Best Banks for Newcomers in Canada for 2026
As a newcomer to Canada, finding the right bank and setting up your first bank account is an essential step to getting settled.
There are many established financial institutions that have special offers on newcomer bank accounts. The best banks also provide a vast branch and ATM network, mobile and online banking options, and a choice of banking solutions with low or no fees.
To help with your search, we have selected the best banks for newcomers to Canada. Use this list to find essential banking products and services to meet your day-to-day needs.
Newcomers Get More with RBC: Get the Bank Account That’s Right for You. Open a RBC Advantage Banking Account and get no-monthly-fee-banking for your first year.
Best bank accounts for newcomers to Canada
NerdWallet's take
NerdWallet's take- With the BMO Performance Chequing Account for Newcomers, you get unlimited everyday banking transactions with no monthly fee for two years, plus no-fee global money transfers and a welcome bonus to help you get started. Read our review of the Performance Chequing Account.
- The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.
Product details
Product details- (a) Earn $500 when you: Open and fund a new BMO Performance or Premium Plan Chequing Account by June 1, 2026. And complete 2 qualifying criteria by July 31, 2026. (b) Earn $100 when you: Set up a recurring direct deposit of $500 or more by July 31, 2026 and maintain it for one year. (c) Earn a Walmart Delivery Pass Subscription for up to 12 months when you: Open a Savings Amplifier Account by June 1, 2026, deposit any amount by June 30, 2026, and sign up for or update your existing Walmart Delivery Pass by July 31, 2026. (d) Earn $150 when you: Open a Savings Amplifier Account by June 1, 2026, and deposit $10,000 or more within 30 days of opening and maintain that balance for 3 months. (e) Earn $50 when you: Apply 1 Goal and 1 Strategy in My Financial Progress Plan by July 31, 2026. (f) *Terms and conditions apply. Visit bmo.com/cash.
- With the BMO Performance Chequing Account for Newcomers, get unlimited monthly transactions with no monthly Plan fee for two years.
- From the third year, the monthly fee will be $17.95, or $0 if you maintain a minimum daily balance of $4,000.
- Enjoy no-fee global money transfers.
- Receive $60 cash bonus when you rent a safety deposit box.
- Reduce fees with the BMO Family Bundle that lets your loved ones enjoy no-fee daily banking with all the benefits and privacy of separate chequing accounts.
- Get up to $40 of your BMO credit card annual fee rebated annually with a Performance Plan Chequing Account.
- The Performance Plan chequing account is eligible for CDIC insurance.
NerdWallet's take
NerdWallet's take- Get a generous cash bonus, unlimited transactions, credit card fee rebates and $0 global money transfers — plus monthly fee savings for two years — with the new CIBC Smart Account for Newcomers.
- Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.
Product details
Product details- Get a $500 cash bonus when you open your first CIBC Smart Account and complete the qualifying tasks.
- Plus, get $100 when you apply and get approved for an eligible credit card within one month of opening your CIBC Smart Account for Newcomers.
- Pay no monthly fees for two years.
- After two years, the monthly fee (for up to three CIBC Smart Accounts) varies based on the tier of eligible balances you hold (chequing, savings, GICs and other investments) or may be waived if you maintain an end-of-day balance of $4,000 for the entire month. The monthly fees based on average monthly eligible balances are: Tier 1 ($0 to $39,999):$16.95 or $0 if rebated; Tier 2 ($40,000 to $99,999): $0; Tier 3 ($100,000+): $0. Tiers are calculated monthly and based on the previous two months’ average balances.
- Move through three account tiers to unlock more benefits as your eligible balances grow.
- Get unlimited transactions, including Interac e-transfers.
- Enjoy $0 international money transfers to over 120 countries with CIBC Global Money Transfer.
- You could be eligible for annual fee rebates on an eligible credit card.
- Save with partner deals like Skip+ membership, Koodo phone plan and Canoo.
- Manage your daily spending and grow your savings with help from CIBC Insights and the CIBC Smart Planner.
- Deposits are eligible for insurance from CDIC.
NerdWallet's take
NerdWallet's take- The National Bank Chequing Account Offer for Newcomers includes account fee savings for three years, unlimited ATM and e-transfer transactions, and your first cheque order free of charge.
