Opening an account with one of the best banks in Canada comes with access to various perks and benefits. Like most Canadians, you likely want a bank that provides the best value for the specific financial products or services you require.
Whether you’re in need of a flexible chequing account, looking to build savings for unforeseen circumstances, considering opening a line of credit, or want to have all your credit cards in one place, banking with the best banks comes with advantages.
However, with the six big banks in Canada and the numerous fintech and neo banks, it’s easy to get overwhelmed by all the options out there. In this blog post, we have curated a list of the best banks that are available in Canada to help you decide and choose which is best for your needs.
The 5 Best Banks in Canada
Whether you’re seeking robust financial services or personalized assistance, we know it is important that you select the right bank. While there are many options when it comes to banking in Canada, these 5 banks stand out as the best.
We have selected these banks based on their comprehensive range of services that meet the diverse needs of their customers. They offer a wide range of banking services that sets them apart from other banks in Canada.
Here, we present Canada’s best banks, each distinguished for its exceptional services, innovative offerings, and customer-centric approach.
1. The Best of All – Royal Bank of Canada
The Royal Bank of Canada (RBC) is undoubtedly one of the best banks in Canada. It was founded in 1864 and has been serving customers in Canada ever since. It’s the largest bank in the country, with over 16 million customers worldwide.
As of 2017, RBC offers a wide range of banking services, including chequing accounts, savings accounts, student accounts, and more.
They have a VIP chequing account that comes with Interac e-transfer, unlimited debits, free drafts, up to a $120 fee rebate on select credit cards, and discounts on safe deposit box rentals.
Their High-Interest Savings Accounts currently give a 0.05% rate of interest.
2. The Best Bank for Students and New Immigrants – Canadian Imperial Bank of Commerce (CIBC)
CIBC is the fifth-largest bank in Canada, and undoubtedly one of the best banks in Canada. It serves more than 11 million clients worldwide, operating in over 1,100 branches in Canada and a network of over 3,700 ATMs.
They offer a wide variety of products and services: credit cards, mortgages, life insurance, investments, business banking, and more.
They offer three chequing accounts namely the everyday chequing accounts, CIBC Smart, and Smart Plus. With the Smart Plus, you get the most of all (free ATM withdrawals for any bank’s cards, unlimited transactions, and rebates).
I have personally banked with CIBC in the past 5 years, and I can attest to the fact that CIBC is by far one of the best banks for students in Canada. Their customer service is great, their advisors are efficient, and I haven’t paid a single monthly fee in these 5+ years.
So, would you consider CIBC worthy to be one of the best banks in Canada? Your choice to make.
3. The Best Bank for Small Businesses – Bank of Montreal (BMO)
The Bank of Montreal is the oldest and the fourth largest bank in Canada. It was founded in 1817, and today, the bank is one of the best banks in Canada serving over 7 million clients in Canada and 939 branches.
It also has a network of over 2,000 ATMs for convenient client access wherever they may be in the country.
Their Premium chequing offers free ATM withdrawals with cards that are not Bank of Montreal’s, unlimited transactions, and an annual fee rebate on their World Elite Mastercard (worth $150).
For their highest-interest savings account, look to their Savings Builder which offers a 0.05% rate. Also, you get 0.45% bonus interest (monthly) when your balance goes up by at least $200. These features definitely qualify them to be a leading and undoubtedly one of the best banks in Canada.
4. The Best Bank for Cross-Border Banking – Toronto-Dominion Bank (TD)
Since being established in Toronto in 1855, TD Bank has grown to become one of the largest and best banks in Canada and worldwide. Today, it serves over 25 million customers across the globe.
Not only does TD have a large international presence, but the bank also has over 1,100 branches in Canada and a network of 2,800 ATMs across the nation.
Its most eye-catching chequing account is the All-Inclusive Banking account which offers certified cheques, unlimited transactions, free non-TD ATM withdrawals, rebates, and money orders.
Interest rates on TD savings accounts range from 0.01% up to 0.125%. As for TD’s youth bank account, you get a 0.01% interest rate.
