Settlement Agency Financial Programs for Newcomers | November 2025
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Summary Table for Settlement Agency Financial Programs for Newcomers | November 2025
| Name | Type | Learn More |
|---|---|---|
| TD New to Canada Banking Package | Financial Service | Learn More |
| RBC Newcomer Advantage Banking Package | Financial Service | Learn More |
| Scotiabank Newcomer Advantage Package | Financial Service | Learn More |
| CIBC Newcomer Advantage Package | Financial Service | Learn More |
| BMO New to Canada Banking Package | Financial Service | Learn More |
| HSBC Premier Newcomer Banking Package | Financial Service | Learn More |
| National Bank Newcomer Banking Package | Financial Service | Learn More |
| Desjardins Newcomer Banking Package | Financial Service | Learn More |
| Tangerine Savings Account | Financial Service | Learn More |
| EQ Bank Savings Plus Account | Financial Service | Learn More |
| Simplii Financial High-Interest Savings Account | Financial Service | Learn More |
| Alterna Savings Newcomer Banking Package | Financial Service | Learn More |
Settlement Agency Financial Programs for Newcomers | November 2025
By planning ahead, newcomers can maximize their financial opportunities in Canada. Navigating banking options can be challenging, but with the right information, new immigrants can quickly establish a strong financial foundation. Exploring banking options is crucial for a smooth transition to financial stability in Canada.
What Newcomers Need to Know
- Canadian banks offer specialized newcomer banking packages
- Most packages include:
- No monthly fees
- Free Interac e-Transfers
- Credit-building tools
- Personalized financial advice
- Documentation requirements typically include:
- Valid passport
- Permanent resident card
- Social Insurance Number (SIN)
- Proof of address
Our Top Recommendations
- Choose banks with dedicated newcomer programs
- Compare welcome packages and initial benefits
- Look for:
- Lowest initial banking costs
- Most comprehensive credit-building tools
- Flexible account options
- English and French language support
Recommended Banking Programs
1. 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 and financial foundation in Canada. This package offers a range of tailored benefits to support immigrants in their initial settlement period.
What newcomers need to know:
- Eligible for newcomers to Canada
- No monthly account fee for the first year
- Potential credit limit up to $15,000
- Available for international students
- Requires opening a new TD bank account
Benefits for newcomers:
- TD Unlimited Chequing Account with no monthly fees
- TD Every Day Savings Account with 1.00% bonus interest for three months
- TD Aeroplan Visa Platinum credit card with first-year no annual fee
- Potential to earn up to 20,000 Aeroplan points
- Unlimited international money transfers with fee rebates
How to apply:
- Visit official website to learn more
2. RBC Newcomer Advantage Banking Package
Category: Financial Service
RBC Newcomer Advantage Banking Package is specifically designed to support new immigrants settling in Canada, offering tailored banking solutions that address the unique financial challenges faced by newcomers. This comprehensive banking package provides essential financial services with special accommodations to help immigrants establish their financial foundation in Canada.
What newcomers need to know:
- Monthly account fee is typically $10.95
- Offers free monthly fee waiver for the first twelve months
- Provides unlimited debits
- Free Interac e-transfers included
- Eligible for up to $15,000 credit card limit
Benefits for newcomers:
- Cash back opportunities on RBC Cash Back Mastercard
- Up to 12% cash back for first 3 months
- No-monthly-fee banking for a year
- Designed specifically for newcomers to Canada
- Access to valuable savings features
How to apply:
- Visit official website to learn more
3. Scotiabank Newcomer Advantage Package
Category: Financial Service
Scotiabank's StartRight™ Program is a comprehensive banking solution designed specifically for newcomers to Canada, offering a bundle of financial services to help immigrants establish their financial foundation. The program provides tailored banking, credit, and investment solutions with significant first-year benefits to support new arrivals.