- National Bank of Canada, or NBC, is headquartered in Montreal, Quebec, and is one of Canada’s Big Six banks offering bank accounts, lending and investment solutions, and wealth management services. Read our review of the National Bank of Canada for more information.
Product details
Product details- Enjoy chequing account privileges with no fixed monthly fees for up to three years. Pay $0 monthly fee for the first year, $7.98 for the second year and $11.96 for the third year (fees may be reduced or waived with a minimum balance or other qualifying conditions). l Bank’s Offer for students includes:
- At the start of the fourth year, your account switches to The Connected package with a $15.95 monthly account, or $0 if you maintain a minimum daily balance of $4,500.
- Unlimited online and Interac e-transfer transactions, plus free ATM and branch transactions for the first year.
- Get free legal assistance by phone for 12 months through partner services.
- Get your free cheque order for free.
- Receive mailed paper statements free for the first year.
- Apply for a Mastercard credit card without needing Canadian credit history. Subject to approval.
- Eligible deposits are covered by CDIC.
NerdWallet's take
NerdWallet's take- Count on no monthly fee for a year, $0 transfer fees on international money transfers, and intro cash back on a new RBC Cash Back Mastercard with RBC Newcomer Advantage Account as you settle in Canada.
- Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.
Product details
Product details- No monthly fees for the first year. After that, the RBC Advantage Banking Account costs $12.95, or less with the Value Program Rebate.
- Unlimited debit and free Interac e-transfer transactions.
- Pay no RBC fee to use another bank’s ATM in Canada.
- Send international money transfers with $0 transfer fees.
- Earn Avion Rewards points on eligible online and in-store debit purchases.
- Apply for a no-fee RBC Cash Back Mastercard with no Canadian credit history required, and earn bonus cash back for a limited time (terms apply).
- Get a free small safety deposit box for one year (subject to availability).
- Save on everyday purchases with RBC partner perks.
- Eligible deposits are insured by CDIC.
NerdWallet's take
NerdWallet's take- The StartRight™ newcomer offer with the Preferred Package includes a welcome bonus, unlimited transactions, $0 transfer fees on international money transfers, and credit card perks.
- Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.
Product details
Product details- Earn up to $700 when you bundle an eligible banking package, savings account and registered account. To qualify, certain conditions must be met by July 2, 2026.
- No monthly fees for the first year. After that, the Preferred Package costs $16.95, or $0 if you maintain a $4,000 minimum daily closing balance for the entire month.
- Unlimited debit and Interac e-transfer transactions.
- Unlimited international money transfers with $0 transfer fees through the StartRight offer.
- Access a credit limit up to $15,000 on an unsecured credit card, with no Canadian credit history required.
- Get 10 free equity trades with a new Scotia iTRADE account when you invest at least $1,000 (Conditions apply).
- Eligible deposits are insured by CDIC.
NerdWallet's take
NerdWallet's take- The TD Unlimited Chequing Account for Newcomers offers unlimited debit transactions and e-transfers, No TD ATM fee at ATMs across Canada, and no monthly account fee for the first year, plus a limited-period cash bonus.
- TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.
Product details
Product details- Earn a $500 cash bonus when you open a new TD Unlimited Chequing Account by June 3, 2026 and complete two qualifying activities before August 5, 2026: Set up a recurring pre-authorized debit of $50 or more, set up a recurring direct deposit, or make an online bill payment of $50 or more through EasyWeb or the TD App.
- You may also be eligible for an extra $250 when you bundle your new chequing account with a new savings account, an eligible new credit card and any overdraft protection, and meet the requirements.
- No monthly fee for the first year.
- After the first year, the monthly fee is $17.95, or $0 if you maintain a $4,000 minimum daily closing balance for the entire month.
- Unlimited transactions, including free Interac e-transfers.
- No additional fee for using non-TD ATMs in Canada. Other banks may charge their own fees.
- With TD Global Transfer, get your transfer fees back for up to one year when you send money through Western Union. Conditions apply.
- Open a no-fee TD ePremium Savings Account or TD Every Day Savings Account and can earn a limited-time bonus interest rate (terms apply).
- Apply for an eligible TD Credit Card and you could get approved for up to a $15,000 credit card limit with no Canadian credit history required (subject to approval).
- CDIC protection for eligible deposits.
NerdWallet's take
NerdWallet's take- Enjoy unlimited no-fee transactions, access to a large ATM network and banking perks for as long as you hold a No-fee Chequing Account with Simplii Financial — plus a welcome bonus to help you settle in Canada.
- Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.
Product details
Product details- Earn $300 and a $50 Skip gift card when you become a new client and open a No-fee Chequing Account and add an eligible direct deposit of at least $100 for 3 straight months. Offer end date is March 31, 2026.
- No monthly fees and no minimum balance requirements.
- Free access to CIBC’s ATM network across Canada.
- Unlimited daily banking, including debit purchases, bill payments, withdrawals and Interac e-transfers.
- Pay no transfer fees when you send money overseas through Global Money Transfer.
- Apply for Simplii Financial Cash Back Visa Card and you could be approved for up to a $10,000 credit limit with no Canadian credit history needed (subject to approval).
- Get 24/7 support via chat or by phone.
- Deposits are eligible for CDIC insurance.
Compare newcomer bank account offers in Canada
Bank | Into Offer | Products | Ways to Bank |
|---|---|---|---|
Best cash-back offer | |||
Up to $2,400 | BMO NewStart Program:
| Online, ATM, phone and branch banking. | |
Best banking perks and credit card options | |||
Up to $600 | CIBC Smart Account for Newcomers:
| Online, ATM, phone and branch banking. | |
Great banking offer | |||
Up to $600 | National Bank Offer for Newcomers:
| Online, ATM, phone and branch banking. | |
Best banking perks | |||
N/A *Get product fee waivers. | RBC Newcomer Advantage:
| Online, ATM, phone and branch banking. | |
Best overall bank for newcomers | |||
Up to $2,300 | StartRight Program offer for newcomers:
| Online, ATM, phone and branch banking. | |
Best banking package | |||
Up to $1,830 | TD New to Canada Banking Package:
| Online, ATM, phone and branch banking. | |
Best online banking offer | |||
Up to $1,300 | New to Canada Banking Program:
| Online, ATM and phone banking. | |
Methodology
BACK TO TOPNerdWallet selects the best banks for newcomers in Canada based on several criteria, including welcome offers, monthly fees, number of included free transactions, and more. The banks considered for this list serve newcomers in more than one Canadian province.
What should newcomers know about banks in Canada?
Canada has numerous Schedule I and II banks that are governed under the Bank Act and regulated by the federal government.
Types of Financial Institutions
Canadian financial institutions serve a variety of customers with different needs and banking preferences. Each bank serves its account holders differently — whether it’s through online banking or in-branch services, or both. The three main types of financial institutions are:
Big Six banks
Over the years, these major banks have established themselves as the top six leading financial institutions in the country. The Big Six banks include:
These big banks have vast networks of branches and ATMs across most provinces. Their national presence, product offerings and online banking capabilities have made them a popular choice for individuals and businesses alike.
Credit unions
Credit unions or caisses populaires in Canada often provide the same financial products and services as banks. However, unlike banks, credit unions are owned and managed by their customers, often called members. Credit unions may be governed at either the provincial or federal level. Some of the top credit unions include:
While credit unions often have substantial surcharge-free ATM networks, their branch networks may be confined to the founding city or part of the province. Additionally, many of them provide mobile and online banking services. Credit unions also stand out when it comes to interest rate offerings on savings, offering some of the highest rates.
Online banks
Online banks are financial institutions that do not have branch offices. They may offer phone banking and ATM services, but mainly utilize a digital banking model to serve their customers.
Virtual banks can be an online division of credit unions or traditional banks, such as Tangerine Bank, which is a subsidiary of Scotiabank. However, some of them are independent financial institutions, such as NEO bank.
Although online-only banks typically have a modest catalog of products and services, these often come with low fees and offer higher interest rates than traditional banks.
Types of banking products
As a newcomer, you may need a bank to fulfill your daily financial needs, save for the future, and build your credit history in the new country. Knowing how Canadian banking products work can help find the right solutions for your banking, financing and investment needs.
Canadian bank accounts
Newcomers usually get fee rebates as part of the banks’ welcome offers for new customers. When the offer ends, standard transaction limits and fees kick in. Here’s what to expect from some of the common bank accounts:
Chequing accounts: You can use a chequing account to pay bills, send and receive e-transfers, make debit card purchases, or set up auto-deposit for your salary.
