Best Banks In Canada: Opening a bank account should be one of your top priorities when you move to Canada. Also, you should get a credit card as soon as possible because this will help you build your credit. The banking industry in Canada is very large, therefore choosing the best bank can be very daunting. So, if you are new to Canada or have recently moved, you are in the right place.
Big Bank Accounts for Newcomers
There are ‘Big Five’ banks in Canada that have amazing programs and incentives for newcomers. Listed below are the top five banks as well as the incentives they offer. Make sure to choose the one that suits your needs best-
RBC is one of the largest banks in Canada. It offers an RBC Newcomer Advantage Program to international students as well as permanent residents. Using this account you can have a no-limit banking account and will not need to pay any monthly fees for a year.
After one year, the fee is $10.95/month. This account allows you to make unlimited withdrawals and Interac e-transfers. You also can make 2 free international money transfers per month for 6 months.
Scotiabank is one of the largest and most famous banks. It offers the Scotiabank StartRight Program for all immigrants who have been in Canada for 0-3 years. This account provides you with a free chequing account for the first 12 months. After the first year, the monthly fee is $16.95 each month (this can be waived if you keep a minimum balance of $4,000).
Also, if you are eligible, you can $300 bonus just for opening an account. Moreover, you have access to high-interest savings accounts and can earn rewards on every debit/credit transaction you make via the SCENE or Scotia Rewards program
CIBC offers a Welcome to Canada Banking Package to immigrants who got their permanent residence status within the past 5 years. The account offers unlimited debit and Interac e-Transfer transactions with no monthly fees for a year. After one year the fees is up to $14.95/month. Also, with this account, you also have access to a free safety deposit box for one year (otherwise, it’s $60 a year).
TD Bank offers a New to Canada Banking account to all immigrants who have moved to Canada in the past 0-2 years. With this account, you have unlimited transactions for 0 monthly fees for the first 6 months. The fees is $16.95/month after that which again can be waived if you keep a minimum balance of $4,000. You also get $20 discount on selected TD credit cards for the first year.
The BMO bank provides a BMO NewStart Program to all immigrants who have come to Canada in the past 5 years. The bank provides one year of free banking with unlimited debit and Interac e-Transfer transactions. The fees after one year is $15.95/month which can be waived if you keep a $4,000 daily balance. Also, you get a free small safety deposit box for a year.
Keep in mind all the points and make sure you make a well-informed decision before opening an account.