Compare chequing accounts designed for newcomers to Canada. No-fee banking, free e-Transfers, and welcome bonuses while you settle in.
BMO · chequing
It offers unlimited transactions. Current offer: Up to $800* cash.
CIBC · chequing
The CIBC Smart Account for Newcomers has no monthly fee, making it risk-free to hold. Current offer: Up to $450 welcome bonus*.
National Bank of Canada · chequing
The National Bank Chequing Account for Newcomers has no monthly fee, making it risk-free to hold. It offers unlimited transactions. Current offer: Up to $574.20 in savings.
Complete Guide
Compare chequing accounts designed for newcomers to Canada. No-fee banking, free e-Transfers, and welcome bonuses while you settle in.
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.
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.
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.
3
Accounts analyzed
Jun 2026
Last updated
100%
Independent
FAQ
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.
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).
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.
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