Employment Insurance (EI) Basics for Newcomers | November 2025
**Search Date:** September 2025 **Generated:** 2025-11-01 16:09:32
By planning ahead, thousands of newcomers can successfully navigate Canada's Employment Insurance (EI) system, unlocking critical support during job transitions. Understanding EI is crucial for new immigrants seeking financial stability, and with the right knowledge, you can access essential resources that support your professional journey. Exploring credit card solutions can complement your financial strategy as you settle into Canadian life.
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Summary Table for Employment Insurance (EI) Basics for Newcomers | November 2025
| Name | Type | Learn More |
|---|---|---|
| CIBC eAdvantage Savings Account | Financial Service | Learn More |
| Scotiabank MomentumPLUS Savings Account | Financial Service | Learn More |
| RBC High Interest eSavings | Financial Service | Learn More |
| TD High Interest Savings Account | Financial Service | Learn More |
| BMO SmartFolio High Interest Savings Account | Financial Service | Learn More |
| National Bank High Interest Savings Account | Financial Service | Learn More |
| Tangerine Savings Account | Financial Service | Learn More |
| Simplii Financial High Interest Savings Account | Financial Service | Learn More |
| EQ Bank Savings Plus Account | Financial Service | Learn More |
| HSBC Canada High Interest Savings Account | Financial Service | Learn More |
| Laurentian Bank High Interest Savings Account | Financial Service | Learn More |
| Manulife Bank SmartAccount | Financial Service | Learn More |
What Newcomers Need to Know About EI
- EI is a federal program providing temporary financial support
- Eligibility requires minimum insurable hours worked in Canada
- Different EI programs exist for job loss, parental leave, and sickness
- Application processes vary based on individual circumstances
- Documentation and proof of work history are critical
Our Top Recommendations for Newcomers
- Start documenting your work history immediately
- Understand your specific EI program requirements
- Maintain consistent employment records
- Learn about insurable hours and earnings
- Keep all employment-related documentation organized
EI Program Cards for Newcomers
1. CIBC eAdvantage Savings Account
Category: Financial Service
The CIBC eAdvantage Savings Account offers newcomers to Canada an accessible and flexible way to start saving money with minimal barriers to entry. This high-interest savings account provides an opportunity for new immigrants to grow their finances while enjoying convenient banking features.
What newcomers need to know:
- Minimum investment of just $25 to open the account
- No minimum balance requirement
- Earn Regular Interest calculated daily and paid monthly
- Can earn additional interest through Smart Interest feature
- Tax-free withdrawals allowed at any time
Benefits for newcomers:
- High-interest savings option
- Interest earned on balances up to $200,000
- Special promotional interest rates available
- Easy online account management
- Ability to grow savings with flexible withdrawal options
How to apply:
- Visit official website to learn more
2. Scotiabank MomentumPLUS Savings Account
Category: Financial Service
The Scotiabank MomentumPLUS Savings Account offers newcomers an attractive high-interest savings option with competitive rates and flexible earning potential. This account provides an excellent opportunity for immigrants to grow their savings while establishing their financial foundation in Canada.
What newcomers need to know:
- Earn a savings rate of 4.65%* for a limited time with a 90-day premium period
- Higher rates available for Scotiabank Ultimate Package holders (4.75%*)
- Cannot use for direct deposit or bill payments
- Designed for individuals looking to save more and earn more
- Requires opening an account with Scotiabank
Benefits for newcomers:
- Attractive limited-time interest rate of 4.65%*
- Potential to earn up to 4.75%* with Ultimate Package
- Flexible savings option for new immigrants
- Opportunity to earn higher interest compared to traditional savings accounts
- Part of a reputable Canadian banking institution
How to apply:
- Visit official website to learn more
3. RBC High Interest eSavings
Category: Financial Service
The RBC High Interest eSavings Account offers newcomers to Canada an accessible and flexible way to start saving money with competitive interest rates. This digital savings account provides an excellent opportunity for immigrants to build their financial foundation in Canada with minimal barriers to entry.
