As a newcomer to Canada, selecting the right bank is crucial for managing your finances effectively. Many Canadian banks offer specialized programs tailored to the needs of new immigrants, providing benefits such as waived fees, welcome bonuses, and credit-building opportunities. Below are some top banks and their offerings:
1. Bank of Montreal (BMO) – NewStart Program
BMO’s NewStart Program is designed for permanent residents and foreign workers who have arrived in Canada within the last five years. Key features include:
- Performance Chequing Account: No monthly fees for the first year, unlimited transactions, and one free non-BMO ATM withdrawal per month.
- Welcome Bonus: Earn up to $350 by setting up a recurring direct deposit, making two eligible online bill payments of at least $50 to different billers, or setting up two eligible pre-authorized debits of at least $50 to different billers.
- Savings Amplifier Account: An additional $200 bonus when opening this account and depositing $10,000 or more, maintained for a specified period.
- Educational Resources: Access to SmartProgress, a series of financial education tools and videos.
You can open an account online or in person. If applying online, visit a branch with necessary documentation to complete the process. BMO also allows eligible individuals to open an account before arriving in Canada.
2. Canadian Imperial Bank of Commerce (CIBC) – Smart Account for Newcomers
CIBC’s Smart Account for Newcomers offers:
- No Monthly Fees: Waived for the first two years.
- Unlimited Transactions: Including Interac e-Transfers.
- Welcome Bonus: Up to $400 when setting up a recurring direct deposit and completing additional qualifying activities.
- Credit Card Options: Access to credit cards without requiring a Canadian credit history.
Eligibility extends to those who have obtained permanent resident or landed immigrant status within the last five years.
3. Scotiabank – StartRight Program
Scotiabank’s StartRight Program is tailored for newcomers, offering:
- Preferred Package Chequing Account: No monthly fees for one year, unlimited transactions, and one free non-Scotiabank ATM withdrawal per month.
- Welcome Bonus: Up to $350 by setting up eligible direct deposits, pre-authorized transactions, or online bill payments.
- International Account Opening: Option to open an account before arriving in Canada, allowing transfers of up to $50,000 prior to arrival.
This program is available to permanent residents, foreign workers, and international students who have been in Canada for up to three years.
4. Simplii Financial – No-Fee Chequing Account
Simplii Financial, a digital banking arm of CIBC, provides:
- No Monthly Fees: Unlimited transactions without maintenance fees.
- Welcome Bonus: Up to $400 when setting up an eligible direct deposit of at least $100 per month for three consecutive months.
- High-Interest Savings Account: Special interest rates for the first five months when opened alongside a chequing account.
- Pre-Arrival Account Opening: Ability to open an account before arriving in Canada, even without Canadian identification.
Simplii is ideal for those comfortable with digital banking and seeking a straightforward, no-fee account.
5. National Bank of Canada – Newcomers Package
National Bank offers a comprehensive package for newcomers:
- No Monthly Fees: Up to three years of waived fees on select chequing accounts.
- Unlimited Transactions: Including Interac e-Transfers.
- Credit Products: Access to credit cards and mortgage options without requiring a Canadian credit history.
- Additional Support: 12 months of free access to telephone assistance for legal, housing, and financial advice.
This package is available to permanent residents, temporary workers, and international students who have been in Canada for up to five years.
6. Royal Bank of Canada (RBC) – Newcomer Advantage
RBC’s Newcomer Advantage program includes:
- No Monthly Fees: Waived for one year on the RBC No Limit Banking Account.
- Unlimited Transactions: Including free Interac e-Transfers.
- Credit Card Options: Access to credit cards with no Canadian credit history required.
- International Money Transfers: No fees for sending money abroad.
This program is designed for permanent residents and foreign workers who have been in Canada for up to five years.
Considerations When Choosing a Bank
When selecting a bank, consider the following factors:
- Branch and ATM Accessibility: Ensure the bank has convenient locations near your residence or workplace.
- Fee Structures: Be aware of any fees that may apply after promotional periods end.
- Digital Banking Services: Evaluate the quality of online and mobile banking platforms.
- Additional Services: Consider other offerings such as credit cards, mortgages, and investment products.