🇨🇦 2026 Guide
No credit history needed
Works day 1 in Canada
Best Bank Account for
Newcomers to Canada
Moving to Canada? You can earn $155+ in free money just by opening your first bank accounts — no Canadian credit history required. This guide shows exactly how, step by step.
💰 Quick wins — available immediately
$800KOHO — spend $200 in 30 days · code 45ET55JSYA · no credit check
$75Neo Financial — instant signup bonus · code J4C9H3K5 · no credit check
$70000Scotiabank — newcomer banking package (takes 2–4 weeks)
$4500RBC — dedicated newcomer package, no Canadian credit history needed
Start here: Get $10000 from KOHO — 5 minutes →
No credit check · Use code 45ET55JSYA · Works your first day in Canada
Why KOHO is the #1 first account for newcomers
Most Canadian banks do a credit check when you open an account. If you're new to Canada, you have no Canadian credit history — so you might get denied or face extra requirements.
KOHO is different. It's a fintech, not a traditional bank, and it does zero credit check. You can sign up the same day you get your SIN (Social Insurance Number). The free Mastercard works everywhere Mastercard is accepted in Canada.
Sign up with code 45ET55JSYA, spend $200 on anything in 30 days → get $200 back. Share your referral code with one friend → get $10000 more. Total: $10000. No credit check, no monthly fee, free Mastercard.
No credit check
Works day 1 in Canada
Free Mastercard
Best newcomer fintech
Sign up — use code 45ET55JSYA →
$25 instant bonus on signup (no purchase required) + $500 per referral. Code J4C9H3K5. Stacks with KOHO — use both for $175 total in 100 minutes. Up to 5% cashback at partner stores.
No credit check
Instant $25
5% cashback
Sign up — use code J4C9H3K5 →
RBC
RBC Royal Bank
Up to $4500
RBC has a dedicated Newcomer to Canada banking package that waives the typical requirements. One of the few major banks to explicitly support newcomers. Good for building Canadian credit history.
Newcomer packageBranch support
View RBC newcomer offer →
Biggest total payout. Scotiabank has a StartRight newcomer program. Chequing + savings + registered account bundle bonus. Takes 2–4 weeks but massive payout.
Newcomer programHighest payout
View Scotiabank newcomer offer →
Step-by-step: Setting up banking in Canada as a newcomer
1
Get your SIN first
Your Social Insurance Number (SIN) is required for all bank accounts. Apply at Service Canada — you can often get a temporary SIN the same day you arrive at certain offices.
2
Open KOHO (day 1)
Go to this link, use code 45ET55JSYA. Takes 5 minutes. You'll get a virtual card immediately while the physical card ships.
3
Open Neo Financial (day 1)
While you're at it, sign up for Neo with code J4C9H3K5. Takes another 5 minutes. $25 bonus immediately. Different product from KOHO — use both.
4
Spend $200 on KOHO
Buy groceries, coffee, or anything. Just spend $200 within 30 days to trigger the $200 KOHO signup bonus. It arrives in your account the same day.
5
Pick a big bank (week 1–2)
Choose RBC (newcomer package) or Scotiabank (highest payout). Bring your passport + SIN + proof of address. Set up direct deposit from work.
6
Refer one friend each to KOHO + Neo
Both apps give you a referral code. Share with a friend who is also new to Canada. Get $10000 from KOHO + $500 from Neo. That's $1300 more.
What documents do you need?
For KOHO and Neo Financial (easiest):
- Valid passport or government ID
- Canadian SIN (Social Insurance Number)
- Email address
For traditional banks (RBC, Scotiabank, BMO, TD):
- Valid passport or government-issued ID
- Canadian SIN
- Proof of Canadian address (lease, utility bill, or bank statement)
- Immigration documents (PR card, study/work permit, or visa)
FAQ for newcomers to Canada
Can I open a bank account in Canada without a credit history? ▼
Yes. KOHO and Neo Financial require zero Canadian credit history. Most traditional banks (RBC, Scotiabank, TD, BMO) will also open accounts for newcomers — they have specific newcomer packages designed for this situation. You'll need a SIN and valid ID.
When can I open a bank account after arriving in Canada? ▼
You can open a KOHO or Neo account as soon as you have your SIN. For a temporary SIN, you can apply at a Service Canada office. Some people have their SIN the same day they land. Traditional bank accounts can take a few days if you need to visit a branch.
Will getting KOHO affect my credit score? ▼
No. KOHO and Neo Financial do not perform a credit check and do not report to the credit bureaus. They won't help you build credit, but they also won't hurt your score. Traditional bank accounts (chequing only) also typically don't affect your credit score.
Is KOHO insured by CDIC? ▼
KOHO partner bank deposits are held at Peoples Bank of Canada which is CDIC-insured. Neo Financial's banking partner (ATB Financial) is a member of the Canada Deposit Insurance Corporation for amounts up to $10000,000000. Your money is protected.
What's the best bank account for building Canadian credit history? ▼
Once you're settled, open a secured credit card (Capital One Guaranteed Mastercard or Home Trust Secured Visa) to start building credit. KOHO and Neo are spending cards, not credit cards, so they don't build credit history. After 6–12 months of secured card use, you'll qualify for regular credit cards with better perks.
More resources
Disclosure: Bremo earns referral commissions on some links. Your bonus is not affected. Terms as of March 2026. Bremo is not a financial advisor.