7 Best Newcomer Bank Account Offers in Canada 2024

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Written by SnappyRates Team

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This post summarizes the best newcomer bank account offers in Canada from the biggest banks, including RBC, TD, Scotiabank, BMO, CIBC, and HSBC.

Newcomers to Canada bank promotions make it easy for new immigrants to open bank accounts and obtain financial and credit products without a Canadian credit history.

Many of these accounts also waive monthly or annual fees for 1-2 years.

The best banking offers for newcomers are:

You can also access a free chequing account or high-interest savings through online financial institutions like:

Best Newcomer Bank Accounts

The following bank accounts for newcomers to Canada are generally available if you landed in Canada as a permanent resident within the last five years or are a foreign worker.

BMO Newcomer Offer

BMO’s bank offer for new immigrants to Canada is called the BMO NewStart Program.

This package includes a Performance Plan chequing account and a no-annual fee credit card, such as the BMO Cash Back Mastercard and BMO AIR MILES Mastercard.

Performance Plan Chequing has a $16.95 monthly fee, which is waived for one year.

This account includes unlimited debit transactions and up to a $40 rebate on the annual fee for eligible BMO credit cards.

You could also receive a cash bonus when you open a BMO chequing account and meet the eligibility conditions.

Learn about BMO offers.

Scotiabank Newcomer Offer

The Scotiabank StartRight program is one of the best newcomer bank account offers in Canada.

It includes the Scotiabank Preferred Package chequing account, which costs $16.95 monthly and includes unlimited debit and Interac e-Transfer transactions.

This monthly fee is waived in the first year. After that, the fee is waived if you maintain a minimum daily balance of $4,000.

You can also qualify for an unsecured Scotiabank credit card without a Canadian credit history.

Popular Scotiabank credit cards include:

You can earn a welcome bonus when you open a Scotiabank Preferred Package chequing account and meet the offer conditions.

RBC Newcomer Offer

The RBC Newcomer Advantage Program includes a chequing account and access to a credit card with up to a $15,000 credit limit.

You can open an RBC Advantage Banking account and get unlimited debit transactions in Canada.

This chequing account has an $11.95 monthly fee; however, this fee is waived for 12 months.

For even more perks, including credit card annual fee rebates and no-fee international money transfers, you can get the RBC VIP Banking package. This account has a $30 monthly fee (waived for the first 12 months).

The RBC Cash Back Mastercard has no annual fee and is included in RBC’s newcomer banking package.

Learn more about RBC Newcomer Advantage.

CIBC Newcomers Program

CIBC is one of Canada’s largest banks. Its newcomer offer includes a Smart Account with unlimited transactions and no monthly fees for 2 years. This account has a standard $16.95 monthly fee.

You can also apply for a credit card and receive up to a $10,000 limit.

Popular CIBC credit cards include:

  • CIBC Dividend Platinum Visa Card
  • CIBC Aventura Visa Card

TD Newcomers To Canada Program

The TD New to Canada Banking Package includes the TD Unlimited Chequing Account and credit cards.

TD Unlimited Chequing offers unlimited transactions and costs $16.95 monthly (waived for the first 12 months). After the first year, this fee is rebated if you maintain a minimum balance of $4,000.

TD credit card options include the TD Cash Back Visa Card, TD Rewards Visa Card, and TD Aeroplan Visa Platinum Credit Card, among others.

If you do not qualify for an unsecured credit card, TD also offers secured credit cards.

Online Bank Accounts for Newcomers

The best online bank accounts in Canada offer free chequing accounts with unlimited transactions, and there are no monthly fees, ever.

A solid pick for newcomers is Simplii Financial.

Simplii Financial

Simplii Financial is owned by the Canadian Imperial Bank of Commerce (CIBC).

Its no-fee chequing account includes the following:

  • Unlimited transactions.
  • Free access to over 3,400 ATMs across Canada.
  • No minimum balance requirement.
  • Interest is earned on your balance (0.05% to 0.10%).
  • $400 welcome bonus when you add a direct deposit of at least $100 for 3 consecutive months.
  • Access to a high-interest savings account.

Get more details in our Simplii Account review.

You can combine your chequing account at a traditional bank with an online savings account that pays a much higher interest rate, such as the EQ Bank Savings Plus Account.

EQ Bank Savings Plus Account

EQ Bank is owned by Equitable Bank. Its Savings Plus Account pays high-interest rates on your deposits, and there are no monthly fees.

You can open registered and non-registered savings accounts and enjoy CDIC deposit insurance.

EQ Bank also offers Guaranteed Investment Certificates (GICs), international money transfers, and mortgages.

Lastly, newcomers can take advantage of a free prepaid card that offers cash back like KOHO.


KOHO is a prepaid Mastercard that pays up to 5% cash back on purchases.

The free KOHO Card offers 1% unlimited cash back on groceries and bill payments and up to 5% cash back at partner retailers.

It also provides a mobile budgeting app and access to a credit-building service.

You can get a $20 bonus when you join.

Here is a KOHO overview with more details.

Eligibility for Newcomer Bank Offers

To qualify for a new-to-Canada banking offer, you should have landed within the last 5 years and have never held a chequing account at the bank.

You should also be the age of the majority in your province of residence, i.e. 18 or 19 years old.

Bring these documents to your bank appointment:

  • Permanent Resident Card or
  • Immigrant Visa and Record of Landing (IMM Form #1000), or
  • Confirmation of Permanent Residence, Work Permit, or Study Permit

You will also need to show a government-issued ID, such as a valid passport or Canadian driver’s license.

How to Open a Newcomer Bank Account

The process for opening a newcomer bank account is straightforward.

You can book an appointment online on the bank’s website and visit the branch with your documents.

You can also start your application online and in some cases, can upload documents and complete the account opening process without stepping into a branch.

Bonuses & Deals for July

Get a free chequing account with unlimited transactions & $400 bonus cash.

Free prepaid card with up to 5% cashback. No credit check & $20 bonus when you deposit $50 and complete first purchase.

Earn a standard 4.00% interest* on your deposits!

No current offers for this category.

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SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

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  • Best free chequing account offer in Canada!
  • Get a $400 welcome bonus*
  • Unlimited free transactions and no monthly fees.
  • Unlimited free debits & e-Transfers
*Terms and conditions apply. Limited time offer.
  • Best free chequing account offer in Canada!
  • Get a $400 welcome bonus*
  • Unlimited free transactions & no monthly fees.
  • Earn internet on your balance.
*Terms and conditions apply. Limited time offer.