Why Choose a Bank as a Newcomer?

1. Safety: Keeping your money in a bank is safer than carrying cash.
2. Managing Expenses: A bank account helps you track your spending and manage your budget.
3. Access to Financial Services: Banks offer services like loans, credit cards, and investment options.
4. Building Credit History: A good credit history is important for future financial activities like getting a loan or a mortgage.

Banking Options for Newcomers in Canada

TD Bank

Pros:

• Easy Account Setup: Newcomers can open an account without needing a Canadian credit history.
• Multilingual Support: They provide customer service in multiple languages, which is helpful for non-English speakers.
• No Monthly Fees: The Basic plan has no monthly fees for the first 12 months.

Cons:

• Limited International Services: While TD Bank offers great domestic services, their international services may not be as robust.
• Higher Fees After 12 Months: After the first year, monthly fees may apply unless you meet certain conditions.

Features of TD Bank:

• No monthly fees for 12 months on your TD Unlimited Chequing Account.
• 0.25% bonus interest rate on savings for the first six months.
• No annual fee on eligible TD credit cards.

Scotiabank

Pros:

• No Monthly Fees: Newcomers can enjoy no monthly fees for the first year.
• Credit-Building Opportunities: The program helps newcomers establish a credit history.
• Financial Resources: Scotiabank offers tailored financial advice and resources.

Cons:

• Higher Minimum Balance Requirement: To avoid monthly fees after the first year, you must maintain a minimum balance of $4,000.
• Limited Free Withdrawals: The plan allows only one free withdrawal from non-Scotiabank ATMs each month.

Features of Scotiabank:

• Unlimited transactions.
• Unlimited Interac e-transfers.
• Preferred interest rate boost.
• Earn points with the Scene program.

RBC Royal Bank of Canada

Pros:

• Wide Range of Services: RBC offers many financial products, including mortgages and investment options.
• Personalized Advice: They provide tailored financial advice to help newcomers navigate the banking system.
• Free International Transfers: RBC allows two free international money transfers each month.

Cons:

• Higher Fees After One Year: Monthly fees can be high if you do not meet specific account conditions.
• Complex Fee Structure: Understanding the fees associated with various services can be confusing.

Features of RBC:

• No monthly fees for a year with an eligible chequing account.
• Up to $15,000 credit card limit without a credit history.
• Free small safety deposit box for two years.

CIBC

Pros:

• No Monthly Fees for Up to 24 Months: Newcomers can enjoy two years without monthly fees.
• Generous Cash Bonus: They provide a cash bonus after opening a qualifying account.
• Flexible Money Transfers: CIBC allows unlimited Interac e-Transfers within Canada.

Cons:

• Limited Services for Newcomers: The Welcome package might not include all the features available to regular customers.
• Higher Fees for Other Services: Fees for services not included in the package may be higher compared to other banks.

Features of CIBC:

• Unlimited Interac e-Transfer transactions.
• $0 transfer fees to send money to over 120 countries.
• $350 cash bonus after account opening.

Bank of Montreal (BMO)

Pros:

• One-Year No Fee: Newcomers pay no monthly fees for the first year.
• Attractive Bonuses: BMO offers bonuses for opening accounts and using their services.
• Global Money Transfers: You can send unlimited BMO Global Money Transfers without fees.

Cons:

• Limited Branch Locations: Depending on where you live, you may not have easy access to BMO branches.
• Complex Account Options: The various account types can be confusing to navigate for newcomers.

Features of BMO:

• Save $203 with no monthly fees for one year.
• $60 cash bonus with the rental of a safety deposit box.
• Earn up to $450 when you meet qualifying criteria.