What newcomers need to know:
- Available for Canadian Permanent Residents from 0-5 years in Canada
- Requires permanent resident card, Confirmation of Permanent Residence (COPR), work permit, or study permit
- Must provide additional Canadian government-issued photo ID
- No minimum income requirement specified
- Designed for International Students and Foreign Workers
Benefits for newcomers:
- No monthly account fees on Preferred Package chequing account for one year (Value: $203.40)
- Earn up to $700 when bundling eligible banking package, savings account, and registered account
- Access to variety of credit cards for newcomers
- Comprehensive banking, credit, and investment solutions
- First-year financial support and value-added services
How to apply:
- Visit official website to learn more
4. CIBC Newcomer Advantage Package
Category: Financial Service
CIBC's Newcomer Advantage Package is designed to help immigrants establish their financial foundation in Canada with tailored banking solutions. This comprehensive package offers unique benefits specifically crafted to support new arrivals in navigating their initial financial journey.
What newcomers need to know:
- Open a CIBC Smart Account for Newcomers as your first chequing account
- Complete qualifying actions to be eligible for cash bonus
- Must be a new immigrant to Canada
- Offer valid for newcomers establishing their first Canadian bank account
- Must meet specific newcomer banking criteria
Benefits for newcomers:
- Pay no monthly fee for up to 24 months
- Receive $500† cash after opening account and completing requirements
- Get a 2-year annual fee rebate
- Earn $50 when referring a newcomer friend to CIBC
- $0 account opening fee for newcomers
How to apply:
- Visit official website to learn more
5. BMO New to Canada Banking Package
Category: Financial Service
The BMO NewStart® Program is a comprehensive banking solution designed specifically for newcomers to Canada, offering tailored financial services to help immigrants establish their financial foundation. This program provides essential banking tools and benefits to support new residents during their critical first years in Canada.
What newcomers need to know:
- Available for permanent residents and foreign workers
- Must have arrived in Canada within the last 5 years
- Applies to individuals establishing their initial banking relationship
- Requires proof of newcomer status
- Eligibility for banking package with special newcomer benefits
Benefits for newcomers:
- Two years of no-fee Performance Chequing account
- Unlimited transactions, including INTERAC e-Transfer®
- No-fee Global Money Transfers
- 12-month free small safety deposit box
- Potential credit card rebates
How to apply:
- Visit official website to learn more
6. HSBC Premier Newcomer Banking Package
Category: Financial Service
The HSBC Premier Newcomer Banking Package is a comprehensive financial solution designed specifically for immigrants who have recently arrived in Canada. This package provides crucial banking services and supports newcomers in establishing their financial foundation in a new country.
What newcomers need to know:
- Must have arrived in Canada within the last 5 years
- Requires opening an active HSBC Premier chequing account
- Need to maintain combined personal deposits and investments with HSBC Bank Canada
- Eligibility tied to new permanent resident status
- Must deposit and maintain specific account balance requirements
Benefits for newcomers:
- $500 joining bonus
- Complimentary banking for up to 12 months
- Credit card with up to $2,000 limit
- Chequing account with $500 overdraft protection
- 1% bonus interest rate on 1-year GICs
How to apply:
- Visit official website to learn more
7. National Bank Newcomer Banking Package
Category: Financial Service
The National Bank Newcomer Banking Package is a specialized financial service designed to support immigrants settling in Canada. This comprehensive banking solution offers unique benefits and flexibility for newcomers, helping them establish their financial foundation in a new country.
What newcomers need to know:
- Must be a newcomer aged 18 or older
- Can apply within 5 years of arriving in Canada
- Can open account up to 90 days before arriving in Canada
- Must be the sole user of the account
- Applicable for newcomers from various home countries
Benefits for newcomers:
- No monthly fee for the first year
- Discounted fees for the next two years
- Dedicated phone line for newcomer support
- Access to credit cards without prior credit history
- Can open account online before arriving in Canada
How to apply:
- Visit official website to learn more
8. Desjardins Newcomer Banking Package
Category: Financial Service
Desjardins offers a comprehensive banking package specifically designed to support newcomers to Canada, providing essential financial services and support during their initial settlement period. This tailored program helps immigrants establish their financial foundation with unique benefits and accommodations.
What newcomers need to know:
- Must be a newcomer to Canada living in the country for less than 3 years
- Eligible for permanent residents and temporary residents
- Must be 25 years or older for the standard newcomer package
- Not currently a Desjardins member or a member for less than a certain period
- Must meet specific immigration status requirements
Benefits for newcomers:
- Free Everyday account with unlimited transactions for two years
- Potential credit card with no annual fee
- Free legal assistance for two years
- Free small safety deposit box for one year
- Special rates on term savings
How to apply:
- Visit official website to learn more
9. Tangerine Savings Account
Category: Financial Service
Tangerine offers a flexible and competitive savings account designed to help newcomers to Canada maximize their financial potential. With no-fee banking and attractive interest rates, this account provides an excellent opportunity for immigrants to start building their savings securely.
