Choosing your first Canadian bank is one of the most important financial decisions you'll make as a newcomer. This guide compares every major option — from the Big 6 to online banks and fintechs — to help you find the best fit for your situation.
Open a Canadian Bank Account Today — No Credit History Required
KOHO is perfect for newcomers: no credit check, no monthly fees, instant approval, and a free prepaid Visa card. It's the easiest way to start banking in Canada. Use code 45ET55JSYA for a bonus.
Open KOHO Free — No Credit Check — Code 45ET55JSYAQuick Comparison: Best Banks for Newcomers
| Bank | Type | Monthly Fee (Yr 1) | Credit Card (No History) | Best For |
|---|---|---|---|---|
| KOHO | Fintech | $0 | Prepaid Visa (instant) | Immediate account, zero friction |
| Scotiabank StartRight | Big 6 | $0 | Yes | Best overall newcomer package |
| RBC Newcomer Advantage | Big 6 | $0 | Yes | International transfers, US banking |
| TD New to Canada | Big 6 | $0 | Yes | Cross-border US banking |
| Scotiabank StartRight | Big 6 | $0 | Yes | Credit card + safety deposit box |
| BMO NewStart | Big 6 | $0 | Yes | Student/family focus, SPC discounts |
| CIBC Welcome to Canada | Big 6 | $0 | Yes | Easy digital banking |
| National Bank | Big 6 | $0 | Yes | Quebec residents |
| EQ Bank | Online | $0 | No (no credit cards) | High savings rates (3.5–5%) |
| Simplii Financial | Online (CIBC) | $0 | No history needed after yr 1 | No-fee banking with CIBC network |
| Tangerine | Online (Scotiabank) | $0 | Available | Simple online banking |
#1 Recommendation for Day 1: KOHO
If you need a Canadian account the day you land — or don't want to visit a branch — KOHO is the best option. Open it in 5 minutes, get an instant virtual Visa card, and use Apple Pay or Google Pay within minutes of approval. No credit check, no monthly fee, no branch visit required. Use code 45ET55JSYA for a bonus when you sign up.
Best Traditional Bank: Scotiabank StartRight
Among the Big 6, Scotiabank's StartRight program is the most comprehensive for newcomers:
- Free chequing account for 12 months
- A no-credit-history Visa card with a meaningful credit limit
- Free safety deposit box for the first year
- Money transfers at preferred rates through Scotiabank
- Newcomer advisor service at major branches
Best for US Border Crossers: TD or RBC
If you'll travel to the US frequently or receive USD income, TD's cross-border banking (TD Bank USA is the same corporate family as TD Canada Trust) or RBC's cross-border program make USD account management seamless.
Best for High Savings Rates: EQ Bank
EQ Bank consistently offers among the highest savings rates in Canada (3.5–5%+ in 2025). There are no monthly fees and no transaction fees. The limitation: no physical branches and no credit cards. Best used as a savings account alongside a Big 6 chequing account.
Best for Credit Union Experience: Meridian (Ontario) or Vancity (BC)
Credit unions are member-owned, often offer better rates than banks, and can be more flexible on newcomer lending. Meridian (Ontario) and Vancity (BC) are the largest and most newcomer-friendly.
What to Ask When Opening a Newcomer Account
- What is the fee after the first 12 months? Is there a minimum balance to waive it?
- What is the credit limit on the newcomer credit card?
- Does the account include unlimited transactions?
- Are Interac e-Transfers included or charged separately?
- What language support is available at this branch?
- Can I open a TFSA at the same time?
The Right Banking Strategy for Newcomers
- Day 1: Open KOHO online for immediate banking access
- Week 1: Get your SIN at Service Canada
- Week 2: Visit a Big 6 branch to open a newcomer chequing account + credit card
- Month 1: Open a TFSA savings account
- Month 3+: Consider EQ Bank for high-interest savings, start building credit
- Year 2: Upgrade to premium credit cards once you have 12+ months of credit history
Open a Canadian Bank Account Today — No Credit History Required
KOHO is perfect for newcomers: no credit check, no monthly fees, instant approval, and a free prepaid Visa card. It's the easiest way to start banking in Canada. Use code 45ET55JSYA for a bonus.
Open KOHO Free — No Credit Check — Code 45ET55JSYA