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Ranking · Updated August 2026

Best Chequing Accounts for Newcomers to Canada

Compare chequing accounts designed for newcomers to Canada. No-fee banking, free e-Transfers, and welcome bonuses while you settle in.

2
accounts
Best for: Newcomers
CIBC
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CIBC Smart Account for Newcomers

CIBC · chequing

4.3Ratesopedia rating

The CIBC Smart Account for Newcomers has no monthly fee, making it risk-free to hold. Current offer: Up to $450 welcome bonus*.

No feeSpecial offer
Monthly fee
$0
Regular rate
—
Promo rate
—
Transactions
—

Pros

  • No monthly fee
  • Current welcome offer

Cons

  • Capped transactions
Best for: Newcomers
BMO
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BMO Performance Chequing Account for Newcomers

BMO · chequing

4.0Ratesopedia rating

It offers unlimited transactions. Current offer: Up to $900 in cash bonus*.

Unlimited transactionsSpecial offer
Monthly fee
$18
Regular rate
—
Promo rate
—
Transactions
Unlimited

Pros

  • Unlimited transactions
  • Free e-statements
  • Current welcome offer

Cons

  • High monthly fee ($18)
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