Banking offers for newcomers to Canada
Make getting started here a little easier. When you open a Performance Chequing Account with the BMO NewStart® Program, you’ll find exclusive offers for credit cards, investing and overseas money transfers.
Ready to start? Open an account in minutes.
The BMO NewStart Program has offers valued at more than $2,100 footnote section
We know setting up a new life can be difficult, that’s why we’re here for you! With the BMO NewStart® Program, get special banking offers and financial guidance to help make Canada your new home.
Your money is safe and secure
With a $60 cash bonus with rental of a safety deposit box.*63
No fee global money transfers*98
Send money quickly and securely with BMO Global Money Transfer with no fees.
Bank when you want, where you want
We’ve got branches and ATMs all across Canada. With 850 branches we’re always just around the corner.
The BMO NewStart® Program has offers valued at more than $2,100
Open a Performance Plan chequing account
- Chequing offers
Get up to $1,660 in value
Get a no annual fee8 credit card
- Credit Cards offers
Get up to $125 in value
Benefits:
No credit history required†- Get up to 5% cash back in your first 3 months‡‡ with a BMO CashBack Mastercard with a value of max. $125 in cash back OR
- 25,000 bonus points for you with a BMO eclipse rise Visa Card. Get 20,000 points when you spend $1,500 in the first 3 months.91 Plus, earn up to 5,000 bonus points every year!94, 95
Apply for a mortgage to buy your own home
- Mortgage offers
Benefits:
- 130-day mortgage rate guarantee – the longest of any major Canadian bank. footnote star
Invest for real financial progress on your new Canadian journey
- Investment offers
Get $250 footnote 12 in bonus interest when you invest in a 1-year GIC.12
Benefits:
Enjoy a bonus interest rate on select 1-5 year BMO GICs with the BMO NewStart® Program* footnote 69
Other services that BMO provides
Pre-arrival bank account application
The award-winning footnote 13 BMO NewStart® Program allows residents of a to open a chequing account in minutes*62, and, if you’re an international student, to open a Guaranteed Investment Certificate (GIC). Open an account online and send up to $75,000 CAD before you move.
Business banking
Starting a business is exciting but can come with surprises and hidden costs. We’ve got the tools to help you choose the right business bank account, pick the right business credit cards, finance your business costs and more.
Get tailored advice for your status in Canada
Permanent resident or foreign worker
Whether you’re already here or still planning your move, we can help get you established in Canada. We’ve got you covered for bank accounts, credit cards and more.
International student
We’re here to help you navigate this exciting time during your studies. We welcome you to Canada and have what you need to get started, settled, and prepared for your future.
Learn more about Canadian banking with BMO SmartProgress™
Explore personal finance topics like homebuying, credit scores, preventing identity theft, and developing a savings plan with our online financial wellness tool, BMO SmartProgress™.
Chequing account offer FAQs
The BMO NewStart® Program offers banking products and services for permanent residents and foreign workers for their first five years in Canada. This program is designed to help make setting up your new life in Canada a little easier. Learn how the BMO NewStart® Program can help you.
To be eligible for the BMO NewStart® program, you must be a permanent resident or foreign worker who arrived in Canada within the last five years. You’ll need proof of Canadian resident status such as your Permanent Resident Card, confirmation of permanent residency or work permit.
Once you arrive in Canada, to open a Performance Plan Chequing account with the BMO NewStart® program, you’ll need the following documents:
- Your Canadian Permanent Resident Card, confirmation of Permanent Residence (IMM 5292 or IMM 5688), work permit (IM 1442) or study permit.
- One piece of government photo ID – such as your passport or a Canadian driver’s license. More information about valid photo identification.
If you already have your Social Insurance Number and a Canadian address, you can open your account online. Find the right bank account for you.
For complete offer details on the cash bonus offer please review the full terms and conditions.
The BMO Family Bundle lets your loved ones enjoy no-fee daily banking with all the benefits and privacy of separate chequing accounts. Get all the details about the BMO Family Bundle.
