Canadian Banking Comparison: The Big Five Banks for Newcomers
By WelcomeAide Team
Opening a bank account is one of the first things you need to do when you arrive in Canada. The banking system in Canada is dominated by five major banks, commonly known as the Big Five: Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), and Canadian Imperial Bank of Commerce (CIBC). Together, these five banks hold the majority of banking assets in the country and offer the most extensive branch and ATM networks. All five have recognized the growing importance of newcomer clients and have developed dedicated programs to attract immigrants and international students. This guide provides a detailed, side-by-side comparison to help you choose the bank that best fits your needs.
Royal Bank of Canada (RBC)
RBC is the largest bank in Canada by market capitalization and total assets. It has over 1,200 branches across the country and a vast ATM network, making it one of the most accessible banks for newcomers, especially those settling in smaller cities or rural areas. RBC's newcomer program is among the most comprehensive in the industry.
RBC Newcomer Advantage
The RBC Newcomer Advantage package is available to permanent residents who have been in Canada for up to five years and to international students. The package includes a no-monthly-fee chequing account for one year, a no-annual-fee credit card with no Canadian credit history required, free international money transfers for the first year, a complimentary safety deposit box for one year, and dedicated newcomer advisors who can assist in multiple languages. After the first year, the chequing account reverts to the standard fee schedule, which ranges from approximately $4 to $17 per month depending on the account tier. RBC's digital banking platform and mobile app are consistently rated among the best in Canada, offering features like mobile cheque deposits, e-Transfers, and real-time spending alerts. For more on setting up your banking, see our comprehensive banking guide for newcomers.
Toronto-Dominion Bank (TD)
TD is the second-largest bank in Canada and is known for its extended branch hours, with many locations open on evenings and weekends. This can be particularly useful for newcomers who work during regular business hours and need flexible access to in-person banking services. TD has over 1,100 branches across Canada.
TD New to Canada Banking Package
The TD New to Canada package is available to newcomers who have been in Canada for up to five years. It includes a no-monthly-fee chequing account for six months, a no-annual-fee credit card with no Canadian credit history required, free small safety deposit box for one year, and access to TD's newcomer support team. TD's introductory free period for the chequing account is six months, shorter than some competitors. After the introductory period, monthly fees range from approximately $4 to $30 depending on the account selected. TD's strength lies in its branch hours and its extensive U.S. banking presence through TD Bank in the United States, which can be useful if you have cross-border financial needs. TD's mobile app and EasyWeb online banking platform are well-regarded, with features including bill payments, e-Transfers, and investment management.
Bank of Montreal (BMO)
BMO is the oldest bank in Canada, founded in 1817, and has approximately 900 branches across the country. BMO has made significant investments in digital banking and offers a competitive newcomer program that appeals to both permanent residents and international students.
BMO NewStart Program
The BMO NewStart Program offers newcomers a no-monthly-fee chequing account for the first year, a no-annual-fee credit card with no Canadian credit history required (typically the BMO Cashback Mastercard), a welcome bonus that may include cash rewards for meeting certain conditions, and access to multilingual banking advisors. After the first year, BMO's monthly chequing account fees range from approximately $4 to $17 depending on the account tier. BMO's digital banking platform, BMO Online Banking and the BMO Mobile Banking app, offers a clean interface with features like real-time alerts, mobile cheque deposits, and budgeting tools. BMO also has a banking presence in the United States through BMO Harris Bank, which can benefit newcomers with cross-border financial needs. Visit the BMO NewStart page for current details.
Bank of Nova Scotia (Scotiabank)
Scotiabank is known as Canada's most international bank, with operations in over 30 countries, particularly in Latin America, the Caribbean, and Asia. This international presence makes Scotiabank a natural choice for newcomers from these regions who may already have a relationship with the bank or want to take advantage of its global network for international transfers and banking.
Scotiabank StartRight Program
The Scotiabank StartRight Program is available to newcomers who have arrived in Canada within the past three years. The package includes a no-monthly-fee chequing account for the first year (Scotiabank Basic Banking Account or higher), a no-annual-fee credit card with no Canadian credit history required (typically the Scotiabank Value Visa card or Scene+ Visa card), free international money transfers for the first year through Scotiabank's global network, and a dedicated newcomer banking team. After the introductory period, monthly fees range from $3.95 to $30.95 depending on the account. Scotiabank's mobile app and online banking platform, Scotia OnLine, offer standard features including e-Transfers, bill payments, and investment tracking. Scotiabank's integration with the Scene+ loyalty program allows you to earn and redeem points at grocery stores (Sobeys, FreshCo, Foodland), Cineplex theatres, and other partners, which can provide additional value. For guidance on building credit, see our guide to building credit as a newcomer.
