How to Open a Bank Account in 5 Simple Steps

Opening a new bank account in Canada is a straightforward process – but knowing what to expect can help you choose the right one and open account your faster. Whether you’re new to Canada, opening your first account or simply looking for a new banking option, discover everything you need to know – from required documents to the factors in selecting the best account for your needs.

While the process for opening an account will vary across financial institutions, the steps involved are fairly common. Below is the process for opening an account with RBC Royal Bank.

1. Meet the eligibility requirements

The first step in opening a bank account in Canada is to ensure you’re eligible. Here are the standard criteria for opening an account:

• Be the person opening the account. If you are opening a joint account, you must have the information for both individuals on hand. You can also open an account on behalf of your child.

• Be at least 13 years old. Or 14 years of age, if you live in Quebec. For children under this age, a parent or guardian has to open the account on their behalf.

• Reside in Canada. And have a Canadian address.

• Present government-issued photo ID. Some banks require one piece of ID, while others require two pieces (a primary and a secondary document). If you are opening an account for your child, you’ll have to show ID for both you and your child.

• Your primary ID must confirm your name, address, age and nationality. The most commonly accepted types include:
  • Canadian driver’s license
  • Canadian passport
  • Canadian birth certificate
  • Old age security card
  • Certificate of Indian status
  • Provincial or territorial health card
  • Certificate of Canadian Citizenship or Certification of Naturalization
  • Permanent Resident card or an Immigration, Refugees and Citizen Canada form IMM 1000, IMM 1442, or IMM 5292. Some banks may also accept form IMM 5688.

• If your bank requires a secondary form of identification, but you have only one piece from the list above, the following documents are generally accepted:
  • Record of employment in Canada
  • Canadian debit or bank card with your name and signature
  • Canadian credit card statement
  • Client card from the Canadian National Institute for the Blind with your photo and signature
  • Current foreign passport

2. Select the type of account you’d like to open

There are two main types of accounts in Canada – a chequing account and a savings account.

A chequing account is an account you can use every day for buying essentials, paying bills, and receiving a paycheque. A savings account, meanwhile, is a great place to park money you want to set aside, as you earn interest on your balance. If saving and growing your money is a priority for you, a High-Interest Savings Account (HISA) offers higher interest than a standard savings account and can help you reach your goals sooner. If you want help deciding which account to choose, you can learn more about the differences between a chequing and a savings account.

3. Choose how to apply

There are several ways to open a bank account, depending on the type of account you want to open.

• Online: There are a few ways to open an account online, depending on whether you are a new or existing client of the bank you’re applying to.
  • If you’re an existing client, you can:
    • Log in to online or mobile banking and follow the directions to opening a new account.
  • If you’re a new client, you can:
    • Apply through the mobile banking app. You’ll first need to download the app and use the camera on your phone in order to confirm your identity.
    • Apply online: Most banks have online account open tools that will walk you through the application process. To confirm your identity, you’ll need to take your photo using a mobile device or go through a credit bureau check.
• By phone: Most financial institutions in Canada give you the option of opening an account over the phone. You can generally find the phone number on their bank accounts page.
• In person: For just about all types of bank accounts – including joint accounts and accounts for a child – you can open in person at a branch. You may need to book an appointment in advance.

4. Sign all documents

Depending on how you open the account, you may be able to sign the documents digitally or in person. For instance, if you open your account online, you may be able to sign everything you need to from your phone, tablet or computer. If you open your account by phone, the bank representative may be able to send your documents through a secure email for digital signature.

If you opened your account digitally, you may need to take a selfie to confirm your identity and submit it along with your documents.

5. Set up your debit card PIN and password

Once your documents are submitted, you’ll be asked to set up your debit card PIN and your online banking password. This step helps ensure you can start using your account as soon as it is successfully opened.

Your debit card PIN is four-digit code that you enter when making a purchase or withdrawing cash from an ATM. It’s an important layer of protection that verifies your identity when accessing your account. You’ll want to choose a PIN that is easy to remember but hard for others to guess – avoid using birthdays and phone numbers. You can find more tips on protecting your PIN here.

Your online banking password is your key to accessing your accounts online. A strong password is critical to protecting your accounts. A few password best practices include:

• Avoid using common words or sequences such as “password” or “1234”
• Don’t use your online banking password for any other accounts
• Use a combination of letters and numbers
• Change your password on a regular basis

To help keep your account secure, get more tips on protecting yourself online.

If your account is opened successfully, you will receive a confirmation – and you can start using it right away. If you open your account in-person, you’ll receive a temporary debit card. Otherwise, your physical debit card should arrive in 7-10 business days (but you can still access your account online).

Frequently asked questions about opening a bank account

Do I need a SIN number to open a bank account?

Generally, you do not need to provide a Social Insurance Number (SIN) to open a bank account, unless the account earns interest (i.e., with a savings account). This is because banks are required to report interest income to the Canada Revenue Agency (CRA) for tax purposes.

How long does it take to open a bank account?

Different banks will have different processing times when it comes to opening your account. If you’re a new client opening an account online with RBC, the application can be completed in about 10 minutes or less. Once your account is open, you can set it up in RBC Online Banking and choose a Client Card PIN. Then you’ll be ready to start using your account right away.

Opening a bank account in person or over the phone takes approximately 30 minutes.

If you’re an existing client with the bank you’re applying to, the opening process is typically faster.

What is the minimum amount required to open a bank account?

Most banks do not require a minimum deposit to open a bank account, but it depends on the type of account you open and the financial institution. 

With chequing accounts, there is usually no minimum amount you need to deposit. Most savings accounts don’t have a minimum amount either, although some High-Interest Savings Accounts may have a small deposit requirement. Some premium savings accounts may only waive monthly fees if you maintain a certain minimum balance.

How old do I have to be to open a bank account? 

You must be at least 13 years old to open a bank account in Canada, or 14 years of age if you live in Quebec. For children under this age, a parent or guardian has to open the account on their behalf.

To open an account online, you must be at least the age of majority in your province.

Can I open an account if I’m not a resident of Canada?

Requirements can vary between banks, but to open an account with RBC, you must be a resident of Canada. If you hold a valid work or study visa, you’re considered a temporary resident for the duration of your permit. In that case, you can open an account with RBC, as long as you have the required documentation.

What if the bank refuses to open an account for me? 

Banks in Canada can’t refuse to open a bank account if you meet the age and residency criteria, unless they suspect fraud, or you have a record of financial misconduct. If your online account application was not approved, it may be that you do not meet specific requirements for opening through this channel, for example:

• You’re under the age of majority in your province
• You’re trying to open a joint account, but the bank does not allow for joint online applications
• Your ID does not match your current address or the information you entered in the application tool
• The bank could not confirm your identity

In these cases, it’s best to make an appointment with an advisor at a branch. They will be able to answer your questions, ensure you have the paperwork you need and get your account opened for you.

Opening a bank account is easy – and you can choose how to get it done. If you need help along the way, your bank can walk you through the steps and paperwork.