Want to Earn $50 to $300? Open a No Fee Bank Account [Canada]

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Finding a few extra dollars is cool. OK. Finding or earning a few extra bucks is always cool and, if you’re in the market for a new bank, now is the time to switch. Open a no-fee bank account and you could get a cash bonus!

To help you choose, here are five banks—four online banks and a digitally-savvy credit union in Saskatchewan—that offer no-fee bank accounts. While only four have cash promotions for new clients all offer great perks and no-fee bank accounts.

Simplii – $50 Cash Bonus

Want to earn $50 just for opening a new no-fee bank account? Check out the refer a friend offer from Simplii.

Simplii Financial is one of the top Canadian online banks and—full disclosure—I’m a Simplii bank client and have been for more than a decade.

Years ago, before this CIBC online-only affiliate rebranded as Simplii, I chose to open a no-fee bank account for my day-to-day banking. For more than a decade, I’ve used my Simplii account for direct payroll deposits, an unlimited number of e-transfers and unlimited bill payments along with one-off transfers (like when I buy something off of the Facebook marketplace).

As one of the veteran players in the Canadian online bank space, Simplii has a lot of experience in helping clients save and manage their money in a simple, fee-free way. Some of the biggest perks of becoming a Simplii client:

• No minimum balance is needed (for any account, although a new client may be required to keep a minimum balance until the promo deal is complete);
• No monthly fees;
• No transaction fees;
• Easily set up automatic deposits (such as payroll or Canada Revenue Agency tax refunds);
• Easily set up automatic bill payments.
• Free access to all CIBC ATMs across Canada.

Even better is that new clients can cash in on Simplii’s Refer a Friend cash bonus deal.

The $50 Cash Bonus Deal

New Simplii customers get a $50 bonus when they open an account using a friend referral link.

Open an account without the referral link? No cash!

To get your $50 cash bonus, you need to sign up for one of the following:

• No fee chequing account
• High-interest savings account
• Cashback Visa card
• Personal Line of Credit

Then, for the no-fee accounts, you’ll need to:

• Deposit at least $100 into the no-fee account (chequing or saving) in the first 6 months after opening the account;
• Keep a minimum account balance of $100 for at least 30 days.

For the cashback Visa or the personal line of credit, you’ll need to:

• Spend a minimum of $100 on the cashback Visa or from the new line of credit in the first 6 months after opening the account.

When Will I Get the Refer a Friend Cash Bonus?

According to the Simplii eligibility requirements, new account holders need to wait five months before they get their cash bonus.

You’re only eligible for this offer if you haven’t been a Simplii client since November 1, 2017, and only if you use a Refer a Friend referral code. Full details of this offer are found here.

Other Details to Know About Simplii No Fee Bank Account

There are no downsides to a no-fee bank account; however, there are some limits that you should be aware of in order to make the most of your new Simplii account.

• Unlimited debit purchases, bill payments and withdrawals.
• Free, unlimited Interac e-transfer transactions (up to the set limits):
  • Maximum e-transfer is capped at $3,000 per day.
  • Maximum e-transfer is capped at $10,000 per week.
• There is a 1-day delay when transferring money from a high-interest savings account to another account (no delays when transferring from a no-fee chequing account).
• If you need to stop an e-transfer, there is a $3.50 charge.

Remember, Simplii Financial is a full-service online bank that started operating in Canada in November 2017, after CIBC took ownership of the online-only bank. Prior to this date, clients knew the online bank as PC Financial but that name was reclaimed by President’s Choice Financial, which is a part of Loblaw Companies Limited.

Simplii is backed by CIBC, one of the ‘Big 5’ banks in Canada. Plus, any deposits made to Simplii are covered by CDIC deposit insurance of up to $100,000 per insured category.

EQ Bank – $150 Cash Bonus

OK! I confess I am also an EQ Bank client! I joined because of the high-interest rates offered on their savings accounts and I’ve continued to use these accounts for more than half a decade.

