🍁 GuideCAN Quick Answer
As of September 25, 2026, several Canadian banks advertise newcomer rewards, but headline values are not directly comparable. Some combine cash, temporary fee savings, credit-card rewards, investing benefits and partner perks. Compare the cash you can realistically earn, the products required and the account’s cost after the promotion.
Offer check date: September 25, 2026. TD’s featured package says it ends October 1, Scotiabank’s current chequing window runs to October 29, RBC displays offer-specific October or November deadlines, and National Bank’s newcomer promotion runs to November 3. Offers may change, end or be extended.
Current Newcomer Offers Compared
Scroll the table sideways to compare all columns.
| Bank | Useful current benefit | Important condition or deadline |
|---|---|---|
| BMO NewStart | Two-year Performance Plan fee waiver plus a current cash-bonus offer | Bonus amount and steps depend on the live terms; newcomer eligibility generally covers qualifying permanent residents and foreign workers within 5 years |
| CIBC | Up to 24 months of monthly-fee rebates; a broader Smart Account offer currently advertises separate $500 and $100 rewards | Cash rewards require qualifying direct deposit and other activities; recurring arrangements may need to remain active for a year |
| National Bank | Up to $600 cashback plus newcomer account savings | Different portions require transactions, deposits, an approved credit card, mortgage payments or $5,000 in savings; promotion ends November 3, 2026 |
| RBC | One-year newcomer monthly-fee waiver plus account- or card-specific promotions | Eligibility windows and deadlines differ by account; do not treat credit limits or reward value as guaranteed cash |
| Scotiabank | StartRight first-year fee waiver and a current chequing/savings/card bundle advertising up to $1,000 cash | The cash components require separate products and activities; current account-opening window runs to October 29, 2026 |
| TD | Current newcomer package advertises $500 chequing cash plus other product benefits within a larger “up to” value | Requires two qualifying activities and has exclusions; featured package ends October 1, 2026 |
Why Headline Values Are Misleading
An “up to” value may add together a chequing reward, waived account fees, a credit-card welcome offer, transfer-fee savings, investing trades, partner memberships and rewards based on spending. These benefits differ in certainty, tax treatment, effort and usefulness. A credit limit is borrowing capacity—not a reward—and a waived fee has value only if you would otherwise choose that account.
Scroll the table sideways to compare all columns.
| Bucket | How to value it |
|---|---|
| Cash | Count only the amount tied to steps you can complete and maintain |
| Fee waiver | Use the regular fee multiplied by eligible months, but only if the account fits |
| Credit-card rewards | Include only after approval and only for spending already in your budget |
| Investing or mortgage benefit | Exclude unless you independently need and understand that product |
| Partner perk or points | Use your realistic redemption value, not the advertiser’s maximum |
Conditions to Check Before Applying
Read the eligibility date, newcomer-status window, former-customer exclusion, required direct-deposit amount, bill-payment or debit-purchase count, credit approval, minimum spending, product-holding period, payout date and clawback language. Save a PDF or screenshot of the terms that applied when you enrolled.
Never redirect payroll, open a credit card or move investments solely because a banner shows a large combined value. Each product should solve a real need. Credit-card and lending approvals are separate from deposit-account eligibility.
A Safer Way to Compare Offers
Choose the underlying account first
Compare fees, transactions, ATMs, branches and transfer needs without considering the bonus.
Calculate realistic cash
Include only rewards whose eligibility and transaction steps you can meet.
Subtract ongoing costs
Estimate monthly fees and extra service charges after the promotional period.
Avoid unnecessary products
Exclude rewards that require credit, investing or borrowing products you would not otherwise choose.
Record every deadline
Track account opening, qualifying activities, required holding period and expected payout.
- Start with the full bank-account comparison
- Compare no-fee newcomer accounts
- Organize your shortlist with GuideCAN
GuideCAN’s comparison is editorial and currently links to official bank pages. It does not guarantee an offer, approval or payout. Confirm all terms directly with the financial institution.
Frequently Asked Questions
Which Canadian bank has the biggest newcomer bonus?
There is no reliable single answer because headline values combine different benefits and change frequently. Compare actual cash, eligibility, required products, deadlines and ongoing account fees.
Are newcomer bank bonuses free money?
No. They commonly require direct deposits, bill payments, debit purchases, product approvals, minimum balances or holding periods. A bank may withhold or recover a reward when the terms are not met.
Can I receive both a newcomer waiver and a general chequing bonus?
Sometimes, but many offers cannot be combined. Read the exact terms or ask the bank to confirm the combination in writing before opening the account.
Written and reviewed by the GuideCAN Editorial Team
Last reviewed
Next review planned
Editorially reviewed against Canadian government and consumer-finance guidance. This article is educational, not financial or tax advice.
Official sources
- BMO — NewStart
- CIBC — Newcomer offers
- National Bank — Newcomer promotion
- RBC — Newcomer offers
- Scotiabank — StartRight
- TD — Newcomer package
Official rules, fees, deadlines and program availability can change. Confirm the current details before acting.