Les frais mensuels d'un compte chèque, comparés sur les 36 premiers mois.
During your first year in Canada, 14 federally regulated institutions, including the six big banks and Tangerine, must offer newcomers a low-cost account at $0 a month, with at least 18 debit transactions a month. If you need unlimited transactions, the newcomer packages differ mainly in years 2 and 3: over the first 36 months, without meeting any condition, the total ranges from $191.40 to $430.80 according to the banks' official pages read on November 3, 2026.
1. How this ranking works
This ranking compares one thing only: what you will pay in fixed monthly fees over the first 36 months of a chequing account with unlimited transactions, opened through each bank's newcomer offer.
Why 36 months: most offers are free in the first year. If we looked at that year alone, every bank would be tied, and the one that becomes expensive afterwards would look as good as the others.
We read every amount on the bank's official page on November 3, 2026, and we recheck the ranking every month. We receive no payment from any bank: no commission, no paid placement. Cash bonuses, credit cards, the number of branches and the quality of service are not counted. Offers change often: always check the bank's page before you open an account.
2. Your first year: the $0 account under the federal commitment
Since December 1, 2025, 14 federally regulated institutions, including the six big banks and Tangerine, have applied the FCAC's commitment on low-cost and no-cost accounts. This account costs at most $4 a month and includes at least 18 debit transactions a month. Newcomers are entitled to it at $0 a month during their first year in Canada: permanent residents, protected persons and temporary residents such as students and workers. Desjardins is not one of the signatories.
If you make fewer than 18 debit transactions a month, ask for this account: your first year will cost $0 at any of these banks. The ranking below is for people who want unlimited transactions, and it matters mostly for years 2 and 3.
3. The ranking: your first 36 months without meeting any condition
The total is the fixed monthly fees for the paying months during the first 36 months, for an account opened in November 2026, without meeting any minimum-balance or product condition. Eligibility conditions are summarized: read them in full on the bank's page.
| Rank | Bank and account | Free for | Fee afterwards | Total over 36 months | Who qualifies (summary) | Opening bonus |
|---|---|---|---|---|---|---|
| 1 | Desjardins, Unlimited plan | 24 months | $15.95 a month | $191.40 | 25 or older; permanent residence or a work permit of more than 8 months; in Canada for 3 years or less | None shown |
| 2 | BMO, Performance plan | 24 months | $17.95 a month | $215.40 | Permanent resident or foreign worker who arrived 5 years ago or less | Yes |
| 2 | CIBC, Smart Account for newcomers | 24 months | $17.95 a month from January 1, 2027 | $215.40 | Permanent residence obtained 5 years ago or less (a similar account exists for foreign workers with a permit of at least 12 months) | Yes |
| 4 | RBC, Advantage Banking | 12 months | $12.95 a month | $310.80 | Arrived 5 years ago or less, with no RBC account | None shown for the account |
| 5 | Scotiabank, Basic plan (StartRight) | 12 months | $16.95 a month | $406.80 | Permanent resident who arrived 5 years ago or less, foreign worker or international student | None shown for the account |
| 6 | TD, Unlimited Chequing Account | 12 months (24 with a payroll direct deposit) | $17.95 a month | $430.80 ($215.40 with a direct deposit) | Permanent or temporary resident for 5 years or less; account opened between November 3, 2026 and March 3, 2027 | Yes |
National Bank is not in the ranking: its newcomer offer shown on November 3, 2026 ended that same day. It provided $0 in the first year, then $7.98 and $11.96 a month in the next two years, or $239.28 over 36 months. Check its page for the offer that follows.
4. Paying $0 after the free period
Almost every bank waives the monthly fee if you keep about $4,000 in the account at all times. If you can do that, the ranking matters little: choose by branches, ATMs and service instead.
- Desjardins: a balance of $4,000 kept for the whole month
- BMO: a minimum balance of $4,000
- CIBC: a balance of at least $4,000 at the close of every day of the month
- Scotiabank: a minimum daily closing balance of $4,000
- TD: a minimum daily balance of $4,000
- RBC: there is no minimum balance; a Value Program rebate can reduce the fee to $0 depending on the products you hold, and the plan is $0 for full-time students and people aged 24 or under
- National Bank, under the offer shown on November 3, 2026: a minimum daily balance of $4,500, or a credit card, e-statements and a payroll deposit or electronic payment of 2 bills a month
5. An online bank, shown separately: Tangerine
Online banks work differently: their chequing account is often free of monthly fees from the start, with no time-limited offer. We show them separately so as not to compare them with packages that give access to a branch network.
Tangerine, which is also one of the signatories of the federal commitment, offers a no-fee daily chequing account: no monthly fee, no minimum balance, unlimited everyday transactions such as debit purchases, bill payments and pre-authorized payments, and free Interac e-Transfers. A bonus is offered to new clients who have their pay deposited there; the conditions are on Tangerine's page.
6. Frequently asked questions
Frequently asked questions about chequing account fees for newcomers.
How do I get the $0 account for my first year?
Ask the bank for its low-cost account and say that you are a newcomer in your first year in Canada. Under the federal commitment, signatory banks must display information about these accounts prominently in their branches and online. The account name differs from one bank to another.
Why don't cash bonuses count in the ranking?
A bonus is paid once, often only if you meet several conditions within a set time, such as a payroll deposit, a minimum amount or a credit card application, and its amount changes more often than the fees. The ranking only measures what you will pay month after month. If a bonus interests you, read its conditions on the bank's page and check that you can actually meet them.
How often is this ranking updated?
We recheck every bank's official page once a month and update the amounts and the date at the top of the page. When an offer ends, its row is removed or marked as ended until the bank publishes a new one.
7. See also
These related guides may be useful:
- Open a bank account in Quebec — the ID to bring and your rights if the bank refuses.
- Building your credit in Canada — choosing a first credit card after opening your account.
- Interac e-Transfer and bill payments — using your new account day to day.
- Transferring money when you arrive in Canada — depositing your savings without paying too much in fees.
Author's note: Before comparing, estimate how many transactions you make each month. Many newcomers make fewer than 18: for them, the low-cost account is enough and the first year costs nothing. For everyone else, look at the third year before you sign.
