A bank account for newcomers to Canada does not need a Canadian credit history, and you can open one in your first week with proof of status and ID. This guide compares the no-fee accounts that stay free for good with the newcomer offers from CIBC, TD, BMO, Scotiabank and RBC, so you can decide whether a cash bonus is worth the monthly fee that follows it. It is general education, not financial advice.
Offers checked on October 6, 2026. YieldMaple checked every bank’s own newcomer page on October 6, 2026 for the amount, conditions and end date of each offer, and re-checks them every 30 days (next check by November 5, 2026). Banks change these offers often, so confirm the terms on the bank’s page before you open an account.
Can newcomers open a bank account in Canada without credit history?
Yes: opening a chequing or savings account in Canada does not require any Canadian credit history. A bank checks your credit when you apply to borrow money, such as a credit card, loan, line of credit or mortgage. Opening a deposit account, where the bank holds your money, does not depend on your credit at all.
What banks ask for, based on TD’s newcomer page:
- Proof of immigration status: PR card, Confirmation of Permanent Residence, work permit or study permit
- Identification: a valid passport, or a Canadian driver’s licence or government ID card
- Proof of enrolment from your school, if you are an international student
- Banks also commonly ask for your Social Insurance Number (SIN) and a Canadian address
Online banks such as EQ Bank, Simplii and Tangerine verify your identity digitally, so you can often finish from your phone. TD’s newcomer package is branch-only: an in-person appointment at a TD branch is required to open the account. Every bank on this page is a CDIC member (Wealthsimple, which is not a bank, is covered through partner banks), and CDIC insures eligible deposits up to $100,000 per insured category, principal and interest combined at each member institution.
Newcomer bank offers at a glance (checked October 6, 2026)
| Feature | Cash offer | Monthly fee waiver | Offer window | Fee after the waiver |
|---|---|---|---|---|
| CIBC | up to $600 | no monthly fee for 2 years | No end date on CIBC's newcomer offers page | $16.95 a month for up to 3 accounts |
| TD | $500 | a 12-month fee waiver on the TD Unlimited Chequing Account | June 4, 2026 to November 2, 2026 | $17.95 a month |
| BMO | up to $900 (better on this row) | No monthly plan fee for two years (NewStart) | August 7, 2026 to November 2, 2026 | $17.95 a month |
| Scotiabank | $700 | the Preferred Package monthly fee waived for the first 12 months | July 3, 2026 to October 29, 2026 | $16.95 a month |
| RBC | No cash bonus | No fee for the first 12 months (RBC Advantage Banking) | No end date listed for the fee waiver | $12.95 a month, with no fee for the first 12 months for eligible newcomers |
Sources: CIBC, TD, BMO, Scotiabank and RBC newcomer offer pages and offer terms, checked October 6, 2026. Most cash offers need a recurring direct deposit; see each section for the full conditions.
BMO’s offer was the largest on October 6, 2026 at up to $900, followed by Scotiabank at $700, CIBC at up to $600 and TD at $500, while RBC offered no cash bonus. The fee waivers run one year at RBC, TD and Scotiabank and two years at BMO and CIBC.
What is the CIBC newcomer offer?
CIBC’s newcomer bundle pays up to $600: $500 for a new CIBC Smart Account with direct deposit, plus $100 for an eligible CIBC credit card, per CIBC’s newcomer offers page on October 6, 2026.
- Conditions for the cash: a recurring direct deposit of $500 or more a month set up within 60 days, plus 1 of 3 activities in the same calendar month: 2 recurring pre-authorized debits, 5 Visa Debit purchases, or 2 online bill payments of $50 or more. For the extra card reward, you apply and are approved for an eligible CIBC credit card within 30 days of opening the Smart Account.
- Who can get it: people age 25 or older, with no CIBC chequing account in the past 5 years. The age rule leaves out many international students.
- When it pays: the $500 within 7 months after the month you open the account, the $100 within 9 months.
- Fees: the CIBC Smart Account for Newcomers has no monthly fee for 2 years for permanent residents or landed immigrants who got that status in the last 5 years, and temporary resident workers with a Canadian work permit issued for at least 12 months. After that, the Smart Account costs $16.95 a month for up to 3 accounts unless you keep an end-of-day balance of $4,000 every day of the month in one CIBC Smart Account.
- End date: CIBC’s newcomer offers page and its January 2026 offer terms give a start date of January 22, 2026 and no end date. CIBC’s main New to Canada page, which earlier showed an end date for the same offer, also listed none on October 8, 2026. With no end date published, CIBC can close the offer without notice, so ask CIBC to confirm it is open before you rely on the cash.
