Last checked November 3, 2026. All amounts are in Canadian dollars. This page has no affiliate links. No accounts were opened or tested for it: the facts come from the banks' own published pages and terms, and from federal sources. "Unknown" means the pages checked didn't show it, not that the bank doesn't offer it.
A welcome bonus can look like the whole decision, and sometimes the money really is big: BMO's $800 is more than its account would cost in fees over three years. But the bonus only arrives if a recurring direct deposit, usually a paycheque, reaches the account on time. The fee arrives either way. So check the offer last, after asking what you'll pay once the free period ends and whether you qualify at all.
The answer changes with your status, so this page doesn't name one best bank.
- Permanent resident: BMO or CIBC. Both rebate the monthly fee for 24 months with no direct-deposit or balance condition, the longest such run among the six large banks compared.
- Foreign worker: the same two: BMO if you arrived within five years, CIBC if your work permit was issued for at least 12 months. If you arrived a while ago and still need a first card, look at RBC, whose no-history window runs 48 months for workers.
- International student: Scotiabank if the card limit matters most, at up to $5,000 against RBC's $2,000. Those are the only two student limits that could be compared.
- Anyone who'd rather never watch a waiver expire: Simplii or Tangerine, both $0 a month as a standing price.
Quick picks by situation
| Your situation | Where to look |
|---|---|
| No job yet | BMO or CIBC, on the fee waiver. Leave the cash for later |
| A paycheque starting soon | BMO leads at $800 on chequing. TD and Scotiabank are close at $700 |
| No large balance, but you can take a card and route pay or bills through one account | National Bank: $0 in monthly fees over 36 months if you meet its conditions, $239.28 if you don't |
| Branches nearby | RBC reports 1,200+, the highest current figure here. CIBC's current count couldn't be confirmed |
| Credit history at home | Scotiabank says Nova Credit lets clients from 15 listed countries seek a higher card limit. Other banks' equivalents weren't checked |
Why these ten. Six large banks with published newcomer programs and four no-monthly-fee options, judged on the same fields. Credit unions weren't checked, and their deposits fall under provincial insurance plans that vary. Neo, KOHO and Wise accounts weren't checked either.
The low-cost account you can ask for, and when a bank can refuse you
The Commitment on Low-Cost and No-Cost Accounts, in effect since December 1, 2025, is signed by 14 institutions, including RBC, TD, Scotiabank, BMO, CIBC, National Bank and Tangerine. It sets a low-cost account at no more than $4 a month and a $0 version for eligible groups, each with at least 18 debit transactions a month and no minimum balance.
Newcomers get the $0 version during their first year in Canada, subject to document checks, including permanent residents, protected persons and temporary residents with a study or work permit. So treat a free first year at a signatory as a floor you can ask for, and don't give a bank much credit for matching it. RBC, National Bank and CIBC tie their newcomer fee relief to the Commitment. How the other signatories apply it is Unknown, so ask.
After that year, the $4 account would cost at most $96 across years two and three, less than the lowest no-conditions branch figure in the fee table below. The Financial Consumer Agency of Canada (FCAC) describes it as open to all Canadians, so if you're on a permit, ask how it applies to you.
Refusal. The FCAC lists the grounds for refusing to open an account: suspected illegal or fraudulent use, illegal or fraudulent activity in the past seven years, knowingly false information, a risk of harm or abuse to others, and refusing ID verification. Two narrower cases also count: the bank or branch only offers accounts linked to another institution and you don't have one, or a federal credit union and you refuse to become a member. A refusal must come in writing, with the bank's complaint process and contact details for the FCAC and the banking ombudsman.
No job, no Canadian credit history and no Social Insurance Number (SIN) aren't on that list, but the FCAC pages checked don't state a rule protecting you on those points, so don't read the gap as a guarantee. The federal SIN Code of Practice says banks need a SIN for accounts and investments that pay income. If an account produces no income the law doesn't require one, and no one can deny you a product for refusing a SIN the law doesn't require.
Deposit insurance. CDIC (Canada Deposit Insurance Corporation) automatically covers eligible deposits at member institutions up to $100,000 per category. Foreign currency deposits and guaranteed investment certificates (GICs) are covered; mutual funds, stocks, bonds, ETFs and crypto aren't. If you're holding settlement money, three details affect how you'd split it:
- Simplii is a CIBC trade name with no separate coverage from CIBC.
