Canadian banks pay real money to win your account. The question is which bonus is actually worth your time. Big-bank promotions are the largest, but they take weeks of hoops. No-fee accounts pay less but the money is fast and there is no fee clawing it back. Here is the honest landscape for 2026, and the quickest bonus to claim today.
KOHO is a no-fee account you can open in about five minutes with no credit check. Use code BREMO2026 for a $20 welcome bonus plus three months of KOHO Extra free. No monthly fee means the whole bonus stays yours.
Open KOHO, get $20 →Bonus amounts and terms change often, so always confirm on the provider's page before you apply. The pattern below holds year to year.
| Type | Typical bonus | Effort to claim | Catch |
|---|---|---|---|
| Big-bank chequing promo (TD, RBC, BMO, Scotia, CIBC) | $300 to $500 | High | Usually a monthly-fee plan, direct deposit held 2 to 3 months |
| No-fee fintech (KOHO) | $20 + 3 months free | Low | None, no fee, no credit check |
| No-fee challenger (Neo, EQ Bank) | $20 to $25 | Low | Fund or make a small purchase |
| Investing accounts (Wealthsimple) | Cash bonus, varies | Medium | Must fund and trade a qualifying amount |
The big-bank promos win on raw dollars. The no-fee accounts win on speed and on keeping the bonus, because there is no monthly fee to erode it.
The Canadians who pull the most out of switch bonuses do not pick one, they stack several over a year in the right order. Open the fast no-fee account first so you have a clean account to route direct deposit through, then chase the bigger big-bank promos one at a time.
The order and timing are what stop you tripping eligibility rules like "new clients only" or "no bonus in the last 12 months." Our free Bank Churning Playbook lays out the exact sequence, with the current offers ranked.
Open KOHO first, it is free and instant, then route your direct deposit through it while you chase the bigger promos. Code BREMO2026 for $20 plus 3 months free.
Open KOHO, get $20 →The big banks run the largest promos, often $300 to $500 for an eligible chequing account with direct deposit. They take time and usually need a paid plan. The easiest money to claim is a no-fee account: KOHO gives $20 with code BREMO2026 plus three months free, with no fee and no credit check.
Yes, if you read the terms. Big-bank bonuses can be worth hundreds but often need a monthly-fee account held for months. A no-fee account has a smaller bonus but no fee to claw it back, so it all stays yours.
Yes. Many Canadians stack several over a year. The order and timing matter so you do not trip eligibility rules. The free Bank Churning Playbook lays out the sequence.
bremo.io is an independent Canadian personal finance site. We may earn a referral fee when you open an account through our links, which never affects our rankings. Bonus amounts and terms change without notice, always verify with the provider.