Can you benefit from several bank account bonuses?

Yes. Each bank pays its own bonus, independently of the others. By spacing out openings and meeting each one's direct deposit conditions, you can benefit from several over the same year.

How long do you need to keep the account open?

Most offers require a recurring direct deposit for six consecutive months. Closing the account before that window means losing the bonus, or triggering a clawback of the amount paid.

Does a savings account really pay more?

A chequing account pays almost no interest, while a high-interest savings account can pay several percent a year. On a balance of a few thousand dollars, the difference over a year is meaningful, with no risk.

Are bank account bonuses taxable?

In Canada, a bank account cash bonus is generally treated as income and may trigger a tax slip. It differs from credit card points, which are seen as a non-taxable purchase rebate.

How do you avoid the monthly fees on premium plans?

Premium plans waive their monthly fees if you maintain a minimum balance, for example $6,000 for the Scotiabank Ultimate Package. If you cannot set aside that amount, a no-fee account remains preferable.

Can a bank plan rebate a credit card's fees?

Yes. The Scotiabank Ultimate Package grants an annual fee rebate of up to $150 on an eligible card, which waives, for example, the Scotiabank Passport™ Visa Infinite +* Card.