Best no-fee bank accounts for newcomers in Canada
In Canada there are three ways to have a bank account without paying monthly fees: (1) 100% digital banks like Tangerine or EQ Bank that never charge fees, (2) newcomer packages at traditional banks that waive the fee for 12 to 24 months, and (3) low-cost accounts regulated by the FCAC at $4/month or less. The best option depends on whether you need physical branches, whether you live in Quebec, and how long you've been in Canada.
Key takeaways
- Digital banks (Tangerine, EQ Bank) permanently charge no monthly fee. It's not a promotion
- Simplii Financial is free but NOT available in Quebec
- Traditional banks (RBC, TD, CIBC, Scotiabank) offer newcomer packages with $0 fees for 12-24 months
- The FCAC guarantees that every Canadian can access a low-cost bank account ($4/month or less)
- You don't need a SIN to open an account, just two valid pieces of ID
What "no fees" means in Canada (beware of "$0 for 12 months")
In Canada, most bank accounts have a monthly fee that ranges from $3.95 to $30.95 depending on the bank and account type. This is different from many Latin American countries where basic accounts are free. Don't assume your account will be free. Read the fine print.
The FCAC (Financial Consumer Agency of Canada) establishes that all Canadians, including permanent and temporary residents, have the right to access a low-cost bank account: $4/month or less with a minimum number of transactions included. This is a federal regulation, not a favour from the bank.
Additionally, under the Modernized Bank Account Commitment for Newcomers, major Canadian banks commit to offering free packages during the first year for newcomers. But beware: when the promotional period ends, the regular fee activates automatically.
Key difference: permanently free vs. temporary promotion
"No fee" can mean two very different things: (1) a digital bank that never charges a monthly fee, or (2) a traditional bank that waives the fee only during your first year as a newcomer. After the promotional period, the fee can be $10 to $17 per month if you do nothing. Set a reminder in your calendar to review your account before the promotion ends.
Option A: 100% digital banks with $0 monthly fee
Digital banks in Canada operate without physical branches, which allows them to offer chequing accounts (everyday accounts) with no monthly fee permanently. It's not a promotion that expires. It's their business model. They're ideal for those comfortable doing everything from their phone. Additionally, some of these banks also offer savings accounts with competitive interest — if you want to understand the differences between registered options, read our guide about TFSA, RRSP, and FHSA accounts for newcomers.
Tangerine
Owned by Scotiabank. No monthly fee, no minimum balance. Includes unlimited free e-Transfers and access to Scotiabank ATMs at no charge. Available across all of Canada, including Quebec. The mobile app is available in English and French. You can deposit cheques with your phone camera.
Simplii Financial
Owned by CIBC. No monthly fee. Access to CIBC ATMs at no charge. Offers unlimited e-Transfers and cheque deposits from the app.
Simplii Financial is NOT available in Quebec. If you live in or plan to move to Quebec, this option is not for you. Consider Tangerine or EQ Bank instead.
EQ Bank
100% digital bank with one of the most competitive interest rates on the market for your everyday account balance. No monthly fee, no minimum balance. Offers unlimited free e-Transfers. Available across all of Canada, including Quebec. No proprietary ATMs, but offers ATM fee rebates on some plans.
Wealthsimple
Canadian platform offering an everyday account with no monthly fee, no minimum balance, and interest on your balance (up to 3.75% with the Premium plan). Includes unlimited e-Transfers and cheque deposits from the app. You can also invest in TFSA, RRSP, and FHSA from the same platform. Available across all of Canada, including Quebec.
| Bank | Monthly fee | e-Transfers | Interest | Available in Quebec |
|---|---|---|---|---|
| Tangerine | $0 | Unlimited | 0.10% | Yes |
| Simplii Financial | $0 | Unlimited | 0.01% | No |
| EQ Bank | $0 | Unlimited | Up to 1.50% | Yes |
| Wealthsimple | $0 | Unlimited | Up to 3.75% | Yes |
Digital bank advantage: the $0 fee is permanent. It doesn't change after 12 months, doesn't require a minimum balance, and doesn't depend on your immigration status. It's the most predictable option if you want to avoid surprises.
Option B: Newcomer packages with $0 fee for 12-24 months
Canada's Big Five banks (RBC, TD, CIBC, BMO, and Scotiabank) offer special packages for newcomers. The main advantage is access to physical branches where you can talk to someone in person, which is very valuable when you're learning how the Canadian banking system works.
These packages typically include: $0 monthly fee during the promotional period, a credit card without Canadian credit history, access to the bank's ATM network, and in some cases, a welcome bonus. If you want to know exactly what requirements banks ask for that first card, check our guide about credit cards for newcomers.
The important detail: when the no-fee period ends (12 or 24 months depending on the bank), the regular monthly fee activates automatically. At that point you can: (1) negotiate with the bank to keep a reduced fee, (2) switch to a lower-cost account within the same bank, or (3) migrate to a no-fee digital bank. Once you have your account active, the next key step is start building your credit history in Canada.
| Bank | No-fee period | Fee after | Branches | Welcome bonus |
|---|---|---|---|---|
| RBC | 12 months | $4.00 - $16.95/mo | 1,200+ | Yes (varies) |
| TD | 12 months | $4.95 - $16.95/mo | 1,100+ | Yes (varies) |
| CIBC | 24 months | $4.95 - $16.95/mo | 1,000+ | Yes (varies) |
| Scotiabank StartRight | 12 months | $3.95 - $16.95/mo | 900+ | Yes (varies) |
FinMaple recommended strategy: open a newcomer account at a traditional bank for in-person access during your first year, and simultaneously open an account at a digital bank (Tangerine or EQ Bank). When your promotional period expires, you'll already have your digital bank ready to be your primary account.
