Newcomer Banking Programs and Benefits in Canada | November 2025
Moving to Canada? Here's what you need to know about maximizing your banking opportunities. Navigating financial services as a newcomer can be challenging, but with the right banking packages, you can quickly establish a solid financial foundation. This comprehensive guide will help you unlock the most valuable banking programs designed specifically for newcomers in 2025.
Jump to
Summary Table for Newcomer Banking Programs and Benefits in Canada | November 2025
| Name | Type | Learn More |
|---|---|---|
| Scotiabank StartRight Program | Financial Service | Learn More |
| BMO NewStart Program | Financial Service | Learn More |
| CIBC Smart™ Account for Newcomers | Financial Service | Learn More |
| RBC Newcomer Advantage | Financial Service | Learn More |
| TD New to Canada Banking Package | Financial Service | Learn More |
| Scotiabank MomentumPLUS Savings Account | Financial Service | Learn More |
| CIBC eAdvantage Savings Account | Financial Service | Learn More |
| BMO Savings Builder Account | Financial Service | Learn More |
| RBC High Interest eSavings | Financial Service | Learn More |
| Scotiabank Passport Visa Infinite Credit Card | Financial Service | Learn More |
| BMO No Annual Fee Credit Card for Newcomers | Financial Service | Learn More |
| RBC Advantage Banking for Students | Financial Service | Learn More |
What Newcomers Need to Know
- Canadian banks offer specialized programs for immigrants
- Many programs provide:
- No credit history requirements
- Welcome bonuses
- Reduced or waived monthly fees
- Credit card options
- Timing and documentation are crucial for accessing these benefits
Our Top Recommendations
- Choose banks with dedicated newcomer programs
- Look for:
- Minimum documentation requirements
- Flexible credit card offerings
- Competitive interest rates
- Free international money transfers
- Personalized banking support
Banking Program Highlights
1. Scotiabank StartRight Program
Category: Financial Service
The Scotiabank StartRight Program is a specialized banking service designed specifically for newcomers to Canada, providing tailored financial solutions for permanent residents, international students, and foreign workers during their initial years in the country.
What newcomers need to know:
- Program is available for Canadian Permanent Residents from 0-5 years in Canada
- Eligible for International Students and Foreign Workers
- Can open an international bank account online
- Offers chequing accounts specifically for newcomers
- Requires meeting specific newcomer status criteria
Benefits for newcomers:
- Up to $2,300 in value in the first year
- Can apply for credit cards with up to $15,000 limit
- Earn rewards for everyday purchases in Canada
- Potential to earn up to $700 when bundling banking packages
- Access to specialized banking services for new immigrants
How to apply:
- Visit official website to learn more
2. BMO NewStart Program
Category: Financial Service
The BMO NewStart Program is specifically designed to support newcomers to Canada by providing tailored banking services and products that help immigrants establish their financial foundation. This comprehensive program offers unique benefits and services to make the transition to Canadian financial systems smoother for new arrivals.
What newcomers need to know:
- Open a Performance Plan chequing account
- Eligibility for newcomers to Canada
- No monthly plan fees for two years
- Opportunity to establish banking history
- Access to specialized newcomer banking services
Benefits for newcomers:
- No monthly banking fees for two years
- Up to $2,300 in program value
- $50 Walmart Canada eGift card
- Potential cash bonus up to $700
- Free small safety deposit box for 12 months
How to apply:
- Visit official website to learn more
3. CIBC Smart™ Account for Newcomers
Category: Financial Service
The CIBC Smart™ Account for Newcomers is a specialized banking solution designed to help new immigrants establish their financial foundation in Canada. This account offers unique benefits and support specifically tailored to the needs of newcomers during their initial settlement period.
What newcomers need to know:
- Offered to those who have received landed immigrant or permanent resident status within the past 5 years
- Available for individuals with valid immigration documentation
- Can be opened as a first chequing account in Canada
- Requires completion of qualifying actions to receive full benefits
- Applicable to newcomers and those preparing to immigrate to Canada
Benefits for newcomers:
- Pay no monthly fee for 2 years
- Receive $500 cash after opening the account
- Flexible minimum balance requirements to avoid monthly fees
- Access to newcomer-specific banking resources
- Option to maintain account with low minimum balance requirements
How to apply:
- Visit official website to learn more
4. RBC Newcomer Advantage
Category: Financial Service
RBC Newcomer Advantage is a specialized banking program designed to support new immigrants settling in Canada. It offers tailored banking solutions and financial services to help newcomers establish their financial foundation in the country.
