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
National Bank of Canada
National Bank newcomer account
National Bank's newcomer account has no fixed monthly fee in year one, a smaller fee in years two and three if you meet the conditions, and a cash-back promotion that the bank says runs until November 3, 2026.
- Last checked
- October 19, 2026
- Source
- National Bank, bank account for newcomers
- Audience
- Permanent residents, Temporary workers, International students, Refugees and protected persons
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What we could verify
- No fixed monthly fee in the first year. The fee guide lists that fee as $15.95 before the newcomer discount.
- Year two is shown as $7.98 a month and year three as $11.96, against $15.95, if you keep the offer's conditions.
- A welcome promotion of up to $600 cash back is valid until November 3, 2026. The $300 piece needs online banking, 20 eligible transactions, and three automatic deposits of at least $100.
- Further $100 pieces are tied to a new Mastercard with 20 purchases, a National Bank mortgage payment from the account, or a high-interest savings account funded with at least $5,000.
- Twelve months of legal information by phone through FBA Solutions is included.
- You can apply from abroad up to 90 days before arrival, or within five years after you arrive. The account must be activated within 90 days of opening online.
National Bank is the most explicit of the big banks about what happens after the free year. The personal fee guide says the newcomer offer complies with the Financial Consumer Agency of Canada's low-cost and no-cost commitment in year one. In years two and three the discount continues only if you keep a $4,500 minimum daily balance or hold a personal credit card, electronic statements, and a salary deposit or two electronic bill payments a month. After three years the account is replaced by the Connected package, which has its own fees.
The $600 is not one cheque. It is four separate actions, and the mortgage piece only helps if you actually have a National Bank mortgage. Branch transactions that are free in year one can cost $2.50 in later years, so read the fee guide if you still use a teller.
Who it is for
The fee guide defines newcomers as permanent residents, including people with approval-in-principle, refugees and protected persons, and temporary residents, including students, workers, and temporary resident permit holders. You must sign up no later than 60 months after arriving.
How to act on it
Apply online or in a branch. If you apply from outside Canada, National Bank says a branch will contact you to activate the account, and that until activation you can make only one transfer in.
Also in bank accounts
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
Desjardins
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