Canadian bank account fees for newcomers
A newcomer offer is a waiver for a period the bank names, on the account the bank names. It is not the fee on every chequing account at that bank, and it does not last forever. This page is the monthly fee each bank printed on 20 October 2026. National Bank and the credit unions are left out.
Last updated: October 20, 2026
Last checked: Oct 2026
The monthly fee during the newcomer offer
Opened 20 October 2026. Everyday accounts that are not the newcomer offer are on monthly chequing account fees by bank. A student account is a different offer, on Canadian student chequing account fees. The line on your own statement is the one that counts. Upload it on the upload page. The PDF stays on your device. Expenvo lists the lines. It does not sign in to the bank.
| Account | Fee the page prints | What the same page says after the offer |
|---|---|---|
| RBC Advantage Banking, Newcomer Advantage | $0 for 12 months, then $12.95 | The page says the monthly fee is waived for the first twelve months after the Advantage Banking account is opened. After that, it prints $12.95. It says the offer is for newcomers and can be withdrawn or amended. The same note says a VIP Banking newcomer waiver is a different account, $30 a month after twelve months, and that VIP offer asks for a $10,000 deposit within 20 days and expires 31 October 2026. |
| TD Minimum Chequing | $3.95, or $0 in the first year | The account page prints a $3.95 monthly fee and lists newcomers to Canada, for the first year in Canada, under no monthly fee. The footnotes on that page are the eligibility rules. The account includes 12 transactions, then $1.25 each. Sending an Interac e-Transfer is listed as no fee on this account. |
| Scotiabank Preferred Package, StartRight | $0 for 12 months, then $16.95 | The page prints no monthly account fee of $16.95 on the Preferred Package for the first year under StartRight. After 12 months the fee is charged unless the minimum daily closing balance is $4,000 for the entire month. StartRight is described for permanent residents in their first five years in Canada, international students, and foreign workers. Other service charges still apply during the waiver. |
| BMO Performance, NewStart | $0 for 24 months, then $17.95 | The newcomers page prints no monthly plan fee for two years on the Performance plan, or $0 with a $4,000 balance. BMO's terms say the offer is for a permanent resident or foreign worker who arrived within the last five years, with proof such as a permanent resident card, confirmation of permanent residency, or a work permit. After 24 months the $17.95 plan fee is applied automatically. Other plans are not in the free offer. |
| CIBC Smart Account for Newcomers | Monthly fee rebated for 2 years | CIBC says the monthly account fee is rebated for two years, then regular monthly account fees apply. The Smart Account page prints $16.95, or $0 with an end-of-day balance of $4,000 each day of the month. The newcomer page lists landed immigrant or permanent resident status in the past five years, and a separate foreign worker offer for a work permit of at least 12 months. It also says the newcomer page's cash offer is only for clients 25 and over. |
What still costs money during a $0 month
A waived monthly fee is one line. Scotiabank says other service charges continue during the first 12 months. TD Minimum still prints $2 at a non-TD ATM in Canada on that account page. BMO says you are responsible for transaction, service, and product fees that are not included in the plan. A wire, a draft, or another bank's ATM can still be its own line.
When the months in the offer run out, the table above is the fee the same page printed for the ordinary account. A minimum balance waiver, where the page prints one, is a separate rule from the newcomer period. If a monthly fee is already on the statement, that posted amount is the one to ask about. The bank can say no.
Questions
- Is a newcomer account free for as long as I keep it?
- No. RBC prints 12 months, Scotiabank prints 12 months, BMO prints 24 months, CIBC prints two years, and TD prints the first year in Canada on Minimum Chequing. After that, the ordinary fee on that page applies unless another waiver on the same page is met.
- Does TD's newcomer page itself print a dollar?
- The New to Canada overview opened the same day does not print a monthly fee. The dollar is on the TD Minimum Chequing account page, which lists newcomers in the first year under no monthly fee for the $3.95 account.
- Are international students in these offers?
- Scotiabank's StartRight page includes international students. CIBC Smart Start is the under 25 account, which is a different page from the newcomer offer for clients 25 and over. Read the eligibility note on the account you open.
Sources
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