- Wealthsimple says it isn't a bank or a CDIC member. It holds chequing funds in trust at up to 10 CDIC members, for up to $1 million combined.
- Whether Tangerine's coverage is separate from Scotiabank's is Unknown. Check CDIC's member list.
What you'd pay over 36 months
A monthly fee waiver means the bank skips or rebates the account's fee for a set period. When it ends, the full fee starts unless you meet a condition. The last column is fees only: (36 minus free months) × the published fee, with no qualifying balance and no conditions met. It ignores other charges, bonuses and future fee changes, so it's an illustration.
| Account | Regular monthly fee | Free period | What avoids the fee afterwards | Fees over 36 months |
|---|---|---|---|---|
| RBC Advantage Banking | $12.95 | 12 months | Value Program can bring it to $0. Threshold Unknown | $310.80 |
| TD Unlimited Chequing | $17.95 | 12 months, or 24 with qualifying direct deposit set by month 12 | $4,000 at the end of each day | $430.80, or $215.40 with the second year |
| Scotiabank Preferred Package | $16.95 | 12 months | $4,000 daily closing | $406.80 |
| BMO Performance Plan | $17.95 | 24 months | $4,000 | $215.40 |
| CIBC Smart Account for Newcomers or Foreign Workers | $16.95, then $17.95 from January 1, 2027 | 24 months | $4,000 at the end of each day | $215.40 |
| National Bank newcomer offer | $15.95 | Year 1 free. Years 2 and 3 free if conditions are met, otherwise $7.98 then $11.96 | $4,500 | $239.28, or $0 if conditions are met |
| Simplii No Fee Chequing | $0 | Standing price | None needed | $0 |
| Tangerine Chequing | $0 | Standing price | None needed | $0 |
| EQ Bank Personal Account | $0 | Standing price | None needed | $0 |
| Wealthsimple Chequing (not a bank) | $0 | Standing price | None needed | $0 |
Keep $4,000 in the account every day and most of the gap disappears, since TD, Scotiabank, BMO and CIBC all fall to $0. Waiver length matters most if you can't leave that much idle.
RBC looks expensive because its waiver is short, yet its $12.95 is the lowest regular fee of the six. If nothing changes, its running total drops below BMO's from about month 56.
National Bank's free years two and three need a $4,500 daily balance, or its credit card with e-statements plus payroll or two bill payments. From month 13 it charges $2.50 per branch transaction and $3.50 a month for paper statements, and in year four you move to The Connected at $15.95.
Students: this table mostly doesn't apply to you. RBC shows no monthly fee if you study full time, Scotiabank shows none on student chequing, and CIBC Smart Start has none until 25, then Smart for Students while you're full time. BMO's student account details weren't captured, and TD's student terms are Unknown.
Two accounts. If you want a no-history card and in-person help now, one reasonable plan is a branch bank for the first year or two and a no-fee account afterwards. That's advice, not a measured result. Moving too soon can cost you a bonus: BMO requires the account to stay on its plan until March 1, 2028, and CIBC can take its $500 back if you cancel the recurring deposit within a year. EQ Bank and Wealthsimple also need a SIN, and Simplii and CIBC share one CDIC limit.
Welcome offers: what you must do, and by when
These are as of November 3, 2026. Offers change, so confirm on the bank's page before relying on one.
