Best Chequing Accounts for Newcomers to Canada

Discover the CIBC Smart Account for Newcomers and pay no monthly fees for two years.

Enjoy unlimited transactions, including Interac e-Transfers, and make online purchases with Visa Debit.

Make one free withdrawal per month at a non-CIBC ATM in Canada and benefit from exclusive cell phone offers with Koodo.

Get instant access to your account by applying online.

With the BMO Newcomers Performance Chequing Account, you can get up to $900 welcome bonus* and up to 12 months of a Walmart+ membership*:

• $700 for opening a BMO Performance or Premium Plan chequing account by November 2, 2026, setting up a recurring direct deposit of $500 or more by December 31, 2026, and completing eligible banking activities.
  • You must complete Step 1 to be eligible for Step 2.*
  • Complete one of the following by December 31, 2026*:
    • make two (2) bill payments of at least $50 to two (2) different payees through BMO Online Banking or the BMO Mobile Banking app;
    • set up two (2) automatic payments of at least $50 to two (2) different payees.
• $150 for opening a Savings Amplifier Account by November 2, 2026 with a deposit of $10,000 or more within 30 days of opening the account, and maintaining an eligible balance to receive the 5.00% promotional interest rate.
  • Maintain a daily closing balance of $10,000 or more for 120 calendar days from the deposit date to receive the promotional interest rate of 5.00% on balances up to $1,000,000;
  • After the initial 120-day promotional period, continue to maintain a daily closing balance of $10,000 or more for an additional 90 calendar days to be eligible for the $150 cash bonus.
• An additional $50 by creating a goal and applying a strategy in My Financial Progress by December 31, 2026.
• You must complete Step 1 to be eligible for Step 3.*
• Up to 12 months of Walmart+* when you open and fund an eligible BMO account and use your debit card as the payment method on Walmart.ca.
  • Open and fund a new BMO Performance, Premium, Practical, or Plus chequing account by November 2, 2026.
  • Subscribe or update your existing Walmart+ membership by December 31, 2026, and select the debit card as the payment method.

Also enjoy a promotional interest rate of 5.00% with a BMO Savings Amplifier Account*.

Plus, enjoy:

• Unlimited everyday banking transactions*
• Up to $40 rebate* on eligible BMO credit cards
• Send BMO Global Money Transfer with no fee*: send funds quickly and securely in multiple currencies to nearly 50 destinations.