The basics of banking in Canada: What newcomers need to know

Opening a bank account is one of the steps you can take when getting settled in Canada. With the right account, you can store your money safely, pay bills, receive payments, and begin working toward your financial goals.

With over 1,000 branches across Canada, TD offers convenient banking locations in many communities from coast to coast. Whether you prefer to bank online, over the phone or in person, you’ll find support in more than 80 languages — and services designed to help you feel confident managing your money in Canada.

Here’s how to choose the right bank account for you, confidently open an account, and take advantage of any newcomer bank account offers. 

Why a bank account matters

In Canada, your bank account is central to managing your everyday spending. Many employers pay employees through direct deposit, which means money goes straight into your account - no need to deposit a cheque or wait in line. You can also set up automatic payments to pay your bills. A savings account safely stores your money, can earn interest, and helps you plan for the future.

As a newcomer, look for a bank that offers essential tools and services, like mobile banking, budget tracking and secure e-transfers, to help you manage your money on the go, such as TD. You can check your balance in real time, set up alerts, and pay for everyday purchases using your phone or debit card - no need to carry cash.

Chequing vs. Savings accounts: What's the difference?

There are two main types of bank accounts for day-to-day life in Canada. As a newcomer, you may want both accounts. Here’s a quick breakdown of each: 

Chequing account: For everyday spending 

In Canada, a chequing account is your go-to account for everyday transactions. It gives you access to your money when you need it - whether you’re:

• Paying bills
• Tapping your debit card at the grocery store
• Sending money to family 
• Or withdrawing cash from an automated teller machine (ATM)

Chequing accounts are great for everyday use where you can access your money for daily spending, paying bills, sending money and managing your cash flow.

Learn more about a TD Unlimited Chequing Account today. Conditions apply

Savings account: For financial confidence and your future goals

Once your daily money needs are covered, opening a savings account may also be a good idea for you. A savings account helps you set money aside for the future and could earn interest while you save.

A savings account is where you could put money aside that you don’t need right away:

• For an emergency fund. Examples include: to cover unexpected costs like a sudden car repair, job loss, or 
• For short-term savings. Examples include: a vacation, a new computer or a mobile device. 
• Or simply earn interest and watch your money grow over time.

Savings accounts are a great way to help grow your money and work towards achieving your short- and long-term financial goals for the future.

Start saving with confidence

Earn interest on every dollar, pay no monthly fees, and enjoy easy access to your money with the TD Every Day Savings Account. Conditions apply.

What newcomers need to open a bank in Canada

Good news — you don’t need a Canadian credit history to start. Here’s what you should bring to any TD branch to open your bank account:

• Valid passport
• One immigration document, like a work permit, study permit (for international students), or permanent resident card
• A Canadian address and phone number (if available)

To open a bank account online, you must:

• Be the age of majority in your province or territory of residence
• Have a valid email address

After you apply online, TD may ask you to visit a branch to verify your ID and activate your account. You can find your closest TD branch here, where you can search for a branch that's not only convenient for you but also meet with someone who speaks your language. Once set up, you can use your debit card, send e-Transfers, and access your account online or through the TD app on your mobile device.

Helpful tools for banking

The TD New to Canada Banking Package was created for newcomers. It has multiple offers, including a chequing account with no monthly account fees for the first 12 months, a savings account with a 3-month bonus rate offer, plus tools and resources to help you feel confident about your money.

When you bank with TD, you get access to features that can make life easier:

• Direct deposit so your paycheque goes straight into your account
• Pre-authorized debits so your bills get paid automatically
• TD Mobile Deposit to deposit cheques from your phone
• TD MySpend to track spending and stay on budget
• Interac e-Transfer® to send and receive money securely
• TD Fraud Alerts to notify you about suspicious activity

You can also manage your money online or through the TD app - from anywhere, anytime.

Why TD is a trusted choice for newcomers

TD has been helping people with their banking needs for over 160 years. With over 1,000 branches nationwide and service available in over 80 languages, you’ll find friendly, knowledgeable people ready to help. No matter where you are on your journey, we’re here to support you.