Just arrived? These Canadian banks give you free money to sign up. No credit history needed. No monthly fees. Start banking in 10 minutes.
KOHO is the #1 choice for newcomers. No credit check, instant approval, and they help you build your Canadian credit score for free. Over 2 million Canadians trust KOHO.
Neo Financial is Canada's fastest-growing bank. Unlimited cash back at thousands of partner stores, plus investing and mortgage services all in one app.
Wealthsimple gives you a free Visa debit card, free stock trading, and interest on your cash balance. Perfect for newcomers who want to start investing in Canada.
EQ Bank offers some of the highest savings interest rates in Canada. No monthly fees, free transfers, and a great everyday spending account.
Step 1: Download the KOHO app on your phone and create an account using referral code 45ET55JSYA. You'll need a Canadian phone number and ID.
Step 2: Load money into your KOHO account and spend $200 within 30 days. Use it for groceries, gas, anything. Your $80 bonus will be deposited automatically.
Step 3: While you wait, sign up for Neo Financial with code J4C9H3K5 for another $50 free.
Step 4: Turn on KOHO's free credit building feature. This starts building your Canadian credit score — essential for renting apartments, getting a phone plan, and more.
Do I need a SIN (Social Insurance Number)? Not for KOHO or Neo's basic accounts. You'll need one eventually for tax reporting, but you can sign up and start using these accounts right away.
Can I use these if I'm a student? Absolutely. International students love KOHO especially because there's no credit check and you start building credit immediately.
Are these banks safe? Yes. Both KOHO and Neo are regulated Canadian financial institutions. Your deposits are protected by CDIC insurance.
What documents do I need? Typically just a government-issued photo ID (passport works) and a Canadian phone number.