Your bank is almost certainly not paying you to be a customer. These apps will.
Canada's fintech boom has created a new generation of banking products that compete aggressively for customers — and they compete with cash. Sign-up bonuses ranging from $35 to $500 are on the table right now for Canadians willing to spend 10 minutes opening an account they'd probably benefit from using anyway.
Here's a breakdown of the best banking app sign-up bonuses in Canada right now, what each product is actually like to use, and who each one suits best.
KOHO — $40 for Making One Purchase
The bonus: $40 cash when you open an account and make your first purchase over $20.
KOHO is a prepaid Mastercard paired with a spending account. There are no monthly fees on the base plan, no credit check to apply, and the card works anywhere Mastercard is accepted.
What makes KOHO worth keeping beyond the bonus is the cashback. You earn up to 2% back on groceries, dining, and transit — automatically, with no categories to activate. KOHO also includes savings tools that round up purchases and set aside the difference, which works surprisingly well for people who struggle to save manually.
The $40 bonus is the easiest to claim on this list: one purchase over $20 and it's done. No minimum deposit, no waiting period.
Best for: Everyday spending, people who want cashback without a credit card, first-time budgeters.
Neo Financial — Up to $35 in Two Parts
The bonus: $10 when you open a Neo Money account and deposit $50, plus $25 when you activate a Neo credit card.
Neo Financial offers two products that each carry their own bonus, which means you can claim both or just one depending on what you need.
The Neo Money account is a high-interest savings account with no fees and no minimum balance. The interest rate is competitive with the best HISA rates in Canada. Opening one and depositing $50 takes about five minutes and earns you $10 instantly.
The Neo Mastercard is a no-fee credit card with standout cashback rates at partner retailers — up to 15% at select stores, and a base rate on everything else. The $25 credit card bonus is paid after activation.
If you claim both, that's $35 total, split across two simple actions.
Best for: People who want both a savings account and a cashback credit card, or anyone with existing Neo products who wants to add the other.
Get the Neo Financial referral code
Simplii Financial — Up to $500 (the Highest on This List)
The bonus: $50 just for opening an account, plus up to $450 more through direct deposit and credit card sign-up.
Simplii is a division of CIBC — one of Canada's Big Five banks — which means your deposits are CDIC insured and you have access to CIBC's ATM network at no charge. That's a meaningful advantage over newer fintech apps that rely on partner ATMs or charge withdrawal fees.
The base $50 bonus is the most straightforward: open a No-Fee Chequing Account and it's yours. The larger bonuses kick in when you set up direct deposit (your paycheque) or apply for the Simplii Visa.
The no-fee chequing account itself is a legitimate replacement for a traditional bank account. Unlimited transactions, e-Transfers, and bill payments — all free. For Canadians paying $15–$20/month in bank fees, switching to Simplii alone saves real money independent of the bonus.
Best for: Canadians looking to ditch their big-bank fees, anyone who wants a full no-fee banking setup backed by a major institution.
Get the Simplii Financial referral code
Which Banking Bonus Should You Claim First?
If you can only do one, Simplii has the highest ceiling — up to $500 — and the strongest case for long-term use as a primary bank account. The $50 base bonus alone is delivered with virtually zero effort.
If you want fast and easy, KOHO's $40 is the simplest claim on this list and the quickest to pay out. One purchase and you're done.
If you want both a savings account and a credit card in one sign-up session, Neo's $35 across two products is a solid combination, especially for cashback shoppers who spend at Neo's retail partners.
The honest answer: there's no conflict between these. KOHO is a prepaid card, Simplii is a bank account, and Neo can serve as a savings account and credit card. You can hold all three and claim all three bonuses — they don't overlap.
What About Crypto and Investing?
Banking apps are just one category. If you're also open to investing or crypto accounts, the bonuses get bigger:
- Questrade — $50 cash for opening a self-directed investing account
- Wealthsimple — $25 cash for funding any account type
- Moomoo — up to $300 depending on deposit size
- Newton — $25 in Bitcoin for making your first crypto trade
A focused week of sign-ups across banking and investing can realistically add $300–$500 in bonuses without changing how you manage your money.