Table of Contents
Points Miles and Bling (blog) contains referral or affiliate links. The blog receives a small commission at no additional cost to you. Thank you for your continued support. Credit Card issuers are not responsible for maintaining or monitoring the accuracy of information on this website. For full details, current product information, and Terms and Conditions, click the link included.
Bank accounts don’t always get the same attention as credit cards, but this January, 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 January.
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 March 2, 2026. New customers can earn up to $1,400 in total value by opening a chequing and a Savings Amplifier Account and completing qualifying actions (available until April 30, 2026), such as setting up direct deposits and bill payments within the offer period. This offer includes up to $700 in cash, a Walmart Delivery Pass subscription for up to a year, and a 4.6% promo interest rate.
This promotion applies to both the BMO Performance Chequing Account ($17/month) and the BMO Premium Chequing Account ($31/month), with monthly fees waived when you maintain a minimum balance ($4,000 for Performance, $6,000 for Premium). Both accounts include unlimited transactions, free Interac e-Transfers, and credit card rebates. Account holders are eligible for annual fee rebates on select BMO World Elite credit cards, including the BMO VIPorter World Elite Mastercard (up to 70,000 VIPorter points), BMO AIR MILES World Elite Mastercard (up to 7,000 Air Miles bonus), and BMO Cashback World Elite Mastercard (up to $480 Cashback bonus)
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 most layered and richest bank account promotions available right now. It will be most appealing for those who can maintain a higher chequing balance and want to maximize upfront value by bundling multiple products with one bank.
Scotiabank Chequing Accounts – Apply Now
Scotiabank’s current offer is one of the more flexible offers on the market, available until March 2, 2026. New customers can earn up to $700 in total bonuses by opening a Preferred or Ultimate chequing account and completing a series of qualifying actions. The offer includes $500 for opening a new chequing account and setting up basic activities like direct deposits or bill payments, plus up to $200 more for opening a Money Master Savings Account, enrolling in an automated savings tool, and opening an eligible registered account such as a TFSA or RRSP.
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 and the ability to stack additional rewards. It’s well-suited for those who want a large upfront cash bonus and are willing to consolidate their banking to unlock additional incentives.
CIBC Smart Account – Apply Now
CIBC is offering a $500 welcome bonus when you open your first CIBC Smart Account and complete the qualifying steps within the first two months. First, set up recurring direct deposits of at least $500/month and then, within the same calendar month, complete one additional monthly banking activity, such as two recurring pre-authorized debits, two online bill payments of $50+ each, or five online Visa Debit purchases.
The Smart Account includes free Interac e-Transfers and the ability to reduce or waive monthly fees with a minimum balance.
I like this option because it’s straightforward, easy to understand, and doesn’t require opening multiple products or committing to a higher-tier chequing package. It’s ideal for people looking for a solid cash bonus with fewer hoops. While the cash bonus isn’t as large as the two offers above, it’s an excellent entry point for anyone newer to the rewards and bonuses space who wants to earn cash without added complexity.
EQ Bank – Apply Now
EQ Bank stands out by taking a completely different approach. Instead of a traditional cash welcome bonus, EQ rewards customers with consistently high interest rates in everyday banking and minimal fees. They offer one of the highest interest rates available on everyday balances, currently up to 4.00% with direct deposit bonuses included. 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.
One of EQ’s most underrated features – especially for travellers – is the EQ Bank Card’s lack of foreign exchange fees. Unlike most debit and credit cards that add a 2.5% FX surcharge on foreign purchases, EQ doesn’t charge an FX markup, making it an excellent option for spending abroad or booking travel in foreign currencies. Cardholders also earn 0.5% cash back on purchases and benefit from free ATM withdrawals worldwide, with third-party ATM fees reimbursed. Combined with no monthly fees, no minimum balances, and unlimited everyday transactions, EQ offers a very compelling option for both daily use and travel.
While there are no upfront cash bonuses with EQ, you effectively earn more over time.
Tangerine – Apply Now
Tangerine continues to be a great no-fee banking option in Canada. With their current promotion, new customers can earn up to $250 in cash by opening a No-Fee Daily Chequing Account and switching their payroll direct deposit. It’s easy to qualify for and pairs well with the Tangerine World Mastercard ($120 bonus) or the Tangerine Money-Back Credit Card (10% cashback, up to $100). Both cards allow you to choose bonus cashback categories, such as groceries, restaurants, or recurring bills. Combined with no monthly fees, no minimum balance requirements, and free Interac e-Transfers, it’s an account that’s easy to keep long after the bonus posts.
Though the welcome bonus is smaller than those listed above, Tangerine is a great option for people who want a no-fee, low-commitment banking option with an easy cash bonus.
