Opening a bank account
Learn how to open a bank account in Canada, how to choose one that meets your needs and what identification you need. Understand when banks may refuse to open an account and what to do if that happens. Learn how to transfer your account to another bank.
Before opening an account
Before opening an account, consider:
- how you will use the account
- any fees or charges
- interest you may earn
- deposit insurance protection
Before you open an account, read the account agreement carefully. Ask questions about anything you don't understand.
Keep a copy of your account agreement.
Transferring your account to another bank
If you already have a bank account, you may choose to move it to another financial institution. For example, if they offer a product that better suits your needs. Review your bank account and the services included from time to time.
Most financial institutions have a process to help you transfer your account. They may arrange to move your automatic payments, like pre-authorized debits, to your new account. Keep your old account open during the transfer.
Learn more about pre-authorized debits (PAD).
Check statements from both institutions until you confirm:
- the new account is working properly
- you’re not making the same payments twice
Help prevent fraud. Cut up old debit cards and cheques.
Learn more about transferring your products and services to another financial institution.
Providing identification to open a bank account
The bank must confirm your identity before opening an account. You must provide original identification, not copies.
You may meet the identification requirements using 1 of 2 options.
Option 1: 2 documents from reliable sources
You must provide:
- 1 document showing your name and address
- 1 document showing your name and date of birth
Both identification documents must be from the following list:
- identification issued by the Government of Canada or the government of a province
- recent notices of tax assessments issued by the Government of Canada or the government of a province or municipality
- recent statements of benefits from the Government of Canada or the government of a province
- recent Canadian public utility bills
- recent bank account or credit card statements
- foreign passports
Option 2: 1 document plus identity confirmation
You must:
- provide 1 document showing your name and date of birth
- have your identity confirmed by a person, like:
- a customer of the bank who is in good standing with the bank
- a person of good standing in the community where you open the account
Banks may accept different types of identification in certain circumstances.
Learn more about circumstances when a bank may accept other types of identification.
Opening a bank account if you’re not a Canadian citizen
You may open a bank account in Canada with proper identification if:
- you’re not a Canadian citizen, or
- you live outside of Canada
You may need to visit a branch in person. Contact the financial institution for details.
Understanding when a bank may refuse to open an account
A bank may refuse to open an account if:
- they believe someone may use the account for illegal purposes
- you engaged in illegal or fraudulent activity in the past 7 years
- you knowingly provided false information
- you may harm, harass or abuse others
- the bank only offers accounts that must be linked to an account in another financial institution, and you don’t have one
- you don’t allow the bank to verify your identification
- in the case of a federal credit union, you refuse to become a member
If a bank refuses to open an account, they must provide a written notice.
They must also share:
- their complaint process
- the Ombudsman for Banking Services and Investments (OBSI) contact details
- the Financial Consumer Agency of Canada (FCAC) mailing address, website and phone number
You may file a complaint with your bank if you’re dissatisfied with a product or service.
Learn how to file a complaint with a financial institution.
Learn more about your rights when opening a bank account.