Big 5 Bank Newcomer Offers Compared (Oct 2026)

Key takeaways

Cash: Scotiabank up to $1,000, BMO up to $900, TD $500 + $150, CIBC $500 + $100, RBC no cash
No-fee months: BMO and CIBC 24, RBC, TD and Scotiabank 12
Card limit with no credit history: up to $15,000 at RBC, TD, Scotiabank and CIBC
Eligibility: RBC is 12 months for PR (48 for workers); the others allow about 5 years
Scotiabank’s chequing bonus ends October 29, 2026; TD’s package ends November 2, 2026

The Big 5 newcomer offers in one table

	RBC	TD	Scotiabank	BMO	CIBC
Account	Advantage Banking	Unlimited Chequing	Preferred Package	Performance Chequing	Smart Account for Newcomers
Months with no fee	12	12	12	24	Up to 24
Fee after	$12.95	$17.95	$16.95	$17.95	$16.95
Balance that keeps it free after	None	$4,000	$4,000	$4,000	$4,000
Cash bonus (up to)	None	$500 + $150 bundle	$1,000	$900	$600
Card with no credit history	Cash Back Mastercard, up to $15,000	Cash Back Visa or Aeroplan Visa Platinum, up to $15,000	Passport Visa Infinite, Scene+ Visa or Momentum No-Fee, up to $15,000	CashBack Mastercard (limit not stated)	Dividend Platinum Visa and others, up to $15,000
Savings perk	4.60% for 3 months	4% bonus for 3 months	$200 savings bonus	Savings Amplifier interest and GIC bonus	Not listed
International transfers	$0 RBC fee	No TD fee for 12 months	Unlimited no-fee with Preferred	No fees (BMO Global Money Transfer)	$0 fee to 130+ countries
Who qualifies	PR and students: last 12 months. Workers: last 48 months	PR or temporary residents, 5 years or less	PR 5 years or less, workers, students	PR or foreign workers, last 5 years	PR 5 years or less; workers with 12+ month permit
Open before arrival	Yes, online from 9 countries	By phone from China and India	Not shown on newcomer page	Yes, online from qualifying countries	Yes, CIBC Smart Arrival
Offer ends	Card: apply by Oct 31, 2026	Nov 2, 2026	Chequing bonus: Oct 29, 2026. Card offer: Nov 1, 2026	No end date shown. Card: Oct 31, 2026	No end date shown (started Jan 22, 2026)

Source: each bank’s newcomer page, checked October 5, 2026. Links are in the sources list below.

Cash bonus: what you must do to earn it

A bonus is only worth something if you can meet the conditions. Most need a recurring direct deposit, which usually means a job or government payments.

Scotiabank ($700 + $200 + $100): open a Preferred or Ultimate Package between July 3 and October 29, 2026, set up a direct deposit and make one qualifying transaction (a recurring payment, bill payment or Visa Debit purchase) within 60 days. $200 more for a new Money Master savings account using the Smart Savings tool for 90 days. $100 more for an eligible credit card with one purchase within 60 days. Paid about 9 to 10 months later.
TD ($500): complete any two of: a recurring direct deposit from an employer, pension or government; an online bill payment of $50 or more; a recurring pre-authorized debit of $50 or more. Transactions must post by January 4, 2027. Paid within 12 weeks. $150 more if you also open a savings account and get a TD credit card.
CIBC ($500 + $100): 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 in the same month, within 60 days of opening. The $100 card bonus needs a card application within 30 days.
BMO (up to $900): open and fund a Primary Chequing account and a Savings Amplifier account. BMO’s page does not show the deposit tiers; ask the branch for the exact conditions in writing.
RBC: no cash bonus. The value is in the no-fee card, the 4.60% savings promo and the free safety deposit box.

Fee waiver: the real cost after year one or two

Free months are worth a lot: 12 months of a $17.95 plan is $215.40. But the fee returns. Over three years, if you never keep $4,000 in the account:

Bank	Months you pay in 3 years	Fees over 3 years
RBC	24	$310.80
TD	24	$430.80
Scotiabank	24	$406.80
BMO	12	$215.40
CIBC	12	$203.40

Subtract any bonus you earn to see the net result. Run your own numbers in the cost of banking calculator, and find your exact end date with the fee waiver calculator.

Credit card limit with no credit history

RBC, TD, Scotiabank and CIBC advertise limits of up to $15,000 for newcomers with no Canadian credit history. “Up to” matters: the bank sets your limit based on your income and documents. Foreign workers at Scotiabank need a letter from their Canadian employer confirming income. A student with no job will usually get a much lower limit.

Look at the card’s annual fee and interest rate too. The Scotiabank Passport Visa Infinite has a $150 annual fee (Preferred Package holders can get a first-year rebate of up to $150) and a 20.99% purchase rate. The RBC, TD and BMO cash back cards have no annual fee. Compare them all in credit cards for newcomers.

Which Big 5 offer fits you?

Arrived more than 12 months ago as a permanent resident: RBC’s package is closed to you. Look at BMO, CIBC, TD or Scotiabank.
Cannot keep $4,000 in chequing: BMO or CIBC give you the most free months.
Have a job with direct deposit and want cash: Scotiabank (by October 29) or TD (by November 2).
Want to open before you land: RBC, BMO or CIBC. See opening an account before you arrive.

Outside the Big 5, National Bank and online banks such as Simplii are worth a look; see best bank accounts for newcomers. For live end dates, check the offers tracker.

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

Which of the Big 5 banks has the best newcomer offer?

For cash, Scotiabank (up to $1,000) and BMO (up to $900). For the longest free period, BMO and CIBC (24 months). For temporary workers who arrived up to 4 years ago, RBC. The best choice depends on your status and whether you can meet the bonus conditions.

Can I get offers from more than one big bank?

Usually yes, because each bank’s offer is for its own new clients. But managing several accounts takes effort, and fees start at different times. Many people pick one big bank and one online bank.

Is the $15,000 credit limit guaranteed?

No. It is the maximum. Your limit depends on your income, job and documents. Many newcomers start with a lower limit.

Do I have to keep the account after getting the bonus?

Check the terms. Some banks can take back a bonus if you close the account within a set time. Scotiabank and CIBC pay bonuses months after you qualify, so you need to keep the account open until then.

Sources

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

Big 5 newcomer offers side by side: bonus, fee waiver and card limit