| Option | Offer | Conditions | Published deadline |
|---|---|---|---|
| BMO | $800 on chequing, +$200 savings, +$100 with a card | Recurring direct deposit of $500+ and two $50 bill payments or debits to different payees. Stay on the plan until March 1, 2028. Savings part needs $10,000 deposited within 30 days and held 180 more | Open and fund by March 1, 2027; complete by April 30, 2027 |
| TD | $700 cash | Open in a branch. Within 60 days: recurring direct deposit totalling $500+ in 30 days, plus a $50 bill payment or recurring pre-authorized debit. New chequing customers only | November 3, 2026 to March 3, 2027 |
| Scotiabank | $700 cash, +$200 registered plan, +$100 credit card | Within 60 days: recurring direct deposit (4 months), plus a $50 pre-authorized payment, a $50 bill payment or 5 Visa Debit purchases | October 30, 2026 to March 4, 2027 |
| CIBC | $500 cash, +$100 with a card, plus Costco Gold Star membership | Age 25 and over, no CIBC chequing in the past 5 years. Within 60 days: recurring direct deposit of $500+, plus 2 pre-authorized debits, 2 $50 bill payments or 5 eligible Visa Debit purchases. Keep the deposit running for a year | No end date published, and CIBC can end it without notice. Costco part ends November 16, 2026 |
| RBC | Up to 28,000 Avion points with RBC ION+ Visa (RBC puts it at up to $200 in gift cards) | Minimum spend, exclusions, card approval | Apply by May 3, 2027 |
| RBC, second offer | Up to $600 on Signature No Limit ($16.95 a month) or VIP ($30), not Advantage | No RBC account now or before. Two of: full payroll direct deposit, 2 pre-authorized payments, 2 bill payments. $100 of it comes after 13 months. Can't be combined with other account offers | Open by March 1, 2027; complete by May 10, 2027 |
| Simplii | $350 cash | New clients. $100+ direct deposit for 4 straight months within 150 days | Apply by January 31, 2027 |
| Tangerine | $250 cash | New clients. Payroll deposits of $200+ a month for two months | Client number created by April 30, 2027 |
| National Bank | Up to $600 cashback ($300 base) | Online banking, 20 transactions, 3 automatic deposits of $100+ | Last day was November 3, 2026, the day this page was checked. No replacement was posted then |
| EQ Bank, Wealthsimple | None captured | Not applicable | Unknown |
| Students, separate offers | RBC $150. CIBC $125. BMO up to $800 in value | Details vary, and BMO's weren't captured | RBC ends May 31, 2027 (qualify by July 26, 2027). CIBC end date not captured |
Direct deposit means a payer, usually your employer, sends money into the account on a schedule. A pre-authorized debit is a company you've approved pulling a set payment from it. So these offers favour people who already have work. The direct-deposit windows run from about 60 days at TD, Scotiabank and CIBC to 150 days at Simplii, and BMO uses a fixed date, so opening early buys time.
With a paycheque coming, the cash can outweigh the fees. BMO's $800 tops its $215.40 three-year figure, and TD's $700 tops even its $430.80. Expect to wait: BMO's terms say it pays by October 30, 2027, while an FAQ on its page says June 30.
RBC's $600 is the one open cash offer that doesn't require a direct deposit, since two bill payments and two pre-authorized payments can satisfy it. The trade is the account. RBC describes its 12-month waiver for Advantage and VIP, not Signature No Limit, which costs $16.95 a month, or $4 with its Value Program.
Package totals aren't cash either. BMO's $2,600 assumes a $50,000 GIC and a $10,000 savings deposit, plus other bonuses. Scotiabank's $2,300 counts lounge passes, $40,000 of annual card spending and estimated points. TD's $2,400 includes card and savings offers.
A first credit card without Canadian history
A secured card is backed by a deposit you hand over. An unsecured card isn't. "Up to" is the advertised ceiling, and it doesn't predict your limit. Approval is the bank's decision, and RBC, TD and Scotiabank all tie their top limits to income or credit review.
| Bank | Permanent resident | Foreign worker | International student | Security deposit |
|---|---|---|---|---|
| RBC | Arrived within 12 months. Up to $15,000, based on income | Arrived within 48 months. Up to $15,000, based on income | Arrived within 12 months. Up to $2,000 | Unknown |
| TD | Up to $15,000, with approval and verifiable income | Limit Unknown | Limit Unknown | Unknown |
| Scotiabank | Up to $15,000 | Up to $15,000 under StartRight, a program-wide limit. Bring an employer income letter | Scene+ Visa up to $5,000 | Described as unsecured |
| BMO | No Canadian history required. Limit Unknown | Same | Outside NewStart. Card terms Unknown | Deposit route if you don't qualify for unsecured |
| CIBC | Up to $15,000 on a first card | Card offers shown, limit not stated separately | Unknown | CIBC says none needed |
| National Bank | Unknown | Unknown | Unknown | Unknown |
| Simplii | Cash Back Visa up to $10,000 (conditions not readable). By-status terms Unknown | Unknown | Pointed to its GIC program | Unknown |
| Tangerine | Unknown | Unknown | Unknown | Unknown |
| EQ Bank, Wealthsimple | Prepaid card only captured | Same | Same | Not applicable |
Read the RBC row closely. Its program headline says five years, but the no-history card window is 12 months for permanent residents and students. Land in 2025, apply in 2027, and the account may still fit while the card doesn't.
