Navigating the banking system in Canada can be challenging for newcomers, especially when dealing with unfamiliar terms, no local credit history, and the need for tailored financial services. To address these hurdles, major Canadian banks offer specialized promotions designed for new residents. These include cash bonuses, fee waivers, credit-building tools, and multilingual support. Here’s a quick breakdown of the top programs available in 2025:

• Scotiabank StartRight™ Program: Up to $2,200 in benefits, including $700 cash, fee waivers, and no-fee international transfers.
• TD New to Canada Banking Package: Up to $1,930 in rewards, multilingual support in 80+ languages, and credit card options with limits up to $15,000.
• BMO NewStart Program: $2,200 in value, including a $50 Walmart eGift card, fee-free banking, and financial education tools.
• CIBC Smart Account for Newcomers: $450 cash bonus, 24 months of fee waivers, and investment perks like 100 free online equity trades.

Each program has unique features tailored to different needs, from extended fee waivers to investment incentives. Eligibility typically requires proof of newcomer status and arrival within the past five years. Choosing the right package depends on your priorities, such as credit access, cash rewards, or long-term savings.

CIBC or Scotia or TD Bank | GET THIS New Immigrant Offer | Opening a Bank Account in Canada

Newcomers to Canada often face unique challenges like language barriers, no established credit history, and navigating unfamiliar banking systems. To help ease this transition, Canada’s major banks have introduced tailored programs offering cash rewards, fee waivers, and tools to build credit. These initiatives are designed to address the financial obstacles newcomers encounter.

Scotiabank StartRight™ Program

The Scotiabank StartRight™ Program provides newcomers with up to $2,200 in first-year benefits. It was named the “Best Banking Offer for Newcomers in 2025” by Ratehub ^[2][10].

Some standout features include:

• Cash bonus: Earn up to $700.
• Fee waivers: Enjoy no monthly fees on a Preferred Package chequing account for one year, saving over $200.
• International transfers: Unlimited no-fee international money transfers, potentially saving an average of $280 annually.
• Investment perks: Get 10 free equity trades with a $1,000 investment in Scotia iTRADE.
• Credit access: Apply for credit cards with limits up to $15,000, even without a Canadian credit history.

TD New to Canada Banking Package

TD’s New to Canada Banking Package offers up to $1,930 in value and provides multilingual support in over 80 languages ^[1]. Key benefits include:

• Cash rewards: Earn up to $450 with a new TD Unlimited Chequing Account, plus bonuses for savings deposits.
• Fee waivers: Save up to $215 with one year of waived monthly account fees.
• Credit options: Get potential approval for credit cards with limits up to $15,000, even without prior Canadian credit history.

BMO NewStart Program

The BMO NewStart Program offers newcomers up to $2,200 in total value, including cash bonuses and extra perks ^[4].

Highlights include:

• Cash rewards: Receive up to $700 in bonuses and a $50 Walmart Canada eGift card.
• Fee-free banking: No monthly fees for a year on a Performance chequing account.
• Credit-building tools: Access credit cards without needing Canadian credit history, including no annual fee options.
• Financial education: Complimentary access to SmartProgress™, an online financial education platform.
• Convenience: Extensive banking network with over 850 branches and 3,250 ATMs across Canada ^[4][8].
• Support programs: Initiatives like the Newcomer Talent Program, aimed at helping displaced persons, immigrants, and refugees ^[6][7].

CIBC Smart Account for Newcomers

The CIBC Smart Account for Newcomers provides $450 in cash rewards and up to 24 months of fee-free banking ^[9]. Key features include:

• Bundled applications: Apply for a Smart Account and credit card at the same time to start building your credit history.
• Investment incentives: Enjoy 100 free online equity trades for two years when opening a CIBC Investor’s Edge account with a promotional code ^[9].

While CIBC’s upfront cash bonus may be smaller than some competitors, its extended fee waivers and investment-related perks can provide excellent long-term value for newcomers, especially those looking to grow their financial portfolio early in their Canadian journey.

Finding the right banking package as a newcomer to Canada can feel overwhelming, but comparing the key features of major banks can help you make an informed decision. These tailored packages aim to address common newcomer challenges, such as establishing credit and reducing initial banking costs.

For example, Scotiabank’s StartRight™ Program offers a promotion valued at up to $2,200 ^[2], while TD’s New to Canada Banking Package provides benefits worth up to $1,930 ^[1]. Meanwhile, CIBC Smart Account for Newcomers includes a $450 cash bonus for completing qualifying actions, and BMO’s NewStart Program occasionally adds perks like a $50 Walmart Canada eGift Card ^[3].

