Opening a bank account as a newcomer: a neutral comparison
Last reviewed: October 19, 2026
Disclosure: Some links may earn us a commission. How we make money. A commission does not change which options we list or how we describe them.
Your rights first
Federal rules let you open a personal bank account at a bank even if you:
- don't have a job
- don't have money to deposit today
- have been bankrupt
You still have to prove who you are with acceptable ID. A foreign passport can count as one document. The FCAC page explains which ID combinations work.
A bank may ask for your SIN, but the FCAC doesn't list a SIN as required ID for opening a deposit account. If a branch tells you that you can't open any account without one, ask for a supervisor and point to the FCAC page.
Official source: FCAC, Opening a bank account · IRCC, Money
What to compare
- How long the fee waiver lasts, and what happens after. Most newcomer packages waive the monthly fee for a set period. Find out the fee once it ends.
- Who qualifies. Many offers are limited to people within a certain number of years of arrival, or to specific statuses (PR, worker, student). Some have age rules.
- How you open it. Some packages need a branch appointment. Others can be opened online, and some before you arrive.
- Conditions on bonuses. Cash bonuses usually need payroll direct deposit and other activity by a deadline. Read the numbered conditions on the bank's page. We don't list bonus amounts here because they change often.
- International transfers. If you'll send money home, check the bank's transfer fees and exchange rate (see Sending money home).
- Credit card path. Some banks pair the account with a card for people without Canadian credit history (see Building credit).
Newcomer offers at a glance
We checked each bank's own page on October 19, 2026. Confirm on the bank's page before you apply. Offers change without notice.
| Bank | Program | Fee waiver stated by the bank | Who it's for (summary) | Bank's page |
|---|---|---|---|---|
| TD | New to Canada Banking Package | No monthly account fee for one year | PR or temporary resident, in Canada 5 years or less; package opened at a branch appointment | td.com |
| RBC | Newcomer Advantage | $0 monthly fee for 1 year | Arrived within the last 5 years | rbcroyalbank.com |
| Scotiabank | StartRight | Preferred Package fee waived for the first year | PRs in their first 5 years, international students, foreign workers | scotiabank.com |
| CIBC | Smart Account for Newcomers | No monthly fee for 2 years | Clients 25 and over, per CIBC (as of Oct 19, 2026) | cibc.com |
| BMO | NewStart | No monthly Performance Plan fee for 2 years; after 24 months the full fee ($17.95/month, per BMO's footnote) applies (as of Oct 19, 2026) | PRs and foreign workers in first 5 years | bmo.com |
| National Bank | Newcomer account | No fixed monthly fee in the first year; reduced fee in years 2–3 if conditions are met | Within 5 years of arrival, including students and refugees | nbc.ca |
| Desjardins | Newcomer welcome offer | Free monthly plan for 2 years, plus legal phone assistance | Eligible newcomers. Branches (caisses) are mostly in Quebec | desjardins.com |
Disclosure: Some links may earn us a commission. How we make money. A commission does not change which options we list or how we describe them.
What to bring
- Your passport and your status document (PR card or confirmation of permanent residence, or your work or study permit)
- A second piece of ID or proof of address if you have one
- Your SIN if you have it. Not having one shouldn't stop a basic account.
Before you sign
- Ask what the monthly fee will be once the waiver ends.
- Ask whether the package needs a branch visit.
- Get any bonus conditions in writing, or screenshot them from the bank's page.