The Strategic Counsel’s New Canadians Report (NCR) shows that, while the Big Five control the lion’s share of the Canadian newcomer banking market, RBC stands out as the king of the jungle when it comes to connecting to the young, educated and loyal demographic.

NCR is an independent syndicated survey based on 1,008 online and mobile interviews with permanent residents who arrived in Canada between 2019 and 2024 with an oversample of 2023–2024 arrivals. The poll reveals that the Big Five banks account for 89% of the new Canadian market with RBC selected as the primary financial institution by a quarter of respondents.

In order, the runners-up include CIBC, TD Bank, Scotiabank and BMO. When broken down by region, RBC leads in popularity in Western Canada, CIBC leads in Toronto and BMO is leads in Montreal.

RBC’s advantage is particularly pronounced among new Canadians with Chinese backgrounds, while Scotiabank leads among those with Filipinos backgrounds. TD leads among new Canadians from South Asia.

Opening a Canadian bank account, finding a place to live, and signing up with a wireless provider are the top three priorities for new Canadians, according to the poll. Fifty-four per cent reported that they opened a bank account within one week of arrival, a number that increases to 81% the first month.

Nearly seven-in-10 (69%) of newcomers surveyed hold university-level degrees or higher. New Canadian adults, on average, are 12 years younger than the overall adult population in Canada and 52% of new Canadian households have children compared to 34% of households in Canada.

Strong brand loyalty is also a trait of the target: Eighty-three per cent of new Canadians stay with the first bank they sign up with in Canada a fact that reinforces the long-term value of early acquisition.

Fifty-nine per cent of respondents said they obtained a Canadian credit card within their first month in the country.

Visa is the card of choice for 77% of respondents, followed by MasterCard (53%). American Express showed only niche adoption.

PC Optimum and Scene+ are the top loyalty programs with uptake from 49% and 36% among poll participants respectively. The loyalty numbers suggest a slightly lower level of the penetration than those of the broader Canadian population.

Influencers play a significant role in helping newcomers navigate their new financial landscape with 63% of respondents reporting that they followed social-media creators to learn about life in Canada.

The most influential content includes videos on bank bundles, building credit, wiring money home and explanatory information on accounts such as RRSP vs. TFSAs.