money, you must:
- Provide your email address ($50)
- Add one continuous direct deposit ($50)
- Add two pre-authorized debits, two Visa debit payments or two online bill payments of at least $50 ($50). These payments must be paid monthly.
The great thing about this smart start account is that you can skip paying any account fees until you turn 25. You must be at least 16 years old to get this account. It includes unlimited e-transfers and visa debit transactions. At 18, you can also get free online trading with the CIBC online investors edge. The smart start account also includes a free SPC+ membership, which gives you discounts at major stores. edge. The smart start account also includes a free SPC+ membership which gives you discounts at major stores.
TD
TD has an offer of $400 if you open up a new TD chequing account. In order to receive this offer, you must open the account by September 26, 2024 . The requirements must be met by November 30, 2024.
In order to qualify to receive the $400, you must:
- Set up at least one recurring direct deposit
- Set up at least one recurring pre-authorized debit payment of a minimum of $50
- Make an online bill payment of $50 or more
To get an additional $200, you must set up a TD savings account and deposit $10,000 into that account within 30 days. The balance has to be maintained for 150 days. There are other amounts you can receive if you’re unable to save the $10,000.
- $50 for a $2,500 deposit
- $100 for a $5,000 deposit
- $200 for a $10,000 deposit
- $500 for a $25,000 deposit
- $750 for $50,000 deposit
- $1,000 for $100,000+ deposit
To receive this offer you can get either of TD’s chequing accounts. The TD Unlimited Chequing Account or the TD All-Inclusive Banking Plan. Here is a breakdown of what is included in each.
TD Unlimited Chequing Account: With this plan, the monthly fee is $14.95. This fee is waived if you can keep a minimum daily closing balance of $4,000 in your account at the end of every month. You also get unlimited transactions (including e-transfers), rebate for the first year on any credit card fees, and no ATM Fees.
TD All-Inclusive Banking Plan: This plan includes the same things as the one above. The main differences are that the fee is $29.95, the minimum balance to waive the monthly fee is $5,000 instead of $4,000, credit card fees are rebated annually, and you can get certified cheques and money orders at no extra charge.
Scotiabank
Scotiabank is offering $400 if you open an ultimate or preferred chequing account with them and start an investment plan. This offer expires on July 31, 2024. In order to qualify, you must open either one of the two accounts and then complete two of the following:
- Set up a direct deposit that reoccurs for at least six months.
- Create two eligible pre-authorized debit transactions. They must be two different ones and be at least $50 each.
- Make at least one online payment at a minimum of $50.
Once you have done all of those things, you will receive the $350 within six months. To earn the other $50, you need to open a registered account, like a tax-free savings account or RRSP, and either make a minimum deposit of $3,000 and maintain it for six months or set up a preauthorized contribution of $50 a month for six months.
Depending on which bank account you choose to open, there are quite a few differences. That said, as a Scotiabank customer, you can use the Scotia International Money Transfer service. This is something that all the top five banks offer with different fees.
Scotiabank Ultimate Package: This account offers you unlimited transactions, free e-transfers, scene points on purchases, preferred mortgage rates, no annual fees on some premium credit cards, and no monthly account fees if you have a minimum balance of $5,000. If you don’t have a minimum balance of $5,000, then the account fees will be $30.95 per month. There are a few other exclusive features available as well.
Scotiabank Preferred Package account: This account will get you unlimited transactions as well as rebate the first year's annual fee on some credit cards, scene points, and 1 free trade on Scotiabank iTrade. There is also no monthly account fee with a minimum $4,000 balance. Otherwise, the account fee is $16.95 per month.
BMO
The Bank of Montreal, also known as BMO, has a few chequing account offers available, and if you qualify, you could get up to $400 back. In order to qualify, you must get a BMO performance plan chequing account or a premium plan chequing account. From there, account holders must do two things listed below:
- Set up a recurring direct deposit
- Make two online bill payments with BMO online banking; there must be a minimum of $50 for each payment.
- Set up two pre-authorized debits; these must be at least $50 each.
