If you are moving to Canada as a newcomer, immigrant, or international student, choosing the right bank account is one of your first important financial decisions. This comprehensive guide explores the top bank accounts for newcomers in Canada, comparing welcome bonuses, fee waivers, and special programs designed specifically for new Canadians.
Why Newcomer Bank Accounts Matter
Canadian banks understand the unique challenges newcomers face when arriving in Canada. Without local credit history, establishing financial services can be difficult. That's why major banks offer specialized newcomer programs with generous incentives, extended fee waivers, and simplified credit card access.
Top 6 Bank Accounts for Newcomers in Canada (2025)
1. Scotiabank StartRight Program
Total Welcome Value: Up to $2,200
Scotiabank's StartRight Program stands out as one of the most comprehensive newcomer packages available in Canada. This program is specifically designed for immigrants, international students, and foreign workers arriving in Canada.
Key Benefits:
- No monthly account fees for the entire first year
- No Canadian credit history required for credit card approval
- Free international money transfers to help you send money home
- 10 free stock trades through Scotia iTRADE to start investing
- Access to Scotia Scene+ rewards program
- Multilingual customer support in over 200 languages
Who Should Choose This: Newcomers who want investment opportunities and frequent international transfers will find exceptional value here.
2. BMO NewStart Banking Program
Total Welcome Value: Up to $2,200
BMO's NewStart Program offers one of the highest cash bonuses among Canadian banks, combining direct cash rewards with valuable banking perks.
Key Benefits:
- Cash bonus up to $700 plus additional account perks
- No monthly fees on chequing accounts for 12 months
- Unlimited transactions with no extra charges
- Free global money transfers included
- Family banking options to add relatives
- Credit card approval without Canadian credit history
- Pre-arrival account opening available online
Who Should Choose This: Families and newcomers seeking maximum cash bonuses with comprehensive banking features.
3. CIBC Smart Account for Newcomers
Welcome Bonus: $400 Costco Shop Card or $500 Cash
CIBC offers the longest fee waiver period among major banks, giving newcomers up to two full years to establish themselves financially without monthly account fees.
Key Benefits:
- No monthly fees for up to 24 months (longest available)
- Choice between $400 Costco shop card or $500 cash bonus
- Cash-back and travel credit card options
- Digital banking tools and mobile app
- Simplified account opening process
- Newcomer-specific credit card programs
Who Should Choose This: Budget-conscious newcomers who want extended fee protection and Costco membership benefits.
4. National Bank of Canada Newcomer Offer
Cash Bonus: Up to $550
National Bank provides the longest fee waiver period at three years, plus unique legal assistance that other banks don't offer.
Key Benefits:
- No monthly fees for up to 3 years (industry-leading)
- Free legal assistance for one full year
- Unlimited transactions without extra costs
- Free global money transfers
- Up to $550 cashback for eligible newcomers
- Personalized newcomer advisor support
- French and English bilingual services
Who Should Choose This: Newcomers who need extended financial support and value legal assistance during settlement.
5. TD New to Canada Banking Package
Total Account Value: Up to $1,930
TD Bank's newcomer program focuses on rewarding good banking habits with bonuses for savings and automated deposits.
Key Benefits:
- No monthly fees for one year on Unlimited Chequing Account
- Bonuses for opening savings accounts
- Additional rewards for setting up automated deposits
- Deposit criteria bonuses to grow your savings
- Access to TD credit cards without credit history
- Pre-arrival account opening online
- 24/7 telephone and online banking support
Who Should Choose This: Newcomers focused on building savings habits and maximizing deposit bonuses.
6. Simplii Financial No Fee Chequing Account
Welcome Bonus: $300 Cash + $50 Skip Gift Card
As a digital-only bank (owned by CIBC), Simplii offers permanent no-fee banking with generous sign-up bonuses.
Key Benefits:
- $300 cash bonus for new clients (offer ends October 31, 2025)
- $50 Skip the Dishes gift card included
- No monthly account fees ever (not just promotional)
- Free unlimited transactions permanently
- No minimum balance requirements
- High-interest savings account options
- Full mobile and online banking features
Who Should Choose This: Tech-savvy newcomers comfortable with digital-only banking who want to avoid fees long-term.
Bank Accounts Comparison Table
| Bank | Welcome Bonus | Fee Waiver Period | Best Feature |
|---|---|---|---|
| Scotiabank | Up to $2,200 value | 1 year | Free international transfers + investment bonus |
| BMO | Up to $2,200 value | 1 year | Highest cash bonus + family banking |
| CIBC | $400–$500 | 2 years | Longest fee waiver + Costco card |
| National Bank | $550 cashback | 3 years | Free legal assistance + longest fee waiver |
| TD | Up to $1,930 value | 1 year | Savings bonuses + easy credit access |
| Simplii | $300 + $50 gift card | Permanent | No fees forever + digital convenience |
How to Choose the Right Bank Account
Consider these factors when selecting your newcomer bank account:
1. Fee Waiver Duration
If you need time to establish income and settle in Canada, longer fee waivers (CIBC's 2 years or National Bank's 3 years) provide more financial breathing room.
2. Cash Bonuses
For immediate financial help, BMO and Scotiabank offer the highest total value packages at $2,200 each.
3. International Transfer Needs
If you regularly send money internationally, Scotiabank, National Bank, and BMO include free global transfers.
4. Credit Building
All major banks offer credit cards without Canadian credit history, but Scotiabank, BMO, and TD have particularly streamlined processes.
5. Digital vs. Branch Banking
Simplii Financial operates entirely online with no physical branches, while traditional banks offer in-person support.
6. Long-Term Banking Goals
Consider whether you need investment services, mortgage planning, or business banking in the future.
Additional Banking Tips for Newcomers
Build Your Credit History Early
Apply for the newcomer credit card offered by your bank. Use it for small purchases and pay the full balance monthly to build credit.
Understand Banking Fees
After your fee waiver period ends, consider switching to a different account type or bank if fees become too high.
Explore Savings Options
Open a Tax-Free Savings Account (TFSA) once you're eligible to grow your savings tax-free.
Use Direct Deposit
Setting up direct deposit for your paycheck often unlocks bonuses and ensures faster access to funds.
Take Advantage of Financial Advisors
Most newcomer programs include access to advisors who can help you understand Canadian banking and plan your finances.
Final Recommendation
The "best" bank account depends on your individual circumstances:
- For maximum welcome value: Scotiabank StartRight or BMO NewStart ($2,200 each)
- For longest fee protection: National Bank (3 years) or CIBC (2 years)
- For permanent no fees: Simplii Financial
- For legal support: National Bank (free legal assistance)
- For investment opportunities: Scotiabank (10 free trades)
Most newcomers benefit from starting with one of the major banks (Scotiabank, BMO, TD, CIBC, or National Bank) to access the full range of newcomer services, credit building tools, and in-person support during their first year in Canada.
Remember, you can always switch banks later or maintain accounts at multiple institutions to maximize benefits. The key is to act quickly to take advantage of time-limited welcome bonuses and start building your Canadian financial foundation.
Disclaimer: Bank offers and terms may change. Always verify current promotions directly with the bank before opening an account. Welcome bonuses may have specific conditions and eligibility requirements.
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