These everyday banking accounts may limit the number of transactions you can complete per month, or charge a fee to have unlimited transactions. Some financial institutions offer no-fee chequing accounts, but some need you to maintain a minimum account balance to waive monthly fees.
Savings accounts: If you’re trying to set aside some money for an upcoming expense or planned investment, a savings account may be a great option for you. These accounts offer limited withdrawals and earn a modest interest rate. In most cases, you don’t have to worry about paying monthly fees or maintaining a minimum balance.
High-interest savings accounts: As the name suggests, the high-interest savings account (HISA) yields a more substantial rate of interest than a standard savings account. Banks occasionally offer bonus interest rate promotions to new HISA customers. HISAs don’t typically have account fees, minimum balance requirements or withdrawal limitations. You can use a high-interest savings account to hold emergency funds or short-term savings for big purchases.
Hybrid accounts: These accounts combine chequing and savings features in one low to no-fee online bank account. Hybrid accounts usually offer higher interest rates than traditional savings accounts. These accounts are generally offered by online-only banks. That’s why new customers need to have an active account with another bank to open and fund their new hybrid account.
Joint accounts, bundles and packages: A joint account is shared by two or more people to conduct chequing or savings activities depending on the type of account.
Bundles are banking packages that combine chequing, savings and investment accounts into one offer. Banks may also have bundles that tie multiple bank accounts for family members into one family bundle. These plans or bundles usually include rebates and promotions, providing great value through savings on account fees.
Ways to build credit
In addition to deposit accounts, newcomer bank bundles may include credit cards, lines of credit or loan options that can help you build a credit history in Canada.
Credit cards: A credit card is a type of revolving credit. Credit cards can be used to pay bills and make purchases within the credit limit assigned to your card. Credit card debt must be paid off within a certain period of time, or it accrues interest.
Lines of credit: A line of credit is another type of revolving debt. There are various different lines of credit people use towards planned and unplanned personal expenses. Interest rates on lines of credit can be fixed or variable.
Personal loans: Personal loans are a type of installment debt that allows you to borrow funds at a fixed or variable rate of interest. You may spend personal loan funds on anything you like, but home renovations and debt consolidation are common uses.
Credit cards, lines of credit and loans are all types of debt, and debt can negatively impact your financial health if not managed responsibly. Whenever you’re borrowing money, make sure you have a plan to pay it off on time. This way you can ensure that the debt has a positive impact on your credit score — which may affect your ability to get approved for a lease, insurance or future loans.
Canadian investments
Newcomers can choose from several different investment options to help plan for the future. Make sure you have your Social Insurance Number (SIN) before you attempt to open an investment account.
Guaranteed investment certificates: Guaranteed investment certificates (GICs), earn a set rate of interest that is paid at the end of your term, and you typically cannot lose your initial investment. You can choose from various types of GICs to invest in, depending on the strategy and timeline of your goals.
Other investment options: There are plenty of other investment options with earnings tied to the market performance. These include bonds, mutual funds, stocks and more.
If you’re not a seasoned investor, these kinds of investments may seem difficult to understand. Your bank’s financial advisor or a registered investment professional can help you weigh your options and understand the various risks involved.
Registered plans: These government-registered plans use tax incentives to encourage Canadians to save for retirement and other milestones. These accounts can hold a variety of investment products, such as GICs and bonds. To apply, you will have to meet the age and deposit requirements. These accounts can be opened at most financial institutions and include:
Newcomer bank offers vs standard bank packages
Banking packages for Newcomers include everyday bank accounts, credit card options and other banking features for a great value compared to regular bank plans. These packages may have lower overall costs and offer credit building benefits.
Newcomer bank offers | Regular bank plans |
|---|---|
Introductory offers. | |
Substantial fee rebates on everyday banking products. Plus, bonus rewards, cashbacks or welcome gifts. | Attractive bonus rewards, cashbacks or welcome gifts but fewer product rebates. |
Additional services. | |
Fee rebates on services like money transfers and safety deposit boxes. | Often do not include such extra perks that may be useful for new Canadian residents. |
Credit cards for newcomers. | |
Often include credit card and other financing products for those with little to no credit history. | May have credit score requirements that newcomers can’t meet. |
How to compare the best banks for newcomers in Canada
Our list of best banks for newcomers in Canada is a good starting point to weigh the best features offered by various banks. However, it’s important to compare which of these bank offers are ideal for your specific lifestyle needs. Some of the essential criteria to consider include:
Offer value: Special newcomer offers include rebates and gifts, bonus rewards or cashbacks. These offers are attractive, but often come with qualifying requirements. Make sure you review the fine print to see if the conditions make sense to you. Check if the offer provides enough overall value for you before you commit to the bank for the foreseeable future. Compare other aspects like transaction fees, banking network and other essential features.