What newcomers need to know:
- Requires email address
- Requires full legal name
- Requires date of birth
- Requires Canadian address
- Requires Social Insurance Number (SIN)
Benefits for newcomers:
- High interest rates (up to 4.50% promotional rate)
- No minimum balance requirement
- No unfair fees
- Flexible savings options
- Applicable to TFSA, RSP & regular Savings accounts
How to apply:
- Visit official website to learn more
10. EQ Bank Savings Plus Account
Category: Financial Service
The EQ Bank Savings Plus Account is a digital banking solution designed to help newcomers to Canada manage their finances efficiently. With its high-interest rates and flexible features, it provides an ideal financial tool for immigrants looking to save and manage money seamlessly.
What newcomers need to know:
- No monthly fees for the account
- Supports personal and joint accounts
- Offers multiple account types including savings and US dollar accounts
- Provides deposit insurance through CDIC up to $100,000
- Fully digital banking platform
Benefits for newcomers:
- High-interest rates on all funds
- Unlimited transactions
- Free Interac e-Transfers®
- Mobile cheque deposits
- Ability to create multiple sub-accounts for different savings goals
How to apply:
- Visit official website to learn more
11. Simplii Financial High-Interest Savings Account
Category: Financial Service
Simplii Financial offers a High-Interest Savings Account designed to help newcomers grow their money quickly and efficiently. This account provides an attractive opportunity for immigrants to start saving and building financial stability 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
- Easy to open a new account
- Available for both new and existing Simplii customers
Benefits for newcomers:
- Competitive high-interest rate of 4.50%
- Potential to earn significant interest on savings
- Flexible savings option with no minimum balance
- Simple account opening process
- Opportunity to grow money quickly
How to apply:
- Visit official website to learn more
12. Alterna Savings Newcomer Banking Package
Category: Financial Service
Alterna Savings offers a specialized banking package designed specifically for newcomers to Canada, providing an accessible and supportive financial solution for immigrants starting their new life. The package aims to simplify banking for new arrivals with flexible and welcoming features.
What newcomers need to know:
- Receive an Unlimited Banking Package with no monthly fee for three years
- Open an account quickly and easily in minutes
- Eligible for new immigrants and those new to Canada
- Can choose a convenient banking package that suits individual needs
- Option to have different packages for multiple chequing accounts
Benefits for newcomers:
- Free access to digital banking features
- No monthly banking fees for the first three years
- Ability to bundle banking package with savings and registered accounts
- Comprehensive banking solution for new immigrants
- Potential to earn up to $700 with bundled account options
How to apply:
- Visit official website to learn more
Final Words
Selecting the right banking package is a critical step in your Canadian settlement journey. Take time to research and compare options, considering your specific financial needs and long-term goals. Remember that establishing a solid financial foundation will support your successful integration and future opportunities in Canada.
About the author
Frequently Asked Questions: Settlement Agency Financial Newcomers Canada This November 2025
What are the best newcomer banking packages in Canada for 2025?
TD, RBC, Scotiabank, CIBC, and BMO all offer specialized New to Canada banking packages with unique benefits for immigrants seeking financial settlement.
How do I choose the right newcomer banking package when first arriving in Canada?
Compare features like initial credit card options, no-fee accounts, minimum balance requirements, and newcomer-specific services across TD, RBC, Scotiabank, CIBC, and BMO packages.
What financial requirements do I need to meet for newcomer banking packages in Canada?
Most Canadian banks require a valid work permit, study permit, or permanent resident status, valid passport, and proof of Canadian address to qualify for newcomer banking packages.
Which bank offers the most comprehensive newcomer banking package in Canada for 2025?
RBC Newcomer Advantage Package consistently ranks highest for comprehensive services, including initial credit history building, no-fee accounts, and personalized financial advice for immigrants.
How quickly can I set up a bank account as a newcomer in Canada this November?
Most major Canadian banks like TD and BMO can help you open a newcomer banking account within 1-2 days, with online and in-person application options available.