Comparing Canada’s Five Big Banks (2026) — Which Bank Is Best for Newcomers to Open an Account?

Updated: 2026-06-17 | Monthly fees and promotional conditions may change; for real-time information always refer to official announcements.

Right after landing in Canada, almost every newcomer, international student and working-holiday traveller has the same item at the very top of their to-do list: opening a local bank account — for receiving your salary, paying rent and tapping your debit card, you rely on it for everything. The problem is that the five big banks’ “newcomer packages” all look pretty much the same, every one of them waving the “first year free of monthly fees” banner, while the real differences are buried in the details: whether the free period is one year or two, how much the monthly fee is afterwards, what it takes to keep the monthly fee waived, whether there is Chinese-language customer service, and how convenient international remittances are. My own view is this: at the moment you open the account everyone gets free monthly fees, so what really determines your long-term cost is the fixed monthly fee once the free period ends, and the threshold for waiving that monthly fee. That is why below I will focus on “what happens after the promotion expires” rather than only looking at the account-opening bonus.

The so-called “Big Five” refers to the five national banks whose combined market share exceeds eighty percent: Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Scotiabank, Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CIBC). Their shared advantages are a high density of branches and ATMs, dedicated newcomer packages for all of them, and the ability to use any of them to build a credit history; the differences lie in each bank’s conditions and local-service details. The table below organises the key conditions of each package as a comparison framework. All fees and free periods may change with policy, so please be sure to rely on the current announcements on each bank’s official pages:

This table already reveals two key points. First, CIBC’s free period is two years, clearly longer than the one year offered by the others, which is very cost-effective for people whose account usage is light in the short term. Second, the monthly fee after expiry varies quite a bit — RBC is about $12.95 while the rest are mostly between $16.95 and $17.95 — and to keep the monthly fee waived you almost always have to park several thousand Canadian dollars in the account (or hold multiple products). Students or people with tight cash flow should think this threshold through first.

Bank-by-bank review: which one suits which type of person

TD | The most branches and Chinese-language service, best suited to people who “hate hassle.” The New to Canada package paired with TD Unlimited Chequing is free of monthly fees in the first year and comes with a period of reduced international remittance fees; if you qualify you can also apply for a credit card to build credit. It has a good reputation in the Taiwanese and Hong Kong newcomer community, mainly because of its high branch density, long opening hours and multilingual (including Chinese) service, which makes people dealing with a bank for the first time and not yet fluent in English feel more at ease. The downside is that the monthly fee after expiry is on the high side (about $17.95), and to waive it you must maintain a balance of about $4,000. Eligibility is usually limited to within five years of arriving in Canada and to those who have not previously held a TD chequing account; refer to the official terms.

RBC | The lowest monthly fee after expiry, with a complete international-remittance and rewards system. Newcomer Advantage paired with RBC Advantage Banking is free of monthly fees in the first year, and the standard monthly fee after expiry is about $12.95, the lowest of the five. It also includes a few free international remittances per month and was once rated by Ratehub as the best newcomer chequing account of the year. Eligibility is usually limited to within five years of arriving in Canada, and it suits people who care about long-term monthly fees, make frequent international remittances and want to build up points and credit; after the free period, if you do not pair it with other RBC products you will still be charged a monthly fee.

CIBC | The longest free period (two years) and a great app experience. Welcome to Canada paired with the Smart Account for Newcomers — its biggest highlight is being free of monthly fees for up to two years — is very friendly for people who only need a basic account for receiving deposits and paying bills, offering unlimited transactions and Interac e-Transfer, and its mobile app has always been well reviewed. Note that some newcomer account-opening bonus offers apply only to those aged 25 and over; those under 25 have separate student plans such as Smart Start, so before opening an account check the official promotions page to confirm which one you qualify for. Bonus amounts and rewards are subject to promotional terms and change often, so rely on the official announcements.

BMO | NewStart is simple to start with and offers unlimited e-Transfers. Paired with the Performance chequing account, it offers unlimited debit card transactions and Interac e-Transfer, plus a period of free global money transfers. One thing to make clear: the free period of BMO’s newcomer package is announced differently across channels — 12 months in some, a longer period in others — and this kind of promotion changes quickly, so go directly to BMO’s official page to confirm the version that applies at the moment you open your account, rather than judging by old information. It suits people who often use e-Transfer and want a simple account to operate.

Scotiabank | StartRight, the established newcomer package. Aimed at newcomers, international students and foreign workers, paired with the Preferred Package chequing account, it is free of monthly fees in the first year (about $16.95), after which maintaining a daily balance of about $4,000 keeps it waived; it partners with several newcomer service platforms and has comprehensive information. It suits people who can maintain a certain account balance and want to waive the monthly fee long-term; the minimum-balance threshold is key, so those with unstable cash flow should assess it carefully.

A few things to think through before opening an account

Choosing a bank is not just about comparing monthly fees; the following points often affect your later experience more than the account-opening bonus does:

• Whether the branches and ATMs are within your daily life: First look at which bank is closest to your home, school or workplace — out-of-network withdrawal fees add up to a considerable amount over the long run.
• Language and in-person counter needs: For people not yet fluent in English who need to handle complex business at the counter, TD’s multilingual service and branch density are a real plus.
• The cost after the free period expires: Factor in “the monthly fee one or two years later plus the fee-waiver threshold,” then decide whether to tie up a balance just to keep things free.
• The starting point of your credit history: Newcomers usually start with an entry-level credit card; paying in full and on time to build a record is more important than blindly chasing high rewards.

On documents, each bank differs slightly, but opening a newcomer account usually requires a passport, a Canadian status document (one of a PR card, study permit, work permit, etc.) and proof of arrival; in some cases proof of address is needed. Check the list on the official page or call the branch in advance to confirm, so you don’t make a wasted trip. Finally, a practical tip to share: the Big Five are not the only solution — their strengths are many branches, complete packages and easy credit building; if you almost only use your phone day to day and also want to save on monthly fees, there are fee-free online banks on the market you can pair up, and many people run a “main account at a big bank + an online bank for idle funds” in parallel. The key is to first confirm your own usage scenario, then decide on the combination. If you want to plan account-opening into your whole landing process, you can go on to read our Canada Life Guide. Monthly fees, free periods and promotions all change, so before opening an account please rely on the current information on each bank’s official pages.