5 Best Bank Accounts In Canada For Newcomers.

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.

Q: Can I open a bank account before arriving in Canada?
A: Some banks allow you to start the process online, but most require in-person ID verification upon arrival.

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)

5 Best Bank Accounts for Newcomers (2025 Edition)

1. Tangerine (Online Bank)

Welcome Bonus: Up to $400
Monthly Fees: $0
No minimum deposit
Simple app and customer support
Referral Bonus: Use my Orange Key Code 52139721S1
Best for: Tech-savvy moms who want zero fees

2. Scotiabank StartRight

Welcome Bonus: Up to $350
Monthly Fees: $16.95 (waived for first year)
Credit cards are available for newcomers

3. BMO NewStart

Welcome Bonus: $400
No monthly fee for 1 year
A credit card without a Canadian credit history

4. CIBC Smart for Newcomers

Welcome Bonus: $400
No monthly fee for 2 years
Services in multiple languages
Use my referral link to join CIBC

5. RBC Newcomer Advantage

Welcome Bonus: $300
No fee for 1 year
Help with credit history and mortgage

✨ Tip: Some bonuses require a few actions, like direct deposit or bill payment. Read the fine print carefully!

Why Start Investing Early in Canada?

Even as a newcomer, investing might feel far away — but the earlier you start, the better. 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.

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

💬 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 Encore des jours d'apprentissage 💛

Les 5 meilleurs comptes bancaires au Canada pour les nouvelles mamans (avec bonus et conseils !)