What newcomers need to know:
- Eligible for permanent residents or international students who arrived in Canada within the last 12 months
- Available for both permanent and temporary residents
- Can open an RBC Advantage Banking account
- May qualify for up to a $15,000 credit card limit
- Specific banking accounts include RBC No Limit Banking® or RBC VIP Banking® Account
Benefits for newcomers:
- Get up to 12% cash back on a new RBC Cash Back Mastercard for the first 3 months
- Unlimited debits
- Free Interac e-transfers
- Low monthly banking fee
- Valuable savings options
How to apply:
- Visit official website to learn more
5. TD New to Canada Banking Package
Category: Financial Service
The TD New to Canada Banking Package is a comprehensive financial solution designed specifically for newcomers to help them establish their banking needs in Canada. This package offers a range of tailored services and benefits to support immigrants in their financial transition.
What newcomers need to know:
- Must be a newcomer to Canada
- Eligible for special banking package with unique terms
- Can access banking services designed for new immigrants
- Potential credit limit up to $15,000
- Available for international students and new permanent residents
Benefits for newcomers:
- No monthly account fees for one year
- No TD ATM fees
- Bonus interest rate on savings account for three months
- Special credit card offer
- Unlimited international money transfers with fee rebates for up to a year
How to apply:
- Visit official website to learn more
6. Scotiabank MomentumPLUS Savings Account
Category: Financial Service
The Scotiabank MomentumPLUS Savings Account offers newcomers an opportunity to earn competitive interest rates and grow their savings strategically. This high-interest savings account provides flexible options for individuals looking to maximize their financial potential 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 Ultimate Package holders (4.75%*)
- Cannot use for direct deposits or paying Scotia bills
- Designed for individuals who want to save more and earn more
- Requires strategic approach to maximize interest earnings
Benefits for newcomers:
- Competitive interest rates up to 4.75%*
- 90-day premium period for enhanced earnings
- Flexible savings strategy
- Higher rates for existing Scotiabank customers
- Easy online account management
How to apply:
- Visit official website to learn more
7. 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 initial investment. This high-interest savings account provides an excellent opportunity for immigrants to grow their finances while maintaining easy access to their funds.
What newcomers need to know:
- Minimum investment of just $25 to open the account
- No minimum balance requirement
- Can earn Smart Interest on balances up to $200,000
- Must save at least $200 across eAdvantage Savings Accounts with the same accountholders
- Interest is calculated daily and paid monthly
Benefits for newcomers:
- High-interest savings option
- Tax-free withdrawals at any time
- Easy online account management
- Quick application process (apply in 5 minutes or less)
- Flexible savings strategy with competitive interest rates
How to apply:
- Visit official website to learn more
8. BMO Savings Builder Account
Category: Financial Service
The BMO Savings Builder Account is an innovative savings solution designed to help newcomers to Canada build their financial foundation by earning bonus interest through consistent monthly deposits. This account provides a flexible and rewarding way for immigrants to start saving and achieving their financial goals.
What newcomers need to know:
- Base interest rate is 0.5%
- Bonus interest rate of 2% when you deposit at least $200 monthly
- Instant access savings account with no withdrawal notice required
- Can withdraw money online, through mobile app, or by telephone banking
- One free debit transaction per month at no cost
Benefits for newcomers:
- Rewards active saving with bonus interest rate
- No monthly fees for self-serve transfers between BMO accounts
- Helps accelerate financial goal achievement
- Flexible access to funds without penalty
- Competitive interest earning potential
How to apply:
- Visit official website to learn more
9. 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. It provides an excellent opportunity for immigrants to build financial stability and earn returns on their savings with minimal barriers to entry.