Wealthsimple says its prepaid Visa doesn't affect your credit score, so don't count on it to build history. Which other cards report to both credit bureaus wasn't captured for any bank, so ask before you apply.
Sending money home: fees only, and no winner
| Option | Provider's own transfer fee | Scope or limit |
|---|---|---|
| RBC | $0 | Almost any country, up to $50,000 a day. Intermediary fees may apply and limits vary |
| TD | Global Transfer fees credited for up to 12 months under the package | TD estimates up to $15 per Western Union transfer. Limit Unknown |
| Scotiabank | $0 from an eligible account. Standard $1.99 is temporarily waived generally | 73 countries, $15,000 a day and $25,000 a week |
| BMO | $0 on Performance Plan, $5 otherwise | Up to 50 countries, 2 to 5 business days. Limits Unknown |
| CIBC | $0 with its newcomer and foreign-worker accounts | 130+ countries (120+ on its foreign-worker page). Limit Unknown |
| National Bank | $5.95 | US, India, Philippines, UK, 19 EU countries. 3 to 5 business days |
| Simplii | "Save on transfer fees". Amount Unknown | Unknown |
| Tangerine | Unknown | Unknown |
| EQ Bank | Unknown | Service exists, not offered in Quebec |
| Wealthsimple | Says it uses the mid-market rate plus a fee shown before you send, through Wise. Amount Unknown | Up to $1,000,000 a day. 23 listed destinations excluded |
A $0 fee says nothing about the exchange rate, and no bank's exchange-rate margin was captured, so this page doesn't name a cheapest route. The margin can matter more than the fee: every 1% between the rate you get and the market rate costs $20 on a $2,000 transfer. To compare properly, ask each provider on the same day how much the recipient will get, in their currency, for the same amount.
Bank by bank
The table shows who each program covers. Below it, each option gets the same three points.
| Option | Who it covers |
|---|---|
| RBC | Arrived within five years, with proof of entry and no existing RBC account |
| TD | Permanent or temporary residents of five years or less, not visitors |
| Scotiabank StartRight | Permanent residents of five years or less, foreign workers, international students |
| BMO NewStart | Permanent residents and foreign workers who arrived within five years. Students are separate |
| CIBC | Landed within five years, or a work permit issued for at least 12 months. Students are separate |
| National Bank | Adults under five years in Canada who are permanent residents or hold a valid work or study permit |
| Simplii | Arrived within five years can apply online with a passport and selfie |
| Tangerine | Canadian residents with two pieces of ID. No newcomer program found |
| EQ Bank | Canadian residents with a SIN and a Canadian mobile number, for online signup |
| Wealthsimple | Living in Canada as a citizen or on a valid visa, with a SIN and a Canadian or US phone number |
RBC
- Best for: branch reach (1,200+ branches and 4,300+ ATMs, by RBC's count), and workers up to 48 months in who need a first card.
- Main catch: a 12-month waiver, and RBC says other in-market offers may replace it.
- Unknown: the Value Program threshold and any deposit on the newcomer card.
TD
- Best for: someone with a job and a branch nearby. The second free year applies only to enrolments from November 3, 2026.
- Main catch: the package requires branch enrolment, and the $700 excludes anyone who already has TD chequing or received a TD chequing offer from 2024 to 2026.
- Unknown: card limits for workers and students, and student account terms.
Scotiabank
- Best for: students comparing card limits, and anyone from one of the 15 Nova Credit countries seeking up to twice their current limit.
- Main catch: without a $4,000 balance, only TD without its second year costs more over 36 months. Anyone who held Scotiabank chequing in the past two years can't get the $700.
- Unknown: whether other banks offer a similar route.
BMO
- Best for: 24 fee-free months with no deposit condition, and the largest chequing cash amount here.
- Main catch: $17.95 starts automatically after month 24. Anyone who closed a BMO chequing or savings account since November 3, 2025 can't get the cash.
- Unknown: card limit and transfer limits. BMO's pages conflict on its safety deposit box offer, so check with BMO.
CIBC
- Best for: two free years with a $0 transfer fee and, for permanent residents, a first card with no deposit.
- Main catch: the fee rises to $17.95 before a new account's waiver ends. Under 25, you get Smart Start instead of the $500.
- Unknown: the current branch count, SIN rules and the worker card limit. Its legal note lists no other condition on the two free years, though one headline says "up to 24 months".
