The banks in the tables below sell a newcomer package: an everyday chequing package whose monthly fee is waived or reduced for a period the bank sets, for permanent residents and, at some banks, foreign workers or international students who arrived in Canada recently. The first table gives each bank’s newcomer price with who qualifies and for how long, in the bank’s words, beside the package’s regular fee, and each big-bank row links that bank’s lineup. Sign-up offers for newcomers, how they work and each bank’s offers page are on bank account promotions, and international students have their own section on student bank accounts.
Newcomer bank accounts by bank
Each row is a bank’s everyday package with its price for newcomers, and the price cell gives who qualifies, how long the price lasts and, where the bank states it, the proof it asks for, as the bank words them.
| Account | Price for newcomers, and who qualifies | Monthly fee (the package's regular price and its own waivers) | Source |
|---|---|---|---|
| BMO Performance Plan | Newcomers to Canada for two years: $0.00 a month on the Performance Plan, registered at a BMO branch by confirming eligibility. You must be a permanent resident or foreign worker who arrived in Canada within the last five years, with proof (Permanent Resident Card, confirmation of permanent residency or work permit IMM 1442); the benefit ends automatically after 24 months of enrollment and the full monthly Plan fee is applied | $17.95 a month, or $0 with a minimum daily balance of $4,000; Seniors' discount brings it to $13.95 | BMO's page Fees as of June 2, 2026 |
| CIBC CIBC Smart Account Tier 1 (average monthly balance of deposits and investments less than $40,000) | CIBC Smart Account for Newcomers: no monthly fee for 2 years on the CIBC page; CIBC’s fee guide describes the $16.95 monthly fee rebate as for a limited time. Eligible are landed immigrants or permanent residents of the last 5 years and temporary resident workers with a Canadian work permit issued for at least a 12-month term, with proof of entry into Canada (landing papers, permanent resident card or work permit IMM 1442); eligible international students and foreign workers have their own proof lists. Only 1 Smart Account per client receives the newcomer or foreign worker rebate; regular Smart Account fees apply when the benefits expire | $16.95 a month for up to 3 CIBC Smart Accounts (each Smart Account after that is $16.95), or $0 with a minimum end-of-day balance of $4,000 each day of the month in any one Smart Account; $0 for clients 65 and older (CIBC Smart for Seniors) | CIBC's page Fees as of March 12, 2026 |
| Desjardins Desjardins Unlimited transaction plan | Newcomer offer: the free Unlimited plan for 2 years for people 25 and over who are permanent residents or temporary residents with a work permit valid for more than 8 months, have lived in Canada for 3 years or less, and are not Desjardins members or have been members for less than 1 year | $15.95 a month | Desjardins's page |
| National Bank The Connected | Newcomer Package: no flat monthly fee in the first year; $7.98 a month instead of $15.95 in the second year; $11.96 a month instead of $15.95 in the third year; at the end of the third year it moves automatically to The Connected package. Open a bank account online before arriving with the secure form or visit a branch upon arrival, and sign up for the newcomer offer. Newcomers are permanent residents (including people with approval-in-principle from IRCC), refugees (protected persons) and temporary residents (students, workers or temporary resident permit holders) | $15.95 a month; $0 for ages 0-24; $10.95 for ages 60 and older | National Bank's page |
| RBC RBC Advantage Banking | Newcomers to Canada who arrived within the previous 5 years of opening the account: fee waived for the first twelve months after opening, then the monthly fee is charged. Proof of date of entry into Canada with supporting documents such as landing papers or a permanent resident card. One monthly fee waiver per eligible account owner | $12.95 a month, or $0 for clients 24 and under or full-time students, $0 for newcomers to Canada for the first 12 months, or $0 with the Value Program | RBC's page Fees as of August 3, 2026 |
| Scotiabank Preferred Package | StartRight Program: the $16.95 monthly account fee on the Preferred Package chequing account is waived for the first 12 months. The program is available only to Canadian permanent residents from 0-5 years in Canada, international students and foreign workers | $16.95 a month, or $0 when you hold $4,000 or more in the account every day for the entire month, or $0 for up to a year with recurring payments on a new or renewed eligible Scotiabank mortgage; Seniors' pricing $12.95 a month | Scotiabank's page Fees as of September 2026 |
| TD TD Minimum Chequing Account | $0 a month for a Newcomer to Canada for the first year in Canada. TD requires proof of eligibility: confirmation of permanent residency or temporary residency in Canada | $3.95 a month, or $0 for recipients of the Guaranteed Income Supplement, beneficiaries of the Registered Disability Savings Plan, Indigenous Peoples from Canada or Newcomers to Canada (for the first year in Canada) | TD's page Fees as of March 5, 2026 |
Checked against each bank's pages on October 20, 2026.
