Updated: April 2025  |  bremo.io financial guides

Best Canadian Bank Promotions 2025 — Savings Bonuses and High Rates

Canadian banks and online financial institutions regularly compete for new customers with promotional savings rates and cash bonuses. Knowing how to find, evaluate, and take advantage of these promotions can put hundreds of extra dollars in your pocket each year.

Types of Bank Promotions in Canada

Promotional Savings Rates

The most common promotion: a high introductory interest rate (sometimes 4.5%–6%) for 3–6 months on a new savings account. After the promotional period ends, the rate reverts to the institution's standard rate. These are legitimate offers from regulated banks — take advantage of them, but plan your exit when the rate drops.

Cash Bonuses for New Accounts

Some institutions offer a one-time cash bonus (e.g., $200–$400) for opening an account and completing certain actions like making a minimum deposit, setting up direct deposit, or making a minimum number of transactions.

Referral Bonuses

Many banks and fintech apps pay referral bonuses when an existing customer refers a new one. Both parties often receive a bonus. KOHO's referral program, for instance, rewards both the referrer and new customer.

How to Evaluate a Promotional Offer

Before jumping at a promotion, verify:

• What is the standard rate after the promotion ends?
• Are there minimum balance or deposit requirements?
• Is there a minimum account duration before you can withdraw?
• Are there any fees that offset the rate benefit?
• Is the institution CDIC-insured or provincially insured?

Tangerine Promotions

Tangerine (Scotiabank) regularly offers promotional savings rates for new customers and occasionally for existing customers who transfer additional funds. Check their website directly — promotions change frequently.

EQ Bank Promotions

EQ Bank's approach is a strong everyday rate rather than promotional spikes. It's less about short-term bonuses and more about sustained competitive rates. Good for set-it-and-forget-it savers.

KOHO Promotions

KOHO offers free spending/savings accounts with referral bonuses. Using code 45ET55JSYA when signing up unlocks a bonus for new users. KOHO's no-fee structure and cash back on purchases add value beyond a simple savings rate.

Tracking Promotions

Canadian personal finance communities on Reddit (r/PersonalFinanceCanada) and comparison sites like RateHub track current promotions. Set a calendar reminder when your current promotion ends so you're ready to act.