Top 12 How to Open Your First Bank Account in Canada: November 2025
Moving to Canada requires strategic financial planning, and choosing the right bank account is a crucial first step. Building credit wisely can set the foundation for your financial success, especially when combined with smart starter credit options. This comprehensive guide will walk you through the top 12 banking options designed specifically for newcomers in November 2025.
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| Name | Type | Learn More |
|---|---|---|
| RBC Newcomer Advantage | Financial Service | Learn More |
| TD New to Canada Banking Package | Financial Service | Learn More |
| Scotiabank StartRight Program | Financial Service | Learn More |
| CIBC Newcomer Banking Bundle | Financial Service | Learn More |
| National Bank Newcomer Account | Financial Service | Learn More |
| BMO NewStart Program | Financial Service | Learn More |
| Simplii Financial No Fee Chequing Account | Financial Service | Learn More |
| Tangerine No Fee Chequing Account | Financial Service | Learn More |
| RBC High Interest eSavings Account | Financial Service | Learn More |
| TD ePremium Savings Account | Financial Service | Learn More |
| Scotiabank MomentumPLUS Savings Account | Financial Service | Learn More |
| CIBC eAdvantage Savings Account | Financial Service | Learn More |
What Newcomers Need to Know
- Bank accounts are essential for receiving payments, paying bills, and establishing financial credibility
- Most Canadian banks offer special newcomer banking packages with reduced or waived fees
- You'll typically need specific documentation like passport, work/study permit, and proof of address
- Some banks allow account opening before you arrive in Canada
- Understanding account features can help you save money and build credit
Our Top Recommendations
- Choose banks with newcomer-specific programs
- Look for packages with no monthly fees for the first year
- Prioritize accounts offering unlimited transactions
- Consider additional benefits like credit card access
- Ensure the bank provides multilingual support
Top 12 How to Open Your First Bank Account in Canada Program Cards
1. RBC Newcomer Advantage
Category: Financial Service
Newcomers often struggle with establishing financial foundations in a new country. RBC Newcomer Advantage addresses this challenge by providing tailored banking solutions that help new Canadians quickly navigate their initial financial setup, offering specialized accounts and services designed to smooth the transition into Canada's banking ecosystem.
Benefits for newcomers:
- Up to 12% cash back on new RBC Cash Back Mastercard for first 3 months
- Unlimited debits in chequing account
- Free Interac e-transfers
- Low monthly banking fees
- Easy credit card application process for newcomers
How to apply:
- Visit official website to learn more
2. TD New to Canada Banking Package
Category: Financial Service
While pursuing your first bank account in Canada, newcomers may need a comprehensive financial solution that addresses multiple banking challenges. The TD New to Canada Banking Package emerges as a strategic resource, offering tailored support for individuals establishing their financial foundation in a new country.
Benefits for newcomers:
- Earn up to $1,930 in total value when banking with TD
- Access to TD ePremium or TD Every Day Savings Account
- No TD ATM fees
- Bonus interest rate on savings for first three months
- No annual fee on eligible TD credit cards
How to apply:
- Visit official website to learn more
3. Scotiabank StartRight Program
Category: Financial Service
Effective banking planning for newcomers requires a strategic financial resource that understands unique settlement challenges. The Scotiabank StartRight Program serves as a comprehensive financial onboarding tool specifically designed for Canadian newcomers, offering tailored banking solutions that address the complex financial integration needs of permanent residents, international students, and foreign workers.
Benefits for newcomers:
- Access to chequing accounts with up to $2,300 in first-year value
- Credit card options with up to $15,000 credit limit
- Mortgage programs for temporary residents
- Rewards for everyday purchases in Canada
- Specialized banking package for new immigrants
How to apply:
- Visit official website to learn more
4. CIBC Newcomer Banking Bundle
Category: Financial Service
Beyond direct banking support, the CIBC Newcomer Banking Bundle can enhance newcomers' financial readiness by providing a comprehensive starter package designed specifically for individuals establishing their financial foundation in Canada. This innovative bundle offers a strategic approach to navigating the complex financial landscape for new arrivals, combining practical banking solutions with targeted newcomer support.
Benefits for newcomers:
- No monthly banking fees for 2 years
- $500 welcome cash bonus
- 2-year annual fee rebate
- $50 referral bonus for bringing newcomer friends
- $0 additional setup costs
How to apply:
- Visit official website to learn more
5. National Bank Newcomer Account
Category: Financial Service
Newcomers investing in establishing financial stability in Canada should consider the National Bank Newcomer Account for seamless banking integration within 90 days of arrival. This specialized account provides strategic financial support, enabling new residents to quickly set up essential banking infrastructure with tailored newcomer-friendly features.
Benefits for newcomers:
- First year: No flat monthly fee (saving $15.95/month)
- Second year: Reduced flat monthly fee of $2.50
- 12 months of phone assistance through National Bank Assistance Network
- Ability to open account before arriving in Canada
- Flexible banking options for new Canadian residents
How to apply:
- Visit official website to learn more
6. BMO NewStart Program
Category: Financial Service
Accessing the BMO NewStart Program enables newcomers to establish a robust financial foundation while pursuing their first bank account in Canada, offering tailored banking solutions that transform complex financial transitions into seamless opportunities. By providing specialized support for new arrivals, the program bridges critical financial gaps for individuals starting their Canadian journey.
