By Mike Szostech

There is fierce competition among banks in Canada for basic banking business. That means there are often great bonus offers – where both you and us (the people writing this) can earn some free money!

In early 2023, we went to all of the websites of banks we have had accounts at recently, and here’s the best offers we found for opening the best chequing account in Canada!

Review Contents:

Simplii Financial

Simplii is the zero-fee banking division of CIBC, and we’ve had accounts with them going back 15+ years (back when they were called PC Financial).

People who have a Simplii account can refer friends to them, and for each friend that joins Simplii they get cash too!

Here’s how to get up to $50 free! Once you open a No Fee Chequing Account or High Interest Savings Account with Simplly, you must make a deposit of at least $100 within 6 months after account opening. You must maintain a minimum balance of $100 for at least 30 days.

Here’s how to get an additional $350 free! Complete the above action, and add an eligible direct deposit of at least $100 per month for 3 straight months (payroll, pensions, or employment insurance).

Restrictions: You must have no prior banking relationship with Simplii since November 1, 2017, and you must be a resident of Canada who is at least 16 years old.

Open a Simplii Financial Account

Envision Financial

A division of First West Credit Union, Envision Financial is a credit union with 19 branch locations across the lower mainland of BC from Delta to Hope.

If you’re looking for a smaller-town credit union feel where their concerned with treating members of their community, Envision has great no-fee accounts and the option for a no-fee USD chequing account (handy for those that often end up in the USA).

As of March 2023, Envision Financial is no longer running their refer-a-friend program.

RBC Student Account Bonus

Until May 31, RBC is offering$100 when students open a no monthly fee bank account for students. In order to qualify, students must be attending school full time and must be 13 years of age or older. Students must be currently living in Canada.

After your account application is approved, you must complete one of the following by July 31, 2023:

  1. Make at least 3 debit transactions
  2. Register your account for Interac auto deposit and send one e-transfer
  3. Enroll for a Virtual Debit Card and make one transaction

View RBC Student Offer

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