National Bank
- Best for: people who can meet its conditions and can't hold a large balance.
- Main catch: the no-balance route needs its credit card, whose no-history terms are Unknown. Its 360+ branches is the lowest current count among the large banks.
- Unknown: any replacement for the offer that ran until November 3, 2026.
Simplii
- Best for: no monthly fee long term, with a 150-day window on its cash offer and 3,400+ CIBC ATMs.
- Main catch: your debit card is mailed to a Canadian address, and Simplii says to apply after you arrive.
- Unknown: the transfer fee, the card's conditions and any branch access.
Tangerine
- Best for: no monthly fee or minimum balance, free e-Transfers and 3,500+ Scotiabank ATMs.
- Main catch: the $250 needs payroll deposits.
- Unknown: international transfers, a card for newcomers and whether it needs a SIN.
EQ Bank
- Best for: people with a SIN and a Canadian mobile who don't want a branch.
- Main catch: it may not work as a day-one account, and the card is prepaid.
- Unknown: transfer fees.
Wealthsimple
- Best for: a no-fee account with ATM fees reimbursed and cash deposits at 5,300+ Canada Post locations.
- Main catch: it isn't a bank, the card is prepaid, and the SIN rule can stop you on day one.
- Unknown: any credit card.
What to bring on day one
Banks must confirm your identity using original ID, not copies. The FCAC describes two routes: two documents from its list (one with your name and address, one with your name and date of birth), or one document with your name and date of birth plus a customer or community member in good standing confirming who you are. That list includes foreign passports and bank or card statements, but doesn't name PR cards, Confirmation of Permanent Residence (COPR) documents or permits. Banks may accept other ID, and their newcomer pages list it. Scotiabank's, for example:
| Status | Bring |
|---|---|
| Permanent resident | PR card or COPR, plus photo ID |
| Foreign worker | Work permit plus photo ID, and an employer income letter if you want the card |
| Student | Study permit or temporary resident visa, photo ID and proof of enrolment, which TD also asks for |
Whatever your status, bring your passport, something showing your arrival date (the windows above run from arrival), and your SIN if you have it.
Before opening, ask for the account agreement and list of charges, which the bank must give you. Heading to Alberta? The moving to Alberta checklist covers the documents that come next, including where a new account's statements can help.
If you haven't landed yet
Routes from abroad are narrow, and at RBC, TD, Scotiabank, BMO and CIBC they depend on where you live.
| Bank | Route | Limit |
|---|---|---|
| RBC | Online, for residents of Hong Kong, China, India, Philippines, Vietnam, Antigua and Barbuda, Costa Rica, Saint Vincent and the Grenadines, Trinidad and Tobago | Branch appointment 1 to 5 business days after arrival |
| TD | By phone, from China or India, up to 75 days before arrival | Up to $25,000 before arrival (worker page). Activate in a branch |
| Scotiabank | International Account, selected countries | One wire, up to $50,000 per family. Branch visit after arrival |
| BMO | Online, qualifying countries | Up to $75,000 |
| CIBC | Smart Arrival temporary account, eligible countries | One-time wire, no access card until a branch visit, 12 months to complete |
| National Bank | Applications from abroad ran until November 3, 2026 | Wires only for accounts opened before that date |
| Simplii | Apply after you arrive | Then transfer $1,000 to $50,000 from abroad |
How to choose: three questions
1. What's your status, and when did you arrive? This rules banks out before price does. A permanent resident 18 months in has missed RBC's no-history card window, and a student falls outside BMO NewStart.
2. Will a paycheque land in this account within about 60 days? If yes, compare BMO, TD and Scotiabank on cash, then check the fee that follows. If no, take BMO or CIBC for the longer waiver, or Simplii if its 150-day window looks more realistic.
3. Can you leave $4,000 in the account every day once the waiver ends? If yes, the fee is $0 at TD, Scotiabank, BMO and CIBC, so choose on branches and card. If no, plan your way out now: National Bank's conditions, a signatory's $4 account, or a move to Simplii or Tangerine once any bonus lock-in has passed.
Then test your pick before you sign. Ask what you'll pay in the first month after the waiver, what you must do by which date to get the offer, whether the card reports to both credit bureaus, and how much your recipient would get today on a real transfer. If an answer doesn't match this page, trust the bank's.