No, the maximum bonus is $50 even if you add more than one family member.
Bill payments need to be done through online banking or mobile banking in order to be eligible for the bonus.
Bill payments must be a minimum of $50 each in order to qualify for the offer.
Pre-authorized payments must be a minimum of $50 each in order to qualify for the offer.
Bill payments of at least $50 to BMO Credit Cards through Online/Mobile Banking will be considered as an eligible payment as per campaign criteria. Transfers to BMO Credit Cards through Online/Mobile Banking will not qualify as a bill payment.
Ready to get started?
Come in and talk to us
Drop by your nearest branch to chat about your financial future in Canada.
- Footnote section detailsThe $2,100 value assumes that the customer is eligible for bonuses, savings and benefits associated with the BMO NewStart Program and is calculated as follows:
- i) Up to $700 total cash bonus when you open and fund a new Canadian Dollar Primary Chequing Account and Savings Amplifier Account; ii) bank plan fee waiver for 12 months for a value up to $215.40 ($17.95 per month); iii) $60 cash bonus with rental of a safety deposit box; iv) Unlimited BMO Global Money Transfers with no fee up to $120 annual value based on two money transfers per month for 12 months using BMO Global Transfer at a fee of $5 per transfer; v) Family members in your household save $215.40/year on monthly bank plan fees with BMO family bundle; vi) save $155/year with fee waiver for OnGuard; vii) $60 cash bonus for one cheque book; viii) Up to $125 in cash back with 5% cashback in the first 3 months with a BMO CashBack® Mastercard; ix) Receive an estimated value of $203.01 in total interest when you open and fund a new Savings Amplifier Account. Earn bonus interest for a total rate of 4.75% for up to 120 days from the account open date (Promotion Period) on deposits made to your BMO Savings Amplifier Account; x) Receive cashback starting at $350 when you online invest with BMO InvestorLine Self-Directed. Offer available to new BMO InvestorLine clients who open their first account and fund at least $5,000 in Net New Assets. xi) Get a $100 Walmart Canada gift card when you qualify for the NewStart welcome offer. View Terms and Conditions.
- Footnote dagger detailsSubject to credit approval. To be eligible for the BMO NewStart® Program, you must be a permanent resident or foreign worker who arrived in Canada within the last five (5) years, and you must be at the age of majority in your province or territory of residence at the time of account opening. Proof that status was obtained within the last five (5) years is required as evidenced by their Canadian Permanent Resident Card, Confirmation of permanent residency or work permit (IMM 1442). A credit history in Canada is not required in order to be eligible for a credit card under the BMO NewStart® Program. If you don’t qualify for an unsecured BMO credit card, you may still be eligible for a credit card provided you give us a security deposit and meet BMO’s eligibility criteria.
- Footnote star detailsWe guarantee your interest rate for the selected fixed rate mortgage type and term for up to 130 days from the rate guarantee start date. If the mortgage is not funded within the 130-day period, the interest rate guarantee expires. Applicable to residential mortgages only and subject to Bank of Montreal standard lending criteria for residential properties. Longest rate guarantee of any major Canadian bank as of March 1, 2024.
- Footnote 1 details Terms and Conditions apply
- Footnote 2 details To qualify for any special offer pertaining to the BMO NewStart program as set out above, a customer must be a permanent resident or foreign worker who arrived in Canada within the last five (5) years, and you must be at the age of majority in your province or territory of residence at the time of account opening. Proof that status was obtained within the last five (5) years is required as evidenced by their Canadian Permanent Resident Card, Confirmation of permanent residency or work permit (IMM 1442). The Bank Plan offer included in the BMO NewStart program applies to the Performance Plan only. Other Bank Plans are available but are not included in the discounted banking offer. You are eligible to receive the full monthly Plan fee rebated for a twelve (12) month period and are responsible for all transaction, service and product fees not included in your Bank Plan. After the twelve (12) months of being enrolled in the BMO NewStart program, eligibility for the monthly Bank Plan fee waiver ends and the full monthly Bank Plan fee ($17.95/month) will be applied to your account automatically.
