When you land in Canada, one of your first to-dos is opening a bank account. Three names come up constantly: Scotiabank, TD, and RBC. All three are solid, all three are safe, and all three have branches across Ottawa. So how do you choose?
Scotiabank: Best for International Newcomers
Scotiabank's StartRight program is specifically designed for newcomers. Here's what makes it stand out:
- Free chequing for 2 years for newcomers (then drops to standard fees)
- Free first credit card with no credit history required
- International money transfers at reduced rates
- Staff in many branches speak multiple languages
- Strong presence in the Caribbean, Latin America, and Asia makes it a natural choice if you're sending money home to those regions
For newcomers from the Philippines, India, Mexico, Colombia, or the Caribbean, Scotiabank is often the top recommendation.
TD Bank: Best for U.S. Cross-Border Banking
TD's New to Canada package offers:
- Free chequing for 6 months (shorter than Scotia)
- A credit card with no Canadian credit history needed
- TD is the only Big Five bank with U.S. branches: huge advantage if you travel to or do business with the U.S.
- Excellent mobile app and digital banking tools
If you came from the U.S. or frequently travel there, TD's cross-border banking is unmatched.
RBC: Best Overall Digital Experience
RBC's Newcomer Advantage package includes:
- Free chequing for 1 year
- A credit card for newcomers
- One of the best-rated mobile banking apps in Canada
- Strong investment products if you're thinking about growing your savings early
RBC tends to attract newcomers who want a polished digital experience and strong financial planning tools.
Ottawa Branch Coverage
All three banks have strong Ottawa coverage. You'll find RBC, TD, and Scotiabank branches throughout downtown, the Glebe, Westboro, Kanata, Barrhaven, and Orléans. TD tends to have slightly longer weekday hours and some Saturday availability, which matters if you work 9-to-5.
Head-to-Head Summary
| Feature | Scotiabank | TD | RBC | |---|---|---|---| | Free period | 2 years | 6 months | 1 year | | Newcomer credit card | Yes | Yes | Yes | | U.S. banking | No | Yes | No | | App quality | Good | Very good | Excellent | | International transfers | Best rates | Average | Average |
Our Recommendation
For most newcomers to Ottawa, Scotiabank edges out the competition because of the longer fee-free period and better international transfer rates. But if you're U.S.-adjacent or love a great app, TD and RBC are both excellent choices. You can always switch banks after your first year. Canadian banks make it relatively straightforward.