What is the TD newcomer offer?
TD pays $500 cash on a new TD Unlimited Chequing Account opened in its offer window (June 4, 2026 to November 2, 2026), as part of a New to Canada Banking Package TD advertises at up to $1,790 in value.
- Conditions: any two of: a recurring direct deposit, an online bill payment of $50 or more, or a recurring pre-authorized debit of $50 or more, all posted by January 4, 2027.
- Who can get it: permanent residents and temporary residents, including work permit and study permit holders, in Canada for 5 years or less.
- When it pays: within 12 weeks after all conditions are met.
- Fees: the package includes a 12-month fee waiver on the TD Unlimited Chequing Account. After that, TD Unlimited Chequing costs $17.95 a month unless you keep $4,000 or more in the account at the end of each day of the month.
- How to open: an in-person appointment at a TD branch is required to open the account.
TD’s offer terms exclude anyone who already has a TD chequing account. The rest of the package’s headline value comes from the fee waiver, credit card offers, a savings bonus rate and other extras rather than cash.
What is the BMO newcomer offer?
BMO’s newcomer offers page promotes up to $900 in cash bonuses, made up of up to $700 on a new chequing account, $150 for a new Savings Amplifier Account and $50 for setting a savings goal in My Financial Progress.
- Offer window: August 7, 2026 to November 2, 2026. The cash comes from BMO’s 2026 Summer Everyday Banking Offer, which is open to any new BMO chequing client, not only newcomers.
- Conditions for the chequing bonus: a recurring direct deposit of $500 or more whose first deposit lands by December 31, 2026, plus two bill payments or two pre-authorized debits of $50 or more to two different payees.
- Conditions for the savings bonus: $10,000 or more within 30 days of opening the Savings Amplifier Account, then a daily balance of $10,000 or more for another 180 days. Without that deposit, the most the offer pays is the chequing bonus plus the goal bonus.
- When it pays: BMO’s offer terms say the cash bonuses are paid by June 30, 2027, which can be months after you meet the conditions.
- Keep the account: it must stay open and in an eligible plan until November 2, 2027, or BMO can take the bonus back.
- Fees: the BMO NewStart Program gives up to two years of no-fee banking for permanent residents and foreign workers who arrived in Canada within the last five years. After that, the Performance Plan costs $17.95 a month unless you keep a $4,000 minimum balance.
- Before you arrive: opening an account is possible online before you arrive if you're moving from a qualifying country.
What is the Scotiabank newcomer offer?
Scotiabank pays $700 for a new Preferred Package chequing account (or its top-tier package) opened July 3, 2026 to October 29, 2026, plus up to $300 more ($200 with a new Money Master Savings Account and a smart savings tool, $100 with a new eligible credit card).
- Conditions: within 60 days of opening, a recurring direct deposit such as payroll or pension that recurs monthly for at least 6 months, plus one of: a recurring pre-authorized transaction of $50 or more, an online bill payment of $50 or more, or an eligible Visa Debit purchase.
- Who gets the StartRight benefits: permanent residents in Canada for five years or less, international students and foreign workers.
- Fees: StartRight clients get the Preferred Package monthly fee waived for the first 12 months. After that, the Preferred Package costs $16.95 a month unless you keep a $4,000 daily closing balance.
- Headline value: Scotiabank advertises up to $2,300 in first-year value, but that total adds a travel credit card’s welcome offer and estimated savings to the cash; the cash itself is the chequing bonus plus the bundle extras.
What is the RBC newcomer offer?
RBC had no cash bonus for opening a newcomer bank account on October 6, 2026; its newcomer page offered an RBC credit card with up to a $15,000 credit limit and up to 12% cash back for three months, plus no monthly fee banking for the first year.
- Bank account: RBC Advantage Banking costs $12.95 a month, with no fee for the first 12 months for eligible newcomers, and the newcomer offer is a $0 monthly fee for 1 year plus unlimited debit and Interac e-Transfer transactions.
- Credit card bonus: the RBC Cash Back Mastercard pays an extra 10% back on up to $2,000 of purchases in the first 3 months. The deadline to apply is October 31, 2026, at an RBC Royal Bank branch.
- A credit card application involves the bank’s credit approval, even when RBC does not require Canadian credit history.
Which no-fee bank accounts suit newcomers?
EQ Bank, Tangerine and Simplii charge no monthly fee with no expiry date, and none needs Canadian credit history to open an account. They trade branches for apps, so they suit newcomers who don’t need in-person service.
