Did you recently move to Canada? Are you looking for the Canadian newcomer bank promotions? I bet you are the right place then. In this article, we will cover the best newcomer bank promotions that you are looking for, and from the big 5 Canadian banks.
At the risk of sounding biased, I must say that Canada is a really lovely country to live and work in, to make friends, and to build your career and business. And many who are already living in the country will attest to it. If you plan on immigrating to Canada, or perhaps, you’ve only just arrived, there are a few things you must no in order to really take advantage of all this country has to offer.
For one, moving over to a new country is never as easy as it sounds. There are a lot of changes to get used to the time zone change, having to hunt for a new house, finding employment, getting used to a new culture, and settling into life in a new country. Planting your feet firmly on the ground will take some time, especially when it comes to putting your financial affairs in order.
Canadian Newcomer Bank Promotions
Besides moving yourself, your family (if any), and your property to Canada, your first and foremost have to think of moving your money as well. Thankfully, there are many banks and financial institutions that are poised for these kinds of situations and have developed offerings — in terms of banking packages — to help make your financial transition seamless and beneficial.
There’s something for everyone when it comes to exciting bank promotions: temp workers, international students, and permanent residents. Whether it is credit cards, chequing accounts, loans, savings accounts, trading accounts, mortgage assistance, these are the top 5 Canadian bank promotions we believe are the best for newcomers to Canada to take advantage of as soon as they get here.
Bear in mind that this list is more focused on Canadian bank promotions than the banks themselves. This is because oftentimes, you may find that all the banking products you need will not be found all in one bank or financial institution.
1. Bank of Montreal’s (BMO) NewStart Program
This multinational banking and investment services company offers a robust package for new entrants into Canada. Known as the BMO NewStart Program, it is ideal for helping new immigrants, because it is essentially a banking package with absolutely no fees for your first 12 months in the country.
Here’s a breakdown of the offerings in the BMO NewStart Program:
Operate a limitless chequing account and small safety deposit box for your first year with all charges waived ($191.40 for chequing account and $55 for safety deposit box).
A Smart Saver Account with access to a welcome cash bonus of $300 and a lucrative savings rate of 2.75% (bonus and savings rate can change at any time). You can use this account to pay your bills or to handle direct deposits of a recurring manner.
You’ll also get free Interac e-Transfers within the country. You can send and receive payments, or request payments between any two Canadian banks at no cost.
Access to the no annual fee BMO CashBack Mastercard. With this card, you can receive a cashback of up to 5% cashback on all eligible purchases for your first 3 months, and a welcome balance transfer interest rate of 1.99%.
You automatically qualify for a bonus when you choose from their select option pool of Guaranteed Investment Certificates (GICs) with a 1-year term.
Access to competitive mortgage options from BMO to help you get your first home and settle down quickly.
You can use BMO’s International money transfer feature — thanks to their alliance with Western Union — to send some money across borders to over 200 countries, including your home country.
To be eligible for the BMO NewStart Program, you need to be in the country as a foreign worker or a permanent resident.
Also, you should be fairly new to Canada with less than five years of stay. You’ll also need to have your permanent resident card, residency or work permit confirmation document, and at least one government-issued ID. A Canadian Passport or a Canadian Driver’s License would suffice.
2. CIBC Welcome To Canada Banking Package
The Canadian Imperial Bank of Commerce (CIBC) also has a welcome package that is competitive in its offering. It’s got everything from credit card offers and car loan solutions to all sorts of banking and investment accounts and then some.
Current Bank Promotions Offered By The CIBC Welcome To Canada Banking Package:
CIBC offers a no monthly fee bank account for your first 12 months. If you opt for their safety deposit box offer, you can also qualify for a cashback of up to $60.
You have a slew of credit card options to choose from. With a CIBC credit card, there are no security deposit requirements, no need to have an income or credit history. This is perfect for helping Canada newbies to build their credit history without overwhelming them with requirements.
FREE Access to Tax-Free Savings Accounts (TFSAs), Guaranteed Investment Certificates (GICs), and mutual funds and more. These products help you to financially secure the future of your family.
With CIBC’s mortgage options, you can settle down quicker with mortgage options that have lower downpayment requirements and do not need you to have a credit history.
The same goes for their car loan options. No credit history required.
