BMO NewStart is the bank's program for permanent residents and foreign workers in their first five years. The chequing offer is two years without the Performance Plan monthly fee.
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NewStart is broader than a chequing account. The page bundles the two-year fee waiver with a credit card, a mortgage rate-guarantee claim, investor and GIC offers, and a family bundle that waives daily banking fees for household members. Do not treat the $2,500 as a single bonus. It is BMO's total of several offers, each with its own footnote.
International students are pointed to a path that can include a student GIC in the same online application, if they are from a qualifying country. Permanent residents and foreign workers already in Canada are told they can open in minutes online, subject to BMO's conditions. The credit-card side of NewStart is a separate listing because the limit BMO states there is different from the big banks' $15,000 headline.
BMO says NewStart is for permanent residents and foreign workers during their first five years in Canada. International students have a related pre-arrival path. You still have to meet BMO's identification and, for credit, credit criteria.
BMO's newcomer page says you can open online. If you are not yet in Canada, use the pre-arrival application and check whether your country qualifies.
CIBC's newcomer chequing account has no monthly fee for two years if you are 25 or older. A $500 cash reward and a Costco membership are extra offers with conditions and an end date you should read on the page.
Last checked October 19, 2026
Desjardins offers eligible newcomers an everyday account on the Unlimited plan with no monthly plan fee, plus two years of legal phone assistance. The banking offer is built around caisses, which are concentrated in Quebec.
Last checked October 19, 2026
Federal rules say a bank must let you open a personal deposit account even if you do not have a job, do not have money to deposit today, or have been bankrupt. You still have to prove who you are.
Last checked October 19, 2026