5 Bank Accounts Offers that Deserve Your Attention this May

Bank accounts don’t always get the same attention as credit cards, but this May, they should. Several Canadian banks are currently offering strong welcome bonuses or other compelling features, with some promotions paying out hundreds of dollars just for switching your everyday banking.

Of course, there’s no single “best” bank account for everyone. Some people prioritize no monthly fees, others want premium features or high interest, and many want the largest possible cash bonus. With that in mind, the accounts below were selected for their strong cash-based welcome bonuses or standout incentives currently available.

Below are five Canadian bank accounts to consider this May.

Scotiabank Chequing Accounts – Apply Now

While Scotiabank’s current bonus on offer is not the highest on the market, it has the easiest fulfilment path to earn the total $700 on offer. Until July 2, 2026, open a Preferred or Ultimate chequing account and complete the qualifying actions:

• $500 bonus for opening a new chequing account and fulfilling any 2 of 3 requirements:
  • 1 recurring direct deposit
  • Recurring pre-authorized transaction of at least $50
  • 1 eligible online or mobile bill payment of at least $50
• $100 bonus for opening a Money Master Savings Account and set up either Pay Yourself First or the Savings Finder tool; stay enrolled for at least 90 days in a row
• $100 bonus for transferring or contributing $5,000 within the first 60 days; maintain 90 days

Scotiabank’s chequing accounts also pair seamlessly with its credit cards, offering annual fee rebates on select premium options such as the Scotia Passport Visa Infinite (up to 60,000 Scene+ bonus). With a Scotiabank Ultimate Package chequing account, the card’s $150 annual fee can be fully rebated, effectively allowing you to hold the card at no cost while still earning its highest-ever current welcome bonus of up to 60K Scene+ points and enjoying its ongoing benefits.

This offer stands out for its combination of a strong cash bonus paired with easy requirements. It’s well-suited for those who want a large upfront cash bonus and are willing to consolidate their banking to unlock additional incentives.

BMO Chequing Accounts – Apply Now

BMO is currently offering one of the largest – if not the largest – chequing account welcome bonuses on the market, available until June 1, 2026. New customers can earn up to $800 by opening a BMO Performance Chequing Account ($17/month) or BMO Premium Chequing Account ($31/month), with monthly fees waived when you maintain a minimum balance ($4,000 for Performance, $6,000 for Premium):

• $500 bonus for opening a new chequing account and fulfilling any 2 of 3 requirements:
  • Set up a recurring direct deposit of at least $500; and/or
  • Make two eligible online bill payments of at least $50 to different billers; and/or
  • Set up two eligible pre-authorized debits of at least $50 to different billers.
• $100 bonus for setting up a recurring direct deposit of $500+ and maintain for 1 year
• $150 for opening a Savings Amplifier Account and deposit $10,000 within 30 days; maintain 3 months
• $50 when you apply 1 Goal and 1 Strategy in My Financial Progress

Both accounts include unlimited transactions, free Interac e-Transfers, and credit card rebates. Account holders are eligible for up to $150 annual fee rebates on select BMO World Elite credit cards, including the BMO VIPorter World Elite Mastercard (up to 70,000 VIPorter points), and BMO Ascend World Elite Mastercard (up to 100,000 BMO Rewards points).

Another strong feature is BMO’s Family Bundle, which allows additional family members to be added to the account at no extra cost, extending many of the core benefits across a household.

This is one of the richest bank account promotions available right now. It will be most appealing for those who can maintain a higher chequing balance and able to park $10,000 in cash for 3 months.

TD Chequing Accounts – Apply Now

TD is offering up to $750 when opening a TD Unlimited Chequing ($17.95/month, waived with $4,000+ balance) or All-Inclusive Banking Plan ($30.95/month, waived with $6,000+ balance). Your account must be open by June 3 and the bonus is distributed as follows:

• $500 bonus for opening a new chequing account and fulfilling any 2 of 3 requirements:
  • Receive a recurring Direct Deposit
  • Set up a recurring Pre-Authorized Debit Payment
  • Make an Online Bill Payment
• $150 bonus for opening an eligible TD credit card and completing 1 of 2 requirements:
  • Set up a Pre-authorized Transfer Service
  • Set up Simply Save
• Bonus 4% interest rate (for 90 days) in new eligible Savings Account and depositing funds

Both accounts have unlimited banking transactions and an annual fee rebate of up to $139 on select TD credit cards like the TD Aeroplan Visa Infinite or TD First Class Travel Visa Infinite. The All-Inclusive Banking Plan includes premium features like free cheques, drafts, and more.

I rank this below Scotiabank and BMO because reaching the full $750 bonus also requires leaving thousands of dollars in funds in the Savings account, although there is no earnings limit to the 4% interest rate.

CIBC Smart Account – Apply Now

CIBC is offering a staggering $850 welcome bonus when you open your first CIBC Smart Account. However, CIBC’s requirements are the most arduous and require applying for and using a credit card strategically:

• $500 bonus for opening a new chequing account, add a recurring monthly deposit of $500+ ,and complete 1 of 3 tasks:
  • 2 recurring pre-authorized debits
  • 2 online bill payments worth $50+
  • 5 eligible online or international Visa Debit purchases
• $100 bonus when you apply and get approved for any eligible credit card
• $250 bonus with a CIBC Dividend Visa Infinite Card:
  • Earn 10% cash back of up to $200 on net purchases up to $2,000
  • Earn a $50 cash back bonus when you set up your first pre-authorized payment

The Smart Account includes free Interac e-Transfers and the ability to reduce or waive monthly fees with a minimum balance.

$850 is the highest bonus on the market right now, but with noticeably more hoops required like opening a credit card and specifically using the CIBC Dividend Visa Infinite. I’d open a CIBC chequing account if you’re not eligible for the TD or BMO accounts, as $850 is still worth it.

Wealthsimple – Apply Now

Wealthsimple takes a completely new, digital-first approach to banking. The traditional cash welcome bonus may be just $25, but Wealthsimple wins with consistently high interest rates in everyday banking and minimal fees.

No doubt one of Wealthsimple’s strongest features is the Wealthsimple Prepaid Mastercard, which reimburses all ATM fees when withdrawing cash, including when abroad. This card is essential for all travellers, so might as well earn a $25 welcome bonus when opening a Wealthsimple account.

Wealthsimple offers one of the highest interest rates available on everyday balances of up to 2.25%, depending on your total assets. That rate applies to money you’d normally leave sitting in a chequing account earning little to nothing at other banks, making it a compelling option for those who keep a cash balance and want it working harder.

With Wealthsimple, you can deposit cash at Canada Post, send cash and cheques, accept direct deposits, make bill payments, order bank drafts, and more.