- Footnote 3 details Please check with your local BMO branch for availability. Receive a $60 cash bonus with the BMO NewStart Program when you open a Primary Chequing Account in the Performance Plan under the BMO NewStart Program and rent a safety deposit of any size. Not all sizes are available at all BMO branches.
- Footnote 4 details The transfer fee is waived when the transaction is completed through an eligible account with the Premium Plan or the Performance Plan in the BMO NewStart Program. Up to $120 annual value is based on two money transfers per month for 12 months using BMO Global Transfer™ at a fee of $5 per transfer. Transfer fee amount is dynamic and subject to change. Foreign currency exchange rates still apply. Other banks involved in transferring the money may charge additional fees to the recipient of the funds.
- Footnote 5 details BMO CashBack Mastercard applications must be received between September 2, 2022 and June 1, 2025 to receive the 5% cash back welcome bonus offer. The 5% earn rate applies to qualified spend up to $2,500 (up to $500 qualified spend on grocery, up to $500 qualified spend in recurring bill payments, and up to $1500 qualified spend on all other purchases (less refunds and excluding cash advances, cash-like transactions, interest charges, fees, credit or debit adjustments) in the welcome offer period, with a maximum of $125 cash back. Please see details as follows:
- Grocery purchases: Receive 3% cash back on the first $500 spent on eligible grocery purchases (made at merchant locations in Canada classified by Mastercard’s “Merchant Category Code” as “grocery stores and supermarkets” MCC 5411) per billing cycle period and an additional 2% bonus cash back up to a maximum of $500 spent on all combined grocery purchases made at merchant locations in Canada in the first three (3) billing cycles. In total, you could earn up to $25 cash back from qualified grocery spend in the welcome offer period.
- Recurring Bill Payments: Receive 1% cash back on the first $500 spent on eligible recurring bill payments made at merchant locations in Canada (defined as payments made on a monthly or regular basis, and which are automatically billed by the merchant to your BMO CashBack Mastercard per billing cycle and an additional 4% bonus cash back up to a maximum of $500 spent on all qualified recurring bill payments made at merchant locations in Canada in the first three (3) billing cycles. You will not earn any bonus cash back on recurring bill payments that are also classified as grocery, transit or gas and electric vehicle charging purchases as described above (classified by Mastercard’s “Merchant Category Code”) and are subject to the bonus capping rules of eligible grocery, transit or gas and electric vehicle charging purchases. In total, you could earn up to $25 cash back from qualified recurring bill payments in the welcome offer period.
- All other purchases: Receive 0.5% cash back on purchases and an additional 4.5% bonus cash back up to a maximum of $1,500 spent in the first three (3) billing cycles. In total, you could earn up to $75 cash back from qualified purchases.
- The 5% bonus cash back offer is limited to new BMO CashBack Mastercard accounts and will not be awarded to current or former cardholders who reinstate a closed account, product transfer, or who open a new account. Limit of one bonus offer per account. If you cancel your card within ninety (90) days from the date your account is opened, all CashBack Rewards earned within that period will be cancelled. This offer may be withdrawn or changed without notice.
- Footnote 6 details Ongoing interest rates, interest-free grace period, annual fees and all other applicable fees are subject to change. Cash advances include balance transfers, cash-like transactions and Mastercard cheques. For current rates and fees, visit your branch; or, for Mastercard products call the Customer Contact Centre at 1-800-263-2263, for the BMO eclipse Visa Infinite* Card call 1-833-256-7136, for the BMO eclipse Visa Infinite Privilege* Card call 1-833-265-7137. To review current rates and fees for the BMO Prepaid Mastercard, visit bmo.com/rates-fees-prepaid, for all other credit cards visit bmo.com/rates-fees.