When it comes to fee waivers, CIBC stands out by waiving account fees for 24 months, compared to the typical 12-month waiver offered by Scotiabank and TD ^[2][1][9]. BMO’s fee waiver terms vary depending on the promotion.

Access to credit is another critical feature for newcomers. TD, for instance, offers credit cards with potential limits of up to $15,000 ^[1]. CIBC allows newcomers to apply for a credit card without requiring a security deposit, income verification, or an existing credit history, making it an attractive option for those just starting to build their financial profile.

Comparison Table

Beyond the Big Five banks, smaller institutions like National Bank also offer competitive packages, especially for those living in Quebec. National Bank has been recognized as the “Best Bank for Newcomers to Quebec” by Milesopedia in 2025 and “Best Bank for Newcomers to Canada for 2024” by MoneySense ^[11]. Their package includes up to $550 cashback and waives monthly fees for up to three years ^[11], making it a strong contender despite its smaller footprint.

For those interested in investing, CIBC’s offer of 100 free online equity trades for two years ^[9] is a standout feature. Investment perks, however, vary widely between banks.

Many banks also allow newcomers to combine their promotions with other financial products. For instance, National Bank offers additional cashback for signing up for eligible credit cards or setting up systematic savings or pre-authorized mortgage payments ^[11]. Similarly, TD provides a $100 Amazon.ca Gift Card when you open both chequing and savings accounts and qualify for a credit card ^[1].

While the promotions and benefits vary, most banks require standard documentation, such as proof of immigration status and a recent arrival date (typically within the last 0–5 years). To make the most of these offers, it’s essential to review each bank’s specific terms and eligibility criteria.

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Getting approved for newcomer banking promotions in Canada means meeting specific requirements and completing certain tasks. Knowing these details ahead of time can save you effort and ensure you take full advantage of the available rewards.

Eligibility Requirements

Most Canadian banks have similar criteria for their newcomer programs. First, you’ll need to confirm your residency status in Canada. This typically applies to Permanent Residents, International Students, or Temporary Residents ^[1]. You’ll also need to provide proof, such as a Permanent Resident Card, Confirmation of Permanent Residence, Work Permit, or Study Permit ^[1].

Timing is another factor. For example, TD’s New to Canada Banking Package and National Bank of Canada require that you’ve been in the country for five years or less ^[1][11]. Similarly, Scotiabank’s StartRight Program is only available to Permanent Residents who have arrived in Canada within the last five years ^[2].

Banks also have rules to prevent existing customers from reapplying for promotions. For instance, National Bank requires that you haven’t held a chequing account with them in the last 24 months ^[11], while TD stipulates that you must never have had a TD chequing account before ^[1].

To qualify, you’ll also need to open the specific account type outlined in the promotion, and you must meet the age of majority in your province or territory ^[1][11]. If you’re an international student, you’ll need to provide proof of enrolment to access student-focused banking packages ^[1].

Once you’ve confirmed your eligibility, focus on completing the required tasks to secure the full benefits.

Getting the Most Benefits

After qualifying, follow these steps to maximize the rewards from your bank’s newcomer promotions.

Start by completing the required tasks quickly. For example, TD gives you until January 9, 2026, to complete two of the following: set up a recurring direct deposit, establish a recurring pre-authorized debit payment, or make an online bill payment ^[12]. Scotiabank, on the other hand, has a shorter 60-day window to complete two qualifying activities, such as setting up recurring direct deposits, making two pre-authorized transactions, or paying a bill of at least $50 through online or mobile banking ^[2].

You can also increase your rewards by bundling products. Scotiabank offers $100 for opening a Money Master Savings Account and using either the Pay Yourself First feature or the Savings Finder tool. You can earn an additional $100 by opening an eligible registered account and contributing or transferring $5,000 ^[2]. TD provides $50 for opening a new eligible Savings Account with automated savings, plus $200 for deposits into that account ^[12].

Timing is everything. For example, National Bank’s current promotion runs from April 1 to July 31, 2025, offering up to $550 cashback ^[11]. Missing these promotional windows means you’ll have to wait for the next cycle.

It’s also important to maintain required minimum balances to avoid fees that could eat into your rewards. While many banks waive monthly fees during the promotional period, knowing the fee structure after the waiver ends can help you plan ahead.

