Four Canadian banks are paying new customers between $250 and $1,000 right now. Every offer ends within about four weeks, and every one has steps that take months to finish. Here is what each bank actually requires, taken from its own terms.
A bank bonus looks like free money until you read the conditions.
Most of these offers need you to move a paycheque, hit a transaction count, or park cash for months. Some pay out more than half a year after you finish. None of that is a reason to skip them. It is a reason to pick the one that matches how you already bank, and to put the dates in your calendar before you open anything.
We checked the terms for each offer on the bank’s own page on October 8, 2026. Where a bank listed a total that only a few people can reach, we say so. We are not paid when you click the links below.
Chapter 1
The four offers side by side
| Bank | Top bonus | Last day | The core step | Paid |
|---|---|---|---|---|
| Scotiabank | $1,000 ($700 + $200 + $100) | Oct 29 | Recurring direct deposit for 6 months | About 9 to 10 months after opening |
| Tangerine | $250 | Oct 31 | Payroll deposits of $200+ a month for 2 months | Month after the 2 months |
| National Bank | $600 ($300 + 3 x $100) | Nov 3 | 20 transactions and 3 automatic deposits in 120 days | By end of the 6th month |
| BMO | $900 ($700 + $150 + $50) | Nov 2 | Recurring direct deposit of $500+ | By June 30, 2027 |
The top amounts are ceilings. The bigger number almost always includes a credit card or a savings deposit on top of the chequing account, and each add-on has its own conditions. Read each section below before you decide which ones to chase.
Chapter 2
Scotiabank: up to $1,000
Open until Oct 29Scotiabank Cash Bonus Bundle Offer
The offer runs from July 3 to October 29, 2026. It has three layers, and you need the first to get the other two.
- $700 for the chequing account. Open a new Preferred Package or Ultimate Package. Within 60 days, set up an eligible recurring direct deposit such as payroll or pension, and keep it going monthly for six months in total. In the same 60 days, also do one of: set up a recurring pre-authorized payment of $50 or more, make an online bill payment of $50 or more, or make one eligible Visa Debit purchase online or outside Canada.
- $200 for a Money Master Savings Account. Open one within 60 days, enrol it in the Pay Yourself First or Savings Finder tool in the mobile app, and stay enrolled for 90 days.
- $100 for a credit card. Get approved for an eligible Scotiabank card within 60 days of opening the chequing account, then make one qualifying purchase within 60 days of opening the card.
Who is out: you cannot get the $700 if you hold or held a Scotiabank chequing account in the last two years. The bonuses are paid late: about nine months for the $700 and about ten months for the other two. Scotiabank limits you to one of each bonus. We did not compare the monthly fee on the packages, so check it on Scotiabank’s page before you open.
Chapter 3
National Bank: up to $600
Open until Nov 3The Connected or The Total chequing account
This offer runs from May 7 to November 3, 2026, and it is for your first chequing account at National Bank. Everything has to happen within 120 days of opening.
- $300 for the account. Sign up for online banking, complete 20 eligible transactions such as debit purchases and bill payments, and receive three automatic deposits of at least $100 each, timed in the first 60 days, between days 60 and 89, and between days 90 and 120. Keep the package for at least 120 days.
- $100 for a credit card. Get approved for an eligible National Bank Mastercard and make 20 purchases or cash advances.
- $100 for mortgage payments. Set up automatic mortgage payments from the new account to a National Bank mortgage.
- $100 for a high interest savings account. Open one within 15 days, deposit at least $5,000, and keep at least $5,000 in it until day 120.
The catch: you must keep the new account, and the new card if you took one, for at least 12 months, or you may have to pay back part of the cashback. You also cannot have held a National Bank credit card in the past 36 months to get the card bonus. On the Connected plan, the monthly fee is $15.95 for ages 25 to 59 and $10.95 for 60 and over, but it is waived at a $4,500 balance. The cashback arrives by the end of the sixth month.
Chapter 4
BMO: up to $900
Open until Nov 2BMO Summer Everyday Banking Offer
BMO’s current offer runs from August 7 to November 2, 2026. The older BMO offer closed on August 6, so be careful with older articles that quote its terms. The Performance and Premium plans can earn up to $700 for chequing, $150 for a Savings Amplifier Account, and $50 for a planning tool.
