Canada’s Big Five Banks: An Overview for Newcomers

What it is

The “Big Five” are Canada’s five largest banks: RBC (Royal Bank of Canada), TD (Toronto-Dominion), Scotiabank (Bank of Nova Scotia), BMO (Bank of Montreal), and CIBC (Canadian Imperial Bank of Commerce). Together they dominate Canadian banking — most Canadians bank with one of them. The term simply means the five biggest players, with the largest branch and ATM networks and the widest range of products, from chequing accounts to mortgages to investing.

How it works

You open accounts in person at a branch or online: a chequing account for daily spending, optionally a savings account, and — crucially for newcomers — a credit card. All five run dedicated newcomer programs that waive monthly fees for your first year or so and offer newcomer credit cards without any Canadian credit history. After the welcome period ends, standard monthly fees apply unless you keep a minimum balance or switch to a cheaper account.

What it’s used for

Big Five banks are for people who want everything in one place with human help available: branch access, large ATM networks, newcomer credit cards, mortgages, and in-person advice. For a newcomer, the single most valuable thing they offer is a credit card without Canadian credit history — the fastest way to start building a credit score.

They are NOT the cheapest option. Monthly chequing fees run roughly $13–$18 on popular unlimited accounts, savings interest is minimal, and investing through bank brokerages costs ~$7–$10 per trade at most of them. If lowest cost is your priority, pair a Big Five account with a digital bank (see our Digital Banks page).

Who provides it in Canada

• RBC — largest by assets; Newcomer Advantage program; strong branch network and top-rated mobile app.
• TD — New to Canada package; the most branches with the longest hours; strong multilingual support.
• Scotiabank — StartRight program; notably newcomer-focused, with pre-arrival account setup and international money transfer strengths.
• BMO — NewStart program; strong welcome bonuses; good for families.
• CIBC — Smart Account for Newcomers; historically one of the longest fee waivers (up to 2 years on some offers).

(All program details and bonus amounts change regularly — check each bank’s current newcomer page before choosing.)

A sixth name worth knowing: National Bank, dominant in Quebec, offers one of the longest newcomer fee waivers (up to 3 years on some offers) — especially relevant if you’re settling in Quebec or Eastern Ontario.

What it costs

Popular unlimited chequing accounts at the Big Five run approximately $13–$18 per month (RBC $12.95–$16.95, TD $17.95, Scotiabank $16.95, BMO $17.95, CIBC $16.95 on representative 2026 pricing). You can usually avoid the fee by:

• Keeping a minimum daily balance (often around $4,000–$5,000 — check current thresholds), or
• Using a newcomer program’s fee waiver (typically ~12 months; BMO’s and CIBC’s run up to 2 years), or
• Choosing a basic limited-transaction account instead.

Newcomer credit cards under these programs typically have no annual fee. Savings account interest at the Big Five is near-zero — don’t park savings there.

Newcomer notes

• Bring: passport, immigration documents (COPR, work/study permit), proof of address, and your SIN if you have it yet (you can often open the account first and add the SIN later).
• Ask specifically for the newcomer program — regular staff won’t always offer it unprompted. Ask about: fee waiver length, the newcomer credit card (secured vs unsecured), and any cash bonus for opening.
• Scotiabank and some others allow pre-arrival setup — you can start the process before you land.
• Multilingual support is widely available; TD and others specifically advertise it. Ask for service in your language.
• Set a calendar reminder for when your fee waiver ends. The most common newcomer complaint is the surprise $17.95 charge in month 13. Before it hits, either negotiate, meet the minimum balance, or move daily banking to a no-fee digital account.

Risks / watch-outs

• The fee cliff. That free first year ends. Know the date and have a plan.
• Upselling. Branch staff may pitch credit cards, overdraft protection, and mutual funds you don’t need yet. It’s okay to say “just the newcomer account for now.”
• Low savings rates. Big Five savings accounts pay a fraction of what digital banks pay. Use them for daily banking, not for savings.
• One bank isn’t a strategy. Many newcomers keep the Big Five account for the credit card and branch access while doing daily banking and saving at a no-fee digital bank. That’s normal and smart.

FAQ

Which Big Five bank is best for newcomers? There’s no universal winner — compare the current newcomer offers (fee waiver length, credit card terms, cash bonus) the month you arrive, since they change. Pick based on branch convenience near your home and the strength of the newcomer package.

Do I need accounts at more than one bank? No, but many newcomers end up with two: a Big Five account (credit card + branch access) and a digital bank account (no-fee daily banking + higher savings interest). That’s a setup, not a requirement.

Can I open an account before I arrive in Canada? Some banks allow pre-arrival applications (Scotiabank’s StartRight is the best-known). You’ll still need to visit a branch with documents after landing to fully activate.

What documents do I need? Passport, immigration status documents, proof of Canadian address, and your SIN when you have it. Requirements vary slightly by bank — check before you go.

Will I get a credit card with no credit history? Under the newcomer programs, yes — that’s their main selling point. It may be a secured card (you put down a deposit as collateral) or a low-limit unsecured card. Either builds your Canadian credit file from month one.

Educational content only — not financial advice. Rules and promotions change; verify current details with the provider or CRA.