Essential Services Setup Costs for Newcomers in Canada | November 2025
Moving to Canada? By planning ahead, newcomers can maximize their financial opportunities and set a strong foundation for their new life. Understanding the essential banking and financial services available can help smooth your transition, including accessing rental insurance protection and navigating initial setup costs.
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Summary Table for Essential Services Setup Costs for Newcomers in Canada | November 2025
| Name | Type | Learn More |
|---|---|---|
| TD New to Canada Banking Package | Financial Service | Learn More |
| TD Premium eSavings Account | Financial Service | Learn More |
| Scotiabank StartRight Preferred Package Chequing Account | Financial Service | Learn More |
| Scotiabank Money Master Savings Account | Financial Service | Learn More |
| RBC Newcomer Banking Package | Financial Service | Learn More |
| BMO Digital Offer Checking Account | Financial Service | Learn More |
| CIBC Smart Account for Newcomers | Financial Service | Learn More |
| EQ Bank Savings Plus Account | Financial Service | Learn More |
| KOHO Spending and Savings Account | Financial Service | Learn More |
| Tangerine No-Fee Daily Chequing Account | Financial Service | Learn More |
| National Bank Newcomer Package | Financial Service | Learn More |
| Simplii Financial No Fee Chequing Account | Financial Service | Learn More |
What Newcomers Need to Know
- Financial services in Canada are designed to support your initial settlement
- Most banks offer specialized packages for newcomers with reduced fees
- You'll need proper identification and documentation to open accounts
- Some banks provide welcome bonuses and fee waivers for the first year
- Credit-building opportunities are available for newcomers with limited credit history
Our Top Recommendations
- Choose banks with dedicated newcomer programs
- Look for packages with:
- No monthly fees for 12 months
- Free transactions
- Potential welcome bonuses
- Easy online application processes
- Compare multiple bank offerings before making a decision
- Consider both chequing and savings account options
Program Offerings
1. TD New to Canada Banking Package
Category: Financial Service
TD's New to Canada Banking Package is a comprehensive financial solution designed specifically for newcomers settling in Canada. This package offers a range of banking services and benefits to help immigrants establish their financial foundation and navigate the Canadian banking system with ease.
What newcomers need to know:
- Must be a newcomer to Canada
- Eligible for up to $15,000 credit limit
- Available for international students and new immigrants
- Requires opening new TD bank accounts
- Potential to access banking services without extensive Canadian credit history
Benefits for newcomers:
- No monthly account fees for one year
- No TD ATM fees across Canada
- TD Unlimited Chequing Account included
- TD Every Day Savings Account with potential 1.00% bonus interest rate
- Access to TD Aeroplan Visa Platinum with first-year no annual fee
How to apply:
- Visit official website to learn more
2. TD Premium eSavings Account
Category: Financial Service
The TD ePremium Savings Account offers newcomers a flexible and accessible way to start saving money in Canada. With competitive interest rates and minimal fees, this account provides an excellent financial tool for immigrants looking to establish their financial foundation.
What newcomers need to know:
- High interest rate applies to balances of $10,000+
- No monthly account fee
- Free online transfers
- Non-TD ATM fees may apply
- Multiple balance tiers with varying interest rates
Benefits for newcomers:
- Earn 0.550% interest on balances between $10,000 and $249,999
- No minimum balance requirement
- Easy online banking access
- Ability to grow savings with higher balance tiers
- Flexibility for new immigrants managing their finances
How to apply:
- Visit official website to learn more
3. Scotiabank StartRight Preferred Package Chequing Account
Category: Financial Service
The Scotiabank StartRight Preferred Package Chequing Account is a specialized banking solution designed specifically for newcomers to Canada. This program provides essential banking services with unique benefits to help immigrants establish their financial foundation in a new country.
What newcomers need to know:
- Designed for newcomers to Canada
- Preferred Package chequing account available
- $16.95 monthly account fee waived for first 12 months
- First year annual fee waiver on select Scotiabank credit cards
- Part of the Scotiabank StartRight Program
Benefits for newcomers:
- $203.40 in account fee savings
- No monthly account fees for first year
- Up to $280 in total fee savings
- First year fee waiver on select credit cards
- Access to everyday banking services
How to apply:
- Visit official website to learn more
4. Scotiabank Money Master Savings Account
Category: Financial Service
The Scotiabank Money Master Savings Account provides newcomers to Canada with a flexible and convenient way to save money and earn competitive interest. This account helps immigrants establish their financial foundation by offering easy access to savings with no monthly fees.