EQ Bank: savings interest and no fees
EQ Bank charges $0 — no monthly fees and no minimum balance, with no everyday banking fees and an unlimited number of transactions each month. Its Personal Account paid 1.50% base interest, or 2.75% with $2,000 a month in payroll direct deposits, per EQ Bank’s rates effective October 2, 2026. The EQ Bank Card has no EQ Bank ATM fees anywhere; fees charged by ATM operators in Canada reimbursed up to $5 per withdrawal, up to five times a month. There are no branches and no cash deposits, so it pairs with a chequing account elsewhere. Open an EQ Bank account
Simplii and Tangerine: no-fee everyday chequing
Both are online banks owned by Big-5 banks (Simplii by CIBC, Tangerine by Scotiabank), with free ATM access through their parent bank’s network and the same CDIC protection. Tangerine’s Chequing Account has no monthly account fees and no minimum balance, and ATM use is free at 3,500+ Scotiabank ABMs in Canada and 44,000 Global ATM Alliance ABMs worldwide. Simplii’s No Fee Chequing Account includes unlimited debit purchases, bill payments and withdrawals.
Welcome offers on October 6, 2026:
- Tangerine offered $250 for moving your pay, for new clients whose Client Number is created between May 1, 2024 and October 31, 2026, who open a Tangerine Chequing Account within 60 days and set up payroll direct deposit within 60 days of opening it.
- Simplii offered $350 to new clients who set up an eligible direct deposit of $100 or more for 4 straight months, with an offer end date of January 31, 2027.
See Simplii's current welcome offer or open a Tangerine account .
Wealthsimple Cash: one app for spending and investing
Wealthsimple Cash is a chequing account with a $0 monthly fee that links directly to Wealthsimple’s TFSA, RRSP and FHSA accounts, so money moves to investing inside one app. Wealthsimple is not itself a CDIC member; Chequing balances are covered up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). See our complete Wealthsimple guide for how the accounts fit together.
| Account | Monthly fee | Credit check to open | Branch/ATM access | CDIC coverage | Suits |
|---|---|---|---|---|---|
| EQ Bank | $0 | No | No branches, ATM fees reimbursed | Yes | Savings with interest |
| Simplii | $0 | No | Free CIBC ATMs | Yes | No-fee everyday chequing |
| Tangerine | $0 | No | Free Scotiabank ABMs | Yes | No-fee everyday chequing |
| Wealthsimple Cash | $0 | No | ATM access, no branches | Yes, through partner CDIC members | Newcomers who will invest |
| Big-5 newcomer program | $0 for 1 to 2 years, then $12.95 to $17.95 a month | No (account); yes (credit card) | Full branch network | Yes | In-person service and cash bonuses |
How do Big-5 newcomer fee waivers compare with no-fee banks?
A Big-5 fee waiver lasts one or two years, then the account costs $155.40 to $215.40 a year unless you keep the minimum balance, while EQ Bank, Tangerine and Simplii stay at $0.
A worked example with TD’s numbers shows how a cash bonus and the later fee interact. The $500 cash arrives in year one, when the fee is waived. In year two, TD Unlimited Chequing costs $17.95 a month, or $215.40 for the year if the balance stays under the waiver threshold. After two years, the account has paid out $284.60 more than it cost. At CIBC, the waiver runs two years; in year three the Smart Account costs $203.40 for the year unless you keep an end-of-day balance of $4,000 every day of the month in one CIBC Smart Account.
The pattern holds across the Big 5: the bonus is a one-time payment and the fee is permanent once the waiver ends. A calendar reminder for the waiver’s end date gives you time to switch to a cheaper plan, keep the balance that waives the fee, or move to a no-fee bank.
A simple starter setup for newcomers
A common two-account structure:
- A no-fee chequing account (Simplii or Tangerine) for your paycheque, rent and bill payments, or a Big-5 newcomer account if its cash offer’s conditions fit your first months.
- EQ Bank for savings, so an emergency fund earns interest instead of sitting at close to nothing.
- A link between the two with free electronic transfers, which move money in a few business days.
That covers everyday spending and a real savings rate without a monthly fee, or with a Big-5 bonus that more than pays for the first year.
Bottom line
You can open a Canadian bank account in your first week with no credit history, using proof of status and ID. A no-fee chequing account at Simplii or Tangerine plus a high-interest account at EQ Bank covers what most newcomers need, with no fee waiver to expire. The Big-5 newcomer offers on October 6, 2026 paid real cash (BMO up to $900, Scotiabank $700, CIBC up to $600, TD $500, RBC none), usually in return for a recurring direct deposit, and with a monthly fee once the waiver ends. Every bank here is a CDIC member. This page is general education, not financial advice.
Editorial pick
EQ Bank
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