🍁 GuideCAN Quick Answer
There is no single best bank for every newcomer. As of September 15, 2026, BMO and CIBC stand out for introductory monthly-fee waivers of up to two years; National Bank can reduce fees for up to three years, but years two and three require conditions for the full waiver. RBC, TD and Scotiabank offer one-year waivers with different strengths in international transfers, branch access and newcomer support. Compare the cost after the offer ends before choosing.
Our picks at a glance
Scroll the table sideways to compare all columns.
| If your priority is… | Start your comparison with… | Why it made the shortlist |
|---|---|---|
| A longer simple introductory waiver | BMO NewStart or CIBC Smart Account for Newcomers | Each advertises no monthly plan/account fee for up to 24 months; eligibility and account terms differ |
| A potentially longer fee-reduction period | National Bank newcomer account | Year one has no fixed monthly fee; full waivers in years two and three require a balance or a qualifying product-and-activity bundle |
| International transfers | RBC, TD, Scotiabank or BMO | Each highlights a newcomer transfer benefit, but destinations, exchange rates, limits and third-party charges still matter |
| A large branch network and multilingual help | TD, RBC, Scotiabank, BMO or CIBC | A nearby branch and support in your preferred language can be more valuable than a temporary reward |
| Opening or funding before arrival | RBC, BMO, Scotiabank or National Bank | Each publishes a pre-arrival route for eligible applicants or countries; activation rules and transfer limits vary |
| International-student banking | A dedicated student package | Student eligibility and ongoing no-fee options may be better than a general permanent-resident or worker offer |
Short answer: choose the account you can afford after the welcome period. A $500 bonus can disappear quickly if you later pay a monthly fee for an account you do not need.
Best banks for newcomers to Canada compared
This comparison uses official product pages checked on September 15, 2026. “No monthly fee” refers to the advertised newcomer waiver, not every banking service. Wire transfers, non-bank ATMs, overdraft, drafts, foreign-currency conversion and other services may still cost extra.
Scroll the table sideways to compare all columns.
| Bank and program | Advertised monthly-fee benefit | Useful differentiator | Watch before applying |
|---|---|---|---|
| BMO NewStart | No monthly Performance Plan fee for 2 years | Unlimited monthly transactions and a published pre-arrival program for eligible countries | The Canadian newcomer offer is for eligible permanent residents and foreign workers within 5 years; students use a separate route |
| CIBC Smart Account for Newcomers | No monthly fee for up to 24 months | Online application and newcomer bundle options | General newcomer eligibility covers recent permanent residents and certain temporary workers; student offers are separate |
| National Bank newcomer account | No fixed monthly fee in year 1; savings can continue for up to 3 years | Pre-arrival application within 90 days and unlimited online transactions | A full waiver in years 2 and 3 requires a $4,500 minimum daily balance or a qualifying credit card, e-statements and payroll/bill-payment setup |
| RBC Newcomer Advantage | No monthly fee for 1 year | Unlimited Canadian debit transactions, no RBC fee at another bank’s ATM in Canada and $0 RBC transfer fees on eligible international transfers | Third-party ATM charges, exchange rates and transfer conditions can still apply; newcomer eligibility windows vary by status |
| TD New to Canada Banking Package | No TD Unlimited Chequing Account monthly fee for 1 year | Unlimited transactions, branch network, support in 80+ languages and no TD transfer fee on eligible global transfers for up to 12 months | The package generally requires a branch appointment; visitors are not eligible and temporary/permanent residents must meet status rules |
| Scotiabank StartRight | Preferred Package monthly fee waived for 1 year | Newcomer transfer benefits, pre-arrival international account and access to the Scene+ ecosystem | A headline “value” may combine several products, spending requirements and benefits you may not use |
How we chose these banks
GuideCAN does not rank a bank higher because it advertises the largest temporary bonus. We compare six factors: newcomer eligibility, introductory and ongoing monthly cost, included everyday transactions, access to branches and ATMs, international-money features, and the effort required to qualify. We also look for a clear official product page and a practical path to open or activate the account.
The best fit depends on your behaviour. Someone who needs in-person help in a preferred language may choose differently from a digital-first customer. A family receiving money from abroad may care more about the exchange rate and receiving-bank charges than the advertised transfer fee. A student should compare dedicated student accounts rather than assume the general newcomer package is best.
1. BMO NewStart: strong for a two-year fee waiver
BMO advertises no monthly Performance Plan fee for two years, unlimited monthly transactions and no BMO fee on eligible Global Money Transfers. Its newcomer account is aimed at eligible permanent residents and foreign workers who arrived within the last five years. BMO also publishes a separate pre-arrival program for residents of qualifying countries.