Two of these three things must occur for two consecutive months. You must also make a deposit in the account when you open it. This offer is available until October 31, 2024, but you can also make another $50 by referring your close friends and family.
BMO Performance Chequing Account: This account includes unlimited transactions, on-guard identity theft protection, a $40 rebate on credit card fees, and free accounts for any additional family member. The monthly fee is $16.95 unless you can keep a minimum balance of $4,000.
BMO Premium Chequing Account: This account includes unlimited transactions, on guard identity theft protection, $150 rebate on credit card fees, preferred U.S. exchange rates, worldwide non-TD ATM withdrawals, and free accounts for any additional family member. The monthly fee is $30.00 unless you can keep a minimum balance of $6,000.
To make an extra $200, making your total $600, you need to open a BMO savings amplifier account by October 31, 2024, and deposit a total of $10,000 in the account in the first 30 days and maintain this closing balance for an additional 90 days.
RBC
The Royal Bank of Canada also offers bank promotions. Until August 13, 2024, they are offering an iPad if you sign up for a Signature No Limit Banking Account or VIP Banking Account. In order to qualify, you must open the account by August 13. You then have until December 9 to complete the following:
- Set up direct deposit from your employer or your pension
- Set up two pre-authorized monthly payments
- Set up two bill payments
RBC Signature No Limit Banking: This bank account includes unlimited debit transactions in Canada, no overdraft protection fee, savings of up to $48 on fees for eligible credit cards, free e-transfers, no required minimum balance and 5 free debits across the border per month. The monthly fee is $16.95.
RBC VIP Banking: Included with the VIP account is unlimited debit transactions worldwide, no overdraft protection fee, savings of up to $120 on eligible credit card fees, no fee on RBC ATMs worldwide, and the ability to get up to 2 new bank accounts that are canadian and 1 that is US and they all have unlimited debit transactions. The monthly fee for this account is $30 per month.
Simplii Financial
Simplii Financial is an online bank that is affiliated with CIBC. They don’t have any in person branches, but they are reachable online or over the phone.
You could earn up to $400 with Simplii by opening a new chequing account. You just need to add an eligible direct deposit. It has to be a minimum of $100 and be active for at least 3 months. This must be done by October 31, 2024.
The great thing about Simplii Financial is that all of their accounts have no fees and unlimited transactions and e-transfers. You also get access to all CIBC ATMs. There is no required minimum or monthly balance. You can do all of your transactions online or through mobile banking.
Tangerine
Another option for online bank accounts is Tangerine. With the Tangerine chequing account, you can earn up to $250 cash back when you open a new account. It works when you sign up online. Once you have done that, you will open your first chequing account and new eligible savings accounts within 30 days of registering as a client. Then, you set up your paycheques to go to this account. After 2 consecutive months, you will get the $250.
All Tangerine accounts include visa debit, no fees for daily transactions or e-transfers, and access to Scotiabank ATMs.
PC Financial
PC Financial is another online bank that offers a welcome bonus for there no fee chequing account, also known as the PC money account. However, theirs works a little differently. Instead of offering cash, they offer PC points that can be used at different Loblaws locations.
With PC Financial, you can open your new bank account online. Currently, you can earn up to 125,000 points just for signing up. You earn the first 75,000 when you set up a pension direct deposit or employment direct deposit of $1,500 or more for 3 straight months. You can earn 10,000 points each for up to 5 bill payments of $50 or more within 2 months of opening your account.
With PC Financial, your account has no fees, free e-transfers, unlimited transactions, PC points for everyday purchases, and no minimum balance requirements.
Immediate Sign-Up Cash Bonuses
Unfortunately, there are no immediate signup bonuses when you get a new bank account. In order to receive the promotional offers, you do have to meet the bank's stipulations. This means that you can wait up to a few months in order to receive the money.
Credit Card Promotions From Banks
When you are looking through the different bank account promotions, you may also notice that many different financial institutions offer promotions for their credit cards as well. If you are in the market for a new card, there may be a promotion out there for you, especially since there are rebates for credit cards that include fees in a lot of these promo offers.
