Compare newcomer bank accounts from all six major Canadian banks plus digital banks by free period, signup bonus, and credit-card access.
Compare newcomer bank accounts from all six major Canadian banks plus digital banks by free period, signup bonus, and credit-card access.
The short answer: RBC and Scotiabank StartRight are the safest picks for most newcomers — biggest branch networks, no Canadian credit needed for a card, and a year of free banking. But three smaller players (EQ Bank, Tangerine, National Bank) often beat them after the first year. Here's how each one actually compares.
Every Big Six bank has a "newcomer program" and they all sound identical in their marketing — free for a year, free Interac transfers, blah blah. The real differences are in the fine print: how long the free period actually lasts, what happens in month 13, which ones will issue you an unsecured credit card on day one, and which ones quietly tack on a $16.95 monthly fee the moment your free period ends. We pulled the public details from each issuer's site on April 14, 2026 and laid them out below. None of these are affiliate links — we don't take referral money from any bank on this page.
Every Big Six Canadian bank runs a dedicated newcomer program with its own brand name: RBC Newcomer Advantage, TD New to Canada Banking Package, CIBC Smart Account for Newcomers, BMO NewStart Program, Scotiabank StartRight, and the National Bank Welcome Program. All six waive the monthly chequing fee for 12 months or more, and most offer an unsecured credit card without Canadian credit history. Below we break down each one separately, then list all 11 newcomer accounts (Big Six plus digital banks) side-by-side.
12 months free RBC Day to Day Banking, no monthly fee, unsecured RBC credit card without Canadian credit history (subject to approval), up to $475 cash bonus when paired with an RBC mortgage. 1,200+ branches nationwide. Account can be opened from outside Canada before arrival. Fits newcomers who want a credit card on day one and in-branch support during their first year. Full RBC newcomer review →
6 months free TD All-Inclusive Banking Plan with unlimited transactions and a free safety deposit box, free first-year credit card (TD Cash Back Visa), and a TD US Dollar account included. ~1,100 branches plus the largest US-Canada cross-border banking network. Strong fit for newcomers from the US or who travel south often. Full TD newcomer review →
Up to $400 cash bonus and 12 months free CIBC Smart Account. Includes the CIBC Aventura Visa for Newcomers — no Canadian credit history needed, $0 annual fee for year one. ~1,000 branches with strong Toronto and Vancouver coverage. Best fit when the cash bonus is the priority and direct-deposit setup is straightforward. Full CIBC newcomer review →
Up to $400 cash bonus and 12 months free BMO Performance Plan with unlimited transactions. Free BMO CashBack Mastercard for Newcomers, no Canadian credit history needed. ~900 branches across Canada plus a US division (Harris Bank). Particularly strong if you'll spend time in Chicago, Phoenix, or other US cities BMO covers. Full BMO newcomer review →
12 months free Preferred Package chequing (no monthly fee), free Scotia international money transfers (~6 per year), and an unsecured Scotia credit card without Canadian credit history. ~950 branches and 3,500+ ABMs (also free at Tangerine). Often the easiest newcomer credit-card approval in the Big Six. Full Scotiabank newcomer review →
3 full years of free banking — the longest free period of any Big Six bank in Canada. Up to $400 cash bonus plus a WestJet voucher in some promotions. Strong branch network in Quebec, decent in Ontario, limited elsewhere. Best fit for newcomers settling in Quebec or Eastern Ontario who want maximum free time before fees kick in. Full National Bank newcomer review →
Scotia
CIBC
RBC
TD
BMO
Tangerine
EQ Bank
Wealthsimple
Neo
Simplii
National Bank
If you want zero hassle and a credit card on day one
RBC Newcomer Advantage or Scotiabank StartRight. Largest branch networks, online account opening from abroad, and both will issue an unsecured credit card without asking for Canadian credit history.
If the signup bonus is what you care about most
RBC ($475 with mortgage), CIBC ($400), BMO ($400), Simplii ($400), or National Bank ($400 + WestJet voucher). Read the fine print — most require 1-2 direct deposits or bill payments to trigger.
If you want the longest free period
National Bank — three full years of free banking, the longest of any Big Six. Strong fit if you're settling in Quebec or Eastern Ontario.
If you don't need a branch
EQ Bank (3.00% interest on chequing as of April 2026, the highest in Canada), Tangerine (free forever, owned by Scotiabank so you get free ABMs at 3,500+ Scotia machines), or Wealthsimple Cash (1% cash back on every purchase). None of these can issue a credit card without Canadian credit history, so pair with a Big Six for your first year.