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View updated comparatorOption C: "Low-cost" account ($4 or less) as a safe Plan B
If your newcomer period has passed and you don't want to use a digital bank, the FCAC requires all member banks to offer a low-cost bank account with a maximum fee of $4/month. This account includes a minimum number of monthly transactions (typically 12), online banking access, and a debit card.
These accounts are designed for people with modest incomes, but anyone can apply for them. Banks don't actively promote them, so you'll need to specifically ask for the "low-cost account." It's your right as a customer.
Typical limitations include: a maximum of 12 to 15 transactions per month (each additional transaction costs between $0.50 and $1.25), no cheques included, and no "extras" like travel insurance or discounts on other bank products.
When does a low-cost account make sense? If you need physical branches, make few transactions per month, and prefer the security of a traditional bank. At $4/month ($48/year) it's a predictable and low cost. But if you make more than 12 transactions per month, a no-fee digital bank is more economical.
Onboarding checklist (first 72 hours)
Once you choose your bank, these are the steps you should complete in your first 3 days with your new account. Don't put them off. Every day without a configured bank account is a day that complicates your settlement in Canada.
1
Bring valid ID
Valid passport + immigration documents (work permit, study permit, or permanent residence confirmation). You don't need a SIN to open the account.
2
Specifically ask for the newcomer package
Don't assume they'll offer it automatically. Ask: "I would like the newcomer banking package." Some tellers don't mention it unless you ask.
3
Set up direct deposit immediately
You'll need the transit number, institution number, and account number. Ask for a "void cheque" or "direct deposit form" when opening the account.
4
Register for online and mobile banking
Download the bank's app and activate your digital profile. This lets you make transfers, pay bills, and check your balance without visiting a branch.
5
Set up bill payments
Add your recurring bills: cell phone, internet, utilities. Some landlords also accept bill payments for rent.
6
Order a debit card
The Interac Debit card lets you pay in stores with tap or chip+PIN. You also need it to withdraw cash from ATMs.
7
Send a test e-Transfer
Practice by sending $1 to a friend or family member. This confirms that your Interac e-Transfer works correctly before you need it for something important.
Red flags: hidden fees you should know about
Even with a "no monthly fees" account, there are charges that can surprise you if you don't know about them in advance. These fees are not illegal. They're in the fine print. But as a newcomer, no one explains them until you've already been charged. Knowing these hidden fees is especially important if you're adjusting your budget — check our guide about the cost of living in Montreal in 2026 for a complete picture of your expenses.
ATM fees
Using an ATM from another bank network costs between $1.50 and $3.00 per transaction. Some digital banks reimburse these fees, but most don't. Always use your own bank's ATMs.
e-Transfer limits
Each bank has daily and monthly limits for Interac e-Transfer. Typically $3,000/day and $10,000-$20,000/month. Check your account limits before making large transfers.
Minimum balance requirements
Some "no-fee" accounts require maintaining a minimum balance (e.g., $3,000-$5,000) to avoid the monthly fee. If your balance drops below the minimum even for one day, you're charged the full monthly fee.
Paper statement fees
Several banks charge between $2 and $4 monthly for sending paper statements. Always choose electronic statements (e-statements) to avoid this charge.
Currency conversion fee
Purchases in foreign currency (e.g., US dollars) have a conversion charge of 2.5% to 3.5% on the exchange rate. This applies to both debit and credit.
Non-sufficient funds (NSF) fee
If you attempt a payment or automatic debit without sufficient funds, the bank charges an NSF (Non-Sufficient Funds) fee that is typically $45 to $48 per transaction. Set up low-balance alerts to avoid it.
Preguntas frecuentes
Can I open a bank account without a SIN?
Yes. Canadian banks can open an account with two valid pieces of ID (for example, passport and immigration document). The SIN (Social Insurance Number) can be provided later when you receive it.
Are my deposits protected?
Yes. The CDIC (Canada Deposit Insurance Corporation) protects up to $100,000 per eligible category per member institution. This includes savings accounts, chequing accounts, GICs, and foreign currency deposits at member institutions.
What about cheques in Canada?
Cheques exist but are becoming less common. Most payments in Canada are made by Interac e-Transfer, online bill payments, or direct deposit. Your landlord may accept cheques for rent, but many now accept e-Transfer.
Is Simplii Financial available in Quebec?
No. Simplii Financial does not offer services in the province of Quebec. If you live in Quebec, consider Tangerine or EQ Bank as no-fee digital bank alternatives.
Can I open an account if I'm an international student?
Yes. Most Canadian banks have special accounts for students with no monthly fees. Bring your passport, study permit, and enrollment letter from your educational institution. Some banks also offer credit cards for international students.
Already have an account? The next step is building your credit
Compare the best credit cards for newcomers without Canadian credit history.
Need to compare traditional banks?
Check our guide to the best banks for newcomers with detailed comparisons.
Official sources
Updated: February 2026 | Content for newcomers in Canada
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