Settling in as a newcomer to Canada is an exciting experience, but one that isn’t without its challenges. Luckily, finding a bank account that offers you genuine value, convenience and extra perks shouldn’t be too hard.
Choosing the right bank and account can help make your transition to life as a Canadian resident much more straightforward. There’s a lot of choice out there, which is why our guide highlights the best bank accounts available for newcomers along with some extra tips to help you make the right choice for your banking needs.
Best Bank For Newcomers In Canada
Here are some of the best bank programs for newcomers in Canada:
BMO NewStart Program
The BMO NewStart Program offers newcomers to Canada access to their Performance Chequing Account, as well as a host of other offers designed to make the financial transition as easy as possible. With no-fee global money transfers, a no-annual-fee credit card, and more, this program aims to cover several bases for newcomers.
BMO Performance Chequing Account
The BMO Performance Chequing Account is suited for everyday banking, with unlimited transactions and Interac e-transfers. The $17.95 monthly fee is waived with a $4,000 balance, and you have no-fee access to BMO’s large ATM network.
- Eligibility. Must be a Canadian resident of at least 18 years (or the age of majority) and have a SIN. You must be a permanent resident or foreign worker who arrived in Canada within the last five years to qualify for the NewStart Program.
- Perks. Unlimited transactions, free in-network ATM access, and cash bonus perks when you sign up through the NewStart Program.
- Credit Card Offer. Start building Canadian credit history with the BMO CashBack Mastercard, with no annual fee and an introductory 5% cash back offer up to $125.
- Welcome Bonus. Earn a $350 cash bonus when you sign up and complete various deposit actions (offer valid until October 31, 2024).
Scotiabank StartRight Program
Scotiabank offers the StartRight Program for newcomers to Canada. This includes no monthly fees on a Preferred Package chequing account for the first year, a bonus points offer on the Scotiabank Passport Visa Infinite card, and unlimited no-fee money transfers.
Scotiabank Preferred Package Chequing Account
The Scotiabank Preferred Package chequing account offers newcomers an everyday chequing account with unlimited debit and Interac transactions, and a waived monthly fee with a balance of $4,000 or more.
- Eligibility. Canadian residents of 0 – 5 years via permanent residency or foreign worker visa, plus be at least 18 years old or meet the age of majority in your province.
- Perks. Overdraft protection, preferred rates on select GICs, and a first-year annual fee waiver (up to $150) on select credit cards.
- Credit Card Offer. This program offers access to select Scotiabank cards, including the Scotiabank Passport Visa Infinite card.
- Welcome Bonus. You can earn up to $400 with a Preferred Package account and an eligible investment plan.
TD’s New to Canada Banking Package
Get a chequing account with no fee for the first year with unlimited transactions through TD’s New to Canada Banking Package. It also includes access to TD credit cards and mortgages.
TD’s Unlimited Chequing Account
This account offers newcomers unlimited transactions, a first-year waiver of the monthly fee (worth up to $203), and free Interac transactions.
- Eligibility. Must be a permanent resident, international student or temporary resident in Canada for five years or less.
- Perks. First-year waived annual fee, unlimited transactions and multiple TD credit card options with a credit limit of up to $15,000.
- Credit Card Offer. With TD’s newcomer program, newcomers with no credit history can get approved for the TD Cash Back Visa Card, the TD Rewards Visa Card, and the TD Aeroplan Visa Platinum Credit Card
- Welcome Bonus. Earn $400 cash by setting up a new TD Unlimited Chequing Account and completing three standard banking tasks.
CIBC Newcomers Program
The CIBC Newcomers Program offers a range of banking services and financial products tailored to support newcomers, including a waived monthly fee for two years as well as other bonus offers.
CIBC Smart Account
The CIBC Smart Account is ideal for everyday banking, with unlimited transactions and access to CIBC’s extensive ATM network. A low $4.95 monthly fee can be waived with a $4,000 minimum balance, but newcomers have access to a two-year monthly fee rebate.
- Eligibility. To qualify for the CIBC Newcomers Program, you must be a Canadian resident of at least 18 years old (or the age of majority). You’ll need to have either permanent resident or landed immigrant status and have arrived in Canada no more than five years ago.
- Perks. Unlimited transactions, no-fee access to CIBC’s ATMs and free Interac e-Transfers. Plus, various cash bonuses are on offer upon sign-up.
