Canadians Offered Big Bonus Bucks By Banks!
It pays to shop around, and that includes shopping for banking services! When shopping for banking services, there is a lot to consider- especially the amount of banking fees and interest rates.
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| Free Money Pixabay Image by Pete Linforth from Pixabay |
Each year, Canadian banks roll out new thank-you offers to try to get new clients for their banks. Many banks will also thank their loyal customers for referring new clients to them.
Most banks require that you have monthly direct deposits over a certain amount - sent directly to your account and you pay 2 bills over a certain amount online through your new bank account within a certain period. However, there are two online banks that I found banks that will thank you for referrals right away - NEO and EQ.
When looking at a thank you gift offered by a bank read all the fine print carefully so you do everything that is needed to qualify.
Also, be sure to check out how much they are charging for bank fees on those bank accounts that they are thanking you to open.
Beware of signing up with a bank that offers a gift other than money and has a clause stating "while quantities last" - that has not worked out well for me in the past.
Here is a partial list of some of the thank you offers that I am aware of right now that are available to new customers. I am not a financial expert at all. I am just sharing information and my personal experiences.
Which Canadian Banks Offer The Best Referral Rates?
Short List of Bank Thank You Offers
If you are my friend and would like to sign up through my link for any of these offers and I have forgotten to send you my referral link, please contact me by text at
- Simplii Financial Bank Account Get Up to $400 Rewards - This takes a few months to come through
- Simplii Mortgage - Get $500
- NEO deposit $50 and get $25 Thank You immediately
- EQ deposits $100 and gets $20 thank you the next day
- CIBC Newcomers - Get $50
- CIBC Students - Get $50
My Two Cents Worth on Bank Referral Rewards
Some of these banks only offer telephone, bank machines and online services. If you want to be able to look a person in the eye when you are doing your banking, few banks are thanking people for opening those kinds of accounts these days.
Best Bank Thank You Rewards for Referring Friends - Simplii Financial
Simplii Financial was previously known as PC Financial till a few years ago. They are affiliated with CIBC. You can use their bank card for free in any CIBC bank machine.
I have been referring my friends and relatives to Simplii Financial for years because I love how much money it saves people with its free checks and banking services. Now they even reward you from time to time for referring people to open a new account. Your friend can get up to $400 for free and you will get anywhere between $50 and $125. Refer a friend for a mortgage and you both will receive even more! No wonder Simplii has won awards for years as the most preferred bank!
Best Rewards for Opening New Bank Accounts if You Have Lots of Savings Already - BMO
Tonight I was on the BMO Bank website and noticed that they are currently offering new clients some very big rewards for opening new accounts. Did you know you could get a thank you from BMO for up to $600 when you open a new bank account? Mind you, to qualify for part of this $600 you need to deposit $10,000 yes, you read that right - ten thousand dollars. You also need to be prepared to let it sit a bit - so, you might be losing money doing this depending on the interest rate. Not too sure if this is such a great thank-you gift. Also included in this $600 thank you is $50 for getting a family member to open a new BMO bank account. This amount therefore is a bit misleading. In the long run, after I do a bit of math, it sure seems to me that if you have not previously signed up with Simplii, they may be paying more as far as thank-you rewards- but you might want to crunch the numbers yourself because I am writing this at night.
Fastest Thank You Bank Rewards - EQ and Neo
I was delightfully surprised to receive $25 as a thank-you welcome gift immediately when I opened an account with NEO with a transfer of $50.
NEO also offers a $25 thank-you gift for signing up for a cash-back credit card with them.
I found signing up with NEO a bit tricky due to the face verification you are required to do to set up your account.
Previously my top favourite fast thank-you free money gift was EQ Bank. EQ thanked me overnight with a $20 gift after I opened an online account with a $100 deposit.
I was attracted to EQ and the award they won from Forbes as the best bank in Canada! I like that they offer no-fee banking and great interest rates on Canadian and US dollar accounts. I also like that you can use their bank card for free on any bank machine.
Interesting Thank You Offers from CIBC
I recently opened a new account with CIBC, to take advantage of a welcome offer from them where they say they will be giving me $350 in March.. CIBC will also thank you for referring someone who is new to Canada or someone who is a student to them. I don't know why they are placing these restrictions on their referral rewards and not offering them across the board. There are many restrictions on these referral rewards being offered by CIBC. For example, the person you refer must be under the age of 64. From what I understand both you and the person you refer will each get $50.
Interested in being my friend and signing up through one of my links? Contact me through X (Twitter) @Sister_Su
What about your bank? Are they thanking people for opening new accounts or thanking you for referring people to them too?
Pop a note in the comments below and let everyone know.
Note: This blog has referral links that help our writers eat when you make purchases through them. Would you like to write on Canadian Senior Savings? Guest Bloggers are welcome. Please drop a note in the comments below.
About This Author
Sister Su is grateful to God for keeping her alive. She is a Trent/Queen's Concurrent Education graduate with over 20 years of teaching experience. She is most easily reached through X / Twitter @Sister_Su See her link tree for more details:@Sister_Su | Linktree
This post was proofread with the free version of Grammarly
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