Canadian Imperial Bank of Commerce (CIBC)
CIBC is the fifth-largest bank in Canada by assets and has approximately 1,000 branches across the country. CIBC has invested heavily in its newcomer program in recent years and offers one of the most generous welcome packages among the Big Five.
CIBC Welcome to Canada Banking Package
The CIBC Welcome to Canada package is available to newcomers who have arrived within the past five years. The package includes a no-monthly-fee CIBC Smart Account for one year, a no-annual-fee credit card with no Canadian credit history required (CIBC Dividend Visa or similar), a welcome bonus that may include cash or points, free international money transfers for the first year, a complimentary safety deposit box for one year, and access to CIBC's newcomer advisory team. After the introductory period, monthly fees range from approximately $5 to $30 depending on the account. CIBC's digital banking platform, CIBC Online Banking and the CIBC Mobile Banking app, has improved significantly in recent years and offers features like e-Transfers, mobile deposits, and spending insights. CIBC also offers the Global Money Transfer service for sending money internationally at competitive rates. Visit the CIBC newcomer page for current offers.
Side-by-Side Comparison
Here is a summary comparison of the Big Five banks' newcomer offerings to help you make an informed decision.
Free Chequing Period
RBC offers 12 months free. TD offers 6 months free. BMO offers 12 months free. Scotiabank offers 12 months free. CIBC offers 12 months free. TD's shorter free period is a notable difference.
Credit Card for Newcomers
All five banks offer a no-annual-fee credit card with no Canadian credit history required. The specific card and credit limit may vary. RBC typically offers the RBC Rewards+ Visa. TD offers the TD Rewards Visa Card. BMO offers the BMO Cashback Mastercard. Scotiabank offers the Scene+ Visa. CIBC offers the CIBC Dividend Visa. Each card has its own rewards structure, so consider which rewards align with your spending habits.
Branch Network and Hours
RBC has the most branches at over 1,200. TD has over 1,100 branches with the longest operating hours. BMO has approximately 900 branches. Scotiabank has approximately 950 branches. CIBC has approximately 1,000 branches. If branch access is important to you, RBC and TD offer the widest coverage. If you prefer to do most of your banking online or through a mobile app, the branch network may be less of a factor.
Digital Banking Quality
All five banks offer robust mobile apps and online banking platforms. RBC and TD are generally rated highest for user experience and feature set. BMO has made significant improvements in recent years. CIBC's app has also improved substantially. Scotiabank's digital platform is solid but has historically lagged slightly behind competitors. All banks offer mobile cheque deposits, e-Transfers (Interac), bill payments, and real-time transaction alerts.
International Connections
Scotiabank leads in international presence with operations in over 30 countries. RBC and TD also have international operations, with TD having a particularly strong U.S. presence. BMO has a U.S. subsidiary (BMO Harris Bank). CIBC's international presence is more limited but it offers competitive international money transfer services.
Beyond the Big Five: Other Options
While the Big Five dominate Canadian banking, there are other options worth considering. Credit unions, such as Vancity in BC, Desjardins in Quebec, and Meridian in Ontario, often offer lower fees and a community-focused approach. Digital-only banks like Simplii Financial (owned by CIBC) and Tangerine (owned by Scotiabank) offer no-fee banking with competitive interest rates and strong mobile apps, though they have limited or no physical branches. These can be excellent secondary banking options. For a broader overview of banking options, read our newcomer's guide to banking in Canada.
How to Choose the Right Bank
The best bank for you depends on your individual circumstances and priorities. Consider the following factors. Where are the nearest branches and ATMs? If you live in a smaller city or rural area, RBC and TD may have better coverage. Do you need extended branch hours? TD is the clear leader here. Are you from a country where one of these banks operates? Scotiabank's international network could be advantageous. Do you plan to do most of your banking digitally? If so, branch network matters less, and you might also consider Simplii or Tangerine. What will the fees be after the introductory period? Compare the ongoing costs carefully. What credit products do you need? If you plan to apply for a mortgage or personal loan in the future, starting a relationship with a bank now can help. For more guidance on managing your money in Canada, explore our tax filing guide for newcomers.
Final Thoughts on Choosing a Canadian Bank
All five of Canada's Big Five banks offer solid newcomer programs, and you genuinely cannot go wrong with any of them for your initial banking needs. The key is to take advantage of the free introductory period, start building your Canadian credit history with the no-fee credit card, and evaluate whether the bank meets your long-term needs before the introductory period ends. Many newcomers open accounts at multiple banks to compare the experience before settling on a primary bank. There is no restriction against having accounts at more than one bank, and doing so can help you find the best fit for your financial life in Canada.
WelcomeAide is here to help you make informed financial decisions as a newcomer to Canada. Use our AI Newcomer Navigator for instant, personalized guidance on banking, credit, and financial planning. Explore our blog for more financial guides, learn about our mission, or discover how to get involved in supporting newcomer communities across Canada.