What is the best bank account for newcomers to Canada?
On published fees, CIBC Smart Account from CIBC ranks first: $0 a year for our Everyday profile (household account, a few e-transfers), against a median of $359 across 33 ranked accounts. Your own usage can change the order. Fees from FCAC, retrieved November 1, 2026.
What would the #1 account cost a typical newcomer?
Here is the engine’s arithmetic for the Everyday profile: 25 debit purchases, 6 bills, 5 e-Transfers, 0 branch visits and a $1,000 low balance a month, with newcomer pricing where the account has it.
Worked example — CIBC Smart Account (CIBC), Everyday profile
| Monthly fee (group price) × 12 | $0 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $0 |
| Paper statements × 12 | $0 |
| Fees a year | $0 |
Against the median ranked account, that saves about $359 a year — $1,797 over five years.
- #1 CIBC Smart Account · CIBC$0
- #2 Primary Chequing Account with Performance Plan · BMO Bank of Montreal$0
- #3 RBC Advantage Banking · Royal Bank of Canada$0
- #4 The Connected · National Bank of Canada$24
- #5 Personal Account · EQ Bank$0
- #6 Neo Chequing account (Essentials) · Neo Financial$0
- #7 Wealthsimple Chequing · Wealthsimple$0
- #8 PC Money Account · PC Financial$18
- Median of the 33 ranked accounts$359
Our verdict
Choose CIBC Smart Account for the lowest cost at this usage. Your own pattern can change the order: the finder re-ranks every account for your numbers.
How does this ranking work?
Each account gets a cost score for each usage profile: 100 − (fees a year ÷ $3), floored at 0 — so $0 a year scores 100 and $300 or more scores 0. A profile the account can’t serve (for example, branch visits at an online bank) scores 0.
Weights: Light 25% · Everyday 50% · Branch and cheques 25%. Profiles are defined in the finder; fees come from the true-cost engine described in the methodology.
Rebates for bundles or credit cards, welcome bonuses, app quality and customer service. Those matter, but they can’t be checked from published fee data — so they don’t move the order.
Day one: opening the account
Bring two original documents from reliable sources — one with your name and address, one with your name and date of birth — or one document plus someone in good standing to confirm who you are. A foreign passport counts. Full rules: opening a bank account.
Your options
| Option | What to know |
|---|---|
| No-cost account (federal commitment) | Newcomers in their first year are a mandatory no-cost group at signatory banks since December 1, 2025. |
| Newcomer packages | Many banks bundle chequing, savings and a credit card for recent arrivals. Ask how long the offer lasts and the fees afterwards. |
| Credit unions | Membership-based; deposit protection depends on your province. |
| Online banks | Often no monthly fee, but check ID verification and how to deposit cash. |
Questions to ask
- How long does introductory pricing last?
- What is the monthly fee afterwards, and how can it be waived?
- Can I send money abroad, and what does it cost?
- Is the institution a CDIC member or provincially insured?
- Will a credit card help me build Canadian credit history, and what is the limit?
Welcome! Get your Social Insurance Number sorted early — employers and banks will ask for it for income and interest reporting.
Frequently asked questions
Can I open a bank account in Canada without a job?
Yes. With acceptable ID, a bank must open a personal account for you unless a specific refusal ground applies.
Is there a free bank account for newcomers?
Since December 1, 2025, newcomers in their first year in Canada are eligible for the no-cost account at the 14 signatory banks.
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.