If you just relocated to Canada, then one of the essential things you need to do is open an account with a Canadian bank. Hence, the 2023 Scotiabank Newcomers Account Review.
However, opening a bank account in Canada as a newcomer can be a confusing task because there are so many options available.
While there are plenty of great banks out there, one of the best is Scotiabank. The bank has been around for many years and has consistently offered newcomers special rates and other special perks.
Opening a Scotiabank newcomers account is a great option if you want to get your financial life set up as quickly as possible.
So what is the Scotiabank newcomers account and what perks does the account have to offer?
This Scotiabank newcomers account review covers everything you need to know about the account.
Photo credit: Harrison Haines
Table of Contents
Scotiabank is one of Canada’s largest financial companies that was founded in 1832.
Today, Scotiabank continues to be at the forefront of innovation and technology while maintaining its focus on enhancing its customers’ financial lives.
Scotiabank, like other banks, offers a range of products and services to its customers.
The bank offers savings accounts, mortgages, credit cards, business banking services, investment services and more.
In addition to providing a full range of banking and financial services, Scotiabank has a history of providing services that are important to its customers and employees.
Scotiabank Newcomers Account
To help newcomers to Canada have the best banking experience, Scotiabank offers them a unique program called StartRight Program.
The program offers newcomers unique perks on savings, credit cards, mortgages and so on.
With this great program, you can get benefits worth $1,540 within the first year of registering for the program.
Now let’s look at the benefits you can get with the Scotiabank StartRight Program below:
Preferred Package Chequing Account for Newcomers
With the StartRight program, you can open a chequing account known as Scotiabank Preferred Package.
When you open the account, you will get the following benefits:
- As a way of welcoming you to Scotiabank, the bank will offer you a welcome bonus of $350.
- You will pay no monthly fees for the first year (save up to $203.40). After your first year, your monthly fee will be $16.95.
- If you can keep a minimum balance of $4,000 every month, your monthly fees will be waived completely.
- You will make international wire transfers without paying any fees. The best part is that there is no limit on the amount of transfer you can make.
You should note, however, that your account has to remain in good shape before you can enjoy the one-year fee waiver.
Scotiabank International Account
As a newcomer to Canada, you will need to show proof of funds. This means you have to prove that you have enough funds to cater to your needs.
Through the Scotiabank Startright Program, you can easily open an international account online.
Opening the Scotiabank international account before moving to Canada will help you prove your financial status.
This international account will also help set up a Scotiabank chequing account easier when you finally move to Canada.
In addition, the account will save you the stress of travelling around with heavy physical cash.
The best part is that the account allows you to transfer CAD even before you finally move to Canada. You can transfer up to $50,000 CAD.
Free Equity Trades
You can also open a trading account through the Scotiabank StartRight Program.
If you open a Scotia iTRADE account and invest your first $1,000, you get 10 free equity trades.
This means you will make 10 equity trades without paying any fees which can save you up to $99.90.
To get these free equity trades from Scotiabank, you have to open the Scotia iTRADE account using the promo code “SRPE15”.
Credit Card for Newcomers
Under the StartRight Program, Scotiabank offers newcomers to Canada several customized credit cards.
These credit cards come with a credit limit of up to $15,000 which can change at any time.
The best part is that since you are a newcomer to Canada, you don’t need any credit history to get any of the cards.
Also, with any of the credit cards, you can start building your credit history. You can get the following cards through the Scotiabank StartRight Program:
- Scotiabank Passport Visa Infinite Card
- Scotia Momentum No-Fee Visa Card
- Scotiabank Scene+ Visa Card
- Scotiabank Scene+ Visa Card for Students
The above card offers several types of reward points and cash backs that vary according to the type of card.
Special Mortgage for Newcomers
Scotiabank also provides access to special mortgages with personalized rates under the StartRight Program.
You have the option of choosing between fixed or variable rates. You can also choose from a monthly, biweekly or weekly payment option.
The mortgage rates you can get under the StartRight Program start from 6 months to 10 years.
Learn more about the Scotiabank mortgage for newcomers here.
Vehicle Loans for Newcomers
Scotiabank also offers newcomers to Canada vehicle loans under the StartRight Program.
This vehicle loan can help you get a vehicle you can easily move around with. The best part is that you don’t need a credit history to qualify for the loan.
You can get a vehicle loan of up to $75,000 and choose a payment option of your choice.
Choosing a payment option is possible because Scotiabank offers you three payment options. You can either pay weekly, biweekly or monthly.
Free Small Safety Deposit Box
Under the Scotiabank StartRight Program, you get a free small deposit safety that is worth $60.
With this free safety box, you will be able to conveniently and safely store your valuables.
The best part about this safety box is that it can only be opened by you. As a result, you don’t have to be worried about the safety of your valuables.
Scotiabank Newcomers Account Alternatives
The Scotiabank StartRight Program is a great program that offers newcomers to Canada different perks.
However, there are several different banks in Canada that also offer newcomers accounts with unique features.
Here are some of the Canadian banks that offer newcomers accounts with similar features to that of Scotiabank:
BMO Newcomers Account
BMO is one of the leading banks in Canada. It is one of the big five banks in the country.
Just like Scotiabank, the bank has a special program for newcomers to Canada known as the BMO NewStart Program.
If you join the BMO NewStart Program, you will enjoy up to $1,250 as a welcome bonus.
So how do you get this welcome bonus? Here is how:
- You will get a welcome bonus of up to $400 for just switching to BMO
- If you open a BMO Performance Plan Chequing account, you won’t be charged monthly fees for a whole year. This can save you up to $203
- You can make free unlimited BMO global money transfers which can save you up to $120 a year
- If you rent a BMO safety box, you will get a cash bonus of $60
- Sign up for the BMO Family Bundle and your family members can save up to $203 per year on monthly fees
- If you get the BMO Cash Back Mastercard, you can earn up to 5% on all eligible purchases within the first 3 months of getting the card. You can get this cash back up to a maximum of $125
- And finally, you will get identity theft monitoring with the BMO OnGuard at no cost. This will save you up to $155 a year
RBC Newcomers Account
RBC is another big bank in Canada that offers a special account for newcomers to Canada called RBC Newcomer Advantage Account.
This unique newcomers account offers the following perks:
- With the RBC Newcomer Advantage Account, you can qualify for a credit card that offers up to a $15,000 credit limit
- If you get an RBC Cash Back Mastercard, you will enjoy cash back of up to 6% within your first 3 months of getting the card
- You will get a small safe deposit box for two years without paying a dime
- If you open an RBC VIP Banking account or RBC Advantage Banking account, you will not pay any monthly fees for the first year
- You can make Interac e-Transfer transactions at no cost
- Also, you can make 2 International Money Transfers monthly without paying any fee
READ ALSO: RBC New Account Promotions
Take Away on Scotiabank Newcomers Account Review
Opening a bank account is an important part of your adjustment to living in Canada, so you want to be sure to find one that works for your needs.
If you are a newcomer or thinking about moving to Canada and you want to open a bank account, the Scotiabank newcomers account offers many perks that can help you with your financial needs.
In this Scotiabank newcomers account review, we have discussed everything you need to know about the account.
We have also provided you with some of the newcomer’s accounts offered by some of the big banks in Canada.
If you are planning on moving to Canada soon, then you should consider checking out the Scotiabank newcomers account.