Opening your first bank account in Canada is easier than most people think — but there are choices involved that matter more than they seem in the moment. The account type, the bank, the fees, the features: getting these right early means you won't be paying fees you shouldn't or missing out on tools that would actually help you.
This guide is for Canadians opening their very first account — whether you're 17 about to turn 18, a newcomer to Canada, or someone who's been operating cash-only and finally wants to enter the banking system.
Canadian banks require identity verification to open an account. In-person, you'll typically need two pieces of ID. One must be government-issued photo ID — a passport, provincial driver's licence, or provincial ID card. The second can be something like a SIN card (though SINs are technically not required), a student card, or a credit card.
For online account opening, requirements vary. Digital banks like KOHO can verify your identity entirely online using your ID and sometimes a selfie verification step. Big banks may let you start the process online but require a branch visit to finalize.
Documents typically needed:
Chequing account: Your everyday spending account. This is where your paycheque goes, where you pay bills from, and what you use for e-transfers. Look for one with no monthly fee and unlimited transactions.
Savings account: For money you're setting aside. Usually earns a bit of interest. Some high-interest savings accounts (HISAs) at online banks offer meaningfully better rates than big bank savings accounts.
TFSA: Not exactly a "bank account" but a registered account type that shelters your money from tax. You can open a TFSA at most banks once you turn 18.
Canada's Big Six banks (RBC, TD, Scotiabank, BMO, CIBC, National Bank) are solid and reliable. They have branches everywhere, tons of products, and in-person support. The downside: fees. Even student accounts often have caps on transactions or requirements that are hard to meet when you're young and broke.
Digital banks and fintechs — KOHO, Tangerine, Simplii Financial, Wealthsimple — often offer:
The tradeoff is fewer (or no) physical branches. But if you're comfortable doing everything on your phone — and most 18-year-olds are — this is often the better choice for a first account.
No monthly fee. You should not be paying a monthly fee when you're just starting out. Period.
Unlimited e-transfers. Interac e-Transfer is how Canadians move money between people. You'll use it constantly for splitting rent, paying back friends, and getting paid for side jobs.
A debit card you can actually use. Some accounts come with a prepaid Visa rather than a traditional debit card, which means you can use it for online purchases where Interac isn't accepted.
Mobile deposit. The ability to deposit a cheque by taking a photo. Not exciting but very useful.
Choosing based on brand familiarity alone. "I bank at TD because my parents do" is not a good reason. Compare features and fees first.
Not reading the fee schedule. Student accounts often have free banking until a certain age, then automatically switch to a paid account. Know when that happens.
Skipping the savings account. Having a separate savings account (even with $100 in it) creates a mental barrier between your spending money and your savings. It's a simple trick that actually works.
Not setting up direct deposit. Many employers give you a bonus or at least convenience for direct deposit. Set it up right away.
Credit unions are member-owned financial cooperatives. They're not banks, but they offer banking services — often with lower fees, better interest rates, and friendlier customer service. If you live in a province with a strong credit union presence (BC, Manitoba, Quebec especially), they're worth considering as your primary financial institution.
Most first-time account openers in Canada can be set up in under 15 minutes online. There's no reason to delay — you need an account to receive direct deposit, to pay rent, to build credit, and to start saving. The best first account is the one you actually open today.
Stop paying bank fees on your income. KOHO is free — no monthly fees, no minimum balance, no credit check. Thousands of young Canadians use it as their main account. Use code 45ET55JSYA for a bonus when you sign up.
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