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4.5/5
Our Rating
Best for: Newcomers to Canada
Bank account for newcomers
National Bank's bank account for newcomers unlocks tons of promotional cashback, monthly fee rebates, unlimited online transactions, and benefits like legal assistance and online international money transfers.
Earn up to $600 cashback when you open an account for newcomers and meet certain criteria.
Bank account for newcomers
4.5/5
Our Rating
National Bank's bank account for newcomers unlocks tons of promotional cashback, monthly fee rebates, unlimited online transactions, and benefits like legal assistance and online international money transfers.
Earn up to $600 cashback when you open an account for newcomers and meet certain criteria.
Account Details
Offer Headline
Earn up to $600 cashback when you open an account for newcomers and meet certain criteria.
Monthly Fee
$15.95
Multiple fee rebates available (3 options)
Our Rating
4.5/5
Account Type
Chequing
Account Category
Personal
Institution
National Bank
Offer Details
Promotion: You could get up to $600 cashback
Start your life in Canada by taking advantage of our welcome offer: A bank account that allows you to earn up to $600 cashback. Here’s how to get the most out of it:
- Get $300 cashback when you:
Open a chequing account and meet certain criteria.
1. Sign up for online banking.
2. Complete 20 eligible transactions.
3. Receive 3 eligible automatic deposits of at least $100 each. - Get $100 cashback when you:
Apply for a Mastercard credit card, get approved, and complete 20 purchases with the new card. - Get $100 cashback when you:
Set up pre-authorized, recurring payments for your National Bank mortgage from your new chequing account. - Get $100 cashback when you:
Open a High Interest Savings Account and deposit at least $5,000.
Fees
Account Fees
Monthly Fee
$15.95
Fee Waiver: Baseline Savings
Full waiver
Baseline savings of $334.92 over three years for the account You’ll save if you meet the following conditions: Open a bank account online before arriving with our secure form or visit a branch upon arrival. Sign up for our offer for newcomers. Savings are based on: First year: no flat monthly fee (savings of $15.95/month for 12 months) Second year: flat monthly fee of $7.98 instead of $15.95 (savings of $7.97/month for 12 months) Third year: flat monthly fee of $11.96 instead of $15.95 (savings of $3.99/month for 12 months)
Fee Waiver: Maximum Savings
$4,500 min. balance
Maximum savings on the account: $574.20 over 3 years In addition to the basic savings conditions, you must: Maintain a minimum daily balance of $4,500 OR Sign up for the following three products and services before the end of the first year and maintain them until the end of the special offer: A Mastercard® personal credit card ; Electronic bank statements ; Payroll deposit to your bank account at one of our branches at least once a month or payment of at least two bills per month electronically from this bank account
Fee Waiver: Maximum Total Savings
$4,500 min. balance
Maximum total savings of the offer: $683.30 over 3 years To reach these savings, you must meet all the conditions for maximum savings on the account (above) and take advantage of the following services: First check order free ($67.10/order) Free paper bank statements for the first year ($42) Please note: The savings depend on meeting all the requirements for the entire duration of the offer (3 years). If you do not meet all the conditions in a given month, your savings will be reduced. If you no longer have the bank account or the Newcomer Package, the savings will no longer apply.
Credit Card Rebate
Up to $100
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Protection
$5/month
Overdraft Interest
21% annually (if used)
Bank Draft
$9
Highlights
You’re eligible to open a newcomer bank account if you:
- Are 18 years of age or older.
- Plan to move to Canada within 90 days or have been living in Canada for 5 years or less.
- Have permanent or temporary resident status with a valid work or study permit.
A journey that evolves with you over 4 years
Year 1
Get started with no monthly fees
As soon as you arrive, enjoy all the benefits we offer, without any fixed monthly fees.1
Years 2 and 3
Keep your account free by meeting certain conditions*
Maintain a minimum daily balance of $4,500 in your account
OR
Sign up for the following three products and services:
- A credit card
- Electronic bank statements
- Payroll deposit or the electronic payment of at least two bills per month
Year 4
Automatically switch to The Connected
After your newcomer offer ends, your account automatically switches to The Connected® package, which lets you reduce or even eliminate your monthly fees.
Get even more advantages with your account for newcomers
- Unlimited online transactions and Interac e-Transfer® usage within Canada
- Access to over 360 branches and to our network of ABMs across Canada 7
- First cheque order free of charge 4
- Free National Bank ABM and in-branch withdrawals, transfers and bill payments for the first year 5
- Free paper statements by mail for the first year 6
- Cash withdrawals abroad through our network of global partners 8
- Get 12 months of free legal advice through our partner FBA Solutions. 2
- Send transfers to 19 European Union countries, India, the Philippines, and more. 3
Legal
Little details that matter
Three levels of savings possible on your newcomer bank account
1. Baseline savings of $334.92 over three years for the account
You’ll save if you meet the following conditions:
- Open a bank account online before arriving with our secure form or visit a branch upon arrival.
- Sign up for our offer for newcomers.
Savings are based on:
- First year: no flat monthly fee (savings of $15.95/month for 12 months)
- Second year: flat monthly fee of $7.98 instead of $15.95 (savings of $7.97/month for 12 months)
- Third year: flat monthly fee of $11.96 instead of $15.95 (savings of $3.99/month for 12 months)
2. Maximum savings on the account: $574.20 over 3 years
- In addition to the basic savings conditions, you must:
- Maintain a minimum daily balance of $4,500
OR
Sign up for the following three products and services before the end of the first year and maintain them until the end of the special offer:
- A Mastercard® personal credit card ;
- Electronic bank statements ;
- Payroll deposit to your bank account at one of our branches at least once a month or payment of at least two bills per month electronically from this bank account
3. Maximum total savings of the offer: $683.30 over 3 years
To reach these savings, you must meet all the conditions for maximum savings on the account (above) and take advantage of the following services:
- First check order free ($67.10/order)
- Free paper bank statements for the first year ($42)
Please note:
- The savings depend on meeting all the requirements for the entire duration of the offer (3 years).
- If you do not meet all the conditions in a given month, your savings will be reduced.
- If you no longer have the bank account or the Newcomer Package, the savings will no longer apply.
At the end of the third year, the Newcomer Package will automatically be migrated to The Connected® package, along with any applicable benefits. No action is required on your part. You can also browse all our packages to find the one that best suits your needs.
*National Bank of Canada was named the best bank for newcomers to Canada by MoneySense in 2025, for the third year in a row. Every year, the website MoneySense establishes its annual rankings by selecting some of the largest financial institutions and comparing them in terms of fees, access to credit and services offered to newcomers.
National Bank of Canada was also named the best bank for newcomers to Canada by the website money.ca in 2025.
National Bank of Canada received the "Best Bank Account" award for newcomers to Quebec by the website Milesopedia in 2025 and 2026.
1.Eligibility criteria:
Our banking offer is available to newcomers from their home countries up to 90 days before arriving in Canada or at any point during your first 5 years in Canada. See the above terms and conditions of the offer for no fixed monthly fee for 3 years. The offer may be modified, extended or withdrawn, without prior notice, at any time. The offer may not be combined or used with any other National Bank offer, promotion or benefit. Fees may apply for transactions not included in the banking offer for newcomers. For more information on transaction fees, see our Guide to Personal Banking Solutions.
2.Financing is subject to credit approval by National Bank.
3.Telephone assistance service offered by FBA Solutions, valid for 12 months from your account opening date. The content of the packages and terms described are subject to change.