Best Bank Accounts for Newcomers in Canada

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Choosing one of the best bank accounts for newcomers in Canada can help you receive salary payments, pay rent, transfer money, build a Canadian financial history, and manage daily expenses.

The everyday account used for purchases, bill payments, and withdrawals is called a chequing account in Canada. Many major banks provide newcomer packages with temporary monthly-fee waivers, unlimited transactions, international transfer benefits, and access to credit products.

Best Bank Accounts for Newcomers in Canada

Our leading choices are:

National Bank Newcomer Account: Best for the longest potential fee waiver.
CIBC Smart Account for Newcomers: Best for two years of straightforward no-fee banking.
BMO NewStart Performance Plan: Best package for unlimited everyday transactions.
RBC Newcomer Advantage: Best for flexible ATM access and newcomer support.
Scotiabank StartRight Preferred Package: Best for permanent residents, workers, and international students.

Promotional conditions can change, and a cash bonus may require payroll deposits, bill payments, credit-card approval, or other actions.

1. National Bank Newcomer Account

Best for up to three years without fixed monthly fees

National Bank offers one of the longest newcomer fee-waiver periods among major Canadian banks.

The package includes:

No fixed monthly account fee during the first year.
Potentially no fixed monthly fee for up to three years.
Debit card and online banking.
Unlimited electronic transactions under the eligible package.
Online international transfer services.
Access to newcomer financial advice.
Twelve months of eligible legal-assistance services.

Applicants can qualify when they are at least 18 and either plan to arrive within 90 days or have lived in Canada for five years or less. Eligible customers can include permanent and temporary residents with valid work or study permits.

Important conditions

The first year is free without the same activity requirements applied during later years. To continue receiving the waiver during years two and three, customers generally need to maintain digital statements, hold an eligible National Bank credit card, and receive salary deposits or complete the required electronic bill payments.

Best for

Newcomers who expect to use National Bank as their primary bank and can meet the ongoing conditions after the first year.

2. CIBC Smart Account for Newcomers

Best straightforward two-year offer

CIBC currently provides no monthly account fee for two years with its Smart Account for Newcomers.

The account includes:

Unlimited transactions.
Unlimited Interac e-Transfer transactions.
Visa Debit access.
Automatic payroll deposits.
Online bill payments.
No CIBC transfer fee for eligible Global Money Transfers to more than 120 countries.
Digital budgeting and spending tools.

CIBC’s dedicated newcomer account is primarily available to permanent residents who received their status within the previous five years and qualifying temporary foreign workers with work permits issued for at least 12 months. CIBC provides separate student banking options for international students.

Pre-arrival option

CIBC Smart Arrival may allow eligible permanent residents, foreign workers, and international students to open and fund a temporary account before moving. The customer must later visit a CIBC banking centre in Canada to complete the process and transfer the funds into an eligible Canadian account.

Best for

Permanent residents and eligible workers who want two years of no-fee everyday banking without complex monthly transaction requirements.

3. BMO NewStart Performance Chequing Account

Best for unlimited everyday banking

The BMO NewStart Program currently provides eligible newcomers with a Performance Chequing Account carrying no monthly plan fee for two years.

The package can include:

Unlimited everyday transactions.
Unlimited Interac e-Transfers.
BMO Debit Card.
Online and mobile banking.
No-fee eligible BMO Global Money Transfers.
Access to newcomer credit-card options.
Promotional cash rewards when qualifying conditions are completed.

After the newcomer waiver ends, customers can avoid the regular Performance Plan fee by maintaining the account’s required minimum balance, currently listed as CAD4,000.

BMO may also allow eligible people moving from supported countries to start opening a Canadian account before arrival.

Best for

Newcomers who make many monthly payments and transfers and want unlimited transactions during the introductory period.

4. RBC Newcomer Advantage

Best for ATM access and newcomer support

RBC Newcomer Advantage provides eligible customers with an RBC Advantage Banking Account carrying no monthly fee for the first year.

The account offers:

Unlimited debit transactions in Canada.
Free Interac e-Transfers.
No RBC fee for using another Canadian bank’s ATM.
No RBC transfer fee on eligible international money transfers.
Mobile and online banking.
Customer service available in numerous languages.
A small safety-deposit box without a fee for the first year, subject to availability and conditions.

The offer is generally available to newcomers who arrived within the previous five years, although eligibility for specific related credit offers can differ between permanent residents, international students, and temporary workers.

After the first year, the standard RBC Advantage Banking monthly fee is currently CAD12.95 unless the customer qualifies for an available rebate or discount.

Best for

Newcomers who want a large branch and ATM network, multilingual assistance, and flexible access to cash across Canada.

5. Scotiabank StartRight Preferred Package

Best for different newcomer categories

Scotiabank’s StartRight Program is available to eligible permanent residents who have lived in Canada for five years or less, international students, and foreign workers.

Eligible newcomers can receive:

No monthly account fee on the Preferred Package for 12 months.
Unlimited debit transactions.
Unlimited Interac e-Transfers.
Scotia mobile and online banking.
Access to international transfer services.
Eligibility to apply for selected credit cards without established Canadian credit history, subject to approval and income checks.

After the first year, the normal monthly fee applies unless the customer maintains the required minimum daily balance. The current waiver threshold for the Preferred Package is CAD4,000.

Best for

Newcomers who want a traditional bank account and a program that explicitly covers permanent residents, foreign workers, and international students.

What Documents Do Newcomers Need?

Requirements vary, but you may need:

Foreign passport.
Permanent Resident Card or Confirmation of Permanent Residence.
Canadian work or study permit.
Social Insurance Number for interest-reporting purposes, when applicable.
Canadian residential address.
Email address and telephone number.
Secondary government or financial identification.
Documents showing your name, address, and date of birth.

The Canadian government confirms that non-citizens may open accounts with proper identification and that a foreign passport can form part of the accepted document combination. Original documents are normally required rather than photocopies.

Do You Need Canadian Credit History?

You generally do not need Canadian credit history to open a basic chequing account because you are spending your own deposited money.

Credit history becomes more relevant when applying for:

Credit cards.
Overdraft protection.
Personal loans.
Auto financing.
Mortgages.

Some newcomer programs offer credit cards without established Canadian credit history, but approval, limits, and interest rates remain subject to each bank’s requirements.

Are Canadian Bank Deposits Protected?

Eligible deposits at Canada Deposit Insurance Corporation member institutions are automatically protected up to CAD100,000 per insured category, per member institution, including principal and interest.

Which Newcomer Account Is Best?

Choose National Bank for the longest potential monthly-fee waiver.
Choose CIBC for a simple two-year no-fee account.
Choose BMO for unlimited transactions and a two-year introductory waiver.
Choose RBC for broad ATM access and newcomer support.
Choose Scotiabank for a program covering permanent residents, workers, and international students.

Before applying, compare the fee charged after the introductory period. A generous welcome bonus may be less valuable than an account you can keep free through a realistic minimum balance or ongoing eligibility condition.

Best Bank Accounts for Newcomers in Canada

Best Bank Accounts for Newcomers in Canada

1. National Bank Newcomer Account