Why it can fit: two years gives you more time to settle before the standard plan price becomes relevant. What to check: whether your immigration status qualifies, the normal Performance Plan fee after the waiver, non-BMO ATM costs, international-transfer exchange rates and any current bonus conditions.
2. CIBC: strong for a long introductory period and online setup
CIBC advertises no monthly fee for up to 24 months on its Smart Account for Newcomers. The published eligibility covers people who received permanent-resident status within the last five years and temporary workers with a Canadian work permit issued for at least a 12-month term. CIBC directs international students to its student offer.
Why it can fit: a long waiver and a short online application can simplify setup. What to check: which transaction tier applies to your account, what the monthly fee will be later, whether a promotional cash reward can be combined with the newcomer benefit and how long any required direct deposit or pre-authorized debit must remain active.
3. National Bank: strong if you can meet the later waiver conditions
National Bank’s newcomer account has no fixed monthly fee in the first year. In years two and three, the full waiver requires either a $4,500 minimum daily balance or a qualifying bundle that includes a personal credit card, electronic statements and payroll deposit or eligible electronic bill payments. Without those conditions, reduced rather than fully waived fees may apply.
Why it can fit: eligible newcomers may apply before arrival and keep fee savings longer than one year. What to check: whether holding $4,500 without earning a competitive return makes sense for you, whether you genuinely need the bundled products, and branch or ATM convenience where you live.
4. RBC Newcomer Advantage: strong for everyday access and transfers
RBC advertises one year with no monthly fee on the Advantage Banking account, unlimited debit transactions in Canada, free Interac e-Transfers and no RBC fee for using another bank’s ATM in Canada. Its newcomer package also promotes $0 RBC transfer fees for international money transfers. Other-bank ATM charges, exchange-rate costs and transfer conditions can still apply.
Why it can fit: the everyday transaction package is simple, and eligible applicants from listed countries can start a pre-arrival application. What to check: your exact status-based eligibility window, the monthly cost after year one and whether RBC’s Value Program would realistically reduce it for you.
5. TD New to Canada: strong for branch access and multilingual support
TD advertises one year without the TD Unlimited Chequing Account monthly fee, unlimited transactions and no TD transfer fee on eligible TD Global Transfers for up to 12 months. The package is open to qualifying permanent residents, international students and temporary residents in Canada for five years or less; visitors are excluded. TD says the newcomer package is opened through a branch appointment.
Why it can fit: a broad branch network and service in more than 80 languages can make early banking tasks easier. What to check: the regular monthly fee after year one, the precise transfer route you will use and every condition attached to a temporary cash or bundled-product offer.
6. Scotiabank StartRight: strong for a broad newcomer package
Scotiabank’s StartRight Program advertises a one-year monthly-fee waiver on the Preferred Package. It is available to qualifying permanent residents in Canada for up to five years, international students and foreign workers. Scotiabank also publishes a pre-arrival international-account route and newcomer transfer benefits.
Why it can fit: it combines branch banking, remittance features and optional rewards products. What to check: the regular Preferred Package fee, whether you value Scene+ rewards and whether a headline “up to” value includes credit cards or investing products you would not otherwise open.
What to compare before opening an account
Scroll the table sideways to compare all columns.
| Question | Why it matters | What to record |
|---|---|---|
| What will I pay after the promotion? | A short waiver can hide a costly long-term fit | Standard monthly fee and every realistic rebate condition |
| How many transactions are included? | Debit purchases, bill payments and transfers may count differently | Included debits, e-Transfers and excess-transaction fee |
| Which ATMs and branches are convenient? | Out-of-network fees and long travel times reduce value | Nearest branch, ATM network and accessibility needs |
| How will I move money internationally? | A $0 transfer fee does not mean a $0 transfer | Exchange rate, receiving-bank charges, limits and delivery time |
| Do I qualify for the exact offer? | Newcomer windows differ by status and arrival date | Required immigration documents and application deadline |
| What do bonus conditions require? | Direct deposit, bill payments and card spending can be easy to miss | Amount, deadline, required activity and how long it must stay active |
| Is my money deposit-insured? | Protection depends on the institution, deposit type and category | CDIC membership or the applicable provincial credit-union insurer |
Documents newcomers may need
A bank must be able to verify your identity. The Financial Consumer Agency of Canada explains that you may be able to open an account even without a job, an immediate deposit or Canadian citizenship, as long as you satisfy the identification rules. Banks may ask for original identity documents and additional evidence to confirm eligibility for a newcomer promotion.
