Bottom line: Your first chequing account should make direct deposit, rent, bills and e-Transfers boring and inexpensive. Focus on the account itself—not just the bank brand.
Current comparison snapshot
| Provider / option | Best for | Current facts | Watch for |
|---|---|---|---|
| CIBC Smart Account for Newcomers | Two-year no-fee period with unlimited everyday banking | CIBC currently advertises no monthly fee for 2 years for eligible newcomers, unlimited transactions including Interac e-Transfers, and $0-transfer-fee CIBC Global Money Transfers to more than 120 countries. | After the newcomer period, the standard monthly fee can apply unless you qualify for a rebate. Current CIBC disclosures list a $16.95 standard fee or $0 with the required balance condition. |
| BMO Performance Chequing + NewStart | Two-year fee waiver and broad branch access | BMO currently offers eligible newcomers up to 2 years with no monthly Performance Plan fee, unlimited transactions and Interac e-Transfers, plus newcomer-focused branch support. | The standard Performance Plan fee is currently $17.95 unless a waiver applies. NewStart eligibility is tied to newcomer status and arrival timing. |
| RBC Advantage Banking + Newcomer Advantage | One-year fee waiver plus a strong credit-building pathway | RBC currently waives the Advantage Banking monthly fee for the first year for eligible newcomers and includes unlimited debit transactions in Canada and free Interac e-Transfers. | RBC currently lists a $12.95 standard monthly fee after the newcomer waiver unless another rebate applies. |
| Scotiabank Preferred Package + StartRight | One-year fee waiver with a broad newcomer bundle | Scotiabank currently waives the $16.95 Preferred Package monthly fee for the first 12 months under StartRight for eligible permanent residents, foreign workers and international students. | After the first year, the fee resumes unless you meet the current waiver condition, which Scotiabank presently states as maintaining a $4,000 minimum daily closing balance. |
The two-year offers are the strongest on fee duration
CIBC and BMO currently stand out for offering up to two years without the monthly account fee, compared with one year on the highlighted RBC and Scotiabank newcomer chequing offers. That difference can be worth more than a flashy sign-up bonus if you expect to keep the account through your first two years in Canada.
Branch convenience still matters for many newcomers
New arrivals often need in-person help for identity verification, bank drafts, wire transfers, first credit-card applications or unfamiliar Canadian banking processes. A nearby branch can be worth paying slightly more for later, but only if you actually use it.
Put a reminder before the fee waiver ends
Do not let a free first year or two silently turn into years of monthly fees. Set a calendar reminder roughly 60 days before the newcomer waiver expires and compare the bank’s current rebate rules with no-fee digital accounts.
Provider pages checked for this comparison
These links go to the providers’ own current product or route pages. Re-check them before applying or purchasing because pricing and promotions can change.
What to compare
Do not compare brands on one promotional number. Put the products side by side using the same assumptions and the factors that affect your recurring cost and ability to use the product.
How to make the decision
- Estimate your monthly transactions.
- Check whether payroll direct deposit is easy to set up.
- Compare ATM access where you live.
- Read the fee schedule that applies after introductory pricing.
CanadaStarter methodology
We prioritize total cost, eligibility, practical usability and downside risk. We separate temporary promotions from ongoing terms and prefer primary provider disclosures for fees and eligibility. We do not treat a higher affiliate payout as evidence that a product is better.
Because financial products, insurance policies, telecom plans and promotions change frequently, use this guide to narrow the field and then confirm the final terms on the provider’s official website before applying or purchasing.
Opening a bank account in Canada
Use this primary source alongside our comparison when checking rules, consumer rights or government guidance.
Financial Consumer Agency of Canada →Frequently asked questions
What is the most important fee to compare?
The recurring monthly account fee and any conditions needed to waive it are usually more important than a one-time promotional benefit.
Do I need a SIN to open a bank account?
Identification requirements vary by institution and product. Verify the exact documentation with the bank before your appointment.