- Credit Card Offer. CIBC’s newcomer program features the CIBC Dividend Visa Card, with a two-year annual fee rebate as a welcome offer.
- Welcome Bonus. Receive up to $400 in cash when you open a new CIBC Smart Account and complete various banking activities (offer valid until October 31, 2024).
RBC Newcomer Advantage Program
RBC’s Newcomer Advantage Program is designed to help newcomers in Canada take control of their finances. Key features include a year of no monthly fees with an RBC No Limit Banking Account, and a suite of services to ease the transition to life as a Canadian resident.
RBC No Limit Banking Account
The RBC No Limit Banking Account offers unlimited transactions, access to RBC’s extensive network of ATMs across Canada, and the $4 monthly fee is waived for the first year. There are also no limits to the number of debit transactions you can make within Canada.
- Eligibility. Canadian residents of at least 18 years old or the age of majority in your province, either permanent residents or foreign workers who have been in Canada for no more than five years.
- Perks. Unlimited transactions, free Interac e-Transfers, and no-fee access to RBC ATMs. There’s also specialized financial advice and guidance tailored to newcomers, and special offers on other RBC products.
- Credit Card Offer. RBC offers newcomers a range of credit cards, depending on their needs. Newcomers with no or limited credit history could qualify for no annual fee, a credit limit of up to $15000 and a 10% cash back bonus for the first three months.
- Welcome Bonus. Up to 12% cash back with the RBC Cash Back Mastercard for the first three months.
National Bank’s Newcomers Program
The National Bank’s Newcomers Program provides new arrivals in Canada with immediate banking benefits and personalized legal support. Highlights include a year of no monthly fees on the NBC Essential Account and access to a National Bank of Canada Mastercard.
NBC Essential Account
The NBC Essential Account provides a straightforward chequing account with unlimited transactions and access to NBC’s extensive ATM network. The monthly fee of $15.95 is waived for up to three years for newcomers.
- Eligibility. Permanent residents, temporary workers or international students who are at least 18 years old and have been in Canada for 0 – 5 years can apply.
- Perks. Unlimited transactions, no-fee Interac e-Transfers, and access to an NBC Mastercard. Additionally, the program includes access to 12 months of legal information over the phone.
- Credit Card Offer. The program offers newcomers with no credit history access to a National Bank of Canada Mastercard.
- Welcome Bonus. N/A
Other Bank Accounts For Newcomers
Many non-traditional and online banks offer great bank accounts with multiple features. Here’s a list of some of the best bank accounts for newcomers to Canada:
EQ Bank Personal Account
EQ Bank is one of Canada’s biggest online-only banks, and the EQ Personal Account is another great choice for newcomers to Canada. This online bank account combines high interest rates, no or minimal fees and several other convenient online banking features. With a focus on simplicity and efficiency, EQ Bank’s Personal Account can help newcomers manage their finances with ease.
- Bank Account Overview. The EQ Bank Personal Account is a no-fee, high-interest hybrid account that provides extremely competitive rates on savings. There are no minimum balance requirements, no monthly fees and no transaction limits. This makes this account a cost-effective option for everyday banking. The Personal Account also supports free Interac e-Transfers and allows easy online money management through EQ Bank’s app and website.
- Eligibility – To open an EQ Bank Personal Account, you must be a Canadian resident of at least 18 years old. You need a valid Social Insurance Number (SIN) and a Canadian address.
- Perks – Unlimited transactions, high-interest earnings on your chequing account holdings, no minimum balance and easy online banking service.
Neo Everyday Account
Neo Financial is one of Canada’s fastest-growing fintech companies, offering innovative financial solutions for modern banking needs. The Neo Everyday Account is suitable for newcomers to Canada looking for a seamless, cost-effective banking experience that isn’t short on perks.
- Bank Account Overview. The Neo Everyday Account is a no-fee, high-interest hybrid account that functions as a chequing and savings. There are no monthly fees or transaction limits, and it also provides free Interac e-transfers. You can also access a Neo Money Card and benefit from competitive cashback offers across a range of Neo partners.
- Eligibility. You must be a Canadian resident 18 or older, with a valid Social Insurance Number (SIN) and proof of Canadian residency.
- Perks. No monthly fees, high-interest savings on your holdings, free e-transfers and access to the Neo Money Card which generates cashback across a range of spending categories.
