Which banks offer Special Newcomer Packages?
If you are new to Ontario, you will find that opening a bank account can be beneficial in many ways.
Special programs for newcomers are offered by:
If you are banking with a credit union you can approach your bank officer to ask about any special services for newcomers.
What do these Newcomer packages offer?
Each plan is unique but most generally offer:
- A bank account free of charge for a period of time.
- Some offer a free safe deposit box for a period of time.
- Some provide easier access or automatic approval to obtain a credit card to build up credit rating in Canada.
- Higher interest rates on savings plans and investment programs. Some banks include preferred rates for mortgages.
How do I know if I’m eligible for these packages?
Each bank defines a newcomer in a different way and so eligibility for newcomer programs differ based on this definition. Here are some available definitions:
You are a newcomer if you have arrived in Canada less than:
- one year or from 1-3 years if you are transferring from another bank. - RBC
- three years. - HSBC
- two years. -CIBC
- three years.- Scotiabank
What should I bring with me to the bank?
- A valid passport
- Your Permanent Resident card or Confirmation of Immigration Status in Canada, which may include your Landing papers.
Are there any other available services offered by banks in Ontario?
- Services in other languages
- Some banks have plans for international students and foreign workers
- Banks provide helpful guides to settling in Canada