Banking Finder

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About our promoted products

Our ‘promoted’ products are presented as a result of a commercial advertising arrangement or to highlight a particular feature. Promoted products are not a recommendation, an indication a product is the best in its category, nor represent all products in the market. It is important to compare your options and find the right product for you.

Chequing account guides

Chequing Accounts

Reap benefits from signup bonuses and low or no transaction fees.

New Bank Account Offers

Find the best chequing account signup bonuses on the market.

Open Bank Account Online

Learn how to open a bank account online in 5 simple steps.

Savings account guides

Savings Accounts

Compare the best savings accounts on the market in Canada.

High Interest Rate Accounts

Earn the highest interest rates and make your money work for you.

Compare Bank Interest Rates

Understanding bank interest rates will impact what the best options are for your money.

Business banking guides

Business Bank Accounts

Discover the benefits of business bank accounts.

Compare the best business bank accounts.

Teach your kids or grandkids the benefits of saving early.

Business Credit Cards

Browse business credit cards available in Canada.

Kids banking guides

Kids Bank Accounts

Fast-track your child’s financial literacy by teaching them about money.

Best Kids Bank Accounts

Teach your kids or grandkids the benefits of saving early.

Debit Cards for Kids

Kids debit cards are great ways to help teach your children about how to save and spend wisely.

Frequently asked questions

• What is the best free bank account in Canada?

  Our pick for the best free bank account in Canada is the Simplii Financial No Fee Chequing Account. We chose it because of standout features like unlimited debit purchases, bill payments and withdrawals, along with the ability to earn interest on your balance and free access to 3,400 CIBC ATMs across the country.

  However, as an online bank, Simplii has no brick-and-mortar locations to visit should you need help. More unusual services, such as bank drafts, can take more time or cost more money. For that reason, you should always review banking offers and terms and conditions when researching which is the best no-fee chequing accounts in Canada for your needs.

• What banks allow you to open a chequing account online in Canada?

  Mostly all banks allow you to open a chequing account online in Canada; however, some banks may require you to set up an in-person appointment after starting the process online. If you’re looking for a bank whose account opening process is 100% online, consider a digital bank, such as Simplii, Neo Financial or Tangerine. Keep in mind that whether you open an account online or in-person, you will need to provide documentation and photo identification.

• What is the best type of savings account?

  The best type of savings account varies depending on your needs. For example, if you want to grow your money as quickly as possible, a high-interest savings account is the answer. But if you want to be able to rely on face-to-face customer service at a branch when needed, you’ll want to consider traditional savings accounts from banks and credit unions.

• What are the seven types of savings accounts?

  The seven types of savings accounts in Canada are traditional savings accounts, high-interest savings accounts, online savings accounts, joint savings accounts, registered savings accounts, fixed-rate savings accounts and kids’ savings accounts.

• Do I need a Canadian address to open a bank account online?

  Major banks in Canada typically require proof of address to open a bank account. However, some digital banks like EQ Bank and Simplii Financial might let you open an account without proof of residency if you have valid government-issued ID like a driver’s licence, passport or Canadian permanent residency card.

• How do I find the best bank account for my kid?

  To find the best kids’ bank account in Canada, you must consider the features you want. In most cases, the best kids’ bank account will offer ease of use, no or low fees, and additional perks (to help incentivize your kids to start the money management process).

  A great way to find your child’s bank account is to compare all the features and determine what would work best for your family. To start, you can use our guide on kids’ banking to learn more about how these accounts work and compare some of the best.

• Why should I open a business bank account for my small business?

  If you’re wondering whether you need a small business bank account, there are lots of reasons why opening a business bank account makes sense. While it may be possible to manage your small business finances from a personal bank account, it’s a good idea to search for the best small business bank account in Canada. Business bank accounts often support more monthly transactions than personal accounts, and opening a business account allows you to keep your business transactions separate from your personal spending.