Introduction<\/h3>\n\n\n\n

As a newcomer to Canada, finding the right bank and setting up your first bank account is an essential step to getting settled. Established financial institutions often have special offers on newcomer bank accounts, including a vast branch and ATM network, mobile and online banking options, and a range of banking solutions with low or no fees. To assist you, we\u2019ve selected the best banks for newcomers to Canada.<\/p>\n\n\n\n

How to Open a Newcomer Bank Account in Canada<\/h3>\n\n\n\n

Newcomers can apply for a new bank account over the phone, in person at a branch, or via online banking. You may need to book an appointment. If applying from outside Canada, you might need to complete account opening formalities upon arrival.<\/p>\n\n\n\n

Requirements:<\/h4>\n\n\n\n

\n
• Personal Information:<\/strong> Email, Canadian phone number, and home address.<\/li>\n\n\n\n
• Proof of Identity:<\/strong> Canadian driver\u2019s licence or valid passport.<\/li>\n\n\n\n
• Proof of Status in Canada:<\/strong> Permanent resident card; Immigrant visa and record of landing (IMM Form #1000); Confirmation of permanent residence (IMM Form #5292\/5688) or temporary work permit (IMM Form #1442\/1102).<\/li>\n<\/ul>\n\n\n\n

  How to Compare the Best Banks for Newcomers in Canada<\/h3>\n\n\n\n

  Our list of best banks for newcomers is a starting point. Here\u2019s what to consider when comparing banks:<\/p>\n\n\n\n

  Offer Value<\/h4>\n\n\n\n

  Look for special offers, rebates, gifts, bonus rewards, or cashbacks. Review the fine print to ensure the conditions are suitable.<\/p>\n\n\n\n

  Everyday Banking Needs<\/h4>\n\n\n\n

  Ensure your banking package includes chequing accounts, savings accounts, credit cards, and essential features like money transfer services.<\/p>\n\n\n\n

  Fees and Limits<\/h4>\n\n\n\n

  Be aware of monthly fees, transaction limits, and costs after introductory offers end.<\/p>\n\n\n\n

  Ways to Bank<\/h4>\n\n\n\n

  Check branch and ATM networks if you prefer in-person banking, or ensure robust online and mobile banking options.<\/p>\n\n\n\n

  Deposit Protection<\/h4>\n\n\n\n

  Verify if the bank is a Canada Deposit Insurance Corporation (CDIC) member, providing protection up to $100,000.<\/p>\n\n\n\n

  Types of Financial Institutions<\/h3>\n\n\n\n

  Big Six Banks:<\/h4>\n\n\n\n

  \n
  • Royal Bank of Canada (RBC)<\/li>\n\n\n\n
  • Toronto-Dominion Bank (TD)<\/li>\n\n\n\n
  • Bank of Nova Scotia (Scotiabank)<\/li>\n\n\n\n
  • Bank of Montreal (BMO)<\/li>\n\n\n\n
  • Canadian Imperial Bank of Commerce (CIBC)<\/li>\n\n\n\n
  • National Bank of Canada (NBC)<\/li>\n<\/ul>\n\n\n\n

    Credit Unions:<\/h4>\n\n\n\n

    \n
    • Access Credit Union<\/li>\n\n\n\n
    • Affinity Credit Union<\/li>\n\n\n\n
    • Conexus Credit Union<\/li>\n<\/ul>\n\n\n\n

      Online Banks:<\/h4>\n\n\n\n

      \n
      • Tangerine Bank (subsidiary of Scotiabank)<\/li>\n\n\n\n
      • NEO Bank<\/li>\n<\/ul>\n\n\n\n

        Types of Banking Products<\/h3>\n\n\n\n

        Newcomers may need various banking products, including:<\/p>\n\n\n\n

        Chequing Accounts<\/h4>\n\n\n\n

        For daily transactions, bill payments, and direct deposits.<\/p>\n\n\n\n

        Savings Accounts<\/h4>\n\n\n\n

        To set aside money for future expenses or investments.<\/p>\n\n\n\n

        High-Interest Savings Accounts (HISAs)<\/h4>\n\n\n\n

        For higher interest rates and no fees.<\/p>\n\n\n\n

        Hybrid Accounts<\/h4>\n\n\n\n

        Combining chequing and savings features.<\/p>\n\n\n\n

        Joint Accounts, Bundles, and Packages<\/h4>\n\n\n\n

        Shared accounts with family members and bundled offers with rebates and promotions.<\/p>\n\n\n\n

        Ways to Build Credit<\/h3>\n\n\n\n

        Newcomer bank bundles may include credit cards, lines of credit, or personal loans to help build credit history in Canada:<\/p>\n\n\n\n

        Credit Cards<\/h4>\n\n\n\n

        Revolving credit for bill payments and purchases.<\/p>\n\n\n\n

        Lines of Credit<\/h4>\n\n\n\n

        For planned and unplanned personal expenses.<\/p>\n\n\n\n

        Personal Loans<\/h4>\n\n\n\n

        Installment debt for home renovations, debt consolidation, or other uses.<\/p>\n\n\n\n

        Best Banks for Newcomers in Canada<\/h3>\n\n\n\n

        BMO<\/h4>\n\n\n\n

        Intro Offer:<\/strong> Over $2,100
        Products:<\/strong><\/p>\n\n\n\n

        \n
        • Performance Plan Chequing Account<\/li>\n\n\n\n
        • Savings Amplifier Account<\/li>\n\n\n\n
        • BMO CashBack Mastercard
          Ways to Bank:<\/strong> Online, ATM, phone, and branch<\/li>\n<\/ul>\n\n\n\n

          CIBC<\/h4>\n\n\n\n

          Intro Offer:<\/strong> $400 Costco Shop Card
          Products:<\/strong><\/p>\n\n\n\n

