Desjardins for newcomers: a Quebec banking guide

How is a Desjardins caisse different from a bank?

A caisse is a financial co-operative, like a credit union. Its customers are its members and owners. Banks like RBC or National Bank are companies owned by shareholders and regulated by the federal government. Desjardins caisses in Quebec are regulated by Quebec’s financial regulator, the Autorité des marchés financiers (AMF).

• You buy a $5 qualifying share to become a member when you open your account.
• Members may get a yearly dividend. Desjardins pays part of its surplus to members, usually in early June. It includes a product dividend of up to $75 a year and a volume dividend based on your balances and card spending. In Quebec, members at the annual meeting vote on it.
• Size. Desjardins reports more than 10 million members and clients, 189 caisses or branches and 547 points of service in Quebec and Ontario.

For co-operatives in other provinces, see credit unions for newcomers.

Who qualifies for the Desjardins newcomer offer?

Desjardins has two free-plan offers as of October 10, 2026. Neither has a fixed end date; Desjardins says they can change or end without notice.

Desjardins’ pages also say the free plan lasts while you stay eligible, so confirm the exact end date with your caisse. The newcomer offer does not mention study permits. International students under 25 fit the youth offer. Students aged 25 to 30 need full-time status. Confirm your case with an advisor.

What do Desjardins accounts cost?

The newcomer offer makes the Unlimited plan free. It includes unlimited regular transactions online (AccèsD), by debit card, at ATMs and at the teller, free Interac e-Transfers, the AccuLink ATM network and free online statements. When the offer ends, the regular fee applies. All plans as of October 10, 2026:

Withdrawals at non-Desjardins ATMs can cost an extra $1.50, $3.00 or $5.00, plus the ATM owner’s fee. The screen shows the fee and you can cancel.

Worked example

Sofia, 29, arrives in Montreal with a work permit. Years one and two on the Unlimited plan cost $0. In year three she keeps about $2,000 in the account, so the Unlimited plan would cost 12 × $15.95 = $191.40. She makes about 25 transactions a month, so she switches to the Intermediate plan: 12 × $10.95 = $131.40, saving $60. If she keeps $3,000 or more all month, the Intermediate plan is $0.

Is my money protected? AMF, not CDIC

This is the biggest difference from a bank. Deposits at Desjardins caisses in Quebec are not covered by CDIC. They are protected by the AMF under Quebec’s Deposit Institutions and Deposit Protection Act.

The AMF says the Fédération des caisses Desjardins du Québec and each Quebec caisse are protected institutions. Look for the AMF deposit protection logo at the caisse, on ATMs and in the app. The AMF says most repayments are made within 7 business days after a failure. Compare with how CDIC works.

In Ontario: Desjardins also has caisses in Ontario. Ontario credit unions and caisses populaires are insured by the Financial Services Regulatory Authority of Ontario (FSRA). Non-registered Canadian-dollar deposits are covered up to $250,000 per depositor. Registered plans have unlimited cover, and foreign currency is not covered. Ask your caisse which insurer covers your account.

Opening from abroad, credit cards and legal help

• From abroad: apply online with a valid passport and your future Canadian address (or your employer’s address). You get a welcome email in 24 to 48 hours. You can make one transfer before you leave, for a fee. Book a caisse appointment about two weeks before departure. The application is valid for 12 months. See opening an account before you arrive.
• International transfers: up to $25,000 a day, for a fee. Correspondent banks may also take a fee. Transfers from some countries may be blocked by sanctions rules.
• Credit cards (after you arrive, no annual fee): Cash Back Visa or Mastercard (up to 2% cash back) and Bonus Visa (up to 2% in BONUSDOLLARS). All charge 20.9% on purchases and 21.9% on cash advances. You get 21 days without interest on purchases if you pay in full. Approval is based on credit risk. Desjardins does not state a limit for newcomers with no Canadian history.
• Legal help: free, unlimited phone information from lawyers and notaries for 2 years after opening, on housing, work, property and consumer protection. It does not include document review or tax matters.

Who Desjardins fits, by situation

• You will live outside Montreal in Quebec: many towns have a caisse but few bank branches.
• You want to bank in French: Desjardins serves members in French and English and says it has a multilingual newcomer team. Its page does not list which other languages, so ask when you book.
• You are 25 or older with PR or a work permit: two free years on the Unlimited plan.
• You move often between provinces: Desjardins is mostly in Quebec and Ontario. A national bank may be easier.
• You want a credit card with a set newcomer limit: big-bank programs publish one (up to $15,000 at several banks); compare National Bank and Scotiabank StartRight.

Arriving in Quebec? Our checklist by province covers your RAMQ health card and other first steps.

Common questions

Sources

• Autorité des marchés financiers (AMF): Deposit protection
• Québec: Deposit Institutions and Deposit Protection Act (I-13.2.2)
• FSRA: Deposit insurance for Ontario credit unions and caisses populaires
• Desjardins: Account offer for newcomers to Canada
• Desjardins: Everyday account welcome offer for newcomers
• Desjardins: Preparing to live in Canada
• Desjardins: Everyday account plans and fees
• Desjardins: General terms for opening a personal account
• Desjardins: All about member dividends
• Desjardins: Quick facts
• CDIC: What’s covered

Checked against these sources on October 10, 2026. Spotted something out of date? Tell us.