Cash and savings
Include only the bonus you expect to qualify for, plus realistic first-year fee or interest improvements.
Canada · 2026 decision guide
Is that bank switching bonus actually worth it?
A large headline bonus can shrink after monthly fees, transfer costs, missed interest and the time needed to move payroll and bill payments. Estimate the net value before you switch.
A comparable number
Bank-switching value formula
Use one time horizon for every offer—usually the first 12 months—so a one-time bonus does not hide ongoing costs.
Net value = cash bonus + first-year savings − account fees − transfer costs − foregone interest − value of your time
Treat uncertain benefits as $0 until you can verify them. Do not count points, waived fees or interest at their advertised maximum unless you realistically expect to qualify.
Account costs
Multiply monthly fees by the months you must keep the account, then add transfer and closing charges.
Time cost
Estimate hours for setup, payroll, bill payments, monitoring and closure, then assign a value per hour.
Risk adjustment
If one requirement is unclear, calculate a second scenario with the bonus set to $0 before deciding.
Illustrative example
A $400 bonus is not automatically $400 of value.
This hypothetical example is not a current offer. It shows why fees, time and ongoing savings belong in the same calculation.
First-year estimate
Cash bonus+$400.00
Realistic annual fee savings+$144.00
Three monthly fees−$50.85
Transfer or closing cost−$20.00
Two hours at $25/hour−$50.00
Estimated net value$423.15
Reduce missed-payment risk
A practical switching sequence
The Financial Consumer Agency of Canada recommends planning the transfer, identifying automated transactions, monitoring both accounts and allowing enough time before closing the old account.
- List every automated transaction.
Review several months of statements for payroll, benefits, subscriptions, pre-authorized debits and outstanding cheques. - Verify the new account's terms.
Confirm fees, bonus requirements, qualifying transactions, deadlines and how long the account must remain open. - Open and test the new account.
Make sure access, cards and transfers work before redirecting important payments. - Move deposits and bill payments.
Update each sender and creditor, keep enough money in both accounts and watch for anything you missed. - Review before closing.
Confirm transactions have settled and obtain the institution's current closure instructions and fees.
Primary consumer guidance: FCAC: transferring products or services. For deposit protection, check the institution and deposit category directly with CDIC's coverage guide; provincial institutions may use a provincial or territorial deposit insurer.
Free decision tool
Put your own numbers into the calculator.
Compare the upside with every cost you can verify. Your estimate stays educational: the provider's current terms decide eligibility and payout.
Open the bank-switching calculator →Questions
Before you move an account
How should I value my time?
Use a consistent hourly amount across every offer. If you do not want to price your time, record the hours separately and decide whether the net cash value still feels worthwhile.
Should I include interest?
Include only the difference you realistically expect over the same time period. Minimum-balance rules and money held in a low-interest account can change the result.
Does the calculator guarantee a bonus?
No. It is an estimate, not financial advice or a provider decision. Confirm eligibility, deadlines, qualifying actions, fees and tax treatment with authoritative sources.