Bottom line: The right first bank is usually the one that minimizes early fees while making payroll, bill payments, e-Transfers and credit building easy. Newcomer offers change often, so compare the ongoing account terms as carefully as the sign-up bonus.
Current comparison snapshot
| Provider / option | Best for | Current facts | Watch for |
|---|---|---|---|
| CIBC Smart Account for Newcomers | Long introductory fee waiver | CIBC currently advertises no monthly account fee for 2 years, unlimited transactions including Interac e-Transfers, and a newcomer account designed for permanent residents and foreign workers. | After the newcomer period, standard pricing applies unless you meet the account conditions for a fee rebate. Check any bundle or welcome-offer conditions separately. |
| BMO NewStart | Two-year fee waiver and pre-arrival setup | Eligible permanent residents and foreign workers who arrived within the last 5 years can receive up to 2 years with no monthly Performance Plan fee. BMO also supports pre-arrival account opening from qualifying countries. | Pre-arrival eligibility depends on country and status. Credit products remain subject to approval even when Canadian credit history is not required. |
| RBC Newcomer Advantage | Simple big-bank package and credit-building path | RBC currently advertises no monthly fee on RBC Advantage Banking for the first year, unlimited debit transactions in Canada, free Interac e-Transfers, and newcomer credit-card access with no Canadian credit history required, subject to approval. | RBC states the standard Advantage Banking fee is $12.95 per month after the newcomer waiver unless another rebate or offer applies. |
| Scotiabank StartRight | Newcomer bundle and international-transfer features | Eligible permanent residents in Canada 5 years or less, foreign workers and international students can access StartRight. Scotiabank currently waives the $16.95 Preferred Package monthly fee for the first 12 months and advertises newcomer credit-card pathways. | After the first year, the Preferred Package fee resumes unless the account qualifies for a waiver. Promotional bundle values include conditions and should not be treated as cash-equivalent for every customer. |
What matters more than the welcome bonus
A newcomer offer is useful only if the account still fits after the introductory period. Compare the normal monthly fee, the balance required to waive it, ATM access near your home and work, Interac e-Transfer use, branch availability, and whether the bank can give you a realistic first-credit-card path.
Best strategy for most newcomers
If you expect to use branches, choose the major bank whose locations are convenient and whose newcomer fee waiver gives you enough time to settle. If you are comfortable banking digitally, reassess the account before the introductory period ends and compare no-fee alternatives rather than automatically paying the standard monthly fee.
Credit history is a separate decision
Do not choose a chequing account only because a bank advertises a high possible credit limit. Credit approval and limits are subject to underwriting. A low-fee account you can keep long term plus a manageable first credit card can be more valuable than maximizing the initial credit limit.
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
- Decide whether branch access matters to you.
- Compare the fee after the promotional period ends.
- Check which documents and immigration statuses qualify.
- Ask how the bank handles a first credit card with limited Canadian history.
- Re-check the offer on the bank’s official site before applying.
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
Can a newcomer open a Canadian bank account without credit history?
A bank account and a credit history are different. Canadian banks can open deposit accounts for eligible customers without an established Canadian credit file, although identification and status requirements apply.
Should I choose a bank based on the welcome bonus?
Usually not by itself. A temporary bonus can be outweighed by recurring monthly fees, inconvenient branches or products that do not fit your needs.