Opening a bank account is one of the first things you need to do when you arrive in Canada. The right account can save you hundreds of dollars in fees, give you a welcome bonus, and even help you get a credit card without any Canadian credit history. Here is an honest comparison of the best options in 2026.
Before comparing accounts, you need to know what actually matters. Monthly fees add up — a $16.95 per month fee costs you $203 per year that you could keep. Welcome bonuses are real money if you were planning to open an account anyway. And an unsecured credit card from a bank — one that does not require a security deposit — is the fastest way to start building Canadian credit history, which affects everything from renting an apartment to getting a car loan.
Simplii Financial (owned by CIBC) charges $0 forever with no minimum balance and no fee for unlimited transactions, e-Transfers, and bill payments. They are currently offering a $300 cash bonus plus a $50 gift card when you set up a direct deposit of at least $100 per month for three consecutive months. You can apply online if you landed within the last 5 years. You also get access to 3,400 CIBC ATMs across Canada with no withdrawal fees. The credit card limits for newcomers tend to be lower ($1,000 to $5,000) compared to the Big Five banks, which is worth noting if your priority is a high credit limit.
If getting an unsecured credit card with a high limit is your priority, Scotiabank StartRight is hard to beat. They offer limits up to $15,000 with no Canadian credit history — just proof of your landing documents and income. The first year of banking is free (saving $203.40 in fees) and you earn up to 50,000 Scene+ points worth approximately $500 in travel or groceries. After year one, you can keep the account free by maintaining a $4,000 minimum balance.
RBC is Canada's largest bank and their newcomer package includes free international money transfers for 12 months — a meaningful benefit if you are still sending money home or receiving it from abroad. The account has no monthly fee for one year and unlimited transactions. The credit card limit can also reach $15,000. The main consideration is that after year one, fees apply unless you maintain a minimum balance or upgrade your package.
EQ Bank is entirely digital but it offers something the Big Five cannot match: 1.00% interest on every dollar in your account, rising to 2.75% when you maintain a qualifying direct deposit of $2,000 per month. On a $10,000 balance, that is $275 per year just sitting in your account. There are no fees, free ATM withdrawals, and zero FX markups on the EQ Bank Card. The downside: EQ Bank does not offer credit cards, so you would need a separate account for credit building.
KOHO is a Canadian fintech whose account earns 3.5% interest and comes with a prepaid Mastercard. Their Credit Builder program ($10 per month) reports your payments to Equifax and starts building your Canadian credit history with no security deposit and no credit check required. Within 6 to 12 months of using KOHO Credit Builder alongside a bank account, most newcomers are approved for mainstream credit cards.
For most newcomers, the smartest move is to open two accounts: Scotiabank StartRight or RBC for the unsecured credit card and branch access, and either Simplii Financial or EQ Bank for day-to-day banking at no cost. If you have limited income in your first months and need to build credit without a deposit, add KOHO Credit Builder for $10 per month. This combination gives you a high credit limit, no fees, and a credit history in progress.
$0 forever + $300 cash bonus + $50 gift card. Apply online if you arrived in the last 5 years.
1 year free + up to $15,000 unsecured credit limit + 50,000 Scene+ points (~$500).
$0 fees + up to 2.75% interest on every dollar with direct deposit.
3.5% interest + Credit Builder for $10/month — no deposit, no credit check.
* TaxNorth may receive a commission if you open an account through these links, at no cost to you. We only recommend products we believe are genuinely useful for newcomers.
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