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.

Learn more about deposit insurance.

Use the Account Comparison Tool to compare features for different accounts

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.