The 8 Best Bank Accounts for Newcomers to Canada
Aug 14, 2024
Written by
Written by
Brianna Harrison (Credit Card & Travel Writer)
Brianna Harrison (Credit Card & Travel Writer)
Table of contents
Title
Title
Title
Finding the right bank and setting up an account is a crucial first step to getting established in Canada. To help with your search, we’ve compiled a list of the best banks for newcomers in Canada, including the big six plus two online-only banks.
Have a bank account and looking to apply for a credit card? Click here to learn how credit cards work, and here for info on how to apply for a credit card.
This article also goes hand in hand with learning how to build your credit score as a newcomer to Canada.
What Is a Newcomer Bank Account?
Many financial institutions have special offers on bank accounts for newcomers to Canada, including unlimited free transactions, cash back during the first year, and the monthly banking fee waived.
Some of the best bank accounts for newcomers to Canada also allow you to open a savings account and apply for a credit card, even if you have no credit history.
You can generally apply for these bank accounts online before arriving in the country. Once you get to Canada, all you need to do is pick up your debit card, and you’re good to go.
Best Banks for Newcomers to Canada
All six major banks offer accounts for newcomers to Canada, plus a few smaller, online-only banks (that are just as good as the big 6!).
TD New to Canada Banking Package
The TD New to Canada Banking Package helps newcomers open a chequing account, savings account, and apply for one of three credit cards.
You can open a TD Unlimited Chequing Account, which gives you unlimited debit and Interac e-Transfer transactions, no TD ATM fees, and the monthly fee is waived for an entire year. After 12 months, you’ll pay $16.95 per month unless you have a $4,000 minimum monthly balance.
You can also open a TD Every Day Savings Account ($0 monthly fee, interest calculated daily, and one transaction per month) or a TD ePremium Savings Account ($0 monthly fee, higher interest rate, and free online transfers).
This banking package also offers three credit cards for newcomers with no credit history. You could be approved for up to a $15,000 credit limit with the following cards:
Book an appointment to apply for the TD New to Canada Banking Package.
Scotiabank StartRight Program
The Scotiabank StartRight Program isn’t a designated bank account; it helps newcomers open a Scotiabank chequing account and gives you up to $2,000 in value in the first year.
With this Scotia newcomer offer, you can open a Preferred Package chequing account and pay no monthly fees for the first year. After that, you’ll pay $16.95 per month unless you keep a minimum monthly balance of $4,000.
The Preferred Package is Scotiabank’s most popular banking package. It offers unlimited debit and Interac e-Transfer transactions as well as access to the Scene+ program. If you open a Momentum PLUS Savings Account, you’ll earn an additional 0.05% interest.
You’ll need to book an appointment to open an account. View all offers, benefits, and what you’ll need to join the StartRight Program here.
BMO NewStart Program
If you’re new to Canada within the last five years, you can apply for one of three BMO bank accounts:
The Plus Chequing Account gives you 25 free debit transactions per month, unlimited Interac e-Transfers, and you can open a free Premium Rate savings account. It costs $11.95 monthly, or $0 with a minimum balance of $3,000.
The Performance Chequing Account offers unlimited everyday banking transactions and is free for the first year. After that, you’ll pay $17.95 monthly or maintain a $4,000 balance to have the fee waived. You also get up to a $40 rebate for the annual fee on BMO credit cards and OnGuard Identity Theft Protection.
The Premium Chequing Account offers unlimited free everyday transactions, free worldwide non-BMO ATM withdrawals, free cheques, drafts, and money orders, and the preferred US dollar exchange rate. It costs $30.95 monthly or $0 if you maintain a daily closing balance of $6,000.
Learn more about the BMO newcomer bank accounts here.
CIBC Smart Account for Newcomers
The CIBC Smart Account for Newcomers includes unlimited everyday banking and Interac e-Transfer transactions, one free non-CIBC ATM withdrawal per month, and you pay no monthly fee for two years.
To qualify for an account, you must:
Be arriving in Canada within the next 12 months from an eligible country
Have a valid passport and a UCI issued by the Government of Canada
Have reached the age of majority in your arrival province
Check if you’re eligible to apply for an account before arriving in Canada with CIBC Smart Arrival.
RBC Newcomer Advantage
The RBC Newcomer Advantage program allows newcomers to open a free RBC Advantage Banking Account. You get free unlimited debit and Interac e-Transfer transactions, fee-free ATM withdrawals across Canada, and you can send $0 fee international money transfers. After a year, this bank account will cost $11.95 per month.
