12 Leading Banking Packages for Newcomers in Canada: November 2025
Moving to Canada opens a world of financial opportunities, but navigating banking options can feel overwhelming for newcomers. Understanding the right banking packages is crucial for establishing your financial foundation. By exploring credit building strategies, you can set yourself up for long-term financial success. For newcomers looking to build credit, considering starter credit solutions can be an essential first step in your financial journey.
Individual Program Cards
Jump to
| Name | Type | Learn More |
|---|---|---|
| RBC Newcomer Advantage Chequing Account | Financial Service | Learn More |
| TD New to Canada Banking Package | Financial Service | Learn More |
| Scotiabank StartRight Preferred Package | Financial Service | Learn More |
| CIBC Smart Account for Newcomers | Financial Service | Learn More |
| BMO New to Canada Chequing Account | Financial Service | Learn More |
| National Bank Newcomer Account | Financial Service | Learn More |
| RBC High Interest eSavings | Financial Service | Learn More |
| Scotiabank MomentumPLUS Savings Account | Financial Service | Learn More |
| CIBC eAdvantage Savings Account | Financial Service | Learn More |
| TD High Interest Savings Account | Financial Service | Learn More |
| BMO SmartSaver Account | Financial Service | Learn More |
| National Bank High Interest Savings Account | Financial Service | Learn More |
What Newcomers Need to Know
- Banking packages specifically designed for newcomers offer unique benefits
- Most packages provide fee-free periods ranging from 12-24 months
- Expect additional perks like free international money transfers
- Look for packages that include credit card and savings account options
- Consider accounts with high-interest rates and low minimum balance requirements
Our Top Recommendations
- Choose packages with no monthly fees for the first 12-24 months
- Prioritize accounts offering unlimited transactions
- Select banks with extensive branch and ATM networks
- Look for packages that include credit card offers
- Consider additional benefits like legal support services
12 Leading Banking Packages for Newcomers in Canada Program Cards
1. RBC Newcomer Advantage Chequing Account
Category: Financial Service
Newcomers often struggle with establishing financial stability in a new country. The RBC Newcomer Advantage Chequing Account addresses this challenge by providing a tailored banking solution that eliminates typical barriers, offering a comprehensive financial onboarding experience for immigrants settling in Canada.
Benefits for newcomers:
- Unlimited debits
- Free Interac e-transfers
- No RBC fee to use another bank's ATM in Canada
- Access to RBC products, advice, and resources
- Flexible banking options for new immigrants
How to apply:
- Visit official website to learn more
2. TD New to Canada Banking Package
Category: Financial Service
While pursuing financial stability in Canada, newcomers may need comprehensive banking solutions that address their unique settlement challenges. The TD New to Canada Banking Package emerges as a strategic financial resource, offering tailored banking services designed specifically to support immigrants navigating their initial financial journey.
Benefits for newcomers:
- TD Unlimited Chequing Account with no monthly fees
- TD ePremium or TD Every Day Savings Account
- Access to credit cards with potential no annual fee
- Bonus interest rate on savings for first three months
- Cash bonus for opening accounts
How to apply:
- Visit official website to learn more
3. Scotiabank StartRight Preferred Package
Category: Financial Service
Effective banking planning for newcomers requires a comprehensive financial foundation that supports immediate settlement needs. The Scotiabank StartRight Preferred Package serves as a strategic resource for immigrants, offering tailored banking solutions that address the complex financial transitions of establishing life in Canada.
Benefits for newcomers:
- Up to $2,300 in total value for new immigrants
- No monthly account fees in the first year
- Access to specialized newcomer banking advisors
- Opportunity for establishing initial Canadian credit history
- Simplified banking package designed for international transitions
How to apply:
- Visit official website to learn more
4. CIBC Smart Account for Newcomers
Category: Financial Service
Beyond direct banking support, the CIBC Smart Account for Newcomers can enhance financial readiness by providing a comprehensive entry point for immigrants establishing their financial foundation in Canada. This specialized account offers newcomers a strategic financial tool designed to simplify their initial banking experiences with targeted support and flexible features.
Benefits for newcomers:
- No monthly account fee for up to 24 months
- Welcome bonus of $500 cash
- First chequing account option for new immigrants
- Designed specifically for newcomers' financial needs
- Flexible banking features for initial settlement period
How to apply:
- Visit official website to learn more
5. BMO New to Canada Chequing Account
Category: Financial Service
Newcomers investing in establishing their financial foundation in Canada should consider the BMO NewStart Program for seamless banking integration. This comprehensive account offers strategic financial tools designed specifically for permanent residents, foreign workers, and international students seeking a robust banking solution upon arrival.
Benefits for newcomers:
- No monthly fees for two years on Performance Chequing account
- No-fee international money transfers
- Exclusive offers on credit cards
- Access to investing opportunities
- Potential cash bonus up to $700*
How to apply:
- Visit official website to learn more
6. National Bank Newcomer Account
Category: Financial Service
Accessing the National Bank Newcomer Account enables immigrants to seamlessly integrate their financial journey in Canada while establishing critical banking infrastructure. This specialized account empowers newcomers to build their financial foundation within 90 days of arrival, providing strategic support during their critical settlement period.
