Recent arrivals to Canada may need to undergo a 14-day self-isolation period depending on government regulation. If applicable, please ensure you have sufficient funds on hand to sustain yourself and your family during the mandated self-isolation period. It could take 14 days or more for you to be able to visit your preferred branch and access your funds upon your arrival in Canada. To learn more, click here.Learn more
The Scotiabank StartRight® Program1 has the information you need to feel confident managing your money in Canada.
Bank fees are standard
Banks often charge fees for services that make banking more convenient such as sending money or taking cash out from ABMs belonging to other banks.
Interest rates are lower
Interest rates on savings accounts can be lower than some other countries, but these accounts are very reliable investments. View our current list of savings account rates.
Your credit score matters
Building a good credit history is important because lenders will check your credit score to determine whether to approve you for things like cell phone plans, rental housing and lines of credit.
Carrying debt is common
Carrying a certain amount of debt is socially acceptable in North America. From cars, to student loans, to mortgages, the majority of Canadian households carry some form of debt.
Rewards are popular
Points, miles, cash back – banks will often offer these types of free benefits to reward you for using your debit or credit cards.
A savings account is a bank account designed to help you build savings. They typically have more limits on the number of free transactions you can make, but they also have higher interest rates, so you can grow your savings faster.
A credit card provides you with a set amount of funds to pay for purchases. If you pay your balance in full each month, the bank will not charge you interest on your purchases. Credit cards are one of the fastest ways you can build your credit in Canada.
Get answers to top newcomer questions.
Canada’s banking system is generally considered one of the safest in the world. In the unlikely event of a bank default, the Canadian Deposit Insurance Corporation protects eligible deposits. This includes deposits made in savings accounts and chequing accounts, cheques certified by CDIC members and more. Scotiabank is a CDIC member.
Connect with us to learn more about banking in Canada.
The right bank account for you depends on your needs:
Connect with us to find the right account for you.
Below are a few common examples of banking services that may have fees:
When you open a bank account, you will be given a debit card (bank card) that you can use to take cash out of your account, make deposits, pay bills, view your account balances, and more. You will need to create a PIN password in order to use your debit card.
Your PIN is a 4-digit number that lets you access your bank accounts at ABMs, point-of-sale machines and online. Each time you use your debit card, you will be asked to enter your PIN. This helps keep your account secure.
Online banking lets you access your bank accounts at any time to make basic financial transactions such as paying bills, transferring money to other accounts, viewing account balances and sending e-Transfers. You can access your online banking 24/7 using a computer or a mobile device such as a smartphone or a tablet. Online banking in Canada is easy, secure and free to use.
How credit histories work in Canada
How credit scores work in Canada
Rewards are incentives you get when you use your debit or credit cards to pay for purchases. In Canada, rewards can come in a variety of formats like points, miles, or cash back. Whatever the format, all reward types will give you some sort of benefit for using your card.
Canada offers many different investment options. Below are just a few of the most popular options for newcomers.
Tax-Free Savings Account (TFSA)
High-interest Savings Account (HISA)
Registered Retirement Savings Plans (RRSP)
Connect with us to learn more about your investment options.
As a newcomer, paying extra attention to protecting yourself against fraud is important. Below are three common types of fraud to watch out for.
Start building your life here with our special services for newcomers.
Getting your first car in Canada is a big milestone. The Scotiabank StartRight® Auto Finance Program can help you qualify for a loan with no Canadian credit history and get you special financing at over 4,000 dealerships across Canada4.
Invest with one of Canada’s leading online brokerages. Get free investing and trading education, special tools and more when you open a Scotia iTRADE® account through the StartRight® Program5.
Canada is a great place to start your own business. Our Scotiabank StartRight® for Business Program can help you start yours off right by giving you access to tools, advice and credit. No credit history required6.
Buying a home in Canada is a goal for many newcomers. We can help you get into your first home in Canada sooner with our helpful home buyer resources and special mortgage programs for both temporary and permanent residents7.