- Footnote 7 details No-fee daily banking with our Family Bundle offers an unlimited number of transactions and Interac e-Transfer transactions per month provided the daily Interac e-Transfer total does not exceed $3,000. Transactions include everyday banking transactions at a BMO branch, BMO ATM, BMO Telephone Banking, BMO Online Banking, BMO Mobile Banking, debit card purchases, cheques drawn on your account and Pre-Authorized Payments. Other service and product fees may still apply.
- Footnote 8 details Terms and Conditions apply
- Footnote 9 details Receive a cash bonus of $60 (“Cash Bonus”) when you open a Primary Chequing Account in the Performance Plan with the BMO NewStart Program and place an order for cheques through a BMO branch, BMO Online Banking or the customer contact centre within 90 days of account opening. Limit of one Cash Offer per customer per account. Joint accounts will only be eligible to receive one Cash Bonus. The Primary Chequing Account must be in good standing at the time the Cash Bonus is paid to qualify. Cash Bonus will be paid within 90 days of cheque order date. We reserve the right, at our sole discretion, to suspend, disqualify, limit or revoke the Cash Bonus for any customer we suspect of manipulating or abusing the offer, or its fairness, integrity or operation. We reserve the right to change or withdraw this offer at anytime without notice.
- Footnote 10 details Receive an estimated value of $203.01 in total interest when you open and fund a new Savings Amplifier Account at any BMO branch or online at bmo.com. Earn bonus interest for a total rate of 4.75% for up to 120 days from the account open date (Promotion Period) on deposits made to your BMO Savings Amplifier Account. After the Promotion Period, existing and future deposits made will earn interest at the posted rate on display at any BMO branch and available online at bmo.com/rates. Calculation assumes the following:
- A daily closing balance of $13,000 is maintained throughout 120 days.
- Bonus interest of 4.75% is earned on $13,000 over 120 days. We may change, extend, or withdraw this Bonus Rate Promotion at any time without notice.
- Any Interest is calculated on the daily account closing balance and paid monthly on the last business day of the month. Interest is paid in the same currency as the account. Interest rates are calculated on a per annum basis.
- Interest rates and balance tiers are subject to change without advance notice. For full terms and conditions on the bonus rate offer click here.
- Footnote 11 details Interest is calculated on the daily account closing balance and paid monthly on the last business day of the month. Interest is paid in the same currency as the account. Interest rates are calculated on a per annum basis. The bonus interest rate & posted rate may change any time without any prior notice. Posted rate to be applied on Savings Amplifier Account after the offer period.
- Footnote 12 details Calculation assumes the following:
- 1. A balance of $50,000 is deposited into a 1-year BMO Guaranteed Investment Certificate at a 4.25% interest rate where regular rate is 3.75% and the Newstart program applies a special bonus interest of 0.50% to total rate.
- 2. Note that the regular and bonus interest listed for New Canadians is subject to change or be withdrawn at any time without notice. This bonus rate is as of September 20, 2024.
- 3. Interest rates are calculated on a per annum basis. Any interest is calculated on the deposit amount and redeemed at the end of the term. Interest is paid in the same currency as the account.
- 13 BMO NewStart® Pre-Arrival account opening program won two global awards for Newcomer Digital Experience in 2023: BAI Global Innovation Award for embracing digital innovation to transform the customer experience, and Qorus-Accenture Banking Innovation Award as Gold winner in the Core Offering Innovation category; visit https://newsroom.bmo.com/2023-11-29-BMO-Wins-Two-Global-Awards-for-Newcomer-Digital-Experience for more details.
- 14 Terms and conditions apply
- All Walmart Canada trademarks are the property of Walmart Apollo, LLC and are used by BMO with permission. All rights reserved. For gift card terms and conditions, visit the Walmart Canada website.
- Footnote star, star detailsTerms and conditions apply
BMO InvestorLine Inc. is a member of BMO Financial Group.
®Registered trademark of Bank of Montreal, used under license.
BMO InvestorLine Inc. is a wholly-owned subsidiary of Bank of Montreal. Member - Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.