          \n
          • CIBC Smart Account for Newcomers<\/li>\n\n\n\n
          • Cash-back & travel credit card options
            Ways to Bank:<\/strong> Online, ATM, phone, and branch<\/li>\n<\/ul>\n\n\n\n

            National Bank<\/h4>\n\n\n\n

            Intro Offer:<\/strong> Up to $670
            Products:<\/strong><\/p>\n\n\n\n

            \n
            • The Connected Chequing Account<\/li>\n\n\n\n
            • Mastercard credit card options
              Ways to Bank:<\/strong> Online, ATM, phone, and branch<\/li>\n<\/ul>\n\n\n\n

              RBC<\/h4>\n\n\n\n

              Intro Offer:<\/strong> Over $140
              Products:<\/strong><\/p>\n\n\n\n

              \n
              • RBC Advantage Banking<\/li>\n\n\n\n
              • RBC High Interest eSavings account<\/li>\n\n\n\n
              • Mastercard & Visa credit card options
                Ways to Bank:<\/strong> Online, ATM, phone, and branch<\/li>\n<\/ul>\n\n\n\n

                Scotiabank<\/h4>\n\n\n\n

                Intro Offer:<\/strong> Up to $1,800
                Products:<\/strong><\/p>\n\n\n\n

                \n
                • Preferred Package chequing account<\/li>\n\n\n\n
                • Ultimate Package chequing account<\/li>\n\n\n\n
                • MomentumPLUS Savings Account<\/li>\n\n\n\n
                • Scotiabank Passport Visa Infinite Card
                  Ways to Bank:<\/strong> Online, ATM, phone, and branch<\/li>\n<\/ul>\n\n\n\n

                  TD Bank<\/h4>\n\n\n\n

                  Intro Offer:<\/strong> Up to $1,785
                  Products:<\/strong><\/p>\n\n\n\n

                  \n
                  • TD Unlimited Chequing Account<\/li>\n\n\n\n
                  • TD ePremium Savings Account<\/li>\n\n\n\n
                  • TD Every Day Savings Account<\/li>\n\n\n\n
                  • TD Aeroplan Visa Platinum Credit Card
                    Ways to Bank:<\/strong> Online, ATM, phone, and branch<\/li>\n<\/ul>\n\n\n\n

                    Simplii Financial<\/h4>\n\n\n\n

                    Intro Offer:<\/strong> Up to $1,300
                    Products:<\/strong><\/p>\n\n\n\n

                    \n
                    • Simplii Financial No Fee Chequing Account<\/li>\n\n\n\n
                    • Simplii Financial Cash Back Visa Card
                      Ways to Bank:<\/strong> Online, ATM, and phone banking<\/li>\n<\/ul>\n\n\n\n

                      Key Takeaways<\/h3>\n\n\n\n

                      \n
                      • BMO:<\/strong> Best for cashback offers with over $2,100 in rewards.<\/li>\n\n\n\n
                      • CIBC:<\/strong> Offers a $400 Costco Shop Card and flexible banking options.<\/li>\n\n\n\n
                      • National Bank:<\/strong> Up to $670 in rebates, ideal for new chequing account holders.<\/li>\n\n\n\n
                      • RBC:<\/strong> Provides over $140 in rewards, top-notch online and branch banking.<\/li>\n\n\n\n
                      • Scotiabank:<\/strong> Best overall newcomer bank with up to $1,800 in benefits.<\/li>\n\n\n\n
                      • TD Bank:<\/strong> Up to $1,785 in rewards, comprehensive banking packages.<\/li>\n\n\n\n
                      • Simplii Financial:<\/strong> Best online banking offer with up to $1,300 in rewards.<\/li>\n<\/ul>\n\n\n\n

                        Final Thoughts<\/h3>\n\n\n\n

                        Finding the right bank as a newcomer to Canada involves comparing offers, fees, banking needs, and available services. Each bank offers unique benefits, so consider your specific needs to choose the best option. Establishing a solid banking foundation will help you manage your finances effectively and build your credit history in Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"

                        Introduction As a newcomer to Canada, finding the right bank and setting up your first bank account is an essential step to getting settled. Established financial institutions often have special offers on newcomer bank accounts, including a vast branch and ATM network, mobile and online banking options, and a range of banking solutions with low … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1472,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[221],"tags":[334,336,339,342,333,344,248,337,341,340,335,338,343],"class_list":["post-1468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-card","tag-bestloans2024","tag-canadabanking","tag-canadabankingtips","tag-canadafinancialaid","tag-canadaimmigrants","tag-canadiandream","tag-financialfreedom","tag-immigrantloans","tag-immigrantsupport","tag-loanadvice","tag-newcomerfinance","tag-newtocanada","tag-settlingincanada"],"_links":{"self":[{"href":"http:\/\/hindihealthcare.com\/wp-json\/wp\/v2\/posts\/1468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/hindihealthcare.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/hindihealthcare.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/hindihealthcare.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/hindihealthcare.com\/wp-json\/wp\/v2\/comments?post=1468"}],"version-history":[{"count":2,"href":"http:\/\/hindihealthcare.com\/wp-json\/wp\/v2\/posts\/1468\/revisions"}],"predecessor-version":[{"id":1473,"href":"http:\/\/hindihealthcare.com\/wp-json\/wp\/v2\/posts\/1468\/revisions\/1473"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/hindihealthcare.com\/wp-json\/wp\/v2\/media\/1472"}],"wp:attachment":[{"href":"http:\/\/hindihealthcare.com\/wp-json\/wp\/v2\/media?parent=1468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/hindihealthcare.com\/wp-json\/wp\/v2\/categories?post=1468"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/hindihealthcare.com\/wp-json\/wp\/v2\/tags?post=1468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}