What Canadian Banks Are Offering Incentives to Open an Account
In today’s competitive financial landscape, Canadian banks are constantly looking for innovative ways to attract new customers. One of the most popular strategies is to offer incentives to open a new account. These incentives can range from cash bonuses to free banking services, making it an attractive proposition for individuals and businesses alike. Let’s take a closer look at some of the incentives currently being offered by Canadian banks.
Cash Bonuses
One of the most sought-after incentives is a cash bonus. Many banks are offering new customers a one-time cash bonus when they open a new account and meet certain criteria. For example, TD Canada Trust is currently offering a $100 cash bonus to new customers who open a new TD EasyLine account and make a minimum deposit of $100 within 60 days of account opening. Similarly, RBC Royal Bank is offering a $50 cash bonus to new customers who open a new RBC Royal Bank account and maintain a minimum balance of $1,000 for the first 90 days.
Free Banking Services
In addition to cash bonuses, some banks are offering free banking services as an incentive to open an account. For instance, Scotiabank is currently offering new customers a free first year of banking services when they open a new ScotiaBank account. This includes unlimited transactions, no monthly fees, and access to a wide range of banking products and services. Similarly, BMO Bank of Montreal is offering new customers a free first year of banking services when they open a new BMO Bank of Montreal account, including unlimited transactions and no monthly fees.
Free Gift Cards
Another popular incentive is the offer of free gift cards. Many banks are partnering with popular retailers and offering new customers a free gift card as a thank you for opening a new account. For example, CIBC is currently offering new customers a $50 gift card to a participating retailer when they open a new CIBC bank account and make a minimum deposit of $100 within 60 days of account opening. This is a great way for new customers to get started with their banking journey and enjoy some immediate benefits.
Free Financial Planning Services
For those looking to improve their financial health, some banks are offering free financial planning services as an incentive to open an account. For example, National Bank of Canada is currently offering new customers a free financial planning session when they open a new account. This can be a valuable opportunity to get personalized advice on managing debt, saving for retirement, and other financial goals.
Conclusion
In conclusion, Canadian banks are offering a variety of incentives to open new accounts, from cash bonuses and free banking services to free gift cards and financial planning sessions. These incentives can be a great way for individuals and businesses to get started with a new bank and enjoy immediate benefits. If you’re considering opening a new bank account, be sure to compare the incentives offered by different banks to find the best deal for your needs.
