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TD Newcomer Bank Account Offer and Review Feb 2024


Fact Checked

TD’s New to Canada Banking Package is one of the top new immigrant bank accounts you can use to get started, even if you have little to no credit history in Canada.

Like the other newcomer offers by Scotiabank, RBC, BMO, and Simplii Financial, you get fee waivers, sign-up bonuses, and access to many other financial products.

Read on to learn about the top TD newcomer offers available in 2024.

What is the TD New to Canada Banking Package?

The TD New to Canada Banking Package is available to new immigrants who have been in Canada for less than 5 years.

This includes permanent residents, temporary foreign workers, and international students.

To qualify, you should be opening your first TD bank account and be the age of the majority in your province (at least 18 or 19 years old).

The TD newcomer package makes it easier to access credit products even if you have no credit history.

TD Bank Group is one of the largest financial institutions in North America. It was founded in 1855.

TD Newcomer Offers

The current newcomer offers by TD include significant savings and bonuses in your first year with the following accounts:

  • Chequing account
  • Savings accounts
  • Credit cards
  • International money transfers
  • Mortgages
  • Personal loans

TD Newcomer Chequing Account Offer

You can open TD Unlimited Chequing Account and pay no monthly fees for 12 months. This account usually costs $16.95 per month and includes unlimited transactions.

In addition, you can qualify for a $300 bonus when you open a new TD Unlimited Chequing Account and complete any two of the following:

  • Set up a recurring direct deposit (e.g. payroll or government benefit, or pension)
  • Set up a recurring pre-authorized debit of at least $50
  • Make an online bill payment of at least $50 using EasyWeb or the TD mobile app

This offer is available for a limited time only.

You can use this TD chequing account to also send money internationally to over 200 countries and territories with a rebate on transfer fees for the first 12 months.

Learn more about TD chequing accounts.

After 12 months have elapsed, the TD Unlimited Chequing Account will cost you $16.95 per month. Or you can continue to have the monthly fee waived by maintaining a minimum daily balance of $4,000.

TD Newcomer Credit Card Offer

Newcomers to Canada can apply for the following credit cards:

  • TD Cash Back Visa Card
  • TD Rewards Visa Card
  • TD Aeroplan Visa Platinum Credit Card

If your credit card application is not approved, you can consider a TD Secured Credit Card.

A secured credit card requires you to provide a security deposit in a savings or Guaranteed Investment Certificate (GIC) account.

This deposit serves as collateral in the event that you are unable to repay your debt.

The TD cards that are offered as secured credit cards include:

  • TD Emerald Flex Visa Rate Card
  • TD Platinum Visa Travel Card
  • TD Rewards Visa Card
  • TD First Class Travel Visa Infinite Card
  • TD Cash Back Visa Infinite Card
  • TD Cash Back Visa Card

Learn about the best secured credit cards in Canada.

TD Newcomer Savings Account Offer

Newcomers can open the following savings account along with their TD chequing account:

Alternatively, you could pair your TD account with one of these high interest savings accounts and earn a higher interest rate.

TD Newcomer Mortgage Offer

Newcomers can apply for a TD Mortgage or TD Home Equity Flexline. Other products you can access include:

How To Open a TD Newcomer Bank Account

To open a bank account through TD’s New to Canada Banking program, you will need to book an appointment with an advisor at a branch office.

You should bring these documents along to your appointment (whichever is applicable).

Permanent resident/Foreign worker:

  • Permanent resident card, or
  • Immigrant Visa and Record of Landing, or
  • Confirmation of Permanent Residence, or
  • Temporary work permit, and
  • A government-issued photo ID, such as a valid passport or Canadian driver’s license

International student:

  • Student permit
  • Proof of enrollment in a post-secondary educational institution
  • Government-issued photo IDs, such as a foreign passport or Canadian driver’s license

Newcomer to Canada Banking Alternatives

You can save on your banking fees, grow your savings, and earn cash back when you make purchases with these accounts.

Simplii Financial Newcomer Bank Account

Simplii Financial is the online banking arm of the Canadian Imperial Bank of Commerce (CIBC).

Its new-to-Canada banking program includes a no-fee chequing account, savings accounts, investments, mortgages, international money transfers, and a credit card.

The Simplii No Fee Chequing Account includes:

  • $400 welcome bonus
  • Unlimited free transactions, bill payments, and Interac e-Transfers
  • Free personalized cheques
  • Free access to over 3,000 CIBC ATMs across Canada
  • International money transfers

The Simplii Financial Cash Back Visa Card has no annual fee, and you can be approved for up to a $10,000 credit limit with no Canadian credit history.

Learn more in this review.

EQ Bank

For a competitive savings account with one of the best interest rates in Canada (much higher than the big banks), check out the EQ Bank Savings Plus Account.

This hybrid account includes:

  • No monthly account fees
  • Unlimited free transactions (bill payments, debits, Interac e-Transfers, deposits, etc.).
  • Mobile cheque deposits
  • Access to registered and unregistered accounts

EQ Bank does not offer cheques or a debit card, so this savings account is best combined with a regular chequing account (such as Simplii Financial Chequing).

Learn more about EQ Bank here.


For a prepaid card you can use to earn cash back, make payments online, in-store, and more, the KOHO Card is worth checking out.

A free KOHO account allows you to save and spend effortlessly with:

  • Unlimited free transactions
  • High-interest savings rates on your balance
  • $20 sign-up bonus when you use our CASHBACK promo code
  • Free budgeting app
  • Access to an optional paid credit-building subscription

Learn more about how KOHO works.


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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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