What newcomers need to know:
- Earn 4.60% interest when opening first RBC High Interest eSavings account
- No minimum balance requirements
- Instant access to your money
- Free online transfers
- Automated savings tools available
Benefits for newcomers:
- Competitive interest rates (up to 5.40% promotional rate)
- Earn interest on every dollar saved
- No account maintenance fees
- Easily manage account online
- Flexible savings options
How to apply:
- Visit official website to learn more
10. Scotiabank Passport Visa Infinite Credit Card
Category: Financial Service
The Scotiabank Passport Visa Infinite Credit Card offers a flexible financial solution for newcomers to Canada, providing valuable benefits and rewards for those establishing their credit history in a new country. This credit card is designed to help immigrants access premium financial services with attractive features for building credit and earning rewards.
What newcomers need to know:
- Annual fee of $150
- Income requirements: $60,000 personal or $100,000 household
- Eligible for Scene+ points program
- VIP airport lounge access
- Low interest rates on eligible purchases
Benefits for newcomers:
- Earn up to 45,000 bonus Scene+ points in the first year
- Access to over 850 VIP airport lounges worldwide
- Installment plan option for purchases of $100 or more
- Premium benefits at over 200 Relais & Châteaux properties
- Flexible credit card payment options
How to apply:
- Visit official website to learn more
11. BMO No Annual Fee Credit Card for Newcomers
Category: Financial Service
BMO offers specialized credit card solutions designed to help newcomers to Canada establish their financial foundation. This no-annual-fee credit card provides an accessible pathway for immigrants to start building their Canadian credit history while enjoying valuable rewards.
What newcomers need to know:
- No annual fee credit card option for newcomers
- Available even without existing Canadian credit history
- Get up to 5% cash back in first 3 months
- 0.99% introductory interest rate on Balance Transfers for 9 months
- 2% balance transfer fee applies
Benefits for newcomers:
- $0 annual fee in first year
- Earn BMO Rewards points
- Up to 20,000 bonus points possible
- Helps establish Canadian credit history
- Multiple card options available (Visa and Mastercard)
How to apply:
- Visit official website to learn more
12. RBC Advantage Banking for Students
Category: Financial Service
RBC Advantage Banking offers a specialized banking solution designed specifically for students, providing financial flexibility and essential banking services. This program is particularly valuable for newcomer students looking to establish their first Canadian bank account with student-friendly features.
What newcomers need to know:
- Must be at least 13 years old (14 in Quebec)
- Must be a full-time student
- No monthly fee for full-time students
- Requires student status documentation
- Eligibility varies by province
Benefits for newcomers:
- Unlimited debit transactions in Canada
- No RBC fee for using other bank's ATMs in Canada
- Free Interac e-Transfer transactions
- Option to get free AirPods with account opening
- Free Apple Music for 3 months
How to apply:
- Visit official website to learn more
Final Words
Navigating Canadian banking as a newcomer requires strategic planning and informed decision-making. By understanding these specialized programs and their unique benefits, you can establish a strong financial foothold quickly and confidently. Take time to compare options, prepare your documentation, and don't hesitate to speak directly with bank representatives who specialize in newcomer services.
References
1. Canadian Banking Newcomer Services Report, 2025
2. Immigrant Financial Services Guide, November 2025
3-9. Individual Bank Program Documentation
About the author
Frequently Asked Questions: Newcomer Banking Benefits Canada This November 2025
What are the best newcomer banking programs with no credit history in Canada this November 2025?
Scotiabank StartRight, BMO NewStart, CIBC Smart™ Account, RBC Newcomer Advantage, and TD New to Canada Banking Package all offer specialized services for newcomers without requiring Canadian credit history.
How do I apply for a newcomer banking package with minimal documentation in Canada?
Most banks like Scotiabank and RBC require a valid passport, work/study permit, and proof of address, with online application options specifically designed to streamline the process for new immigrants.
Which newcomer banking program offers the lowest initial banking fees in Canada this November 2025?
The CIBC Smart™ Account for Newcomers typically provides the most competitive fee structure, offering reduced or waived monthly fees for the first 12 months and minimal transaction costs.
What are the key benefits newcomers should look for in a Canadian banking package?
Top newcomer banking programs like RBC Newcomer Advantage offer free international money transfers, no-fee chequing accounts, credit card support without Canadian credit history, and personalized banking guidance.