Every banking needs: Make sure your banking package includes everything you’ll need to manage your finances. This could include chequing accounts for you and your family members, a high-interest savings account, a personal credit card and more. Also check if your package comes with any must-have features or types of transactions — such as money transfer services or e-transfers so you don’t have to pay for add-on services.
Fees and limits: Some newcomer bank offers are for mid- to premium-tier accounts. They include monthly fee rebates, higher transaction limits, and special perks like free money transfer services and safety deposit box rentals. When the offer ends, you will be faced with new monthly costs that increase your household budget. Make sure you’re aware of the bank’s standard cost or have a plan to switch bank accounts.
Ways to bank: If you prefer in-person banking services, compare the branch and ATM networks for your preferred financial institutions in your area. If you prefer to bank on the go, check if your bank has an online banking platform and mobile banking app with reliable customer support.
Deposit protection: Many major banks are Canada Deposit Insurance Corporation (CDIC) members. If a member bank were to fail, eligible customer deposits up to $100,000 are protected. Credit unions also extend provincial insurance on customer deposits. Make sure your bank has federal or provincial deposit coverage.
Other feature benefits: Newcomer plans include several other features that can benefit individuals and their families. Based on your needs or spending lifestyle, you could choose offers with complimentary banking services or those offering bonus rewards and perks on loyalty programs.
For example, a banking package may come with a small safety deposit box at little to no fee for the duration of the offer. Other bank plans may have a rewards program which earns you points on daily debit transactions. These points can be redeemed towards bill payments, store purchases, trips and more.
How to open a newcomer bank account in Canada
Newcomers can often apply for a new bank account over the phone, in person at a branch or via online banking. But you may be required to book an appointment to get your account set up. For those applying from outside of Canada, banks may need you to complete your account opening formalities after you arrive in the country.
Typically the financial institutions will ask you to provide:
Your personal information: Email, Canadian phone number and home address.
A proof of identity document: a Canadian driver’s licence or a valid passport.
Proof of your status in Canada: Permanent resident card; Immigrant visa and record of landing (IMM Form #1000); Confirmation of permanent residence (IMM Form #5292/5688) or temporary work permit (IMM Form #1442/1102).
Alternatives to newcomer bank accounts
Many of the features common to newcomer bank accounts can be found in other kinds of bank accounts. These accounts include:
| Account | NerdWallet rating | Transactions | Monthly fee | Apply Now |
|---|---|---|---|---|
| EQ Bank Personal Account | APPLY NOW on EQ Bank's website | |||
 APPLY NOW on EQ Bank's website | 4.4/5 | Dollar limits apply* | $0 | |
| KOHO High Interest Savings Account | APPLY NOW on KOHO's website | |||
 APPLY NOW on KOHO's website | 5.0/5 | Dollar limits apply* | $0-$14.75 | |
| Neo Everyday Account | APPLY NOW on Neo Financial's website | |||
 APPLY NOW on Neo Financial's website | 4.3/5 | Dollar limits apply* | $0 | |
| Tangerine No-Fee Daily Chequing Account | APPLY NOW on Tangerine's website | |||
 APPLY NOW on Tangerine's website | 4.4/5 | Unlimited | $0 | |
| The PC Money™ Account | ||||
 | 4.6/5 | Unlimited | $0 | |
| Wealthsimple Chequing Account | ||||
 | 4.3/5 | Spending and usage limits apply* | $0 | |
Frequently asked questions
Which Canadian bank has the best offers for immigrants?
The best newcomers’ offer for you depends on your banking preferences and needs. To find your ideal bank with the best promotion, decide how you would use the offer value and whether you’d be able to qualify to receive it.
Which bank is the best for newcomers in Canada?
Our list of best banks for newcomers in Canada is a good place to start weighing the benefits offered by various banks. However, narrowing your search based on your specific lifestyle needs is important. Make sure you consider your banking habits, the value of the newcomer offer, fees and limitations, security, and other feature benefits to find your first bank in Canada.
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