What newcomers need to know:
- Earn 0.550% interest on every dollar
- No minimum balance requirements
- Get instant access to your money
- Free online transfers
- Competitive interest rates for new customers (up to 5.4% for first 3 months)
Benefits for newcomers:
- Maximize savings with high-interest rates
- Automated savings tools available
- Easy online account management
- No complex account opening requirements
- Flexible savings options with instant accessibility
How to apply:
- Visit official website to learn more
4. TD High Interest Savings Account
Category: Financial Service
The TD High Interest Savings Account offers a flexible financial solution for newcomers looking to start saving in Canada. This account provides an opportunity to earn interest on your savings while maintaining easy access to your funds.
What newcomers need to know:
- High interest rate available on balances of $10,000 or more
- Unlimited free online transfers to other TD deposit accounts
- Interest rates vary based on account balance
- Minimum balance tiers start from $1,000
- Available as a standard savings account or TFSA option
Benefits for newcomers:
- No transaction fees on internal transfers
- Flexible savings options
- Online banking accessibility
- Competitive interest rates for different balance levels
- Option to open a Tax-Free Savings Account (TFSA)
How to apply:
- Visit official website to learn more
5. BMO SmartFolio High Interest Savings Account
Category: Financial Service
BMO SmartFolio offers newcomers a convenient online investing solution with professional portfolio management and low fees. It provides an accessible way for new immigrants to start building their financial portfolio in Canada with minimal complexity.
What newcomers need to know:
- Online investing platform with professional portfolio management
- Low-fee investment option
- No minimum investment requirements mentioned
- Suitable for investors just starting their investment journey
- Available for individuals who don't need sophisticated wealth management services
Benefits for newcomers:
- Convenient online investing platform
- Professional portfolio management
- Low fees to help save money
- Flexible for new investors
- Option for those who don't meet traditional investment advisor minimums
How to apply:
- Visit official website to learn more
6. National Bank High Interest Savings Account
Category: Financial Service
The National Bank High Interest Savings Account offers newcomers to Canada a safe and flexible way to save money with minimal barriers to entry. This risk-free savings option provides an accessible financial tool for immigrants looking to establish their financial foundation in Canada.
What newcomers need to know:
- 0.65% interest rate paid monthly
- No minimum balance required to earn interest
- Free, unlimited transfers between National Bank accounts
- No fixed monthly fees
- Interest calculated from the first dollar saved
Benefits for newcomers:
- Risk-free savings option
- Easily accessible funds at all times
- Simple account opening process
- No minimum balance restrictions
- Monthly interest payments
How to apply:
- Visit official website to learn more
7. Tangerine Savings Account
Category: Financial Service
Tangerine offers a flexible and competitive savings account designed to help newcomers to Canada start building their financial foundation. With no minimum balance requirements and high-interest options, this account provides an accessible way for new immigrants to save money securely.
What newcomers need to know:
- Requires email address for account setup
- Must provide full legal name
- Need to submit date of birth
- Requires Canadian address
- Social Insurance Number (SIN) is required for verification
Benefits for newcomers:
- High-interest savings with up to 4.50% promotional rate
- No minimum balance requirement
- No unfair fees
- Flexible savings options
- Can open Tax-Free Savings Account (TFSA)
How to apply:
- Visit official website to learn more
8. Simplii Financial High Interest Savings Account
Category: Financial Service
Simplii Financial offers a competitive High Interest Savings Account that provides an attractive option for newcomers looking to grow their savings with minimal fees and flexible terms. This account is particularly beneficial for immigrants seeking to establish their financial foundation in Canada.
What newcomers need to know:
- Earn 4.50% interest on eligible deposits up to $200,000
- Special interest rate valid for 5 months
- No transaction fees for the savings account
- Open to both new and existing Simplii customers
- Can be easily combined with other Simplii financial products
Benefits for newcomers:
- Competitive interest rate of 4.50%
- Opportunity to save up to $200,000 at high interest
- Easy account opening process
- No minimum balance requirements
- Flexibility to grow savings quickly
How to apply:
- Visit official website to learn more
9. EQ Bank Savings Plus Account
Category: Financial Service
The EQ Bank Savings Plus Account offers newcomers to Canada a flexible, high-interest digital banking solution that combines savings and chequing features. This fully digital account provides a convenient way for immigrants to manage their finances with competitive interest rates and no monthly fees.
