National Bank of Canada vs Bank of Nova Scotia (Scotiabank)

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

• Online application in a few clicks
• Unlimited use of Interac e-transfer, ¹ free of charge
• Unlimited digital ² and in-person ³ transactions
• An integrated line of credit up to $5,000 ⁴
• Unlimited access to a lawyer by phone or videoconference, in partnership with FBA Solutions. Benefit from estate assistance to draw up your will and protection mandate in anticipation of incapacity, before witnesses, or online ⁵
• Overdraft protection ⁶
• Up to $150 cashback with an eligible credit card ⁷
• Unlimited use of Interac ^® & Cirrus^® network ABMs in Canada, free of charge
• Access to mobile cheque deposit
• Stop pre-autorized debits or cheques, free of charge
• Mail statements at no extra cost
• 100 cheques per year, ⁸ free of charge
• Access to THE EXCHANGE^® network of ABMs at no additional cost
• Online statements at no extra cost

• You are eligible for the Preferred Package for Students and Youth (chequing account) if you are under 25 years of age or are enrolled full-time in a university, community college, or another recognized post-secondary institution in Canada or the United States. You will be required to confirm your student status by providing proof of enrollment.
• No monthly account fee*, unlimited debit and Interac e-transfer transactions
• Earn points on everyday purchases with the Scene+™ program
• Free trades for students and youth with Scotia iTRADE
• Rates, fees and other information are effective as of July 2, 2026. Subject to change.

• Up to $2,300 in first year value¹ when banking with Scotiabank, including up to $580 in value with the StartRight^® Program².
• Waive the monthly account fee for the first year⁵ when you open a Preferred Package chequing account.
• 24/7 banking through the Scotia app, phone, or chatbot, plus over 900 branches across Canada offering help in more than 50 languages.
• Collect rewards on everyday purchases with a Scene+ credit or debit card⁶ and get rewarded with travel, groceries, and more.
• Leverage your credit history from home to apply for a higher credit limit on your Scotia credit card³ with Nova Credit⁴.

How to Qualify for StartRight^®

Qualifications

• Canadian permanent resident for five years or less
• International student
• Foreign worker

Required Documentation

Gather these documents prior to applying:

Permanent Resident

• Resident card or Confirmation of Permanent Residence
• Foreign passport or Canadian government-issued photo ID, like your driver's license

Foreign Worker

• Work permit
• Foreign passport or Canadian government-issued photo ID, like your driver's license
• If applying for a credit card, you'll also need a letter from your Canadian employer confirming your annual income

International Student

• Study Permit (IMM 1442) or Temporary Resident Visa (TRV)
• One additional piece of government photo ID such as your passport or Canadian driver’s licence
• Proof of enrollment from your Canadian Educational Institution such as your Student ID card or your course timetable