Scotiabank StartRight and CIBC Newcomer programs both target recent immigrants, permanent residents, and foreign workers in Canada, offering fee waivers, credit access without local history, and banking bundles to ease settlement. StartRight edges out with higher first-year value (up to $2,300) and broader credit options, while CIBC focuses on cash bonuses and simpler account perks.
| Feature | Scotiabank StartRight | CIBC Newcomer Program |
|---|---|---|
| Target Audience | Landed immigrants (0-3/5 yrs), students, workers | New PRs/work permit holders (recent arrivals) |
| Welcome Value | Up to $2,300 (fee rebates, points, lounge passes) | Up to $450 cash bonus + discounts |
| Chequing Fee Waiver | 1st year full ($203 value on Preferred Package) | Varies by SmartStart account, often 1 yr |
| Credit Card Access | Unsecured up to $5,000 (PR/workers); $1,000 students; no Canadian history needed | Secured/unsecured newcomer cards; income-based limits |
| Other Perks | No-fee intl transfers, mortgage aids, iTRADE rebates | Discounts on fees, potential $350 bonus |
| Eligibility Docs | PR card, passport, proof of status | PR/work permit, ID, address proof |
Account Packages
Scotiabank StartRight bundles Preferred Package chequing (normally $16.95/mo) with 1-year fee rebate, unlimited transactions, and Scene+ rewards integration. Add savings/registered accounts for $700 bonus, plus Visa Infinite perks like 6 lounge passes ($364 value).
CIBC's SmartStart or Newcomer accounts waive fees for 1 year on select chequing, emphasizing cash bonuses ($450 max) via direct deposit or balance holds. Less emphasis on rewards, more on basic banking for first 12 months.
StartRight suits reward-seekers; CIBC fits minimalists wanting quick cash.
Credit Building Options
StartRight shines with unsecured credit cards (Scotia Momentum Visa) up to $5,000 for PRs/foreign workers, based on income not history—ideal for thin files. Students get $1,000; converts to full unsecured later.
CIBC offers newcomer Visa/Mastercard (e.g., AC Conversion Visa) with secured deposit options or unsecured up to $5,000 via income proof. Slightly stricter on employment verification but multilingual support aids applications.
Both report to Equifax/TransUnion; StartRight faster for higher limits.
Additional Benefits
Scotiabank provides mortgage incentives (up to 95% LTV for new PRs), no-fee global transfers, and iTRADE rebates ($150 transfer fee credit). International experience helps with 1M+ newcomers annually.
CIBC focuses on fee discounts (wire transfers, drafts) and SmartPlus perks; less robust for investments but strong in-branch newcomer advisors in Toronto/Vancouver.
Eligibility and Application
Both require PR confirmation (COPR within 3-5 years), SIN, ID, and address proof; apply online/in-branch within 60 days of arrival for best offers. Scotiabank needs program code (SRPE15); CIBC via SmartStart portal.
No credit history required; income/job letter boosts approval. Age of majority; residents only.
Fees and Long-Term Value
Post-waiver, StartRight Preferred: $16.95/mo (rebatable via direct deposit); CIBC Smart: $4.95-$16.95 (tiered). StartRight's points (38,100 first-year potential, $381 value) outpace CIBC's cash focus.
Best Fit Scenarios
Choose StartRight for comprehensive perks, credit limits, and rewards—perfect for professionals in Calgary planning investments. Pick CIBC for straightforward bonuses and low-frills setup, suiting students or short-term workers in Montreal.
As of February 2026, verify at scotia.com/startright or cibc.com/newcomers; offers evolve with immigration trends
Chat About This