Benefits for newcomers:
- Up to $2,300 in total program value
- Access to credit-building opportunities
- Monthly subscription to Walmart Delivery Pass
- Cash bonus potential up to $700
- Identity protection services included
How to apply:
- Visit official website to learn more
7. Simplii Financial No Fee Chequing Account
Category: Financial Service
As part of a comprehensive financial integration strategy, the Simplii Financial No Fee Chequing Account helps newcomers establish a solid banking foundation in Canada with zero monthly fees and unlimited daily banking transactions. This account provides an accessible entry point for newcomers seeking hassle-free banking with immediate financial flexibility.
Benefits for newcomers:
- Welcome bonus of $300 for new clients
- Additional $50 Skip gift card with qualifying direct deposit
- Free daily banking services
- Competitive interest rates on chequing account
- Unlimited e-Transfers at no cost
How to apply:
- Visit official website to learn more
8. Tangerine No Fee Chequing Account
Category: Financial Service
As part of a comprehensive financial strategy for newcomers, the Tangerine No Fee Chequing Account helps immigrants establish a solid banking foundation in Canada. This digital banking solution provides a seamless, accessible entry point to the Canadian financial system with zero monthly fees and unlimited transaction capabilities.
Benefits for newcomers:
- Zero monthly banking fees
- Unlimited Interac e-Transfers
- Ability to pay bills online
- Option to get physical cheques
- Earn minimal interest (0.01% for balances $0-$49,999.99)
How to apply:
- Visit official website to learn more
9. RBC High Interest eSavings Account
Category: Financial Service
Newcomers often struggle with establishing financial stability in a new country, and the RBC High Interest eSavings Account addresses this challenge by offering a flexible, accessible savings solution. With an attractive introductory interest rate of 4.60% for the first three months, this account provides newcomers with an opportunity to grow their initial savings while adapting to Canada's financial landscape.
Benefits for newcomers:
- High introductory interest rate of 4.60% for first 3 months
- No minimum balance restrictions
- Automatic savings options
- Unlimited free transactions
- Convenient online and digital banking access
How to apply:
- Visit official website to learn more
10. TD ePremium Savings Account
Category: Financial Service
While pursuing financial stability in Canada, newcomers may need a flexible savings solution that supports their initial financial setup. The TD ePremium Savings Account emerges as a strategic tool, offering unlimited free online transfers and a compelling interest rate for those with balances over $10,000.
Benefits for newcomers:
- Earn up to 0.55% interest on balances over $10,000
- Unlimited free online transfers to other TD deposit accounts
- Easy mobile banking access
- No restrictions on transfers between TD accounts
- Automated savings features support financial planning
How to apply:
- Visit official website to learn more
11. Scotiabank MomentumPLUS Savings Account
Category: Financial Service
Effective financial planning for newcomers requires a strategic savings resource that maximizes earning potential. The Scotiabank MomentumPLUS Savings Account serves as a powerful financial tool, offering newcomers an opportunity to earn competitive interest rates while building their financial foundation in Canada.
Benefits for newcomers:
- Competitive high-interest savings option
- Flexible 90-day premium interest period
- Potential to earn up to 4.75%* interest
- Supports financial growth and savings strategies
- Accessible through Scotiabank's online banking platform
How to apply:
- Visit official website to learn more
12. CIBC eAdvantage Savings Account
Category: Financial Service
Beyond direct bank account support, the CIBC eAdvantage Savings Account can enhance newcomers' financial readiness by providing a flexible, low-barrier entry point into the Canadian banking system. With no minimum balance requirement and tax-free withdrawals, this account offers newcomers a strategic tool for managing their initial financial settlement.
Benefits for newcomers:
- High-interest savings opportunity
- Flexible withdrawal options
- No minimum balance restrictions
- Digital banking accessibility
- Potential to earn additional interest through Smart Interest feature
How to apply:
- Visit official website to learn more
Final Words
Navigating the Canadian banking landscape as a newcomer can seem overwhelming, but with the right information and strategy, you can confidently choose a bank account that supports your financial goals. Building credit wisely is a continuous journey, and selecting the right bank is your first step towards establishing a strong financial foundation in Canada.
About the author
Frequently Asked Questions: 12 How to Open Your First Bank Account in Canada: November 2025
What are the best newcomer banking programs in Canada for 2025?
RBC Newcomer Advantage, TD New to Canada Banking Package, Scotiabank StartRight Program, CIBC Newcomer Banking Bundle, and National Bank Newcomer Account offer tailored services specifically designed for immigrants opening their first Canadian bank account.
Which bank has the easiest newcomer banking program to apply for in Canada?
RBC Newcomer Advantage typically offers the most straightforward application process, requiring minimal documentation and providing comprehensive support for new immigrants establishing their first Canadian bank account.
What documents do I need to open a newcomer bank account in Canada?
You'll generally need a valid passport, work/study permit, Social Insurance Number (SIN), proof of address, and immigration documents to open a newcomer bank account with most Canadian banks.
How much does it cost to open a newcomer bank account in Canada?
Most newcomer banking programs like Scotiabank StartRight and CIBC Newcomer Banking Bundle offer free account setup with waived monthly fees for the first year to support new immigrants.
What benefits do newcomer banking packages offer in Canada?
Newcomer banking packages typically include no monthly fees, free international money transfers, personalized banking advice, credit card options with no Canadian credit history, and specialized immigration banking support.