Scroll the table sideways to compare all columns.
| Purpose | Examples to ask the bank about | Important note |
|---|---|---|
| Identity | Valid foreign passport or accepted Canadian government ID | Use original documents where required; confirm the bank’s accepted route |
| Immigration status | Permanent resident card, Confirmation of Permanent Residence, work permit or study permit | The exact document and arrival window depend on the offer |
| Address and contact details | Canadian address, phone number and email | Ask what is accepted when your address is temporary |
| Student eligibility | Letter of acceptance or proof of enrolment | Use a dedicated student package when it offers better ongoing value |
| Tax reporting | Social Insurance Number when legally required for a product that reports income | Ask why the SIN is requested and provide it only through a secure bank channel |
Newcomer bank bonuses: useful, but never free money
Cash, points, tablets and memberships can be valuable only if the underlying account fits. Read the offer terms for the opening window, excluded former customers, qualifying payroll deposits or bill payments, minimum card spending, product-bundling rules, reward timing and how long the account must remain open. Save a copy of the terms that applied when you enrolled.
Do not open a credit card, investment account or mortgage only to increase a headline bonus. Each product should solve a real need, and credit applications remain subject to approval.
Can a newcomer open a bank account before arriving in Canada?
Sometimes. RBC, BMO, Scotiabank and National Bank publish pre-arrival routes, but eligible countries, immigration categories, funding limits and activation deadlines differ. A pre-arrival account may have limited functionality until you visit a Canadian branch and complete identity checks. Never transfer money using instructions received from an unverified email or messaging account.
Are online banks a better choice?
An online or no-fee account can be a good long-term choice after you have the required identification and any linked Canadian account. It may be less suitable when you need in-person document verification, a bank draft for housing, cash deposits, newcomer credit support or help receiving an international wire. Compare the service you will actually use rather than assuming digital always means cheaper overall.
How deposit insurance works
At a CDIC member institution, eligible chequing, savings and term deposits held in one name are combined and protected up to $100,000 in that category, per member institution. Deposit insurance is automatic and free. Stocks, bonds and mutual funds are not deposits. Provincial credit unions use their applicable provincial deposit insurer rather than CDIC.
A simple decision path
Define your banking pattern
Estimate monthly debit purchases, bill payments, e-Transfers, cash withdrawals, international transfers and branch visits.
Use GuideCAN to build a shortlist
Compare the features that matter to you and prepare a document checklist before sharing personal information.
Verify the live offer
Open the bank’s official page, read the fee schedule and promotional terms, and confirm your immigration-status eligibility.
Compare the year-after cost
Calculate the account fee after the waiver and include only rebates you can reliably maintain.
Set a review reminder
Review the account 30 to 60 days before the waiver ends so you can change plans or banks without paying avoidable fees.
Frequently asked questions
Which bank is easiest for a newcomer to open? The easiest option depends on your documents, status, location and whether the bank can verify you online. A nearby branch may be the fastest route when foreign identification or a newcomer promotion requires manual review.
Can I open an account without a Canadian credit history? Yes. A deposit account is not a loan, and FCAC says you may open one with proper identification even without a job or immediate deposit. A credit card is a separate application and approval is not guaranteed.
Which bank gives newcomers the most money? Temporary offers change frequently and “up to” values often combine several products or spending requirements. Compare only the reward you can earn without opening something unnecessary, then subtract any fees you expect to pay.
Should I choose a bank before I arrive? Research before arrival, but do not rush. Pre-arrival setup can help with transferring funds or proof-of-funds needs, while an after-arrival comparison lets you consider your address, employer, transit route and nearby branches.
The bottom line
BMO and CIBC are sensible starting points for newcomers prioritizing a longer introductory fee waiver. National Bank deserves a look if you can comfortably meet its later conditions. RBC, TD and Scotiabank may be stronger for particular combinations of transfers, branches, language support and pre-arrival service. The right account is the one that fits your real usage after the promotion—not the one with the loudest welcome offer.
Affiliate disclosure: The comparison above is editorially independent and currently links to official bank pages. If GuideCAN later adds a clearly identified affiliate link, it may earn a commission at no extra cost to you. Compensation will not determine the methodology or guarantee that a product is right for you.
Written and reviewed by the GuideCAN Editorial Team
Last reviewed
Next review planned
Editorially reviewed for clarity, practical usefulness and alignment with the official starting points listed below.
Official sources
- FCAC — Opening a bank account
- FCAC — Account-opening rights
- CDIC — Deposits held in one name
- BMO — Newcomer bank accounts
- CIBC — Newcomer banking offers
- National Bank — Account for newcomers
- RBC — Newcomer Advantage
- TD — New to Canada Banking Package
- Scotiabank — StartRight Program
Official rules, fees, deadlines and program availability can change. Confirm the current details before acting.