TD Rewards Visa
Along with their bank account promo, TD is currently offering a promo on their TD rewards visa. In order to qualify, you must apply by January 6, 2025. The special offer includes $50 worth of points to be used at Amazon.ca. There is no annual fee on this credit card and the regular interest rate is 19.99%. Cash advance interest is 22.99%or the first 6 months. There is no annual fee on this credit card and the regular interest rate is 19.99%. Cash advance interest is 22.99%.
RBC Avion
Another bank offering a promotion for its credit card is RBC. Currently, with the RBC Avion card, you can get:
- 35,000 welcome points when you are approved
- 20,000 bonus points when you spend $5,000
- $15,000 one-time anniversary bonus
- Earn 1 point for every dollar you spend
- No blackout periods or seat restrictions
Some other perks that are always included with this credit card are:
- Mobile device insurance (up to $1,500)
- Protection for eligible purchases
- Trip cancellation, trip interruption and emergency medical insurance
In order to be eligible for this credit card, you must at least have a minimum personal income of $60,000 per year or a household income of $100,000. You must apply for the card by November 25, 2024.
CIBC Dividend Visa Infinite
With the CIBC Dividend Visa Infinite card, you can get your first-year annual fee waiver of $120 rebated and up to 3 additional cards where the $30 fee is rebated. You can also earn up to 10% back on your first 3 statements for up to $300.
With this credit card you can earn up to 4% cash back on gas and groceries, 2% on transportation as well as dining and recurring bills payments, and 1% on all additional purchases.
In order to qualify for this card you will need a minimum personal income of $60,000 per year or $100,000 per household. The interest on this card is 20.99% for regular purchases and 22.99% for cash advances.
Simplii Cash Back Visa
Along with Simplii’s bank account offer, they also have a promotional offer on their cash back Visa card. For the first four months, earn up to 10% cash back on your first $500 spent at bars and restaurants. After that it goes down to 4%.
You also get 1.5% cash back on:
- Gas
- Groceries
- Drugstore purchases
- Preauthorized payments
Everything else is a standard rate of 0.5%.
BMO Cash Back Credit Card
BMOs promotional offer for their credit card is 5% cash back on all purchases for the first three months. They are also offering an interest rate of just 0.99% for the first 9 months on balance transfers. After that, the interest rate then is 22.99%.
After the promotional time expires, you still get some pretty good cashback rates. You get up to 3% cash back on all grocery purchases, 1% on recurring bill payments and 0.5% cashback on everything else.
Tangerine Credit Card
Tangerine also has a really good promotional rate for credit cards. This is available for the World Mastercard and money-back credit cards. If you spend $1,000 in the first month, then you get 10% cashback. Also, for the first six months, you can get all balance transfers at a rate of 1.95%. The rate without the promotion is 19.95%.
Along with Tangerine’s no-fee bank account, they also have no annual fee on their credit cards.
The Current Bank Offers and Which Is the Best
Depending on what you are looking for in a bank account. All of these different banks have great offers. It just depends what sort of bank account you are looking for and if you can meet the requirements to receive the promotional offer.
If you are an avid collector of PC points (which are mainly used towards groceries), then the PC Financial card may benefit you as the best new bank account offer. If you want to stick with one of the top 5 banks, there are also lots of options available. There are even some selections on smaller financial institutions that are solely offered online. No matter which one you choose, you can’t go wrong with a little extra cash.
Final Thoughts
Whether you’re looking to open a new savings account or chequing account or just get a new bank, there are plenty of options out there with traditional banks and online banks. Before you sign up, though, it’s important to look at more than just the new bank account offers. You should also look at the account details themselves.
You should look for unlimited debit purchases if there are any transaction fees and what the monthly fees are. You should also look at their online and mobile banking since that’s how banking is mostly done nowadays. No matter which bank you choose, though, a great time to sign up is when they are offering incentives. a little extra cash.
