How New Immigrants Can Open a Bank Account and Build Credit from Scratch in Canada

Bank Accounts

Bank accounts are regulated by the Financial Consumer Agency of Canada (FCAC), a federal government agency. The following is based on its official page and applies nationwide.

Account Types

The official page lists four types of accounts:

• Chequing accounts: For daily transactions. Ask about fees, services, and what to consider when choosing.
• Low-cost and no-cost accounts: Eligibility and included services must be disclosed by the bank. Specific fees are not listed on the page.
• Savings accounts: For saving and earning interest. Consider compound interest.
• Joint accounts: For multiple holders. The bank must explain how it works.

Choosing an Account

The page does not recommend one type over another. Consider your needs and ask the bank.

Where to Apply

Apply directly at any bank. The FCAC oversees consumer protection.

Official Source

• Bank accounts - Canada.ca