Bank account: the five best-known banks and how to compare them

Canada’s five best-known banks each have a newcomer package that waives the account fee for a period. They differ in the length of the waiver, international transfers and branch access. Examples, not recommendations.

1. RBC (Newcomer Advantage): no monthly account fee for a year, international money transfers with no transfer fee, and service in many languages.
2. TD (New to Canada Banking Package): opened at an in-person branch appointment, with support in over 80 languages. TD counts you as a newcomer for up to five years after arrival.
3. Scotiabank (StartRight Program): an annual account fee waiver and no-fee international money transfers, with branch help in over 50 languages.
4. BMO (NewStart Program): no monthly plan fees for two years and no-fee global money transfers. CIBC (Smart Account for Newcomers): no monthly fee for two years.
5. How do you compare? Ask each bank: how long is the waiver and what is the fee after it? Are transactions and e-Transfers unlimited or capped? What does a transfer to your country cost including the exchange rate? Is there a nearby branch and an Arabic speaker?
6. Read the conditions of cash bonuses and points before choosing. They are usually tied to payroll deposits or bill payments; do not open a product you do not need for a bonus.

Caution: For education only, and offers change; check the bank’s site on the day you open the account. Savings accounts and some package products involve interest, and we do not give a religious ruling on them; ask a qualified scholar.

Bottom line: Canada’s five best-known banks each have a newcomer package that waives the account fee for a period. They differ in the length of the waiver, international transfers and branch access. Examples, not recommendations.

Last reviewed: 2 October 2026