Every big Canadian bank gives newcomers a year or two of free banking. The packages look alike, but the free period, the cash bonus and who qualifies are very different.
We compared the newcomer packages at RBC, TD, Scotiabank, CIBC and BMO using each bank’s own pages, and what you will pay once the free period ends.
How long each account stays free
Green is the free period. The column on the right is what the account costs after that.
Bonuses need qualifying steps, such as a payroll deposit or bill payments within a set time. Read each bank’s offer terms before you open the account.
Which one fits you
Each package in detail
BMO NewStart
- Up to $900 cash on the Performance Plan: $700 for the chequing offer, $150 for a savings account and $50 for using BMO’s My Financial Progress tool. Open by November 2, 2026. BMO pays the bonus by June 30, 2027.
- Walmart+ for up to 12 months when you pay for it with your BMO debit card.
- Open before you arrive if you are moving from one of BMO’s qualifying countries. Unlimited transactions and BMO Global Money Transfer with no fee are part of the program.
CIBC Smart Account for Newcomers
- No monthly fee for 2 years, which CIBC values at $400.
- A free Costco Gold Star membership for newcomers who open between August 17 and November 14, 2026, if you have not had a Costco membership before. One per household.
- Up to $600 when you also get an eligible CIBC credit card and complete the qualifying actions.
- CIBC has separate packages for foreign workers and international students.
Scotiabank StartRight
- No monthly fee for the first 12 months on the Preferred Package, normally $16.95 a month.
- After year one, the fee is waived in any month you keep a minimum daily balance of $4,000.
- Up to $1,000 in welcome offers: $700 for a new Preferred or Ultimate Package, $200 for adding a savings account and $100 for adding a credit card, each with conditions.
- Scotiabank can also use your home credit report from select countries for a higher credit card limit.
TD New to Canada Banking Package
- The $17.95 monthly fee on TD Unlimited Chequing is rebated for 12 months, worth up to $215.40.
- TD runs cash offers that change several times a year. It lists up to $500 on new Unlimited Chequing accounts opened by November 2, 2026, with conditions. Check the current offer on TD’s page before you open.
RBC Newcomer Advantage
- No monthly fee for 12 months on RBC Advantage Banking. The newcomer offer ends November 2, 2026.
- Advantage Banking includes unlimited debit transactions in Canada, free Interac e-Transfers and no RBC fee at other banks’ ATMs in Canada.
- RBC lets you start setting up your banking before you arrive in Canada.
When the free period ends
This is where most newcomers lose money. After 12 or 24 months the regular fee starts automatically, $12.95 to $17.95 a month at the big banks. Put a reminder in your phone for one month before it ends, then pick one of these.
- Keep the balancethat waives the fee, if you can. At Scotiabank that is $4,000 every day of the month.
- Move to a cheaper planat the same bank if you only need a few transactions a month.
- Switch to a no-fee banksuch as Simplii Financial, Tangerine or EQ Bank, and keep your big-bank credit card open so your credit history keeps growing.
Online banks usually ask for a SIN and a Canadian address to open an account online. For where to keep money that pays interest, see our best high-interest chequing accounts and best high-interest savings accounts.
How to open your first Canadian bank account
- Bring proof of status: PR card or confirmation of permanent residence, or your work or study permit.
- Bring a second ID, usually your passport.
- Have your SIN if you have one. BMO, for example, needs a SIN to open online after you arrive, but not in a branch.
- Ask for the newcomer package by name, so the free period and bonus are applied from day one.
- Open your first credit card at the same time. It usually gives the best limit. See which cards you can get by status.
You also have a legal right to a basic account. The Financial Consumer Agency of Canada says federally regulated banks must open a personal account for anyone with acceptable ID, even with no job or no money to deposit.
Frequently asked questions
Which bank is best for newcomers to Canada?
For free banking, BMO NewStart and CIBC both waive the monthly fee for 2 years. BMO currently has the largest cash bonus, up to $900. Foreign workers who arrived up to 4 years ago qualify at RBC.
Can I open a Canadian bank account before I arrive?
Yes, at some banks. BMO lets you open an account online before you arrive if you are moving from a qualifying country, and RBC lets you start setting up your banking before you land.
Do I need a SIN to open a bank account?
Not always. Banks usually ask for one to open an account online, but in a branch you can open an account with acceptable ID. BMO, for example, says a SIN is not needed for a branch application.
How long do newcomer offers last?
Free periods run 12 months at RBC, TD and Scotiabank, and 2 years at BMO and CIBC. Eligibility windows run from 12 months after arrival to 5 years, depending on the bank and your status.
What happens when the free period ends?
The regular monthly fee starts, usually $12.95 to $17.95 at the big banks. Switch to a cheaper plan, keep the balance that waives the fee, or move your everyday banking to a no-fee online bank.
Important: This guide is general information, not financial advice. Newcomer offers change often and have conditions; the details above were checked on each bank’s website on October 5, 2026. Read the full offer terms before you open an account. Gizly is not paid by any bank for placement in this guide. See our affiliate disclosure.