Institutions in this table: BMO, CIBC, Desjardins, National Bank, RBC, Scotiabank and TD.
These tables cover the banks named in them; credit unions are compared with banks on credit unions vs banks.
What does each bank’s newcomer package include?
Scotiabank calls its package the StartRight Program, BMO calls its offer NewStart, and TD calls its own the New to Canada Banking Package. Each bank’s details below give who qualifies, how long the price lasts and what comes with it, in that bank’s own words.
BMO: BMO NewStart Program
Who qualifies, and what to bring: Permanent residents and foreign workers who arrived in Canada within the last five years. Bring proof of immigration status (a Permanent Resident Card, confirmation of Permanent Residence IMM 5292 or IMM 5688, or a work permit IMM 1442) and one piece of government photo ID such as a passport or Canadian driver’s licence. International students can also open an account and a student GIC before arriving
How long it lasts: No monthly Plan fee for two years on the Performance Plan; the benefit ends automatically after 24 months of enrollment and the full monthly Plan fee is then applied. A pre-arrival account opens as the Practical Plan with the monthly fee waived for the first 12 months
What it includes: Performance Plan chequing with unlimited monthly transactions and no monthly Plan fee for two years; BMO Global Money Transfers with no fee; a safety deposit box for protecting documents; personalized financial advice at a branch; credit cards with no credit history required
Source: BMO's newcomer page
CIBC: CIBC Smart Account for Newcomers
Who qualifies, and what to bring: Landed immigrants or permanent residents of the last 5 years, or temporary resident workers with a Canadian work permit issued for at least a 12-month term. Show proof of entry into Canada with supporting documents such as landing papers, a permanent resident card or a work permit (IMM 1442). Eligible international students can also qualify: arriving in Canada in the next 12 months from an eligible country, having reached the age of majority in the arrival province or territory, and holding a valid passport and a unique client identifier (UCI) issued by the Government of Canada
How long it lasts: No monthly fee for 2 years on CIBC’s newcomer page; CIBC’s fee guide describes the $16.95 monthly fee rebate as for eligible newcomers and foreign workers for a limited time, and says regular Smart Account fees apply when the newcomer benefits expire
What it includes: Unlimited transactions, including Interac e-Transfer; a $0 transfer fee to over 120 countries with CIBC Global Money Transfer; three account tiers whose features unlock as eligible balances grow; a credit card linked to the Smart Account can be added to the application to start a Canadian credit history; the fee for 1 non-CIBC ATM withdrawal in Canada is rebated each month
Source: CIBC's newcomer page
Desjardins: Desjardins everyday account welcome offer for newcomers
Who qualifies, and what to bring: Eligible for 2 years if you are 25 and over and a permanent resident or a temporary resident with a work permit valid for more than 8 months, you have lived in Canada for 3 years or less, and you are not a Desjardins member or have been a member for less than 1 year
How long it lasts: The offer lasts 2 years
What it includes: The free Unlimited plan (unlimited regular transactions on AccèsD, with the debit card, at an ATM and at the teller; free Interac e-Transfers included with the unlimited regular transactions; access to the AccuLink ATM network; free online account statements); personalized legal support by phone; and, once you arrive, the option to apply for a credit card to start building a credit report
Source: Desjardins's newcomer page
National Bank: National Bank Newcomer Package
Who qualifies, and what to bring: Newcomers are permanent residents (including people who have received approval-in-principle from IRCC to stay in Canada), refugees (protected persons) and temporary residents (including students, workers or temporary resident permit holders); the offer is for individuals of legal age
How long it lasts: Three years: no flat monthly fee in the first year, $7.98 a month instead of $15.95 in the second year and $11.96 a month instead of $15.95 in the third year; at the end of the third year the package moves automatically to The Connected. Further savings depend on a $4,500 minimum daily balance or on signing up for a Mastercard credit card, electronic statements and payroll deposit or two electronic bill payments a month, and on meeting the conditions for the whole offer
What it includes: The Connected chequing account on the three-year fee schedule; free paper and online statements in the first year; credit cards that help build a Canadian credit history; mortgage and car-loan options adapted to newcomers, including a mortgage without credit history in Canada; free legal information for 12 months
Source: National Bank's newcomer page
RBC: RBC Newcomer Advantage
Who qualifies, and what to bring: Newcomers to Canada who arrived within the previous 5 years of opening an RBC Advantage Banking account; proof of date of entry into Canada with supporting documents such as landing papers or a permanent resident card
How long it lasts: Monthly fee waived for the first twelve months after the RBC Advantage Banking account is opened; after that the monthly fee is charged
What it includes: RBC Advantage Banking with unlimited debit transactions and e-Transfers and no monthly fee for 1 year; credit cards with a credit limit of up to $15,000 and no credit history required; international money transfers of up to $50,000 per day to almost any country for $0 transfer fees
Source: RBC's newcomer page
Scotiabank: Scotiabank StartRight Program
