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Canadian Banking Sign-Up Bonus Roundup: May 2018

Let's be real: you want free money. So when banks start offering cash for signing up with them, we're willing to bet they catch your attention.

In this post, we'll be looking at the latest sign-on offers different banks are currently offering. All of these are summaries and are compiled for your convenience - for complete details, we recommend you check out the sites for yourself!

CIBC: Smart Account Offer

  • Cash Offered: $300
  • Other Bonuses: N/A
  • Requirements Summary: 
    • Open a CIBC Smart account and provide an email address by June 30.
    • Complete a Direct Deposit or 2 authorized payments within 3 months of opening the account.
  • Fees:
    • Monthly fees start at $4.95 and cap out at $14.95, depending on the number of transactions you perform.
  • NO FEE OPTION: On a monthly basis,
    • Maintain a daily balance of $3,000 AND
    • Receive a recurring Direct Deposit OR
    • Make 2 pre-authorized payments
  • URL: https://www.cibc.com/en/special-offers/cibc-smart.html
The CIBC Smart Account is meant to give you flexibility by charging fees proportional to how much you use the account. Because 'transactions' can mean different things at different institutions, we've pulled the following text straight from their website - "Transactions are withdrawals from your account done in-branch, via an ABM or electronically including bill payments, cash withdrawals, transfers, debit purchases, pre-authorized payments and cheques. Deposits into your account are free." 

Personally, we tend to go for accounts that don't incur any fees - but if you have $3,000 to spare and can meet either the Direct Deposit or Pre-Authorized payment requirements, you can get the fees waived and make your way to a nice $300!

National Bank: Chequing Account

  • Cash Offered: $200 (Paid as $20/mo for 10 months)
  • Other Bonuses: Additional $150 bonus when signing up for eligible Mastercard product
  • Requirements Summary: 
    • Sign up for an eligible banking package or offer for professionals.
    • Sign up for online banking and eStatements.
    • Carry out at least one transaction a month.
  • Fees:
    • Fees depend on banking package selected, and run from $9.95/mo to $25.95/mo.
  • NO FEE OPTION: 
    • Fees can be waved based on a deposit requirement, depending on the banking package. At the lowest level, a $3,000 minimum balance is required. At the highest, a $6,000 balance is required.
  • URL: https://www.nbc.ca/personal/accounts/new-clients.html
National Bank is thought of as the "sixth bank" in Canada aside from the well-known Big 5. But this can be great for you as a consumer, because they might be willing to do more to get you as a customer! This offer combines a reasonably low balance for a fee waiver ($3,000) with a decent payout. If you can keep your money parked for 10 months, and can meet the transaction requirement, this may be an interesting offer for you.

We've noted the offer of additional cash if you sign up for a Mastercard through National Bank. In a later article, we'll try to do a feature on credit cards with sign up bonuses.

Scotiabank: Momentum Chequing Account

We were hesitant to add this to the list, as it's not exactly a sign-on offer, but could be a way of netting some cash. If you spend over $1,595 (or $1,195 as a well-heeled senior citizen) on your debit card on a monthly basis, this account could net you some additional dollars. If you don't, some of the other features of this account may be compelling to you (unlimited transactions, two free e-transfers per month).

Tangerine: No-Fee Daily Chequing Account

  • Cash Offered: $100 (+$50 Potential Orange Key Bonus)
  • Other Bonuses: N/A
  • Requirements Summary: 
    • Open a Chequing Account by July 2, 2018. Switch your payroll direct deposits by August 3, 2018 and have your payroll direct deposits continue for 3 months. OR
    • Switch 2 of your pre-authorized payments of at least $50 each by August 3, 2018 and have the withdrawals continue for 3 months.
    • For an additional $50 bonus, use our Orange Key and fund your account with at least $100: 41737632S1
  • Fees: None!
  • URL: https://www.tangerine.ca/en/landing-page/switch/index11.html
The Tangerine No-Fee Daily Chequing Account does what it says - it offers a simple account for day-to-day transactions with no fees. This includes Tangerine email money transfers, which means that you can send money to and from your account without worrying about incurring fees (this does take 2 business days - if you need to get your money faster, or pay someone, you can pay an additional $1 fee to send via Interac.)

In our humble opinion, Tangerine has one of the best offerings out there today, which is why we use it ourselves!

TD: TD Premier Chequing Account

  • Cash Offered: $300
  • Other Bonuses/Account Features:
    • No ATM fees for TD or other bank ATMs.
  • Requirements Summary: 
    • Receive direct deposits of $2,500 or more within 60 days of opening your account
  • Fees:
    • $25/mo account maintenance fee 
  • URL: https://www.tdbank.com/checking-aff-incentive-55/

Recently Expired Offers

We're noting recent offers here, so you can get a feel for what else has been offered lately:

  • BMO just ended an offer for $100 cash and a $100 amazon card on May 10th.
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