What you need to open an account

To open a bank account in Canada, you need a valid government-issued photo ID, proof of your current address, and your Social Insurance Number (SIN). Most banks will also ask for your employment information and initial deposit amount, though some accounts have no minimum.

The ID must be current and show your photo — a driver's license, passport, or provincial ID card all work. For address proof, bring a recent utility bill, lease agreement, or government document with your name and current address. If you don't have a SIN yet, you can still open an account, but the bank will ask you to provide it within a set timeframe, usually 30 days.

If you're opening an account online rather than in a branch, the bank will ask you to upload photos of your ID and address proof instead of showing them in person. Some online-only banks also accept a video call with a representative to verify your identity.

Key Takeaways

  • You need a valid photo ID, proof of address, and your Social Insurance Number, though some banks will let you provide the SIN later.
  • Most banks offer both in-branch and online account opening, and online accounts often open within minutes while branch accounts may take a few days to set up.
  • The type of account you choose — chequing, savings, or a combination — depends on how you plan to use the account and what fees matter most to you.
  • Banks charge different monthly fees, per-transaction fees, and minimum balance requirements, so comparing a few banks before you open saves money over time.
  • Once your account is open, you'll receive a debit card and online banking access, usually within 5 to 10 business days.

Opening an account in a bank branch

Walk into any branch of a bank you've chosen and tell the staff you want to open a new account. They'll take you to a desk, ask to see your ID and address proof, and fill out an process form with you. This usually takes 20 to 30 minutes. The form asks for your name, date of birth, address, employment status, and how you plan to use the account.

Once the form is complete and your identity is verified, the account opens when ready. You'll choose a PIN for your debit card and set up online banking access. The bank will give you a temporary debit card or a card number to use right away, and your physical card will arrive in the mail within 5 to 10 business days. You can deposit money into the account the same day.

If you're not a Canadian citizen or permanent resident, bring your passport and any immigration documents you have. Some banks have additional steps for non-residents, but most major banks will still open an account for you.

Opening an account online

Online banks and the online services of major banks let you open an account without visiting a branch. Go to the bank's website, click "Open an Account," and follow the steps. You'll enter your personal information, upload photos of your ID and address proof, and answer questions about your employment and income.

Some online banks ask you to verify your identity through a video call with a representative. This usually takes 5 to 10 minutes. Others use automated verification — they'll ask you security questions based on your credit history or cross-check your information against government records. Once verification is complete, your account opens and you can start using it when ready through the bank's app or website.

Your debit card arrives in the mail within 5 to 10 business days. Until then, you can transfer money in and out of the account using online banking, and some banks let you use a temporary card number for online purchases.

Chequing, savings, or both

Most people open a chequing account for everyday spending — paying bills, getting paid, using a debit card. A savings account is separate and usually earns a small amount of interest on the money you keep in it. Many banks let you open both at the same time, and some offer a combined package that includes both.

If you're paid by direct deposit and plan to use a debit card regularly, a chequing account is what you need. If you want to set money aside and earn interest on it, add a savings account. Some banks charge a monthly fee for chequing but not for savings, so opening both can actually cost less than opening one.

A few banks offer high-interest savings accounts that pay noticeably more interest than a regular savings account. These usually have limits on how many times you can withdraw money per month, so they work best if you're saving rather than spending from that account.

Monthly fees and minimum balances

Bank fees in Canada vary widely. Some banks charge $0 per month for a basic chequing account if you keep a minimum balance — often $1,500 to $2,500. Others charge a flat monthly fee of $10 to $15 regardless of your balance. A few banks charge no monthly fee at all, but may charge per transaction instead.

Before you open an account, compare the fee structure of three or four banks. If you'll keep a high balance, a bank with a minimum balance requirement might be cheaper than one with a monthly fee. If your balance will be low, a no-fee bank is usually better. Some banks waive fees if you set up direct deposit or maintain a certain balance.

Savings accounts usually have no monthly fee. Chequing accounts are where fees vary most. Some banks also charge for things like paper statements, wire transfers, or using an ATM outside their network, so read the fee schedule before you decide.

Which bank to choose

Canada's major banks — Royal Bank (RBC), Toronto-Dominion (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC) — all have branches across the country and offer both in-branch and online account opening. They charge similar fees and offer similar features, so the main difference is convenience: which bank has a branch near you, and which app you prefer to use.

Online-only banks like Tangerine, EQ Bank, and Simplii Financial charge lower fees or no fees because they don't operate physical branches. They're good if you rarely need to deposit cash or talk to someone in person. If you need to deposit cheques or cash regularly, a bank with branches is more practical.

Credit unions are another option in most provinces. They're member-owned and often charge lower fees than major banks, though they may have fewer branches and ATMs. If you live in a province with a strong credit union system — like British Columbia or Alberta — it's worth comparing their rates and fees to the major banks.

After your account opens

Once your account is open, you'll have online banking access through the bank's website or app. This lets you check your balance, transfer money between your own accounts, pay bills, and set up direct deposit. Your employer will need your account number and transit number to set up direct deposit — the bank will give you both when you open the account.

Your debit card arrives in the mail within 5 to 10 business days. When it arrives, you'll need to set up it — usually by calling a number on the card or using the bank's app. Until then, you can use your account number and transit number to receive money, or use online banking to transfer funds.

If you need a chequebook, ask the bank for one. Most banks still issue them, though many people now pay bills online instead. A chequebook usually costs $10 to $20 for a pad of 25 cheques.

Frequently Asked Questions

Can I open a bank account if I don't have a Social Insurance Number yet?

Yes. Most banks will open an account without a SIN, but you'll need to provide one within 30 days. If you've applied for a SIN and are waiting for it, tell the bank your process is in progress. Once you receive your SIN, contact the bank and give it to them to complete your file.

What if I don't have a permanent address?

You'll need some form of address proof to open an account. If you're staying with someone temporarily, use their address and bring a letter from them confirming you live there, along with a utility bill or lease in their name. Some banks also accept a shelter address or a mail forwarding service address.

Do I need a minimum deposit to open an account?

Most banks don't require a minimum deposit to open an account — you can open it with $0 and deposit money later. Some accounts do have a minimum balance requirement to avoid monthly fees, but that's different from a deposit needed to open it. Check the bank's terms before you open.

How long does it take to open an account online?

Online accounts usually open within minutes to a few hours, depending on how quickly the bank verifies your identity. In-branch accounts open the same day. Either way, your debit card arrives in the mail within 5 to 10 business days, though you can use the account when ready through online banking.

Can I open an account if I'm not a Canadian citizen?

Yes. Most banks will open an account for non-citizens and permanent residents. Bring your passport and any immigration documents you have. Some banks may ask additional questions about your immigration status or how long you plan to stay in Canada, but this doesn't usually prevent you from opening an account.