Best Bank Accounts for Newcomers to Canada (Oct 2026)

Key takeaways

Longest free period: BMO and CIBC, 24 months with no monthly fee
Largest cash bonus: Scotiabank, up to $1,000 if you open by October 29, 2026
Widest eligibility for temporary workers: RBC, up to 48 months after arrival
No fees ever: Simplii, Tangerine and EQ Bank (online only, no newcomer window)
After the free period, big-bank unlimited plans cost $12.95 to $17.95 a month

Quick picks

You want the longest time with no fees: BMO (24 months on Performance Chequing) or CIBC (up to 24 months on the Smart Account).
You want the biggest cash bonus: Scotiabank StartRight (up to $1,000 across chequing, savings and a credit card) or TD ($500 plus a $150 bundle bonus).
You are a temporary foreign worker who arrived 1 to 4 years ago: RBC accepts workers up to 48 months after arrival.
You live in Quebec or want French service: National Bank, with no fixed monthly fee in year one.
You do not need a branch: Simplii, Tangerine or EQ Bank, with no monthly fees at any time.

Not sure? Answer six questions in the bank picker quiz.

Newcomer bank accounts compared

Data as of October 5, 2026, from each bank’s own website. “Fee after” is the monthly fee once the newcomer waiver ends.

Bank and account	Free period	Fee after	Cash bonus (up to)	Who qualifies
RBC Advantage Banking	12 months	$12.95 (no balance waiver)	None; 4.60% savings promo for 3 months	PR and students: arrived in last 12 months. Workers: last 48 months
TD Unlimited Chequing	12 months	$17.95, or $0 with $4,000 balance	$500 + $150 bundle	PR or temporary residents in Canada 5 years or less
Scotiabank Preferred Package	12 months	$16.95, or $0 with $4,000 balance	$1,000 ($700 + $200 + $100)	PR 5 years or less, foreign workers, international students
BMO Performance Chequing	24 months	$17.95, or $0 with $4,000 balance	$900	PR or foreign workers who arrived in the last 5 years
CIBC Smart Account	24 months	$16.95, or $0 with $4,000 balance	$600 ($500 + $100)	PR 5 years or less; workers with a permit of 12 months or more
National Bank newcomer offer	No fixed fee in year 1, reduced in years 2 and 3	Connected package; fee depends on activity	$600	In Canada less than 5 years, PR or temporary resident
Simplii No Fee Chequing	Always free	$0	$350 with a $100+ direct deposit (until Jan 1, 2027)	Anyone who can open an account; new clients for bonus
Tangerine No-Fee Daily Chequing	Always free	$0	4.50% savings promo for 5 months (new clients)	New clients for promo
EQ Bank Personal Account	Always free	$0	None; 1.00% base interest, 2.75% with direct deposit bonus	Anyone who can open an account
Neo Financial	Online only	Varies by product	None listed for newcomers	Best known for the Secured Neo Mastercard from a $50 deposit

The big banks: what each does best

RBC

12 months with no fee on RBC Advantage Banking (unlimited debit transactions, no RBC fee at other banks’ ATMs in Canada). The RBC Cash Back Mastercard has no annual fee and a limit of up to $15,000 with no credit history; apply by October 31, 2026. You also get a free small safety deposit box for a year and $0 RBC fees on international transfers. After year one the fee is $12.95 with no balance waiver, so plan to switch plans or use the RBC Value Program.

TD

12 months free on TD Unlimited Chequing (normally $17.95) and $500 cash if you complete two of three activities: a recurring direct deposit, an online bill payment of $50 or more, or a recurring pre-authorized debit of $50 or more. TD adds 4% bonus savings interest for 3 months and no TD fee on Global Transfer for 12 months. The offer runs June 4 to November 2, 2026.

Scotiabank

StartRight pays $700 for opening a Preferred or Ultimate Package with a direct deposit and one qualifying transaction within 60 days, plus $200 for a Money Master savings account and $100 for a credit card. Open by October 29, 2026. Bonuses are paid about 9 to 10 months later. The first year has no monthly fee; then $16.95, or $0 with a $4,000 daily balance.

