If you're a newcomer to Canada, the National Bank Newcomer Banking Package is an excellent choice for getting started with your financial journey in your new country. It's available to all newcomers within 5 years of their arrival in Canada and can easily be opened online. In fact, the account can be opened up to 90 days before you even arrive in Canada, as long as the eligibility requirements are met.
Securing a bank account is just one of many items to cross off your financial checklist as you get settled here in Canada. Reading the information below regarding the features, pros, cons, and alternatives to the National Bank Newcomer Banking Package can help you decide if this is the right account for you – and to cross it off that list.
National Bank Newcomer Banking Package features
Here are all of the features that the National Bank Newcomer Banking Package has to offer newcomers to Canada.
Why You Want It
$0 monthly fees for up to 3 years + Dedicated advice for newcomers.
Special Features
- Exclusive phone support for personal finance topics, immigration, and more
- Access to a National Bank Mastercard without needing Canadian credit history
- Free paper statements for a year
Eligibility
- Be a newcomer to Canada of age 18 or older
- Apply to open an account from your home country up to 90 days before you arrive in Canada, or within 5 years of your arrival
- Be the only user of the account
- Have a valid passport from a country outside of Canada or a Canadian permanent residency card (Newcomers already in Canada)
- Have a Canadian phone number (Newcomers already in Canada)
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$15.95
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
$550
Promo End Date
October 25, 2025
Physical Locations
Automatic Budgeting System
See Issuer for Details
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
National Bank Newcomer Banking Package product rating: 3.5 stars
While the National Bank Newcomer Banking Package isn't perfect, it certainly offers valuable benefits for newcomers – the access to credit cards is especially noteworthy, as the applicant isn't required to have a Canadian credit score or history. The dedicated phone support is another big plus since newcomers often need significant guidance to learn how Canadian life functions.
But are these features still as appealing when you consider the 3-year commitment? You're the only one who can answer that.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of National Bank Newcomer Banking Package
These are what we consider the best parts of the National Bank Newcomer Banking Package.
Pros
No monthly fee for the first year
Typically, account holders would pay $15.95 per month for the National Bank Connected Chequing Account, but for the first year, this fee is completely waived for newcomers which saves you up to $191.40. You can also get the second and third years for free if you sign up for qualifying National Bank products or services. If you prefer not to do this, you'll still receive a discounted rate of 50% off of the monthly fee during year 2 and 25% off in year 3.
Personalized phone support for more than just banking info
For the first 12 months, account holders have free access to the "Assistance for newcomers phone service" from National Bank. Support for a wide range of topics is available, including personal finance, housing, and immigration information. The line is open 7 days a week, from 9 am until 8 pm Eastern Time, and services are available in both English and French.
Unlimited electronic transactions
There are no limits on the number of electronic transactions you can make with this chequing account package. "Electronic" transactions include pretty much all typical debit card transactions, like retail purchases with a point-of-sale debit machine, and Interac e-Transfers.
Access to National Bank credit cards
The National Bank Newcomer Banking Package also provides newcomers with access to National Bank credit cards, including the mycredit, MC1, Allure, Syncro, Platinum, ECHO Cashback, World, and World Elite cards. The best part of this is that there's no credit history required in order to apply. This doesn't mean that approval is guaranteed, but it eliminates a huge barrier that many newcomers encounter.
The cons of National Bank Newcomer Banking Package
The National Bank Newcomer Banking Package still has room for improvement, though. Here's where we think some work is still needed.
Cons
Continuing fee-free requires signing up for other products
If you want to continue to have your monthly fees waived in the 2nd and 3rd year you have the National Bank Newcomer Banking Package, you'll have to subscribe to other National Bank products and/or services. This can include agreeing to receive online bank statements, setting up direct deposits, setting up auto payment for 2 monthly bills, or getting a National Bank credit card. If these don't sound appealing to you, you're stuck paying for your account, albeit at a lower rate.
National Bank Newcomer Banking Package alternatives
Take a look at how the National Bank Newcomer Banking Package compares to similar products from other banking institutions in Canada.
 | |
|---|---|
| Account | BMO Performance Chequing Account for Newcomers |
| Genius Rating | |
| Why You Want It | Get a $700 welcome bonus + a Walmart Delivery Pass subscription of up to 12 months. |
| Minimum Balance To Waive Fee | $4,000 |
| # Of Free Monthly Transactions | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited |
| Monthly Fee | $17.95 |
| Excess Transaction Fee | N/A |
Show More | |
| Open an account See more BMO products Compare |
FAQ
What banking products does National Bank have for newcomers?
National Bank has a chequing account created especially for newcomers to Canada, and it's part of a package: the Opening this account provides you with several convenient features, including access to a dedicated phone line for newcomer advice.
Is there a minimum balance required to waive the monthly fee for a National Bank Newcomer Banking Package?
There's no minimum balance requirement to waive the monthly fee – it's free for the first year no matter what. And it can be free for the second and third years as well if you add other National Bank products/services.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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