First of all, welcome to Canada! Secondly, you’ve come to the right place, as opening a bank account is likely top of mind right now. Establishing a bank account in Canada is a key step in beginning your journey and managing your money. Here are the necessary steps to guide you through the process.
If you live in Canada as a temporary resident, international student or as a permanent resident, you have the right to open a bank account regardless of your credit status, and even if you’ve gone through bankruptcy or are unemployed. The process of setting up a bank account is simple and can be done in person, online or over the phone.
Step 1: Decide what’s important to you
In Canada, we’re lucky to have a wide range of options when it comes to choosing a financial institution to manage your hard-earned money. With so many options, though, it can be hard to decide which one is right for you. You’ll want to consider things like how and where you can access your money, which products you want or need and a few other factors.
Let’s explore some of them now!
Convenience
Access to branches and automated teller machines (ATM) - If physical access to the bank is important to you, consider choosing a financial institution with an advice centre and ATM locations convenient to you.
Online accessibility
If digital banking is important to you, evaluate the quality of the online and mobile banking services offered by the financial institution. Consider things such as user friendliness, security features and the ratings of their mobile app. Speaking of, did you know the Affinity Mobile app has a 4.7/5-star rating?
International access
Consider if you want to work with a financial institution that has international connections or the ability to make transactions internationally.
Integration of services
Financial institutions provide the option of direct deposit for government benefits and tax refunds. This can be beneficial if you require immediate access to your funds or don’t have access to a branch.
Identifying the financial products and services you need
Before choosing a financial institution, it’s beneficial to decide which specific products and services you require. This may help you determine which type of financial institution best aligns with your needs.
For example, a chequing accountis designed for daily financial management and to handle regular expenses such as rent, utilities and groceries. On the other hand, a savings accountis primarily used for saving and future planning and generally accrue higher interest than chequing accounts.
Explore the different financial products and services available to you.
Is your money safeguarded by Deposit Insurance?
In the event that your financial institution faces insolvency, deposit insurance provides protection for depositors from bank or credit union failures.
Funds deposited in Canadian banks are protected by the Canada Deposit Insurance Corporation (CDIC), covering eligible deposits to a maximum of $100,000. Funds on deposit at Saskatchewan Credit Unions are secured by the Credit Union Deposit Guarantee Corporation (CUDGC), with a full guarantee. The guarantee covers all deposit amounts, with no maximum limit – ensuring full protection whether it’s $1 or over $10,000,000.
Prior to opening an account, make sure you understand all the account’s terms and conditions, especially any associated fees. Don’t hesitate to ask questions about anything you don’t understand and ensure you keep a copy of the account agreement for your personal records.
Step 2: Gather appropriate documentation and open your account!
Now that you’ve done some research and considered what you look for in a financial institution, it’s time to gather the appropriate documentation.
To open a bank account, the bank must be able to confirm your identity through proper identification. The good news is that if you’re a newcomer to Canada, you simply need identification to get started! Consider applying for Affinity’s New to Canada Program.
After opening your bank account, be sure to keep any important paperwork or login information in a safe place. This includes safeguarding your debit card, the four-digit PIN for your debit card and the login details for your online banking.
Getting started with Affinity Credit Union’s New to Canada Program!
As you embark on this exciting journey, we understand that navigating the world of banking in a new country might feel like stepping into unfamiliar territory. Don't worry, we're here to guide you every step of the way.
Our New to Canada Programopens doors to a range of personalized benefits, including no banking fees for the first two years, access to special investment rates and other competitive rates!
To apply, you’ll need to bring any documentation that proves you moved to Canada within the last five years as well as government-issued identification:
- Passport
- Driver's licence
- Permanent Resident (PR) card
- Non-driver Saskatchewan photo ID card (issued by Saskatchewan Government Insurance (SGI))
- Social insurance number (SIN)
Find more benefits
If you’re interested in learning more, or if you have any questions, give our Contact Centre a call at 1.866.863.6237.
