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Canada Money Toolbox
Bank Accounts for Newcomers
Big banks waive monthly fees for newcomers for 12 to 24 months and bundle a first credit card. Digital banks charge $0 forever. Compare both — honestly.
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Researched Picks
Newcomer Banking Offers, Compared
The five big-bank newcomer programs plus the three main $0-fee digital banks. Fees verified on official bank pages, October 2026.
| Bank | Best For | Monthly Fee | Newcomer Offer | Key Detail | Action |
|---|---|---|---|---|---|
BMO NewStart24 Months Free | Longest fee waiver | $17.95/mo | $0 for 24 months Newcomer offer | Unlimited transactions; newcomers who arrived within the last 5 years | Check Current Offer → |
CIBC Smart Account2 Years Free | Two full years with no fee | $0–$16.95/mo tiered | $0 for 2 years Newcomer offer | Unlimited transactions, free Interac e-Transfers; limited-time bundle worth up to $600 | Check Current Offer → |
Scotiabank StartRightBest for Money Abroad | Sending money to family abroad | $16.95/mo | $0 for 12 months Newcomer offer | Unlimited transactions; no-fee international money transfers; PRs 0–5 yrs, workers, students | Check Current Offer → |
TD New to CanadaCash Welcome Offer | Upfront cash bonus | $16.95/mo | $0 for 1 year Newcomer offer | Unlimited transactions; up to $400 cash offer (conditions apply) | Check Current Offer → |
RBC Newcomer AdvantageBranch Network | Canada’s largest branch network | $12.95–$16.95/mo | $0 for 12 months Newcomer offer | Free Interac e-Transfers; newcomers who arrived within the last 5 years | Check Current Offer → |
Tangerine$0 Forever | Zero fees, no expiry | $0/mo | No newcomer program — $0 always Newcomer offer | Unlimited transactions, free Interac e-Transfers; 3,500+ Scotiabank ABMs | Check Current Offer → |
Simplii Financial$0 Forever | Zero fees, CIBC-owned | $0/mo | No newcomer program — $0 always Newcomer offer | Unlimited transactions, free Interac e-Transfers; 3,400+ CIBC ATMs | Check Current Offer → |
EQ Bank$0 Forever | $0 plus ATM rebates | $0/mo | No newcomer program — $0 always Newcomer offer | Unlimited transactions; ATM surcharge rebates up to $5, 5×/month | Check Current Offer → |
How we chose: the five big-bank newcomer programs, plus the three main $0-fee digital banks many newcomers actually use. A “newcomer” for these offers generally means you arrived in Canada within the last 5 years. Digital banks have no newcomer program — their pitch is simply $0 in fees, forever, for everyone.