- Chequing: open and fund the account by November 2 and set up a recurring direct deposit of at least $500, with the first deposit by December 31.
- Savings: deposit $10,000 or more within 30 days of opening a Savings Amplifier Account and keep it there for four months.
We cover every step in our BMO $900 bonus post. BMO says bonuses are paid by June 30, 2027, and the chequing account must stay open until November 2, 2027. You cannot qualify if you already have a BMO chequing account.
Chapter 5
Tangerine: $250 for moving your pay
Open until Oct 31Tangerine New Client Payroll Offer
This is the simplest offer here. You need to be a new client whose client number was created between May 1, 2024 and October 31, 2026. Open a Tangerine Chequing Account within 60 days of creating the client number, then set up payroll direct deposits within 60 days of opening the account.
- Deposit your full payroll amount.
- Payroll deposits must total at least $200 a month, for at least two months in a row.
- The first eligible deposit must arrive within 60 days of opening.
The $250 is paid into the chequing account in the month after the second month of deposits. Pensions, Employment Insurance, Old Age Security and Canada Pension Plan count as payroll under the terms. The account has no monthly fee and no minimum balance. The offer cannot be combined with another chequing bonus, and it is limited to one per client.
Chapter 6
Which one should you pick?
You want the least work
Tangerine. One account, one paycheque, two months. The bonus is smaller, and there is no monthly fee.
You will move your pay and open a card
Scotiabank has the highest ceiling, but it takes six months of deposits and pays late. Pick it only if you will actually use the credit card.
You have $10,000 to leave alone
BMO’s savings bonus needs $10,000 for four months. Compare the promotional rate against a regular high-interest savings account first.
You want a defined 120-day checklist
National Bank lays out every step with dates. It also asks you to keep the account for a year.
Before you open any of them
Nothing here costs money, and it takes ten minutes.
- 1. Put the dates in your calendarWrite down the last day to open, the 60 or 120 day deadlines, and the last month of required deposits.
- 2. Check that your pay qualifiesBanks only count certain deposit types. Look at the list in the terms before you tell your employer to switch.
- 3. Read the feePackages and some chequing plans charge monthly. Work out whether the bonus beats a year of fees.
- 4. Do not open a card you will not useA new credit card affects your credit file. Only take the card bonus if you would get that card anyway.
- 5. Plan to staySeveral offers can be clawed back if you close early. Keep the account for the full period in the terms.
- 6. Ask about taxCash bonuses from banks may count as income. Check with a tax professional if the amount is large.
Frequently asked questions
Which Canadian bank welcome bonus is biggest in October 2026?
Scotiabank advertises up to $1,000 and BMO up to $900, but both include savings or credit card parts on top of the chequing bonus. For chequing alone, BMO lists up to $700 and Scotiabank $700.
When do the offers end?
Scotiabank ends October 29, Tangerine October 31, BMO November 2 and National Bank November 3, 2026, based on each bank’s own terms.
Do I have to move my paycheque?
Yes for all four. Each one requires an eligible recurring direct deposit, such as payroll or pension, though the amount and length differ.
When will I get the money?
It depends on the bank. Tangerine pays the month after two months of deposits. National Bank pays by the end of the sixth month. Scotiabank pays about nine to ten months after opening. BMO pays by June 30, 2027.
Can I get more than one bank’s bonus?
Each bank limits you to one bonus, but the offers are separate. Some offers have conditions that exclude people who recently held an account or card with that bank.
Is a bank bonus taxable?
It may be treated as income. We are not tax advisors, so ask a tax professional if the amount is large.
- Sources, checked October 8, 2026: Scotiabank, chequing accounts and Cash Bonus Bundle Offer terms; Tangerine, chequing account offer; National Bank, The Connected promotional offer; BMO, new account offers. Photo from Pexels.
Important: This is general information, not financial or tax advice. Banks can change or withdraw offers without notice, and your eligibility depends on your own accounts and credit. Read the full terms on the bank’s website before you open an account. The links on this page go to the banks’ own pages and we are not paid for clicks on them. See our affiliate disclosure.