To stand the best chance of opting for this CIBC offer, you should have attained a permanent resident status that is not more than five years old. Of course, you’ll need a permanent resident card or documentation to confirm your permanent residency status and a government-issued ID.
3. Scotiabank StartRight Program
Scotiabank offering is quite simple and straight forward like all the options above. You’ll find banking fee waivers, bonuses and more.
Here’s what you’ll get with the StartRight Program:
If you opt for their Preferred Package chequing account and small safety deposit box, you will not pay any annual fees for your first 12 months on either of them. That’s a $240 savings. You also qualify for bonuses with the safety deposit box.
Free Interac e-Transfer transactions between any two Canadian banks.
A slew of credit card options for every unique newcomer situation. You won’t need a credit history for any of them.
A car loan option from Scotiabank that requires you to make a downpayment of as low as 10%.
Scotiabank’s eligibility requirements are a little different than the others above.
For instance, your permanent resident status should not be older than 3 years. International students and foreign workers are also eligible. You’ll need a government-issued ID, a permanent resident card, a confirmation document for permanent residency status, or a work permit (for foreign workers).
4. National Bank of Canada (NBC) Newcomers to Canada Package
This offer from the National Bank of Canada has one feature that stands them out from the other offers on this list – their free banking offer is available for up to 3 years (as opposed to 12 months for the others on this list). Let’s take a closer look.
Current Bank Promotions Offered By The NBC Newcomers To Canada Package:
Chequing accounts with limitless daily transactions and no monthly fees for up to 36 months.
Car loans without a credit history.
Newcomer telephone personalized assistance service for one year.
You can qualify for cash back on mortgage loans gotten via NBC. No credit history required.
This Newcomers to Canada Package is available to permanent and temporary residents for their first 5 years.
To be eligible, you must be a temporary worker, permanent resident, or international student.
You must be at least 17 years of old, regardless of where you live in the country. You must have applied for an NBC account anywhere from three months before arrival to five years after arrival. Documents you’ll need include a government ID, and a work permit or proof of permanent residency.
5. HSBC Canada Newcomers Program
The standout feature in HSBC’s newcomer’s package is the availability of a multi-currency account, a plus for new Canadians who would need to be sending money back home on a regular basis.
Current Bank Promotions Offered By The HSBC Canada Newcomers Program:
Option to open a multi-currency account. Ideal for regular international transactions.
A safety deposit box with a $50 welcome cash bonus.
Apply for an HSBC Mastercard with no credit history and a $2000 credit limit.
Start your investment portfolio with HSBC’s various investment funds and savings accounts.
Do free international transfers if you’re sending amounts lower than $10,000.
Also, If you’ve been a resident for less than 5 years and have not operated an HSBC account in the past, you qualify for the newcomer’s package. Just be sure that you have your proof of residency, work permit, or permanent resident card, and a government-issued ID.
Alternative Options To Full-suite Canadian Bank Promotions
Some people have particular financial needs that do not require them to take any of the lump packages above. For new immigrants, it could be a number of things:
Credit cards with low-interest rates, or no annual fees, or cash back offerings, secured credit, travel incentives or other stuff.
Mortgages for first-time home buyers.
And much more
If you need a good deal for only one of the items mentioned above (or any other not mentioned), then you may need to do a little more digging. However, if you’re a new immigrant just looking for a good banking deal to help you ease into life in a new country, consider any of the banking promotions on this list.
A note of warning: Make sure that you exhaustively read the fine print for each of these offers. You don’t want to plunge headfirst into any of these offers only to discover later that it was the wrong financial decision.
There you go, that was the list of the “Top 5 Canadian Bank Promotions for Newcomers” in 2020.
All the banks mentioned on this list are some of the biggest and largest Canadian banks. So, your money is so much safer and risk-free. I’ve also written a ton of other articles on this blog which will help newcomers while still settling in Canada, so do check them out.
If you did like the contents shared here, do share it on social media and help spread the word. Also, please let me know your comments below. Have a fabulous day! Bye now.
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Canadian Bank Promotions For New Comers
- A safety deposit box with a $50 welcome cash bonus
- Access to the no annual fee BMO CashBack Mastercard. With this card, you can receive a cashback of up to 5% cashback on all eligible purchases for your first 3 months
- Chequing accounts with limitless daily transactions and no monthly fees for up to 36 months
- Limited time offers and promotions
- Every promotion listed here has an expiry date so do act fast
Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.