Fintech Setup

Banking in Canada Made Simple

Compare trusted Canadian banks for newcomers, students, and new residents. Find your best fit and open an account today.

8 Major Banks
$0 Fee Waivers
100% Zero-Fee Options
Important: Evergreen Analysis This platform analyzes structural banking infrastructure. We do not track temporary marketing promotions (such as specific cash bonuses or short-term fee waivers), as banks update these frequently. Always verify current promotional offers directly on the official bank websites.

Some cards below are partner links — if you open an account through them, we may earn a small commission at no cost to you. We only include a partner if we'd genuinely tell a newcomer to use it, and the big banks are here purely because they're worth knowing about, not because they pay us.

RBC

RBC

Best Newcomer Package

Strong newcomer banking support across Canada with dedicated advisor networks.

Families Credit Building
Key Benefit: Industry-leading newcomer credit card limits without requiring prior Canadian credit history.
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TD

TD

Popular Choice

Exceptional branch coverage and late-night banking hours in major urban centers.

Branch Access Credit Building
Key Benefit: Extended fee-waiver periods for newcomer checking accounts and standard newcomer credit options.
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BNS

Scotiabank

Best Rewards Program

Earn valuable Scene+ points on everyday groceries, dining, and cinema tickets.

Rewards Newcomers
Key Benefit: Integrated reward networks specifically tailored for grocery and entertainment savings via Scene+.
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CIBC

CIBC

High Cashback Bonus

Premium newcomer cashback deals and seamless GIC setups for students.

Easy GIC Setup Cashback
Key Benefit: Extended multi-year fee waivers for their dedicated Smart Account for Newcomers.
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BMO

BMO

Great Wire Options

Reliable newcomer benefits with great international wire options and family account bundles.

International Transfers Families
Key Benefit: Solid baseline fee-waivers under the NewStart Program with strong family banking options.
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TNG

Tangerine

100% Digital & Free

Canada's leading digital bank with absolutely no monthly fee structures or minimum balances.

Students No-Fee Option
Key Benefit: No monthly fees, free Interac e-Transfers, and high interest savings.
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SMP

Simplii

Free Daily Banking

Easy online banking backed by the CIBC ATM network for zero-fee cash withdrawals.

Students Easy Account Opening
Key Benefit: No-fee checking account, free unlimited e-transfers, and student GIC program.
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EQB

EQ Bank

Best Interest Rates

High-interest everyday account with zero fees and free withdrawals at any Canadian ATM.

No-Fee Option Savings
Key Benefit: Earn high interest on your checking balance with no monthly fees ever.
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KOHO

KOHO

Build Credit From Day One

A no-fee spending & savings app built around the one thing the big banks can't fix quickly: building a Canadian credit history when you arrive with none.

Credit Building No SIN to start
Why we recommend it: Its Credit Building tool reports to the bureaus so you build a score from your everyday spending — the exact head start most newcomers are missing. No credit check to open.
Watch out: It's a fintech, not a full bank — keep it alongside a chequing account, and the Credit Building feature is a small monthly cost, so only keep it while you're actively building.
Visit KOHO
WS

Wealthsimple

No-Fee Money Tools

A clean, no-fee home for saving, investing and — the part newcomers love — filing your first Canadian tax return for free.

Free Tax Filing Saving & Investing
Why we recommend it: Its free tax software is genuinely the easiest way for a newcomer to file that first return (see our first tax return guide), and the Cash account is a simple no-fee place to hold savings.
Watch out: Investing carries risk and isn't for money you'll need soon — treat the tax tool and Cash account as the newcomer-friendly parts, and learn before you invest.
Visit Wealthsimple

Best For Your Situation

Quick matching based on your newcomer profile and priorities.

Best for Students

Simplii / Tangerine

Simplii Financial and Tangerine offer 100% free daily checking without monthly fees, ideal for students on tight budgets who do not need in-person branches.

Best for Newcomers

RBC / Scotiabank

RBC provides the highest newcomer credit card limits, while Scotiabank features excellent Scene+ reward points for grocery savings.

Best No-Fee Option

Tangerine / EQ Bank

Tangerine offers full checking services with no fees, while EQ Bank provides market-leading interest rates on all account balances.

Best Branch Access

RBC / TD

RBC and TD have the largest physical footprints in Canada. TD branches are open later, including weekend hours, which is helpful for working newcomers.

Comparison Snapshot

A quick, mobile-friendly overview of newcomer accounts side-by-side.

Comparison
Monthly Fee
Newcomer Package
Credit Card Access
Mobile App
RBC
Low
Available
Easy
Excellent
TD
Standard
Available
Easy
Excellent
Scotiabank
Standard
Available
Easy
Good
CIBC
Low
Available
Easy
Excellent
BMO
Low
Available
Easy
Good
Tangerine
Free
Limited
Medium
Excellent
Simplii
Free
Limited
Medium
Excellent
EQ Bank
Free
Limited
Medium
Good

Frequently Asked Questions

Quick answers to help you navigate Canadian banking procedures.

Which bank is best for newcomers in Canada?

For most newcomers, RBC is a strong choice due to its industry-leading newcomer credit limits (which do not require prior Canadian credit history) and extensive branch support. Alternatively, CIBC is highly recommended because it frequently offers extended multi-year fee waivers on newcomer accounts, outlasting many standard promotions.

Can I open a bank account without a job?

Yes. Under Canadian law, you have the right to open a basic banking account even if you don't have a job, do not have money to put in the account immediately, or have been bankrupt. You only need to show valid identification (such as a passport and study/work permit).

Which bank has no monthly fees?

Digital-only banks like Tangerine, Simplii Financial, and EQ Bank have structural $0 monthly fees and do not require minimum balances. Major traditional banks also offer $0 fee newcomer promotions, but these are temporary introductory periods rather than permanent account features.

Do I need a SIN to open a bank account?

No. You do not legally need a Social Insurance Number (SIN) to open a basic checking account. However, banks may request your SIN for accounts that earn interest (such as savings accounts or tax-free savings accounts) for government tax reporting purposes.

Which bank is easiest for students?

Simplii Financial and Tangerine are extremely popular for students because of their simple digital setup and lack of ongoing monthly fees. Among the traditional banks, CIBC has the most integrated GIC (Guaranteed Investment Certificate) program, which makes opening student accounts from overseas before departure very straightforward.

Ready to choose your bank?

Compare choices, filter by your specific needs, or visit the official bank signup pages to lock in newcomer bonuses.

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