Newcomer banking in Toronto starts with a choice that is not obvious in the first week after landing: which bank pairs a fee-free account with a credit card that skips Canadian credit history. Royal Bank of Canada, TD, Scotiabank, BMO and CIBC each run a newcomer program, and their fee waivers, card limits and bonuses differ enough to matter over two years. Several bonuses carry deadlines in late October or early November 2026. This guide compares the five programs on the same points, then closes on the factor that decides the choice for someone settling in the GTA.
RBC Newcomer Advantage
RBC sets a wide eligibility window for its newcomer program. RBC's Newcomer Advantage covers permanent residents, international students, foreign workers, and refugee claimants for up to 5 years after arrival. The chequing account is free in year one, and after that RBC states that the regular monthly fee for its Advantage Banking account is $12.95 after the newcomer waiver period, although account pricing and available rebates can change.
On the credit side, without a credit history, you can apply for one of Royal Bank of Canada's no annual fee credit cards, such as the RBC Cash Back Mastercard. As of early October 2026, reviewers checking RBC's own page found no cash bonus shown on the chequing account page. RBC does let you start before you land: the account can be opened from outside Canada before arrival.
TD New to Canada Banking Package
TD's package targets recent arrivals with any valid status document. TD Canada Trust offers no monthly fee on TD Unlimited Chequing for 12 months, with a credit card limit up to $15,000 without Canadian credit history after a full credit review, for newcomers in Canada 5 years or less, and lets applicants from China or India apply by phone before activating the account in branch within 75 days.
The bank backs this with a cash incentive tied to a deadline. TD's New to Canada Banking Package offers a $500 cash offer with an Unlimited Chequing fee rebate, with an October 1, 2026 deadline. The $15,000 figure depends on a full review of your file rather than an automatic approval, so income documents matter as much as immigration paperwork.
Scotiabank StartRight
Scotiabank's StartRight program carries one of the longer eligibility windows among the big banks. Scotiabank says it is for permanent residents who have been in Canada 0 to 5 years, international students and foreign workers. The chequing fee waiver runs for one year: no monthly account fees apply on the Preferred Package chequing account for one year, a value of $203.40.
The credit card is the program's strongest feature. StartRight offers up to $2,300 in first-year value, no monthly fee for the first year, a credit card with no Canadian credit history required with a credit limit of up to $15,000, and unlimited no-fee international money transfers, with a standard monthly fee of $16.95 afterward. Scotiabank has also partnered with Nova Credit to transfer your credit history from select countries in case you want to apply for a higher credit limit if approved. A separate cash bonus applies on top: Scotiabank pays the biggest bonus for the chequing account alone, $700 if you open by October 29, 2026. On timing, Scotiabank StartRight and CIBC Smart Start both allow you to start the application process from outside Canada, though you will need to complete ID verification in-branch within 30 days of arriving.
BMO NewStart
BMO offers the longest standard fee waiver of the five. BMO NewStart advertises a large bundled value, with the Performance Plan at $17.95 a month waived for the first two years, open to anyone who arrived in Canada within the last five years. The program is open to permanent residents and foreign workers who arrived in the last 5 years.
For credit, BMO offers a no-annual-fee credit card where no credit history is required, as well as savings amplifier accounts. On the bonus, as of October 1, 2026, BMO is the strongest all-round newcomer account, with no monthly fee for 24 months and up to $900 cash. BMO also lets applicants start before landing, since BMO and RBC advertise pre-arrival account opening.
CIBC Smart Account for Newcomers
CIBC's qualifying window is similar to Scotiabank's but adds a work permit route. CIBC Smart Account for Newcomers qualifies permanent residents with status received in the last 5 years, or foreign workers with a work permit of at least 12 months.
The fee structure runs longer than most competitors. The account has no monthly fees for 2 years, up to $16.95 a month after, unlimited debit and Interac e-Transfer transactions, one free non-CIBC ATM withdrawal per month in Canada, and CIBC makes it easy to qualify for your first credit card with no income, security deposit, or credit history required. The bonus is tied to a simple account action: CIBC Smart for Newcomers pays $500 for setting up direct deposit, available to a landed immigrant or permanent resident within the last five years, or a temporary resident with a Canadian work permit issued for at least 12 months. Pre-arrival access exists here too: CIBC Smart Arrival lets eligible applicants from certain countries apply up to 12 months before landing.
Who each newcomer banking option suits
RBC suits someone who values a large physical network over the biggest bonus, since the bank runs 1,200+ branches nationwide and lets you set up before you land. TD suits a newcomer who wants everyday tools in their own language, since the TD app is available in simplified and traditional Chinese, which many newcomers find useful.
Scotiabank suits anyone who already built credit abroad, because from 15 countries, you can use your home credit history through Nova Credit to ask for a higher limit. BMO and CIBC suit someone who wants the longest possible runway before fees start, since both waive their monthly fee for 24 months rather than 12. CIBC specifically suits a newcomer arriving on a longer work permit rather than permanent residence, since its 12-month work permit threshold is lower than most competitors require.
What decides your choice in Toronto
None of the five banks can actually refuse you an account for lacking credit history, and that is the starting point, not the deciding one. A bank must open a basic account for you even with no job, no deposit, and no credit history, and since December 2025 the six largest banks must offer newcomers a no-cost account in their first year in Canada. The real decision sits in what you do with the credit card each bank attaches to the account, because an unused credit card builds zero Canadian credit history.
For a newcomer settling in Toronto, the practical test is which combination of fee-free period, card limit and local branch access matches your first two years in the city. If a bonus deadline matters to your timing, check it directly: Scotiabank's chequing bonus closes October 29, 2026, and TD's cash offer closes November 2, 2026. Book an appointment at a downtown branch in your first week, bring your permanent resident card or work permit along with a second piece of photo ID, and ask the advisor to confirm the current fee waiver length in writing before you sign.
