No-fee chequing, fintech-first and welcome-bonus accounts — compared on offer terms, fees and deposit protection.
Take the 30-second match below or browse the current welcome offers listed on this page.
Offer terms were checked against each provider’s official page on October 11, 2026.
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Wealthsimple: $25 sign-up bonusNew clients get a $25 cash bonus when they open a Wealthsimple account through our referral link and deposit at least $100 from another institution within 30 days.
New Simplii clients only: Canadian residents of the age of majority who have not held a Simplii Financial product as primary account holder on or before March 23, 2026. Open a new No Fee Chequing Account as primary account holder between October 1, 2026 and January 31, 2027. Within 150 days of opening the account, set up eligible recurring direct deposits (such as payroll, pension, old age security, disability payments or employment insurance) totalling at least $100 a month, credited for 4 consecutive months. Interac e-Transfers and transfers between accounts do not count. The $350 is deposited to the new account within 3 business days of meeting the requirements, and the account must be active and in good standing at that time. One cash reward per client.
New Tangerine clients only (Client Number created May 1, 2024 to October 31, 2026). Open a Tangerine Chequing Account as primary holder within 60 days of becoming a client. Set up recurring payroll direct deposits within 60 days of opening the account, deposit the full amount, at least $200 a month, for at least 2 consecutive months. Bonus is paid to the chequing account the month after the conditions are met. Only payroll-coded deposits qualify (these include pension, EI, OAS, CPP). Can't be combined with other chequing cash bonus offers. One bonus per client. The offer ends October 31, 2026: that is the last day a qualifying Client Number can be created, and Tangerine says the offer may be changed, extended or cancelled without notice.
3 months free of KOHO's Everything plan with a member's referral code (KOHO values it at $66)
Sign up with an existing KOHO member's referral link or code, verify your account, and make a first purchase of at least $20 within 30 days. The reward is a waived plan fee, not cash: the cash reward on KOHO's referral page goes to the member who shared the code. KOHO's page does not state an end date.
Up to $35 in Neo Rewards credit: $25 when you get a Neo credit card + $10 when you open and fund a Neo Savings or Neo Chequing account
New Neo customers only, signing up through a referral link. $25 after you are approved for an eligible Neo credit card. $10 after you open a Neo Savings or Neo Chequing account and deposit $50 (the footnote says the $50 goes into a Neo Everyday or Neo Chequing account). The application must be completed within 90 days of the referral. Neo pays both bonuses as Neo Rewards referral credits, applied automatically to the Neo profile, not as cash. Limited-time offer with no end date listed, and Neo can change or cancel it at any time without notice. The full $35 requires both a credit card approval and a funded deposit account.
Which Canadian bank account has the best welcome bonus right now?
Of the no-fee chequing offers listed on this page, Simplii Financial No-Fee Chequing has the highest dollar value: $350 cash for setting up direct deposit (sign-up deadline: January 31, 2027). Next is Tangerine No-Fee Chequing: $250 cash bonus for moving your pay (sign-up deadline: October 31, 2026). Each offer has its own deposit conditions and deadline, shown on its card above. The terms were checked against each provider's official page on October 11, 2026. On deposit protection: Simplii is a trade name of CIBC, which is a CDIC member, and Tangerine is a CDIC member in its own right (a wholly owned Scotiabank subsidiary). CDIC coverage has limits — at Tangerine, for example, it is up to $100,000 per name registration (principal and interest combined).
Are KOHO and Neo Financial CDIC insured?
It depends on the provider and the account. KOHO is regulated by FINTRAC as a money services business, not a bank. KOHO says your funds are eligible for CDIC protection up to $100,000 per beneficiary, per CDIC member institution, once you opt in to Earn Interest, because they are then placed in trust with CDIC member institutions; KOHO balances that aren’t earning interest are not eligible for CDIC protection. Neo says funds held in the Neo Chequing account are eligible for CDIC insurance up to $100,000. Both arrangements can change, so read the provider’s current CDIC disclosure for the exact account you open before you move a large balance.
Can I leave my Big-5 bank without losing my mortgage / line of credit?
Moving your day-to-day chequing to another bank doesn’t by itself close a mortgage or line of credit — they are separate products, so you can open a no-monthly-fee account at Simplii, Tangerine or EQ Bank and keep borrowing where you are. Before you close the old account, ask your lender whether your mortgage or line-of-credit payments have to come from an account held there, and whether any rate discount or fee waiver depends on keeping it. Move those payments first, then close the account.
What's the difference between a digital bank and a fintech?
A digital bank is run mainly online and through an app, but it is a bank or a division of one. The digital banks on this page are CDIC members or part of one: Simplii is a trade name of CIBC, which is a CDIC member, Tangerine is a CDIC member in its own right (a wholly owned Scotiabank subsidiary), and EQ Bank deposits are eligible for CDIC protection up to $100,000 per insured category, per depositor (Equitable Bank, which trades as EQ Bank, is a CDIC member). A fintech such as KOHO or Neo is an app-first company. KOHO, for example, is regulated by FINTRAC as a money services business rather than a bank, and its CDIC eligibility depends on whether your balance is earning interest (see the question above). The practical difference is how deposit protection works, so check each provider’s CDIC disclosure for the specific account you open.