5. The Best Bank for Savings – EQ Bank
EQ Bank is a branch of Equitable Bank that focuses on offering high-interest savings accounts with no monthly fees, no minimum balance, and unlimited free transactions. They also provide high-interest guaranteed investment certificates (GICs) with terms from 1 all the way to 5 years.
If you are going to be in the conversation of the best banks in Canada, you have to show you’re worth your claim. EQ Bank is definitely in the top bunch. They have an online banking platform that makes it easy to manage your account and take control of your finances.
EQ accounts function as hybrid accounts. This means chequing and savings accounts are merged. The following are the features of EQ Bank accounts:
- There is no minimum account balance
- Free bill payments that are unlimited and electronic fund transfers
- You get unlimited Interac e-Transfers
- There is no monthly banking fee
- You get free mobile cheque deposits
- You get joint accounts
- The CDIC insurance rate is $100,000 (per insured category)
With an interest rate of 4%, this account is definitely up there with the very best.
Other Reputable Banks in Canada
Aside from the prominent institutions mentioned above, Canada boasts several other reputable banks that contribute to the country’s robust financial ecosystem. These banks uphold high standards of service and reliability, catering to the diverse needs of Canadians from coast to coast.
Let’s delve into a few more of these respected financial institutions:
1. Innovation Federal Credit Union
- No monthly account fees
- Unlimited Interac e-Transfers®
- Unlimited transactions
- Free access to ATMs* across Canada
- Welcome offer of a $300 Cash Bonus (use promo code ‘SIGNUP300’)
Innovation Federal Credit Union is a credit union serving Canadians. It was founded in 2007 when Southwest Credit Union and BCU Financial merged.
Innovation Federal Credit Union is the third biggest credit union in Saskatchewan. It is also the 21st largest credit union in the country and by far one of the absolute best banks in Canada.
Currently, they offer the Innovation’s No-Fee Chequing Account and the Innovation Mortgage across Canada (excluding Quebec).
With ICU, you get a no-fee account that offers:
- There are no minimum balance requirements
- There are no monthly account fees
- You get access to thousands of ATMs across Canada
You also get free and unlimited Interac e-Transfers
2. Scotiabank
With a history that goes back almost 200 years and more than 3,500 ATMs across Canada, Scotiabank is a veteran of what they do best. It is no surprise they are considered by many as one of the best banks in Canada.
They have a strong history of stability and innovation and serve more than 25 million customers around the world.
Scotiabank has two types of chequing accounts: The Scotiabank Ultimate Package and The Scotiabank Preferred Package. When you open an account, both of them can offer you as high as $350.
As for their savings accounts, you can get up to a base rate of 0.20% on interest rates.
3. National Bank of Canada
The National Bank of Canada (Banque Nationale du Canada), often not included on the list of the best banks in Canada, is definitely one of Canada’s premier financial service providers and commercial banking heavyweights. They are well renowned in Canada and beyond for their exceptional services.
Their focus is on commercial (as well as personal) banking, financial markets, and management of wealth. NBC, which is Canada’s sixth-largest bank, was founded in 1859.
The offer diverse personal chequing accounts, a high-interest savings account, and a USD progress account to help you sort out your personal banking needs.
With their wide range of MasterCards available to take care of different unique needs, you should find a card that suits you best.
4. Coast Capital Savings
- Transactions include cheques, Coast Capital Savings® and THE EXCHANGE® Network ATM withdrawals,
- Interac Direct Payment, pre-authorized payments, bill payments, transfers (between Coast Capital Savings accounts), and withdrawals.
Coast Capital Savings is a Federal Credit Union that has been providing financial services to Canadians since 1940. Coast Capital Savings has more than 500,000 members and $25.2 billion in assets under its management, making it one of the best banks in Canada.
Its services are wide-ranging, including checking and savings accounts, mortgages, credit cards, loans, and investments.
The following are the features for their chequing account:
- The convenience of depositing funds
- No/low monthly fees
- 4000+ ATMs
- You use the Coast Mobile Banking app
How about the savings account, you ask? Well, here are the features:
- You get two 2 free monthly transactions
- No monthly fee
- 0.10%1 interest rate
- $5 per additional transaction
5. Tangerine
Tangerine is an online-only bank that offers no-fee chequing and savings accounts, credit cards, mortgages, investment options, and more; all with no fees. They have over 3,500 ATMs in Canada and 44,000 across the world.
