Moving to a new country like Canada can be exciting yet overwhelming, especially when it comes to managing your finances. As a newcomer-whether you’re a permanent resident, international student, or foreign worker—choosing the right bank account is crucial. It helps you build credit, avoid high fees, and access essential services without a Canadian credit history. In 2025, Canadian banks continue to offer specialized packages for newcomers, often including fee waivers, cash bonuses, and easy account openings.
This article ranks the top 5 bank accounts based on factors like welcome offers, fee structures, ease of access, and additional perks. We’ve drawn from expert reviews and bank offerings to provide a unique perspective, focusing on how these accounts simplify life for those new to Canada. Remember, eligibility typically requires proof of identity (like a passport) and immigration status, and you can often start the process online before arriving.
1. National Bank of Canada – The Connected Chequing Account
National Bank stands out as the top pick for newcomers in 2025, thanks to its generous fee waivers and support services. This account is part of their Newcomers Offer, designed to ease your transition.
- Key Features: Unlimited digital transactions, Interac e-Transfers, ATM access, and global money transfers. You can open the account up to 90 days before arriving in Canada, which is a game-changer for planning ahead.
- Fees: No monthly fees for up to three years (saving you around $15.95/month afterward). No hidden charges for basic services like bill payments or transfers.
- Benefits: Apply for a Mastercard credit card without Canadian credit history to start building your score early. Plus, one year of free phone assistance (seven days a week) for questions about life in Canada—from housing to taxes. This holistic support makes it ideal for those feeling lost in a new system.
- Eligibility: Open to permanent residents, international students, and foreign workers. No SIN (Social Insurance Number) needed initially.
- Why It’s Great for Newcomers: The extended fee-free period gives you breathing room to settle in, and the assistance service acts like a personal guide. If you’re moving to Quebec, this bank has strong regional perks.
- Special Offers: Up to $550 in value, including cash bonuses for setting up direct deposits.
2. Scotiabank – StartRight Program (Preferred Package Chequing Account)
Scotiabank’s StartRight Program is a favorite for its premium perks and international focus, making it perfect if you plan to travel or send money abroad.
- Key Features: Unlimited transactions, free Interac e-Transfers, and access to over 3,500 ATMs. Pair it with the Money Master Savings Account for high-interest savings.
- Fees: No monthly fees for the first year (normally $16.95/month). After that, maintain a minimum balance to waive fees.
- Benefits: Earn Scene+ points on everyday spending, which you can redeem for movies, travel, or groceries. Get up to $150 savings on credit card annual fees, and easy global transfers with low rates.
- Eligibility: For permanent residents (0-5 years in Canada), international students, and foreign workers. No credit history required for credit cards.
- Why It’s Great for Newcomers: The program’s Scene+ rewards turn banking into a fun way to save, and it’s excellent for those with ties abroad due to Scotiabank’s global network. Think of it as a “welcome mat” with extras like no-fee international banking in partner countries.
- Special Offers: Up to $2,200 in value in the first year, including cash bonuses and credit card perks.
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3. TD Bank – New to Canada Banking Package (Unlimited Chequing Account)
TD’s package is all about unlimited everything, ideal for newcomers who want simplicity without worrying about transaction limits.
- Key Features: Unlimited debit transactions, bill payments, Interac e-Transfers, and ATM use. Includes the TD ePremium Savings Account for competitive interest rates.
- Fees: No monthly fees for up to one year (saving $16.95/month). Rebates on overdraft protection and global transfers.
- Benefits: Credit card options with up to $15,000 limit (no credit history needed), plus bonuses like $50 Amazon gift cards for students. Automate savings for extra cash rewards.
- Eligibility: Newcomers, including international students. Must sign up by late 2025 for full offers.
- Why It’s Great for Newcomers: Unlimited features mean no surprises as you learn Canadian banking. It’s like having a safety net—perfect for job hunters or students with variable expenses. TD’s app is user-friendly for mobile banking.
- Special Offers: Up to $1,930 in value, with cash bonuses up to $450 for direct deposits.
4. RBC – Newcomer Advantage (Advantage Banking Account)
RBC offers a solid foundation with high-interest savings and cashback, great for building long-term financial habits.
- Key Features: Unlimited transactions, free Interac e-Transfers, and international money transfers at no charge for one year. Includes RBC High Interest eSavings.
- Fees: No banking fees for one year (normally $11.95/month). Free safety deposit box included.
- Benefits: RBC Cash Back Mastercard with up to 12% cashback for three months. VIP options for unlimited Canadian transactions.
- Eligibility: Permanent residents, foreign workers, and international students (with tailored student accounts).
- Why It’s Great for Newcomers: Focuses on credit building and savings growth, helping you establish roots. It’s straightforward—like a “starter kit” for Canadian finances, with perks for families or those remitting money home.
- Special Offers: Up to 12% cashback intro on credit cards, plus fee waivers worth hundreds.
5. CIBC – Smart Account for Newcomers
CIBC emphasizes rewards and student-friendly options, making it a top choice for younger newcomers or those studying in Canada.
- Key Features: Unlimited transactions and free Interac e-Transfers. Global money transfers with no fees via CIBC Global Money Transfer.
- Fees: No monthly fees for up to two years (saving $16.95/month). Low or no fees on additional services.
- Benefits: Earn up to $450 cash by setting up recurring deposits and payments. Student perks include SPC+ discounts (up to 30% off brands) and no-fee credit cards.
- Eligibility: Newcomers and international students; GIC program for study permits.
- Why It’s Great for Newcomers: The extended fee waiver and cash incentives make settling affordable. It’s like a “boost” for your wallet, with extras like Disney+ rebates to enjoy Canadian life.
- Special Offers: $500 cash bonus or $400 Costco card for qualifying actions.
In conclusion, the best account depends on your needs—longer fee waivers (National Bank) or travel perks (Scotiabank). Visit branches or apps to apply, and compare based on your immigration status. Always check for updates, as offers can change. Welcome to Canada—your financial journey starts here!
Disclaimer: SettlerGuide.top are not financial advisers; please consult a qualified financial professional before making any financial decisions. Do not share personal information that can identify you. All information provided is for general guidance and based on publicly available data as of August 26, 2025. Always verify details with banks or relevant institutions directly, as terms and offers may change.