The main benefits of an EQ Bank account are:

• 1.50% interest for every customer
• No monthly fees
• Free Interac e-Transfers
• Free Electronic Funds Transfers
• Free bill payments
• Free EQ to EQ Transfers
• No minimum balance
• No separate accounts for savings/chequing
• CDIC deposit insurance eligibility
• Multiple security layers and fraud monitoring
• Secure account linking
• Backed by Equitable Bank with over 50 years of experience
• No holds on deposited funds

To get a $150 cash bonus you need to be a new client and open an EQ Bank Savings Plus Account by June 15, 2022. Then:

1. Set up at least one eligible recurring payroll direct deposit to your account that is at least $100 per deposit;
2. Initiate the first deposit within 60 days of account opening;
3. Have the recurring payroll deposit continue for at least 3 months.

If it’s past the June 15, 2022 cut-off, not to worry. You can still get $20 for opening a new EQ bank account and completing the eligibility requirements.

To open an EQ Bank no-fee account, go here.

Tangerine – $50 Cash Bonus

Only recently did I open a Tangerine no-fee bank account. It’s not that the brand or the offerings weren’t good—they are!—but I didn’t have a reason to stray from my current no-fee bank accounts, until recently.

I needed a way to separate particular credit card charges and realized that the best method was to apply for a no-fee credit card. At that time, the Tangerine Visa was offering a 10% cashback promo, so I decided to take advantage of the promo—and it included opening a Tangerine no-fee bank account.

Like many online bank accounts, the Tangerine no-fee chequing or savings account is easy to use and costs me nothing to keep open.

Get A $50 Cash Bonus Deal

New clients get an even sweeter deal with an automatic $50 cashback bonus but only if you open an account using a friend’s referral code. Need one? Use mine: 63789209S1

To get your bonus make sure to:

• Open an eligible account;
• Deposit at least $250 within 60 days of becoming a Tangerine client;
• Keep a minimum account balance of $250 for at least 60 consecutive days.

When Will I Get My Tangerine New Client Cash Bonus?

Your $50 cash bonus will be deposited into your Tangerine Savings Account or Tangerine Chequing Account approximately 90 days after you open your new account and meet the eligibility requirements.

The main advantages of the Tangerine no-fee bank account are:

• No fees
• Great interest rates
• Helpful money management tools
• Simple mobile and online banking

To open a no-fee bank account at Tangerine, go here and use this Orange Key referral code: 63789209S1.

Motusbank – $0 Cash Bonus

Another online, no-fee bank is Motusbank. The advantages offered include:

• Zero monthly account fees
• No minimum balance required
• Eligible deposits insured up to $100,000 by CDIC
• Unlimited debit purchases and withdrawals
• Access to over 43,000 surcharge-free ATMs in North America with THE EXCHANGE® Network in Canada and the Allpoint Network in the US
• Zero daily banking fees
• Free, unlimited use of our Price Drop feature

Innovation Credit Union – $300 Cash Bonus

Open a no-fee bank Innovation Credit Union bank account and earn $300!

To be eligible to earn the $300, you must:

• Be a Saskatchewan resident that is 18 years or older.
• Open an Innovation No-Fee Bank Account online using the promo code SIGNUP300 before December 31, 2022.
• Deposit a minimum of $5 into your account (this covers the cost of the credit union’s membership fee).
• Set up a recurring direct deposit of at least $100 and have it deposited twice into your no-fee bank account. This must be done within 90 days of opening your new account.

The big perks of a no-fee bank account from Innovation Credit Union are:

• No monthly fees
• Free and unlimited Interac e-transfer
• Free ATMs across Canada
• No minimum balance required

Once completed, eligible new clients will get their $300 cash bonus 90 days after opening their new Innovation Credit Union account. Keep in mind, that you will be charged $30 if you decide to close this account within 180 days of the opening date.

When Choosing a Bank Account

A word of caution: When it comes to getting free money read the fine print.

Unlike a store account card or credit card, shutting down a bank account and moving your finances to another account can be labour-intensive. Plus, the terms and conditions may require you to pay back bonus money or pay early-termination fees.

To make a smart choice read the terms and conditions and pick a product that works for you.

To help find the right no-fee bank account in Canada, while keeping costs low, check out the cost-cutting guide.