The Newcomer Advantage program also helps those with no credit history get an RBC Cash Back Mastercard with up to a $15,000 credit limit. There is no annual fee, and new cardholders get 10% bonus cash back for the first three months.
Learn more about the RBC Newcomer Advantage account here, and open an account here.
Simplii Financial New to Canada Banking Program
Simplii Financial’s New to Canada Banking Program helps those new to Canada set up a No Fee Chequing Account. As in the name, this bank account has no transaction or account fees. You can easily set up direct payroll deposits, add overdraft protection, and you can even earn up to $500 as a welcome bonus.
You can open this bank account without having Canadian identification and apply for it before arriving in the country. All you need to do is show your port of entry letter stating that you’re coming to Canada as a student, worker, or permanent resident.
National Bank Offer for Newcomers
Newcomers can open a National Bank account with no fixed monthly fees for up to three years, saving you over $500. The newcomer program helps those with no credit history get settled in Canada with a National Bank of Canada Mastercard credit card.
This program also offers international transfers and access to their legal support service at no cost.
You can open an account if you’re arriving in Canada in less than 90 days or are already in Canada (for less than 5 years).
EQ Bank
Though not specifically for newcomers, EQ Bank’s Personal Account is a hybrid chequing and savings account great for those new to the country. There are no fees and minimum balance requirements, and you’ll get a free debit card with unlimited transactions.
EQ Bank is one of the only banks that gives you up to 4% interest on your chequing account balance. You earn 2.50% interest on everyday banking, plus 1.50% bonus interest if you deposit your paycheque in your EQ account.
With the EQ Bank debit card, you get free withdrawals from any ATM in Canada and earn 0.5% cash back on every purchase.
To sign up, all you need to do is:
Be a Canadian resident
Have a Social Insurance Number
Meet the age of majority in your province
Have a Canadian mobile phone number (if signing up online)
How To Open a Newcomer Bank Account in Canada
The eligibility criteria for opening a bank account in Canada as a newcomer is different for each bank, but generally, you must:
Be the age of majority in the province or territory you reside in
Have a government-issued photo ID
Show your residency, student, or work status
Most banks allow you to book an appointment and sign up for an account online before arriving in Canada. Once you enter the country, you can pick up your debit card and use your new bank account.
How To Choose the Best Bank as a Newcomer
When choosing the best bank in Canada, you’ll need to consider multiple factors and weigh your options carefully. Compare the following:
Welcome offers
Banking fees
Debit card limits
International money transfers
Online-only vs branch locations
Compare the welcome offers for each newcomer banking package. Most banks offer cash back or waive the chequing account fee for a year while you settle in the country. For example, you won’t pay a monthly fee for two years with the CIBC Smart Account for Newcomers.
Next, take a look at the fine print. This includes any banking fees, debit card or transaction limits, and the ability to send international money transfers (if you need to). Some newcomer bank accounts, like the BMO Plus Chequing Account, only give you 25 free monthly debit transactions. If you plan to make purchases often, choose an account with unlimited transactions.
Lastly, decide if you need a bank with branches across the country or if you can get by with an online-only bank. The two online banks in this list, Simplii Financial and EQ Bank, are great for newcomers as they offer unlimited transactions, no fees, and interest on your balance. However, you cannot easily deposit cash or talk to an advisor in person.
If you’re new to Canada, Chexy can help build your credit score and get you established by reporting your monthly rent payments to Equifax, a major credit bureau in Canada. If you don’t have a credit card yet, you can use your debit card to pay rent and earn rewards.
Subscribe to our newsletter below for up-to-date credit card, travel, and rental content.
FAQs
What are some benefits for newcomers in Canada?
Newcomers to Canada who have not yet completed their first tax return may be eligible for the GST/HST credit, Canada Carbon Rebate (CCR), and the Canada Child Benefit (CCB). Once your first tax return has been filed, you may be eligible to receive more tax benefits and credits.
Can a visitor open a bank account in Canada?
Yes, visitors can open a bank account in Canada as long as they meet the eligibility criteria set by the bank. Non-residents commonly need to provide the following documents to open a bank account: a valid passport or government-issued photo ID, proof of address, and an employment or student visa.
What is the best bank in Canada for international students?
