5 Best Bank Accounts in Canada for Newcomer Moms (with bonuses & tips!)
Here’s my simple, friendly guide to the top 5 best bank accounts in Canada, ideal for newcomers, especially moms who are building a new life from scratch.
Moving to Canada is exciting—but it also comes with a long list of to-dos. One of the first things you’ll need? A Canadian bank account. When my husband and I first arrived in Montréal in 2016, I felt completely lost. Everything was new: French, the paperwork, the neighbourhood! AND I had so many questions about finances in Canada. A lot of banks choice and investments accounts, tax system, build credit etc. If you’re a newcomer mom wondering where to open your first chequing account, this guide is for you.
🧾 What to Consider When Choosing a Bank Account in Canada
Before jumping in, here are a few things to think about:
- Monthly fees: Some accounts charge up to $15/month, but many waive them for newcomers or with minimum balances.
- Newcomer benefits: Some banks offer cash bonuses or no-fee accounts for the first year.
- Branch vs. online: Do you prefer talking to someone in person, or are you okay with managing everything online?
- ATM access: Check if there are convenient ATMs near your home or school.
- Language: Some banks are more English-friendly than others, especially outside Montréal
Choosing the right bank account can help you start your new life in Canada with confidence and less stress.
🌿 Do you want to open a bank account before arriving in Canada? – Some banks allow you to start the process online, but most require in-person ID verification upon arrival.
🌿 Opening a bank account is just one step when settling in Québec. If you’re coming with children, there’s a lot more to know! I wrote about everything I wish I had known before moving in this guide.
Documents You’ll Need to Open an Account
Usually, you’ll need 2-3 of the following:
- A valid photo ID (passport, PR card, driver’s license)
- Proof of immigration status (COPR, work or study permit)
- Proof of address (utility bill, lease)
- SIN (optional, but helpful for tax-related purposes)
Important Tip for Québec Moms: Linking Accounts for Family Benefits
As a mom, one of the first things you need to do is link your new bank account to receive benefits like the Canada Child Benefit (CCB) and the Québec Family Allowance (Aide financière aux familles). Make sure the bank you choose makes it easy to set up direct deposits for government payments. When I first applied, there was a paper form delay, so choosing a bank that has seamless online integration with the government benefits portal saves a ton of stress.
5 Best Bank Accounts for Newcomers (2025 Edition)
1. Tangerine (Online Bank)
- Welcome Bonus: Up to $250
- Promo Interest Rate: 4.50% for the first 5 months (until July 31, 2025)
- Monthly Fees: $0
- Minimum Deposit: None
- Extras: Easy-to-use app, access to 3,500+ free ATMs, excellent online support
- Referral Bonus: Use my Orange Key Code: 52139721S1
Best for: Tech-savvy moms who want a simple, no-fee online bank
2. Scotiabank StartRight Program
- Welcome Bonus: Up to $700 (with chequing, savings, and registered accounts)
- Monthly Fees: $16.95 (waived for the first year)
- Credit Card: Yes, with no credit history
- Extras: Multilingual support, investment options
Best for: Newcomers looking for full-service banking in one place
3. BMO NewStart Program
- Welcome Bonus: Up to $700 + $100 Walmart eGift card (until June 5, 2025)
- Monthly Fees: $16.95 (waived for the first year)
- Credit Card: Yes, no Canadian credit history required
- Extras: Unlimited transactions, credit card and mortgage help
Best for: Newcomers with no credit history who want strong perks
4. CIBC Smart for Newcomers
- Welcome Bonus: Up to $600 ($450 cash + $100 Skip gift card)
- Monthly Fees: $0 for the first 2 years
- Credit Card: Yes
- Extras: Unlimited transactions, multilingual service, easy online signup
Best for: Families or individuals looking for long-term fee waivers
👉 Explore CIBC Smart Account with my referral code
5. RBC Newcomer Advantage
- Welcome Bonus: Up to $300 cash back (with RBC Cashback Mastercard)
- Monthly Fees: $0 for 1 year
- Credit Card: Yes, with up to $15,000 limit
- Extras: No-fee international transfers, help with credit and mortgages
Best for: Newcomers who plan to send money internationally and build credit quickly
✨ Tip: Some bonuses require a few actions, like direct deposit or bill payment. Read the fine print carefully!
Why Start Investing Early in Canada? (More than just a suggestion—it’s a survival strategy)
Even as a newcomer, investing might feel far away — but the earlier you start, the better. When you’ve just landed in a new country, investing feels like a distant luxury, a thing only long-term residents worry about. But as a newcomer mom, starting early is not just good financial sense—it’s a crucial survival strategy, especially here in Québec.
The Real Cost of Québec Life: We know the cost of living, particularly housing and groceries in the Montréal area, is constantly rising. Simply putting money in a basic savings account is guaranteed to lose value over time due to inflation. Investing, even with just $50 a month, is how you ensure your money actually works for you and keeps pace with the ever-increasing cost of raising children.
The Power of the RESP for Your Kids: More importantly, think about your children’s future education. In Canada, the Registered Education Savings Plan (RESP) is a game-changer. When you contribute, the federal government gives you free grant money (CESG), and Québec provides an additional grant called the Québec Education Savings Incentive (QESI). You need to start early to maximize these grants and allow the investment to grow through compounding. Establishing a dedicated fund for your children’s post-secondary education with the help of government incentives brings a tremendous sense of relief as a mom.
Tools like Wealthsimple make it beginner-friendly with no account minimums, and Questrade is perfect if you want lower fees and more control.
By starting small, even with $25/month, you’re building a habit. Over time, that habit grows into financial security, especially when raising kids in a new country. Don’t feel pressured to pick stocks; beginner platforms like Wealthsimple can guide you effortlessly. The goal is consistency, not perfection.
Start Investing Smart
Here are two beginner-friendly platforms in Canada:
Wealthsimple
- No account minimum
- Beginner-friendly app
- Great for moms starting out
- Use my referral link to join Wealthsimple
👉 wealthsimple.com/invite/DCEI1G
Questrade
- Low fees for stocks and ETFs
- Ideal for self-directed investors
Referral Code: 396026940488154
❔FAQ
Q1. Can I open a Canadian bank account before landing in Canada? – Some banks allow you to start online, but you’ll usually need in-person ID verification upon arrival.
Q2. What’s the best bank for newcomers with families? – CIBC and BMO offer strong newcomer programs with family-friendly benefits.
Q3. Do I need a SIN to open a bank account? – Not always — but having it helps with tax reporting and benefit deposits.
Transparency Note on Recommendations
You’ll notice I’ve included links and referral codes throughout this guide. I only recommend platforms I have personally used and trust for my family’s finances. While I may receive a small bonus for a referral (at no cost to you), my primary goal is helping you bypass the confusion I faced as a newcomer. The value of your time and peace of mind is worth far more than any small bonus.
💬 Some Final Thoughts from a Fellow Newcomer Mom
When I first arrived in Québec, everything felt unfamiliar — the streets, the language, the rules… even the ATMs in French! Choosing the right bank was one of the first “adulting” tasks I faced, and honestly, it felt overwhelming. I wish someone had walked me through the process like a friendly big sister — so that’s why I wrote this post.
As a mom raising kids far from home, I know how important every dollar is. Whether you’re opening a chequing account or starting your first investment, what matters most is making decisions that give your family stability and room to grow.
Don’t worry about being perfect from the start. You’re learning — and so am I. That’s why this blog is called Still Learning Days 💛