BMO

The NewStart program waives the $17.95 Performance plan fee for two years and pays up to $900 cash when you open and fund a chequing account and a Savings Amplifier account. BMO also offers a GIC bonus and a no-fee CashBack Mastercard with no credit history. BMO does not show an end date for the program.

CIBC

The CIBC Smart Account for Newcomers has no monthly fee for up to 24 months. You earn $500 by setting up a recurring direct deposit of $500 or more per month plus two pre-authorized debits, five Visa Debit purchases or two bill payments of $50 or more, within 60 days. Another $100 comes with an eligible credit card. CIBC Global Money Transfer has $0 transfer fees to more than 130 countries.

National Bank

No fixed monthly fees in the first year and reduced fees in years two and three if you meet the conditions. Up to $600 cash back. Apply by November 3, 2026. You can also apply up to 90 days before you arrive.

Online banks: no fees, no branches

Online banks have no newcomer time limit because they never charge a monthly fee. They pay more interest on savings. The trade-off: no branch, fewer services in other languages, and usually no starter credit card for people with no history.

Simplii Financial (owned by CIBC): No Fee Chequing with a $350 bonus for a direct deposit of $100 or more (offer ends January 1, 2027). New savings clients get 4.60% for 5 months on deposits made between August 1 and October 31, 2026, then 0.30% on balances up to $50,000.
Tangerine (owned by Scotiabank): No-Fee Daily Chequing and a 4.50% savings promo for new clients for 5 months.
EQ Bank: Personal Account with no monthly fees, 1.00% base interest, or 2.75% when the direct deposit bonus applies.

A common setup: a big-bank package for the first one or two years, plus an online account for your emergency fund. Compare rates in the savings rates tracker.

How to choose: five questions

How long have you been in Canada? RBC’s window for permanent residents is only 12 months. Most others allow 5 years.
Can you keep $4,000 in the account every day? If yes, TD, Scotiabank, BMO and CIBC stay free after the waiver. If no, look at the 24-month waivers or an online bank.
Do you need a credit card now? Big banks give newcomers cards with no Canadian history. See credit cards for newcomers.
Will you earn the bonus? Bonuses need a direct deposit and some activity within 60 days. A student without a job may not qualify.
What happens after the free period? Put a reminder in your calendar. Use the fee waiver calculator to find the date.

Remember: in your first year, 14 banks must also offer you a basic $0 a month account if you ask. It has fewer features but never charges a monthly fee during that year.

How we handle offers. Offers on this page come from each bank’s own website and were last checked on October 5, 2026. Banks change offers often, so confirm the details on the bank’s site before you apply. No bank pays to be included or ranked here. If a link on this page ever earns us a commission, we will label it next to the link.

Common questions

What is the best bank in Canada for newcomers?

There is no single best bank. For the longest free period choose BMO or CIBC (24 months). For the biggest bonus choose Scotiabank (up to $1,000, open by October 29, 2026) or TD ($500 + $150). For no fees ever, choose an online bank such as Simplii or EQ Bank.

Can international students get these newcomer offers?

Some. RBC accepts students who arrived in the last 12 months, TD and Scotiabank include international students, and CIBC has a separate student offer. BMO’s main NewStart cash offer is for permanent residents and foreign workers; students use its student account and GIC programs.

What happens when the free period ends?

The bank starts charging the regular monthly fee, usually $12.95 to $17.95 for unlimited plans. Keep the required balance (often $4,000), switch to a cheaper plan, or move to a no-fee bank.

Can I open accounts at two banks?

Yes. Many newcomers keep a big-bank chequing account and a credit card at one bank, and a high-interest savings account at an online bank.

When are newcomer cash bonuses paid?

Usually several months later. Scotiabank pays about 9 to 10 months after you meet the conditions, CIBC within 7 months of the month you opened the account, and TD within 12 weeks of meeting the conditions.

Sources

Checked against these sources on October 5, 2026. Spotted something out of date? Tell us.

Best bank accounts for newcomers to Canada (October 2026)