Simplii Financial New To Canada Program
Simplii Financial is an online bank offering a dedicated newcomers program, with the Simplii No Fee Chequing Account providing a streamlined, no-frills option for everyday banking.
- Bank Account Overview. The Simplii No Fee Chequing Account is designed to eliminate the hassle and complexity of most bank accounts. There are no monthly fees, unlimited transactions and access to Simplii’s extensive ATM network across Canada. There are also no charges for day-to-day banking activities such as bill payments and Interac e-Transfers.
- Eligibility. You must be a Canadian resident of at least 18 years old, or the age of majority in your province. You will need to provide a valid Social Insurance Number (SIN) and proof of Canadian residency.
- Perks. No monthly fees, unlimited transactions, access to a wide ATM network and straightforward online banking.
- Credit Card Offer. Access to the Simplii Financial Cash Back Visa Card with a credit limit of up to $10,000 and no Canadian credit history required.
- Welcome Bonus. New customers can earn up to $400 by making eligible direct deposits for at least three months.
How To Open A Bank Account As A Newcomer In Canada
Once you’ve chosen one that you’re eligible for, here’s what you’ll need to open a bank account as a newcomer in Canada.
- Proof of Identity. A valid passport, driver’s license, or government-issued ID will be necessary to open any bank account in Canada.
- Proof of Address. This could be a recent utility bill, a rental agreement or contract, or another official document that displays your address in Canada.
- Social Insurance Number (SIN). This is required for tax reporting and to access certain financial services. Some banks may accept an alternative document if you don’t have a SIN yet, but you’ll have to enquire in person.
- Immigration Documents. In addition to the above, you’ll need to present your permanent resident card, work permit, or study permit to prove your status as a legal resident in Canada. Some banks may also require proof of entry into Canada if you have arrived within the past few months.
While many Canadian banks will offer at least partial account sign-up online, in some cases you may have to make an in-person visit to confirm your new account. Depending on your status, you could also be asked to bring your documentation to a meeting at your local branch. Of course, any online-only bank will allow you to open an account completely online, as long as you are eligible for the account.
| Can A Non-Resident Open A Bank Account In Canada? While each bank has policies regarding who can or cannot open an account, generally speaking, it is possible for non-residents in Canada to open bank accounts. Tourists with an address in Canada, for example, may be eligible to open an account using a foreign passport as ID. |
How To Choose A Bank Account
As a newcomer to Canada, there are certain things you should consider when choosing a bank account, including cost, access to international money transfers and credit card offers.
Consider Your Banking Needs
Think about how often you’ll need to perform transactions and whether you need features like unlimited transactions, international money transfers, etc. It’s also worth considering whether you want an online account or a traditional bank that you can visit in person. Choose an account that aligns with your needs and expectations.
Compare Fees and Features
Review which accounts offer the best value for money, taking into consideration monthly fees, overdraft protection, and interest rates if applicable. Additional features like free international money transfers and access to certain credit cards could also be important to you, so it’s worth taking the time to weigh things up.
Evaluate Customer Service
It’s a good idea to research any bank’s customer service, especially if you feel you might need to lean on them to get set up with an account. Good customer support can be crucial, and online reviews are a great way to find out how a bank is performing.
Banking Terms You Should Know As A Newcomer To Canada
- Bank draft: This is a payment instrument issued by a bank on behalf of a customer, guaranteeing the amount on the draft. It is similar to a cashier’s cheque and is considered more secure than a personal cheque.
- Routing number: In Canada, the routing number (or transit number) is a nine-digit code used to identify a specific financial institution and branch. It is used to process payments like direct deposits and electronic transfers.
- Void cheque: A void cheque is simply a cheque with the word “VOID” written across it. Doing this renders the cheque unusable, but it provides the necessary information for setting up direct deposits or automatic payments, including the account and routing numbers.
- Direct deposit: This is an electronic payment method where funds are directly transferred into a recipient’s bank account. It’s commonly used for payroll, government benefits and other regular payments coming into your bank account.
- Account number: This is a unique number assigned to a bank account, used to identify the specific account for transactions including deposits, withdrawals, and transfers.
Conclusion
Starting your financial journey in Canada can be much easier with the right bank account. With so many newcomer programs available, it’s worth taking the time to make the right choice for you and your money.