International students can apply for the same bank accounts as newcomers to Canada, as they fall under the same category. However, some bank accounts designed for international students include the Scotiabank Student Banking Advantage Plan, the TD Student Chequing Account, and the BMO Student Chequing Account.
Finding the right bank and setting up an account is a crucial first step to getting established in Canada. To help with your search, we’ve compiled a list of the best banks for newcomers in Canada, including the big six plus two online-only banks.
Have a bank account and looking to apply for a credit card? Click here to learn how credit cards work, and here for info on how to apply for a credit card.
This article also goes hand in hand with learning how to build your credit score as a newcomer to Canada.
What Is a Newcomer Bank Account?
Many financial institutions have special offers on bank accounts for newcomers to Canada, including unlimited free transactions, cash back during the first year, and the monthly banking fee waived.
Some of the best bank accounts for newcomers to Canada also allow you to open a savings account and apply for a credit card, even if you have no credit history.
You can generally apply for these bank accounts online before arriving in the country. Once you get to Canada, all you need to do is pick up your debit card, and you’re good to go.
Best Banks for Newcomers to Canada
All six major banks offer accounts for newcomers to Canada, plus a few smaller, online-only banks (that are just as good as the big 6!).
TD New to Canada Banking Package
The TD New to Canada Banking Package helps newcomers open a chequing account, savings account, and apply for one of three credit cards.
You can open a TD Unlimited Chequing Account, which gives you unlimited debit and Interac e-Transfer transactions, no TD ATM fees, and the monthly fee is waived for an entire year. After 12 months, you’ll pay $16.95 per month unless you have a $4,000 minimum monthly balance.
You can also open a TD Every Day Savings Account ($0 monthly fee, interest calculated daily, and one transaction per month) or a TD ePremium Savings Account ($0 monthly fee, higher interest rate, and free online transfers).
This banking package also offers three credit cards for newcomers with no credit history. You could be approved for up to a $15,000 credit limit with the following cards:
Book an appointment to apply for the TD New to Canada Banking Package.
Scotiabank StartRight Program
The Scotiabank StartRight Program isn’t a designated bank account; it helps newcomers open a Scotiabank chequing account and gives you up to $2,000 in value in the first year.
With this Scotia newcomer offer, you can open a Preferred Package chequing account and pay no monthly fees for the first year. After that, you’ll pay $16.95 per month unless you keep a minimum monthly balance of $4,000.
The Preferred Package is Scotiabank’s most popular banking package. It offers unlimited debit and Interac e-Transfer transactions as well as access to the Scene+ program. If you open a Momentum PLUS Savings Account, you’ll earn an additional 0.05% interest.
You’ll need to book an appointment to open an account. View all offers, benefits, and what you’ll need to join the StartRight Program here.
BMO NewStart Program
If you’re new to Canada within the last five years, you can apply for one of three BMO bank accounts:
The Plus Chequing Account gives you 25 free debit transactions per month, unlimited Interac e-Transfers, and you can open a free Premium Rate savings account. It costs $11.95 monthly, or $0 with a minimum balance of $3,000.
The Performance Chequing Account offers unlimited everyday banking transactions and is free for the first year. After that, you’ll pay $17.95 monthly or maintain a $4,000 balance to have the fee waived. You also get up to a $40 rebate for the annual fee on BMO credit cards and OnGuard Identity Theft Protection.
The Premium Chequing Account offers unlimited free everyday transactions, free worldwide non-BMO ATM withdrawals, free cheques, drafts, and money orders, and the preferred US dollar exchange rate. It costs $30.95 monthly or $0 if you maintain a daily closing balance of $6,000.
Learn more about the BMO newcomer bank accounts here.
CIBC Smart Account for Newcomers
The CIBC Smart Account for Newcomers includes unlimited everyday banking and Interac e-Transfer transactions, one free non-CIBC ATM withdrawal per month, and you pay no monthly fee for two years.
To qualify for an account, you must:
Be arriving in Canada within the next 12 months from an eligible country
Have a valid passport and a UCI issued by the Government of Canada
Have reached the age of majority in your arrival province
Check if you’re eligible to apply for an account before arriving in Canada with CIBC Smart Arrival.
RBC Newcomer Advantage
The RBC Newcomer Advantage program allows newcomers to open a free RBC Advantage Banking Account. You get free unlimited debit and Interac e-Transfer transactions, fee-free ATM withdrawals across Canada, and you can send $0 fee international money transfers. After a year, this bank account will cost $11.95 per month.
