Black Friday Canada 2025 — Best Bank & Credit Card Deals

Why Black Friday Is a Great Time to Open a New Bank Account

Canadian banks and fintechs use Black Friday and the holiday shopping season to promote their best account bonuses. While these institutions don't discount their services (there's no "50% off" a bank account), they do offer elevated cash bonuses, waived fees, or increased welcome offers specifically during the November–December period.

Smart Canadians use Black Friday to stack financial wins: open a new account for the welcome bonus, use a new credit card with elevated welcome offer, and redirect that cash toward holiday spending — without actually spending more than budgeted.

Best Available Banking Bonus — Right Now

KOHO offers a $100 cash bonus year-round using referral code 45ET55JSYA. No spending requirement, no hoops to jump through — one of the most accessible cash bonuses in Canadian banking. Open your account at bremo.io/go/koho.

Types of Black Friday Banking Deals in Canada

Bank Account Welcome Bonuses

$200–$500

Major banks (TD, RBC, Scotiabank, BMO, CIBC) regularly offer elevated cash bonuses during Black Friday for new chequing account openings. Requirements typically include setting up direct deposit and keeping a minimum balance. Check each bank's current promotion page directly.

Credit Card Welcome Offers

50,000–100,000 pts

Premium travel cards often elevate their welcome bonuses for the Black Friday/Cyber Monday period. Cards like the TD Aeroplan Visa, Scotiabank Passport Visa, and Amex Cobalt frequently offer elevated first-year bonuses during this period. These offers are time-limited.

Fintech Signup Bonuses

$50–$100

Digital banks and fintechs (KOHO, Wealthsimple, EQ Bank) often run their most aggressive referral promotions in November. KOHO's $100 bonus with code 45ET55JSYA is one of the most straightforward: no spending minimum, just open the account and the bonus is credited.

RRSP/TFSA Contribution Rate Bonuses

3–5% bonus rate

Some banks offer elevated promotional HISA rates for new TFSA or RRSP deposits during the November–December RRSP contribution season. These typically run for 3–6 months before reverting to the standard rate.

How to Maximize Black Friday Banking Deals

Compare Before You Click

Check bremo.io/bank-bonus-canada.html for a current comparison of all Canadian bank bonuses before committing to one offer.

Read the Fine Print

Welcome bonuses usually require direct deposit setup, minimum balance, or minimum spend. Make sure requirements fit your situation before applying.

Don't Apply for Too Many Cards

Each credit card application triggers a hard inquiry. Limit yourself to 1–2 new applications per 6-month period to protect your credit score.

Stack Offers

Open a bank account for its welcome bonus AND a new credit card for its welcome offer — as long as requirements for both are manageable simultaneously.

Set Calendar Reminders

Note minimum holding periods and cancel-fee windows. Cancel annual-fee cards before the fee renews if you don't want to keep them long-term.

Don't Overspend to Hit Bonuses

If a credit card requires $3,000 spend in 3 months for the bonus, only get it if you would naturally spend that amount — redirect existing spending, don't create new spending.

Best Canadian Credit Cards for Holiday Shopping 2025

If you're going to spend on Black Friday, use a card that maximizes rewards on your purchases:

Best grocery/everyday: Amex Cobalt — 5x points on food and drink, elevated welcome offer in November
Best cash back: Tangerine Money-Back Mastercard — 2% on up to 3 categories, no annual fee
Best travel: Scotiabank Passport Visa Infinite — no foreign transaction fees + Scene+ points; often elevated Black Friday welcome offer
Best no-fee prepaid (for staying within budget): KOHO — earn cashback on purchases with no risk of overspending

Black Friday Budgeting Tip

Before Black Friday, set a firm spending budget and pre-load that amount to a KOHO prepaid card. You can earn cashback on purchases but cannot overspend beyond what you've loaded. This prevents the most common Black Friday mistake: buying things you didn't plan to buy because they were "on sale."

Frequently Asked Questions

Do Canadian banks actually have Black Friday deals?

Yes — Canadian banks and fintechs frequently run their best promotional offers during the Black Friday to Boxing Day period. Bank account welcome bonuses are typically at their highest in Q4. Credit card issuers often temporarily elevate welcome offers. Check bank websites directly in November — many promotions are published on their current offers pages.

Is KOHO's $100 bonus only available on Black Friday?

No — KOHO's $100 bonus with code 45ET55JSYA is available year-round through the referral program. There's no expiry and no minimum spend requirement. Black Friday is simply a good time to take action if you've been considering it, since it's a natural moment to review your finances before the holiday spending season.

How do bank welcome bonuses work in Canada?

Bank account welcome bonuses typically require: opening a new chequing account, setting up direct deposit (usually one payroll deposit), maintaining the account for 3–6 months, and sometimes maintaining a minimum balance. The cash bonus is credited after all conditions are met — usually 30–90 days after meeting requirements. Read the fine print carefully.

Should I open a new credit card for Black Friday spending?

Only if you planned to open one anyway and will pay the balance in full. Opening a new card for the welcome bonus is a smart strategy IF: you'd naturally hit the spending requirement, you'll pay it off completely, and you can manage the application timeline. Never spend more than you'd otherwise spend just to earn a welcome bonus — the math rarely works out in your favor.

What's the best way to avoid overspending on Black Friday?

Write your list before browsing any deals. Set a hard cash budget. Use a prepaid card (like KOHO) preloaded with exactly your budget — when it's empty, you're done. Avoid "deal FOMO" — research shows that most Black Friday items go on sale again throughout the holiday season. The best Black Friday strategy is discipline, not speed.

The Best Black Friday Banking Deal

$100 cash bonus. No spending requirement. Just open a KOHO account using code 45ET55JSYA. Available now.

Get $100 with KOHO →