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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.

3 accounts

1
National Bank of Canada

National Bank Chequing Account for Newcomers

National Bank of CanadachequingNo FeeUnlimited

Monthly Fee

$0

Interest Rate

—

View DetailsUp to $574.20 in savings
2
BMO

BMO Performance Chequing Account for Newcomers

BMOchequingUnlimited

Monthly Fee

$17.95

Interest Rate

—

View DetailsUp to $800* cash
3
CIBC

CIBC Smart Account for Newcomers

CIBCchequingNo Fee

Monthly Fee

$0

Interest Rate

—

View DetailsUp to $450 welcome bonus*

Complete Guide

Best Chequing Accounts for Newcomers to Canada

Most major Canadian banks waive monthly fees on a chequing account for the first 6–12 months when you arrive in Canada. Some go further with cash bonuses, fee-free credit cards, and access to a settlement specialist.

What to Look For

Prioritize: free monthly fees during the newcomer window, free Interac e-Transfers, a starter credit card included in the package, and easy international wire transfers from your home country bank.

Top Programs

RBC Newcomer Advantage, TD New to Canada, Scotiabank StartRight, BMO NewStart, CIBC Smart for Newcomers, and Banque Nationale Bienvenue Canada all offer no-fee chequing for the first year plus credit-card eligibility without a Canadian credit history.

FAQ

Frequently Asked Questions

1Can I open a Canadian bank account before arriving in Canada?
Yes. RBC, TD, Scotiabank, BMO, and CIBC all let permanent residents and skilled workers start the application from abroad. You'll typically activate the account in branch with your passport, PR card, or work/study permit on arrival.
2Is there a deposit required to open a newcomer chequing account?
No deposit is required at any of the big six. Bring your passport, immigration document (PR card, COPR, work/study permit), and proof of Canadian address (or a letter from your employer/school).
3Will using a newcomer account help build credit?
The chequing account itself doesn't build credit — only credit products do. But every newcomer program lets you apply for a starter credit card without a Canadian credit history, and that card builds your credit file from month one.