Welcome to Canada! Compare banking offers for newcomers and find the one that best suits you.

Moving to Canada is an exciting time, but organizing your finances can quickly become a challenge. Choosing the right bank from the start not only simplifies your daily transactions but also allows you to take advantage of exclusive benefits that can save you hundreds of dollars. Several financial institutions —TD, RBC, Desjardins, CIBC, Scotiabank , and National Bank of Canada —offer programs specifically designed for newcomers : fee-free accounts, affordable credit cards with no credit history, free international transfers, cash bonuses, legal assistance, and more. Here's a clear and comprehensive overview to help you make the right choice when you arrive.

1. TD Canada Trust: New banking package for Canada

• TD Unlimited Checking : No monthly fees for 12 months, unlimited transactions, free Interac wire transfer, one international transfer fee reimbursed per month.

• Savings account : no monthly fees with cash bonus.

• Credit Card : Available without credit history, limit up to $15,000.

• Bonus : up to $450 cash depending on conditions.

2. RBC – Newcomer Advantage

• Checking account : free for 1 year, unlimited transactions, free Interac.

• Credit card : up to $15,000 with no credit history required.

• Additional services : free safe for 1 year, free international transfers.

3. Desjardins – Newcomer Offer

• Unlimited Plan : Free for up to 12 months with unlimited transactions.

• Credit card : accessible even without history or deposit.

• Additional services : legal assistance, insurance, possibility of opening from abroad.

4. CIBC – Newcomer Package

• Up to 2 years of free services.

• Credit card available at the time of opening.

• Benefits vary depending on the profile.

5. Scotiabank – Scotia StartRight

• Free account for 1 year with upgraded options.

• Credit card and safe deposit box included.

• Advantageous international transfers.

6. National Bank of Canada – Newcomer Program

• Account with no monthly fees for up to 3 years (1 year free, 2nd year half price, 3rd year reduced rate).

• Potential savings: up to $574 over 3 years.

• Mastercard does not require a credit history.

• Free legal assistance for 12 months (immigration, housing, employment, health, education).

• Account opening possible before arrival (up to 90 days before).

• Voted Best Bank for Newcomers by MoneySense in 2024

Comparative table of the main offers

Bank	Duration without monthly fees	Credit card without history	Notable additional services
TD	12 months	Yes (up to $15,000)	Cash bonus, transfers refunded
red blood cells	12 months	Yes (up to $15,000)	Free, safe and free transfers
Desjardins	≈ 12 months	Yeah	Legal assistance, insurance
CIBC	Up to 24 months	Yeah	Variable benefits
Scotiabank	12 months	Yeah	Premium account, free safe
National Bank	Up to 36 months	Yeah	Free legal assistance, the best savings in 3 years

Expert advice

• Check eligibility requirements (e.g., permanent or temporary status, evidence of immigration, age).

• Take advantage of online openings in advance (Desjardins allows opening from abroad with advance fund transfers).

• Be on the lookout for time-sensitive promotions , such as cash bonuses (TD, RBC).

• Choose according to your priorities : presence of agencies (TD, RBC), cooperative services (Desjardins), duration of free services, etc.

  
  

Conclusion

Choosing a bank for your first steps in Canada will depend on your priorities: maximizing savings , accessing credit quickly , benefiting from specialized services , or taking advantage of an extensive network .

• If you're looking for the longest free plan , National Bank stands out with up to 3 years of savings.

• For short-term cash bonds , TD and RBC are attractive.

• For comprehensive support and a collaborative approach, Desjardins is a good choice.

  
  

Contact me today for personalized support and to start your life in Canada on the right foot.

👉 Visit my financial services page