You can access your Tangerine account 24/7 through its website or mobile app. With over 2 million users, they are definitely a popular option among Canadians.
When it comes to chequing accounts, they offer the following:
- You get free access to 3,500 Scotiabank ATMs in Canada and 44,000 globally
- You pay no monthly account fee
- Unlimited free debits, Interac, e-Transfer transactions, and Tangerine email money transfers
- You get mobile cheque deposits
- You get an interest of up to 0.10% on your balance
There is also the perk of getting your first chequebook order for free.
Their savings accounts offer different options. These include RRSP, high-interest savings, TFSA, US$ savings, RRIF, an account for children, and RRIF.
Check out our Tangerine savings account review for more information
6. Simplii Financial
If you’re looking for an online bank that offers financial products like credit cards, mortgages, loans, and investment options like traditional banks, Simplii is for you. They also offer no-fee chequing accounts and high-interest savings accounts.
With over 3,400 ATMs distributed across Canada and free Interac e-Transfers, they clearly mean business.
Their chequing account offers the following:
- You get unlimited debits, bill payments, and Interac e-transfers
- A $350 cash bonus is waiting for you when you sign up and meet the eligibility requirements
- There are no monthly account fees
- You get free access to more than 3,400 CIBC ATMs
- You don’t need a monthly or minimum balance
- You get interest on your balance of up to 0.10%
As for their savings account, it offers a standard 0.10% interest. They also have no monthly fees.
7. Neo Financial
This is yet another online platform for the future. With cards that give you three tiers of cashback rewards (with $0 in monthly fees at the start), they are sure to grow in popularity in the coming years.
Paying for purchases with your card can lead to an increase in your cashback rewards. They are super convenient and leverage the latest technology.
Their savings account (which is their main service) offers will give you an impressive 1.30% savings rate. A quite juicy offer, if you ask me.
Here are the Neo Savings Account features:
- You get to pay no monthly account fees
- You enjoy a 1.30% interest rate
- Free Interac e-Transfers and bill payments
- No minimum deposit requirement
- There is CDIC insurance coverage
How to Find the Best Bank Account in Canada That Meets Your Need
It’s not just about finding the best banks in Canada. It’s also about finding a bank that suits you. Finding the ideal bank for you is not always a straightforward process. There are different things you need to factor in when making your decision. Below are some things you should consider when making your mind up:
- Pay attention to fees.
- Decide on what you want and keep it in mind when making decisions.
- Consider the account minimums.
- Consider how accessible the services of the banks are.
- Don’t just skip the terms and conditions. Understand what you are agreeing to before making a decision.
Final Thoughts on The Best Banks in Canada
In this article, we have provided you with a list of the best banks in Canada, the alternative banking solutions, and how you can pick the very best that will suit you perfectly.
When it comes to finding a bank that meets your needs, it’s best to compare several banks and not just settle for the first one you find.
Whether you’re currently banking with a small local bank or you already have a high-profile Canadian bank account, there is room for improvement when it comes to banking in Canada. Don’t be afraid to search around and make sure you find the best bank for your needs. The end result will be worth it.
FAQs on The Best Banks in Canada
Which Bank Are the Big 5 in Canada?
The big five biggest banks in Canada are currently Royal Bank of Canada, Toronto-Dominion Bank, Scotiabank, CIBC, and Bank of Montreal. Any of these could generally be thought of as one of the best banks in Canada, but it is arguable.
Which Banks Charge No Monthly Fees?
Online banks often have attractive monthly fee rates for customers. Because they don’t have to deal with the cost of maintaining physical locations, they usually channel those saved costs into giving customers better offers.
EQ Bank is a shining example of an online bank that does not charge monthly fees on its chequing and savings accounts.
What Is the Best Online-Only Bank in Canada?
When it comes to saving money with savings accounts, EQ Bank will help you do that. Simplii also has impressive chequing account rates you can count on.