Finally, read the terms and conditions carefully. For example, CIBC’s Smart Account for Newcomers offers $450 in cash after completing specific actions ^[9]. These actions, along with their deadlines, are detailed in the promotion’s fine print. Automating your banking – like setting up direct deposits from your employer or pre-authorized payments for bills – can help you consistently meet requirements and build a solid banking history, which can be useful for future credit needs.

More Resources for Newcomers

Once you’ve explored bank promotions, it’s worth diving into additional resources that can help you build a solid financial foundation in Canada. Beyond snagging those attractive offers, understanding the tools and advice available can make adapting to Canada’s financial system much smoother. As a newcomer, having clear and reliable guidance is essential for managing your finances effectively.

Start with Wealth Awesome (https://wealthawesome.com), a trusted platform packed with financial advice, tools, and guides specifically created for Canadians. Whether you’re comparing banking products or looking for investment tips, this site offers data-driven insights to help you make better decisions.

Government resources are another valuable option. The Financial Consumer Agency of Canada provides comparison tools for bank accounts and credit cards ^[15]. You can also visit Canada.ca and explore the Canadian Financial Literacy Database, which features workshops, webinars, budget planners, and other tools backed by the government ^[15].

Don’t overlook the newcomer-specific tools offered by major banks. For instance, CIBC provides a Newcomer Budget Calculator, BMO offers SmartProgress™, and TD shares practical money-saving tips – all designed to help you manage expenses, credit, and taxes effectively ^[16][4][14].

If you’re into apps, check out Credit Canada‘s Butterfly app. It’s designed to help you track your spending, set financial goals, and develop better money habits ^[17]. Additionally, National Bank’s newcomer services have earned recognition from MoneySense and Milesopedia for their strong value in fee structures and credit access ^[13].

When evaluating these resources, think about what matters most to you. Look at the total value of promotions, fee structures, transaction limits, ATM accessibility, and the quality of online banking platforms. These tools and insights can guide you to banking solutions that align not just with the short-term perks but with your long-term financial goals in Canada.

Banking promotions designed for newcomers help smooth the financial transition into life in Canada by offering tools and perks that support both immediate and long-term financial goals. Recognizing the unique challenges faced by new residents, major Canadian banks have introduced packages tailored to meet these specific needs.

These special offers come with impressive financial benefits, providing first-year values ranging from $450 to over $2,200 across leading banks^{[1][2][5][9][11]}.

But it’s not just about the money. These packages tackle real-world banking hurdles, such as extended fee waivers and flexible credit options. Many also include perks like credit cards with higher approval rates for those without a Canadian credit history, no-fee international money transfers, and multilingual customer support in over 80 languages^[1].

To get the most out of these promotions, plan carefully. Check your eligibility, which often depends on your residency status and how long you’ve been in Canada (usually five years or less). Ensure you have the right documents, like a Permanent Resident Card or work permit, and complete any qualifying activities, such as setting up direct deposits or pre-authorized payments.

These programs have also received recognition for their value. For example, National Bank was named “Best Bank for Newcomers to Canada” for 2024 by MoneySense and won Milesopedia’s “Best Bank Account” award for newcomers to Quebec in 2025^[11].

FAQs

What documents are required to qualify for newcomer banking offers in Canada?

To take advantage of newcomer banking promotions in Canada, you’ll usually need to present government-issued photo ID – this could be a Permanent Resident Card, Record of Landing, or Confirmation of Permanent Residence. Additionally, you’ll need to show proof of entry into Canada, such as your landing papers, work permit, or study permit.

It’s a good idea to confirm the exact requirements with your bank, as they can differ depending on the institution and the specific account or promotion you’re interested in.

How can I choose the best newcomer banking program in Canada for my needs?

When selecting the best newcomer banking program in Canada, it’s essential to compare the offers, fees, and eligibility criteria across banks. Pay attention to features like no-fee accounts, sign-up bonuses, and services designed specifically for newcomers, such as multilingual support or personalized financial advice.

Think about what you need most – whether it’s a chequing account, savings account, or a credit card. Also, assess how accessible the bank is, considering factors like branch locations and the quality of their online banking tools. Take the time to choose a program that matches your financial priorities as you adjust to life in Canada.

Can I combine newcomer banking offers with other financial products from Canadian banks?

In Canada, newcomer banking offers typically can’t be combined with other deals or financial products. That said, some banks might make exceptions, such as allowing you to pair a chequing account with a credit card or savings account.

To get the most out of these promotions, take the time to go through the terms and conditions carefully. If anything is unclear, don’t hesitate to reach out to the bank directly for more details.