Bank account bonuses are one of the few times a bank will pay you to switch. Open a new chequing account, meet a few conditions, and you could see a few hundred dollars land in your account. But the fine print matters. If you miss one step, or close the account too early, the bonus can disappear. Here’s how these offers work in Canada and when one is worth your time.
What bank account bonuses are
A bank account bonus is a cash reward a bank offers to new customers who open an eligible account. Most offers in Canada are tied to chequing accounts, because the bank wants to become your main bank. Some also add a savings account offer on top.
The bonus is rarely paid just for opening the account. Banks want proof that you’ll actually use it. So the offer usually comes with a short list of tasks you need to finish by a set date.
Common conditions for bank account bonuses
Each bank writes its own rules, but most bank account bonuses ask for some mix of the following:
- Be a new customer. Many offers exclude anyone who already has, or recently closed, a chequing or savings account with that bank.
- Open the account by a deadline. Offers run for a set period, and the account must be opened before it ends.
- Set up direct deposit. A recurring deposit of your pay, pension, or government payments is a very common requirement.
- Use the account. You may need to make bill payments or set up pre-authorized debits from it.
- Keep it open. Many banks require the account to stay open for a year or more. Some can take the bonus back if you close it early.
- Wait for payment. The cash often arrives months after you qualify, not right away.
Don’t let the monthly fee eat the bonus
Many accounts that offer large bonuses also charge a monthly fee. That fee can quietly cancel out part of your reward. The Financial Consumer Agency of Canada (FCAC) suggests you look at the total amount you may pay over time, not just a single fee.
Some accounts waive the monthly fee if you keep a minimum balance. The FCAC gives the example of a $12 monthly fee that is waived with a $2,000 balance. But it also warns that you may pay the full fee if your balance drops below the minimum, even for one day. You can read more in the FCAC’s guide to chequing accounts.
Before you apply, ask yourself two questions. Can you keep the minimum balance without strain? And is that money better used somewhere else, such as a savings account that earns interest?
A real example: the BMO Performance Account
Looking at one current offer makes this clearer. According to BMO’s Performance Chequing Account page, the account costs $17.95 per month, or $0 if you keep a $4,000 minimum balance. It includes unlimited transactions and Interac e-Transfer transactions, and up to a $40 annual rebate on an eligible BMO credit card.
BMO’s offer terms say you can earn up to $900 in total cash bonuses if you open the account between August 7 and November 2, 2026. The largest part is a $700 chequing bonus. To get it, you need to set up a recurring direct deposit of $500 or more, and either make two bill payments of $50 or more to two payees or set up two pre-authorized debits of $50 or more. Both steps must show up by December 31, 2026.
The rest comes from two extra steps. A $150 savings bonus requires opening a Savings Amplifier Account and keeping $10,000 or more in it for a long holding period. A $50 bonus requires setting a goal in BMO’s My Financial Progress tool. Existing BMO chequing or savings customers aren’t eligible, and the account must stay open until November 2, 2027.
The account’s Great Canadian Rebates details page lists a $150 cash back rebate from GCR for new BMO bank account holders who apply online through that page. It’s separate from BMO’s own bonus, so read the conditions on both.
How to earn the full bonus
- Read the terms first. Note every deadline and requirement before you open the account.
- Move your pay early. Direct deposit changes can take a pay cycle or two, so start right away.
- Set reminders. Put the bill payment, balance, and closing dates in your calendar.
- Track the fee. Keep the minimum balance, or count the monthly fee as a cost against the bonus.
- Keep records. Save screenshots of the offer and your qualifying transactions in case you need to follow up.
When bank account bonuses aren’t worth it
A bonus only makes sense if the account fits your life. If you’d pay a monthly fee for years after the bonus ends, the math may not work.
Switching banks also takes effort, since you may need to move deposits, bill payments, and pre-authorized debits. If you plan to switch anyway, a bonus is a nice reward. If not, compare the full cost before you chase the cash.
The bottom line
Bank account bonuses can be a real win when you plan for them. Read the conditions, finish each step on time, and keep the account open as long as the terms require. Then compare the bonus with the fees you’ll pay to make sure you come out ahead.
Ready to compare banking offers? Visit Great Canadian Rebates to see current bank account and credit card offers and earn a cash back rebate on top of the bank’s own bonus when you’re approved.