Who qualifies, and what to bring: Permanent residents who have lived in Canada less than five years (footnote: Canadian permanent residents from 0-5 years in Canada), foreign workers and international students. Documents: for permanent residents a permanent resident card or Confirmation of Permanent Residence plus a foreign passport or Canadian government-issued photo ID; for foreign workers a work permit plus a foreign passport or Canadian government-issued photo ID (a foreign worker applying for a credit card also needs a letter from the Canadian employer confirming annual income)
How long it lasts: The $16.95 monthly account fee on the Preferred Package chequing account is waived for the first 12 months
What it includes: Preferred Package chequing with unlimited debit and Interac e-Transfer transactions and unlimited no-fee international money transfers; newcomers can apply for a credit card without a credit history in Canada (subject to credit approval)
Source: Scotiabank's newcomer page
TD: TD New to Canada Banking Package
Who qualifies, and what to bring: A Permanent Resident or Temporary Resident for 5 years or less (with proof of status), not a tourist or visitor, and the age of majority in your province or territory of residence. Bring one piece of residency identification (a Permanent Resident Card, Immigrant Visa and Record of Landing, Confirmation of Permanent Residence, a Temporary Work Permit or a Study Permit) and one of a valid passport, a Canadian driver’s licence or a Canadian government ID card; international students also give proof of enrollment in a post-secondary program
How long it lasts: TD Minimum Chequing: $0 a month for a Newcomer to Canada for the first year in Canada
What it includes: Step 1: open an eligible everyday banking account (a TD chequing account, with a savings account suggested). Step 2: select a credit card from TD’s recommended cards for newcomers; the card must be applied for and approved. Free to send or request money with Interac e-Transfer on the Unlimited Chequing Account
Source: TD's newcomer page
Checked against each bank's pages on October 20, 2026.
Can you open a Canadian bank account before you arrive?
Some banks in the table open an account before you arrive, for people living in countries or holding an immigration status that the bank lists, and some of them activate the account, or give full access to it, only after you visit a branch in Canada.
| Bank | What the bank says about opening before you arrive | Source |
|---|---|---|
| BMO | Yes, online, for residents of a qualifying country who are at least 14 years old, coming to Canada within 12 months as a permanent resident, foreign worker or international student, and opening an account for themselves. Wire up to $75,000 CAD for a bank account. After you arrive you book an appointment to activate the account and access your money. You need a valid passport and your Canadian visa or, for an international student planning to apply for a visa, a letter of admission from the school | BMO's newcomer page |
| CIBC | Yes, through CIBC Smart Arrival, online (about 10 minutes): for people invited to apply for permanent residence who have not held that status for more than 5 years, foreign workers with a work permit issued for at least a 12-month term, and international students with a Canadian study permit, arriving in Canada in the next 12 months from an eligible country, with a valid passport and UCI, and at the age of majority in the arrival province or territory. The account is a temporary no-fee CIBC Smart Account with restrictions on access and use; you have 12 months from opening to visit a banking centre in Canada and move all funds to a new CIBC account. Joint accounts are not available before arrival | CIBC's newcomer page |
| Desjardins | Yes: you can open an account online from outside Canada with a valid passport and your future address in Canada or your employer’s address; you receive a welcome email within 24 to 48 hours after confirmation, can make 1 money transfer for a fee before you leave, and two weeks before you leave book an appointment at a caisse or branch to finish opening the account with the required documents. The application is valid for 12 months | Desjardins's newcomer page |
| National Bank | Yes: open a bank account online before arriving with the secure form, or visit a branch upon arrival, and sign up for the newcomer offer | National Bank's newcomer page |
| RBC | Yes, online, in about 10 to 15 minutes, for residents of the listed eligible countries (Hong Kong, China, India, Philippines, Vietnam, Antigua & Barbuda, Costa Rica, Saint Vincent & the Grenadines, Trinidad & Tobago) who are at least 13 years old (14 if settling in Quebec), hold a passport with more than 6 months before expiry and plan to arrive within 12 months. Before arrival you can wire up to $75,000 or up to three wires, whichever comes first; full access comes only after you arrive and complete in-branch activation. Pre-arrival accounts are for yourself only, so joint accounts wait until after arrival. The monthly fee is waived for the first 12 months from the day of arrival | RBC's newcomer page |
| Scotiabank | Yes: before moving to Canada you can apply for a Scotiabank International Account and transfer up to $50,000 CAD, and use the balance as proof of funds for the permit process. Scotiabank also says to visit startright.scotiabank.com to check whether you are eligible to open an account online before you arrive. After arrival you visit a branch or book an appointment with an advisor | Scotiabank's newcomer page |
| TD | Only for people living in China or India: call TD (collect) with your Canadian immigration visa ready, then visit a TD branch within 75 days of the initial set-up to activate the account. If you live in any other country, you must first arrive in Canada and then book an appointment at a local TD branch. TD’s newcomer accounts page words the China and India steps as opening an account up to 75 days before arrival | TD's newcomer page |
Checked against each bank's pages on October 20, 2026.
