BMO
BMO NewStart
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.
Last checked October 19, 2026
CIBC
CIBC Smart Account for Newcomers
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
- Source
- CIBC, Welcome to Canada banking package
- Audience
- Permanent residents, Temporary workers
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What we could verify
- No monthly fee for two years on a new CIBC Smart Account for Newcomers. CIBC describes the fee savings as over $400.
- Unlimited transactions, including unlimited Interac e-Transfer.
- A $500 reward if, within two months, you set up a recurring direct deposit of at least $500 and complete one other qualifying activity in the same calendar month.
- The page also advertises a Costco Gold Star membership with the account. CIBC marks it as a limited-time extra.
- Under 25, this offer does not apply. The same page says those clients get a $125 offer and no-fee everyday banking with CIBC Smart Start.
Two years without a monthly fee is the part of this offer that does not depend on payroll. The $500 does. CIBC's steps are specific: open your first Smart Account for Newcomers, start at least one recurring direct deposit of $500 or more from an employer, government, or pension within two months, and in the same calendar month either set up two pre-authorized debits, make two online bill payments of at least $50, or make five eligible Visa Debit purchases.
After the second year, CIBC says the monthly fee becomes $0 or $16.95 depending on the tier you land in. CIBC also frames this account as its no-cost account under the Financial Consumer Agency of Canada's commitment on low-cost and no-cost accounts. The Costco membership and any credit-card bundle bonus should be re-read on the day you apply.
Who it is for
CIBC's newcomer page says this offer is for clients 25 and older. The January 2026 terms for the related Smart Account cash reward also say you must be a resident of Canada, must not have held a CIBC chequing account in the past five years, and must not be a current or retired CIBC employee. Confirm the newcomer status rules on the page, because CIBC asks for proof.
How to act on it
CIBC says you can apply from your device by uploading a photo of your ID and a selfie. The page says the card arrives in 7 to 10 business days.
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Desjardins newcomer welcome offer
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
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Your right to open a bank account
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