Benefits for newcomers:
- First year: no flat monthly fee (savings of $15.95/month)
- Second year: reduced flat monthly fee of $2.50/month
- Phone assistance through National Bank Assistance Network for 12 months
- Ability to open account from home country before arrival
- International transfer options available
How to apply:
- Visit official website to learn more
7. RBC High Interest eSavings
Category: Financial Service
As part of a comprehensive financial integration strategy, RBC High Interest eSavings helps newcomers establish a solid financial foundation in Canada by providing an accessible and flexible savings solution designed to support their immediate and long-term financial goals.
Benefits for newcomers:
- Earn interest on every dollar saved
- Automated savings tools to help track financial progress
- Competitive interest rates for new account holders
- Easy online account management
- Supports building credit and financial stability in Canada
How to apply:
- Visit official website to learn more
8. Scotiabank MomentumPLUS Savings Account
Category: Financial Service
As part of a comprehensive financial strategy for newcomers, the Scotiabank MomentumPLUS Savings Account helps immigrants maximize their savings potential with a competitive 4.65%* interest rate during a 90-day premium period. This specialized savings vehicle offers a strategic approach to building financial stability in Canada, providing new arrivals with a flexible and high-yield savings option.
Benefits for newcomers:
- High-interest savings opportunity
- Flexible savings strategy with premium rate period
- Option to earn up to 4.75%* with package upgrades
- Helps build emergency funds quickly
- Supports financial goal-setting for new immigrants
How to apply:
- Visit official website to learn more
9. CIBC eAdvantage Savings Account
Category: Financial Service
Newcomers often struggle with establishing financial stability in a new country, facing challenges in finding secure and flexible savings options. The CIBC eAdvantage Savings Account addresses these challenges by providing a low-barrier entry point for immigrants to start building their financial foundation with minimal initial investment and attractive interest opportunities.
Benefits for newcomers:
- High-interest savings option
- Special annual interest rate for first 90 days
- Balances eligible for interest up to $1,000,000
- Flexible withdrawal options
- Easy online account management
How to apply:
- Visit official website to learn more
10. TD High Interest Savings Account
Category: Financial Service
While pursuing financial stability in Canada, newcomers may need a flexible savings solution that provides immediate access to funds and modest growth. The TD High Interest Savings Account emerges as a strategic financial tool, offering tiered interest rates and unlimited free online transfers to help immigrants manage their new financial landscape.
Benefits for newcomers:
- Unlimited free online transfers to other TD deposit accounts
- High interest rate on balances of $10,000 or more
- No additional charges for ATM withdrawals
- Flexible account management through online banking
- Option to link with personal or small business checking accounts
How to apply:
- Visit official website to learn more
11. BMO SmartSaver Account
Category: Financial Service
Effective financial planning for newcomers requires a strategic savings tool that offers flexibility and accessibility. The BMO SmartSaver Account emerges as a critical resource for immigrants navigating their initial financial landscape in Canada, providing a straightforward approach to building financial stability.
Benefits for newcomers:
- Simple and easy-to-understand savings mechanism
- Supports long-term financial goal setting
- Provides immediate access to funds
- No complex requirements for account maintenance
- Helps establish banking history in Canada
How to apply:
- Visit official website to learn more
12. National Bank High Interest Savings Account
Category: Financial Service
Beyond direct banking support, the National Bank High Interest Savings Account can enhance newcomers' financial readiness by providing a flexible, risk-free savings tool with monthly interest payments. This account offers an accessible way for immigrants to start building financial stability in Canada, with unlimited free transfers between National Bank accounts.
Benefits for newcomers:
- Grow funds safely and predictably
- Immediate access to savings
- No transfer fees between National Bank accounts
- Low-risk financial management tool
- Supports short-term and emergency financial planning
How to apply:
- Visit official website to learn more
Final Words
Choosing the right banking package is a critical step in your Canadian journey. Take time to compare options, understand the features, and select a package that aligns with your financial goals. Remember that building a strong financial foundation now can open doors to future opportunities like mortgages, investments, and long-term financial stability.
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Frequently Asked Questions: Banking Packages for Newcomers in Canada: November 2025
What are the best free banking packages for newcomers to Canada in 2025?
RBC Newcomer Advantage and TD New to Canada packages offer free banking services with no monthly fees for the first year for permanent residents and international students.
How do I qualify for a newcomer banking package at major Canadian banks?
Most banks require a valid work permit, study permit, or permanent resident status, along with a valid passport and proof of recent immigration to Canada within the last 3-5 years.
Which bank offers the best newcomer banking package: RBC or Scotiabank?
Scotiabank's StartRight Preferred Package typically provides the most comprehensive newcomer benefits, including free chequing accounts, credit card options, and personalized banking support.
What documents do I need to open a newcomer banking account in Canada?
You'll need a valid passport, immigration documents (work/study permit or permanent resident card), proof of Canadian address, and initial deposit ranging from $100-$500.
How can newcomers build credit history using Canadian bank newcomer packages?
CIBC and BMO newcomer banking packages offer specialized credit card options designed to help newcomers establish credit history with lower qualification requirements and starter credit limits.