What newcomers need to know:
- Earn interest on every dollar saved
- Unlimited transfers between Scotia accounts
- No minimum balance required
- No monthly account maintenance fee
- Interest rates vary based on daily account closing balance
Benefits for newcomers:
- Keep long-term funds separate from everyday banking
- Easy access to funds anytime
- Competitive interest rates
- Self-service banking options
- Helps track and achieve savings goals
How to apply:
- Visit official website to learn more
5. RBC Newcomer Banking Package
Category: Financial Service
RBC's Newcomer Banking Package is specifically designed to support immigrants transitioning to financial life in Canada. The program offers tailored banking solutions with unique benefits and features to help newcomers establish their financial foundation quickly and easily.
What newcomers need to know:
- Eligible for newcomers to Canada within 12 months of arrival
- No credit history required for account opening
- Can get up to a $15,000 credit card limit
- VIP account requires $10,000 CAD deposit within 20 days
- Only one newcomer offer per person
Benefits for newcomers:
- No monthly banking fees for the first year
- Up to 12% cash back on RBC Cash Back Mastercard for first 3 months
- Designed specifically for newcomers' banking needs
- Access to specialized banking features
- Support for establishing credit in Canada
How to apply:
- Visit official website to learn more
6. BMO Digital Offer Checking Account
Category: Financial Service
BMO offers a digital banking solution specifically designed to help newcomers to Canada establish their financial foundation. With flexible account options and generous welcome bonuses, this program provides an accessible entry point for immigrants navigating Canada's banking system.
What newcomers need to know:
- Open an eligible account by November 3, 2025
- Make an initial deposit of any amount
- Complete two qualifying actions by December 31, 2025
- Set up a recurring direct deposit of at least $500
- Make two online bill payments of at least $50 to different billers
Benefits for newcomers:
- No monthly fees for Performance Chequing Account for two years through NewStart Program
- Unlimited transactions
- Digital banking tools for managing accounts
- Smartphone cheque deposit
- Identity theft protection
How to apply:
- Visit official website to learn more
7. CIBC Smart Account for Newcomers
Category: Financial Service
The CIBC Smart Account for Newcomers is a specialized chequing account designed to help immigrants establish their banking needs when first arriving in Canada. This account provides critical financial support with unique benefits tailored specifically to newcomers' initial settlement challenges.
What newcomers need to know:
- Must be a landed immigrant, permanent resident, or foreign worker
- Have been in Canada for less than 5 years
- Must have a Canadian residential address
- Require a government-issued photo ID
- Must provide proof of immigration status
Benefits for newcomers:
- Two-year fee waiver for the chequing account
- Unlimited transactions
- Complimentary debit card
- $500 cash incentive after account opening
- Exclusive partner offers
How to apply:
- Visit official website to learn more
8. EQ Bank Savings Plus Account
Category: Financial Service
The EQ Bank Savings Plus Account offers newcomers to Canada a flexible and high-interest savings solution with no transaction fees. It provides an accessible banking option for immigrants looking to manage their finances efficiently and start building their savings.
What newcomers need to know:
- Can open Personal, Joint, and US Dollar Accounts
- Offers 10-day and 30-day Notice Savings Accounts
- Provides unlimited transactions
- No account or transaction fees
- Can be used for bill payments and money transfers
Benefits for newcomers:
- Earns high interest on every dollar saved
- Free Interac e-Transfers®
- Instant money transfers
- Ability to pay bills online
- Option to link with credit cards for cash back
How to apply:
- Visit official website to learn more
9. KOHO Spending and Savings Account
Category: Financial Service
KOHO offers a unique hybrid chequing-savings account designed for Canadians looking to maximize their financial potential. With competitive interest rates and cashback options, this account provides an innovative solution for newcomers seeking flexible banking services.