Institutions in this table: BMO, CIBC, Desjardins, National Bank, RBC, Scotiabank and TD.
FCAC says you may be able to open a bank account in Canada with the proper identification even if you are not a Canadian citizen or live in another country, and you may need to go to the bank in person to open a bank account; the ID a bank can ask for is set out on opening a bank account.
What documents do newcomers need to open an account?
Where a bank lists the documents for its newcomer package, such as proof of immigration status and a piece of photo ID, they are in that bank’s details above. The identification a bank can ask for, and the ways to meet it, are on opening a bank account. A Social Insurance Number, and how long one takes, is on getting a SIN.
Building a Canadian credit history
Some newcomer packages include a credit card the bank offers without a credit history in Canada, as each bank’s details say. How a credit file gets started is explained on building credit from scratch, and cards for people with no file yet are covered on a newcomer’s first credit card and secured credit cards.
Do newcomers get a no-fee account under FCAC’s commitment?
Newcomers in their first year in Canada are one of the groups named in FCAC’s commitment, summed up here:
Under the Financial Consumer Agency of Canada's Commitment on Low-Cost and No-Cost Accounts (effective December 1, 2025), the banks that signed it offer every Canadian a chequing account costing no more than $4.00 a month, and a $0 account to seniors receiving the Guaranteed Income Supplement, RDSP beneficiaries, youth, students and newcomers in their first year, plus at least one more group each bank chooses. Both include at least 18 debit transactions a month and no minimum balance. It is a public commitment that FCAC monitors, not a regulation.Which account each signatory bank offers under the commitment, and its low-cost and no-cost accounts in full, are on the no-fee chequing accounts page. Each newcomer price in the tables above runs for the people and the period the bank states, and RBC says its newcomer fee waiver is offered as part of FCAC’s commitment.
Related pages
- Money from home: receiving money from abroad, sending money abroad, currency exchange and the SWIFT codes a sender abroad asks for
- Studying in Canada: student bank accounts and international students
- Accounts with no monthly fee: no-fee chequing accounts
- One bank’s full lineup: RBC, TD, BMO, CIBC and Scotiabank
- Opening and moving: opening a bank account and switching banks
- Settling in: money guides for newcomers
- How sign-up offers work: bank account promotions
- Account types and where to start: bank accounts
Sources
The figures and rules on this page come from these sources, last checked against them between September 14, 2026 and October 20, 2026. How we check facts.
- BMO: Chequing accounts
- BMO: Kids and teens
- BMO: Agreements Bank Plans and Fees for Everyday Banking
- BMO: Newcomers banking
- CIBC: Chequing accounts
- CIBC: Smart start
- CIBC: Bank accounts
- CIBC: Cibc pasf en
- CIBC: Smart account for newcomers
- desjardins.com: Everyday account
- desjardins.com: Teens
- desjardins.com: Newcomers canada
- Financial Consumer Agency of Canada: Opening bank account
- Financial Consumer Agency of Canada: Canadians can now access free and low cost bank accounts featuring more monthly transactions
- Financial Consumer Agency of Canada: Low cost no cost accounts
- Justice Laws (Canada): Document
- Justice Laws (Canada): Page 1
- National Bank: Chequing
- National Bank: Youth
- National Bank: Newcomers
- RBC: Chequing accounts
- RBC: PDA Account Disclosure Booklet
- RBC: Rbc newcomer advantage bank account
- Scotiabank: Chequing accounts
- Scotiabank: Day to day banking companion booklet
- Scotiabank: En
- TD: Bank accounts fees services charges
- TD: Chequing accounts
- TD: PDF document
- TD: Banking offers for newcomers