Bank & Credit Card Comparison

Compare banking options and credit cards designed for newcomers to Canada. Find products to start building your financial foundation.

Disclaimer: Information presented here is for general guidance. Bank offers, fees, interest rates, and eligibility criteria change frequently. Always verify all details directly with the financial institution before applying for any product. This toolkit is not a financial advisor.

Building Credit History: Getting a Canadian credit card, even one with a small limit, and using it responsibly (making payments on time) is crucial for newcomers. It helps build your Canadian credit history, which is essential for future loans (car, mortgage), renting apartments, and sometimes even getting a cell phone plan.

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Product Type

Fee Level

Key Features

RBC Advantage Banking for Newcomers

Bank Account

Features:

✓ No monthly fee for 12 months
✓ Unlimited debit transactions
✓ Free credit card option
✓ Access to newcomer mortgage advisors

Monthly Fee: $0 (first 12 months)

RBC Cash Back Mastercard for Newcomers

Credit Card

Features:

✓ No credit history required
✓ Earn cashback on grocery purchases
✓ No annual fee
✓ Build Canadian credit history

Annual Fee: $0

Scotiabank StartRight Program

Bank Account

Features:

✓ No monthly fee for 1 year
✓ Unlimited Interac e-Transfers
✓ Credit card and car loan options without credit history

Monthly Fee: $0 (first year)

Scotiabank StartRight Credit Card

Credit Card

Features:

✓ Earn Scene+ points
✓ No credit history required
✓ No annual fee for the first year
✓ Easy approval for newcomers

Annual Fee: $0 (first year)

TD New to Canada Banking Package

Bank Account

Features:

✓ No monthly fee for 6 months
✓ No-fee international money transfers
✓ Free safety deposit box for 1 year

Monthly Fee: $0 (first 6 months)

TD Rewards Visa Card

Credit Card

Features:

✓ Earn rewards on everyday purchases
✓ No annual fee
✓ No Canadian credit history needed

Annual Fee: $0

CIBC Smart Account for Newcomers

Bank Account

Features:

✓ No monthly fee for 2 years
✓ Unlimited transactions
✓ Credit card and mortgage solutions

Monthly Fee: $0 (2 years)

CIBC Dividend Visa Card for Newcomers

Credit Card

Features:

✓ Cash back on groceries and gas
✓ No credit history needed
✓ No annual fee

Annual Fee: $0

BMO NewStart Program

Bank Account

Features:

✓ No fee banking for 1 year
✓ Unlimited everyday banking transactions
✓ Free credit card with no Canadian credit history

Monthly Fee: $0 (first year)

BMO CashBack Mastercard

Credit Card

Features:

✓ Cash back rewards
✓ No annual fee
✓ No Canadian credit history required

Annual Fee: $0