What newcomers need to know:
- Earn up to 5% interest on both spending and savings accounts
- No foreign transaction fees with certain plans
- Prepaid Mastercard available
- Offers joint account options
- Credit building features available
Benefits for newcomers:
- High interest rates up to 3.5-5% on every dollar
- Daily interest earnings
- Up to 5% cashback on purchases
- No traditional bank fees
- Easy online account management
How to apply:
- Visit official website to learn more
10. Tangerine No-Fee Daily Chequing Account
Category: Financial Service
Tangerine's No-Fee Daily Chequing Account offers newcomers an accessible and cost-effective banking solution with zero monthly fees and unlimited transactions. This account provides new immigrants with a flexible banking option that helps them manage their finances without additional financial burden.
What newcomers need to know:
- No monthly account fees
- No minimum balance requirement
- Unlimited free daily transactions
- Free Interac e-Transfers
- Free access to over 3,500 Scotiabank ABMs across Canada
Benefits for newcomers:
- No cost for daily banking transactions
- Free bill payments
- Free pre-authorized payments
- Ability to deposit paycheques
- Potential $250 welcome bonus for new clients
How to apply:
- Visit official website to learn more
11. National Bank Newcomer Package
Category: Financial Service
The National Bank Newcomer Package is a comprehensive financial solution designed to support new residents settling in Canada. This specialized banking package offers crucial financial tools and services to help immigrants establish themselves with ease and confidence.
What newcomers need to know:
- Eligibility for those arriving in Canada or up to 90 days before
- Eligibility for newcomers who have been in Canada for up to five years
- Requires documentation proving newcomer status
- First year offers no monthly account fees
- Second year has a flat monthly fee
Benefits for newcomers:
- Chequing account with no monthly fees for up to three years
- Free legal assistance for 12 months
- Access to credit cards without Canadian credit history
- Unlimited electronic transactions
- Assistance with financial and housing information
How to apply:
- Visit official website to learn more
12. Simplii Financial No Fee Chequing Account
Category: Financial Service
Simplii Financial offers a comprehensive no-fee chequing account designed to help newcomers manage their daily banking needs without additional costs. This account provides a flexible and affordable banking solution for immigrants looking to establish their financial foundation in Canada.
What newcomers need to know:
- No monthly fees or minimum balance requirements
- Unlimited debit purchases, bill payments, and withdrawals
- Free Interac e-Transfers
- Free access to over 3,400 CIBC ATMs
- Option for overdraft protection
Benefits for newcomers:
- Free daily banking
- Competitive interest rates
- Easy account setup
- No hidden charges
- Convenient online and mobile banking
How to apply:
- Visit official website to learn more
Final Words
Navigating financial services as a newcomer can feel overwhelming, but with careful research and strategic planning, you can find banking solutions that support your settlement journey. Take time to compare different bank offerings, understand their newcomer programs, and choose services that align with your financial goals and personal needs.
References
[1] TD Bank Newcomer Resources
[2] TD Bank New to Canada Program
[3] Scotiabank StartRight Program
[4] Alternative Banking Options for Newcomers
[5] Canadian Banking Comparisons
[6] TD Bank Welcome Bonuses
[7] Scotiabank Newcomer Services
[8] BMO Newcomer Banking
[9] RBC Newcomer Program
[10] CIBC Newcomer Banking Services
About the author
Frequently Asked Questions: Essential Services Setup Costs for Newcomers in Canada | November 2025
What are the cheapest banking packages for newcomers to Canada in 2025?
TD New to Canada Banking Package and Scotiabank StartRight Preferred Package offer free or low-cost banking services specifically designed for new immigrants with minimal setup costs.
How do I apply for a newcomer banking account with no credit history in Canada?
RBC Newcomer Banking Package and TD Premium eSavings Account provide specialized programs that allow newcomers to open accounts without existing Canadian credit history.
Which savings account offers the best benefits for new immigrants to Canada?
Scotiabank Money Master Savings Account provides competitive interest rates and minimal monthly fees for newcomers establishing their first Canadian bank account in 2025.
What documents do I need to open a newcomer banking package in Canada?
Most Canadian banks require a valid passport, work/study permit, Social Insurance Number (SIN), and proof of Canadian address to open a newcomer banking account.
How much money should I budget for initial banking setup costs as a newcomer in Canada?
Newcomer banking packages typically have zero to $50 setup fees, with most offering free first-year banking services and minimal initial deposit requirements.