What newcomers need to know:
- Can open personal and joint accounts
- Offers multiple account types (10-day Notice Savings, 30-day Notice Savings, US Dollar Account)
- Provides unlimited transactions
- Fully digital banking platform
- Deposit insurance through CDIC up to $100,000
Benefits for newcomers:
- No monthly banking fees
- High interest rates on all funds
- Ability to create multiple sub-accounts for different savings goals
- Free Interac e-Transfers®
- Compounded interest at same rate for all customers
How to apply:
- Visit official website to learn more
10. HSBC Canada High Interest Savings Account
Category: Financial Service
HSBC Canada offers a competitive high-interest savings account designed to help newcomers maximize their savings with attractive interest rates. This financial product provides an opportunity for immigrants to grow their money safely while establishing their financial foundation in Canada.
What newcomers need to know:
- Interest rate of 3.1% for balances up to $1 million
- New deposits can earn up to 4.75% interest (as of January 2023)
- Available through HSBC Bank Canada
- Can be opened as a standard or TFSA savings account
- Competitive rates compared to other Canadian savings accounts
Benefits for newcomers:
- High interest rate from the first day of deposit
- Flexibility for new deposits
- Potential to earn significant interest on savings
- Accessible through HSBC banking platform
- No mention of minimum balance requirements
How to apply:
- Visit official website to learn more
11. Laurentian Bank High Interest Savings Account
Category: Financial Service
The Laurentian Bank High Interest Savings Account offers newcomers to Canada an attractive opportunity to earn competitive interest rates on their savings. This digital banking solution provides flexible and accessible savings options for immigrants looking to manage their finances effectively.
What newcomers need to know:
- No minimum balance requirement mentioned
- Online account opening available
- CDIC insured savings account
- Tiered interest rates based on account balance
- Can be used to fund other banking products like GICs
Benefits for newcomers:
- High interest rates up to 3.20% for balances
- $0 account opening fees
- Digital banking platform
- Flexible savings options
- Competitive rates compared to other Canadian banks
How to apply:
- Visit official website to learn more
12. Manulife Bank SmartAccount
Category: Financial Service
Manulife Bank offers flexible online banking solutions designed to help newcomers manage their finances effectively. As Canada's first branchless bank, they provide convenient digital banking options with high-interest accounts and easy money management.
What newcomers need to know:
- First federally regulated bank opened by an insurance company in Canada
- No minimum balance required for high-interest accounts
- Online banking with personal, mobile, and telephone access
- Can transfer up to $50,000 between financial institutions
- Multiple account options including Manulife One and Advantage Account
Benefits for newcomers:
- High interest rates on all account balances
- Easy access to money through online platforms
- Free unlimited everyday transactions
- Integrated banking options for mortgages and savings
- Ability to pay down debt faster with flexible account features
How to apply:
- Visit official website to learn more
Final Words
Navigating Employment Insurance as a newcomer requires preparation, patience, and proactive research. By understanding the system, maintaining accurate documentation, and seeking guidance from local immigrant support services, you can effectively leverage EI benefits to support your professional transition in Canada. Remember that each immigrant's journey is unique, and taking time to understand your specific circumstances will help you maximize available resources.
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Frequently Asked Questions: Employment Insurance Ei Basics Newcomers Canada This November 2025
What are the basic Employment Insurance (EI) requirements for newcomers to Canada in 2025?
Newcomers must have worked at least 420 insurable hours in the last 52 weeks, have lost their job through no fault of their own, and be legally authorized to work in Canada.
How do I apply for Employment Insurance as a new immigrant in Canada?
Apply online through the Service Canada website with your Social Insurance Number (SIN), proof of job loss, and work history documentation within four weeks of becoming unemployed.
What financial benefits does Employment Insurance provide for newcomers in Canada?
EI offers temporary financial support covering up to 55% of your previous earnings, with a maximum weekly benefit of $713 for up to 26 weeks, helping newcomers bridge income gaps during unemployment.
Which documents do newcomers need to qualify for Employment Insurance in Canada?
Newcomers require a valid work permit, Social Insurance Number, Record of Employment (ROE) from previous employer, immigration documents, and proof of continuous work history in Canada.
Can permanent residents and temporary foreign workers access Employment Insurance benefits in Canada?
Permanent residents and most temporary foreign workers with valid work permits who meet the insurable hours requirement and have been employed legally can access EI benefits in Canada.