The Newcomer Advantage program also helps those with no credit history get an RBC Cash Back Mastercard with up to a $15,000 credit limit. There is no annual fee, and new cardholders get 10% bonus cash back for the first three months.
Learn more about the RBC Newcomer Advantage account here, and open an account here.
Simplii Financial New to Canada Banking Program
Simplii Financial’s New to Canada Banking Program helps those new to Canada set up a No Fee Chequing Account. As in the name, this bank account has no transaction or account fees. You can easily set up direct payroll deposits, add overdraft protection, and you can even earn up to $500 as a welcome bonus.
You can open this bank account without having Canadian identification and apply for it before arriving in the country. All you need to do is show your port of entry letter stating that you’re coming to Canada as a student, worker, or permanent resident.
National Bank Offer for Newcomers
Newcomers can open a National Bank account with no fixed monthly fees for up to three years, saving you over $500. The newcomer program helps those with no credit history get settled in Canada with a National Bank of Canada Mastercard credit card.
This program also offers international transfers and access to their legal support service at no cost.
You can open an account if you’re arriving in Canada in less than 90 days or are already in Canada (for less than 5 years).
EQ Bank
Though not specifically for newcomers, EQ Bank’s Personal Account is a hybrid chequing and savings account great for those new to the country. There are no fees and minimum balance requirements, and you’ll get a free debit card with unlimited transactions.
EQ Bank is one of the only banks that gives you up to 4% interest on your chequing account balance. You earn 2.50% interest on everyday banking, plus 1.50% bonus interest if you deposit your paycheque in your EQ account.
With the EQ Bank debit card, you get free withdrawals from any ATM in Canada and earn 0.5% cash back on every purchase.
To sign up, all you need to do is:
Be a Canadian resident
Have a Social Insurance Number
Meet the age of majority in your province
Have a Canadian mobile phone number (if signing up online)
How To Open a Newcomer Bank Account in Canada
The eligibility criteria for opening a bank account in Canada as a newcomer is different for each bank, but generally, you must:
Be the age of majority in the province or territory you reside in
Have a government-issued photo ID
Show your residency, student, or work status
Most banks allow you to book an appointment and sign up for an account online before arriving in Canada. Once you enter the country, you can pick up your debit card and use your new bank account.
How To Choose the Best Bank as a Newcomer
When choosing the best bank in Canada, you’ll need to consider multiple factors and weigh your options carefully. Compare the following:
Welcome offers
Banking fees
Debit card limits
International money transfers
Online-only vs branch locations
Compare the welcome offers for each newcomer banking package. Most banks offer cash back or waive the chequing account fee for a year while you settle in the country. For example, you won’t pay a monthly fee for two years with the CIBC Smart Account for Newcomers.
Next, take a look at the fine print. This includes any banking fees, debit card or transaction limits, and the ability to send international money transfers (if you need to). Some newcomer bank accounts, like the BMO Plus Chequing Account, only give you 25 free monthly debit transactions. If you plan to make purchases often, choose an account with unlimited transactions.
Lastly, decide if you need a bank with branches across the country or if you can get by with an online-only bank. The two online banks in this list, Simplii Financial and EQ Bank, are great for newcomers as they offer unlimited transactions, no fees, and interest on your balance. However, you cannot easily deposit cash or talk to an advisor in person.
If you’re new to Canada, Chexy can help build your credit score and get you established by reporting your monthly rent payments to Equifax, a major credit bureau in Canada. If you don’t have a credit card yet, you can use your debit card to pay rent and earn rewards.
Subscribe to our newsletter below for up-to-date credit card, travel, and rental content.
FAQs
What are some benefits for newcomers in Canada?
Newcomers to Canada who have not yet completed their first tax return may be eligible for the GST/HST credit, Canada Carbon Rebate (CCR), and the Canada Child Benefit (CCB). Once your first tax return has been filed, you may be eligible to receive more tax benefits and credits.
Can a visitor open a bank account in Canada?
Yes, visitors can open a bank account in Canada as long as they meet the eligibility criteria set by the bank. Non-residents commonly need to provide the following documents to open a bank account: a valid passport or government-issued photo ID, proof of address, and an employment or student visa.
What is the best bank in Canada for international students?
International students can apply for the same bank accounts as newcomers to Canada, as they fall under the same category. However, some bank accounts designed for international students include the Scotiabank Student Banking Advantage Plan, the TD Student Chequing Account, and the BMO Student Chequing Account.