There’s much more to Canadian banks than just the Big Five. Not only is there a long list of other brick-and-mortar banks and credit unions, but recent years have seen the rise of digital banks and fintechs that offer a 100% online banking experience. But with so many options to choose from, what is the best bank in Canada?
That’s where we come in. We examined over 1,000 data points to come up with this list of the best Canadian banks by category. Keep reading to discover the best banks in Canada and decide which is right for you.
| Best categories | Bank | What we like | Open an account |
|---|---|---|---|
Best overall bank in Canada |
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Best bank for chequing accounts |
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Best bank for savings accounts |
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Best bank for no-fee accounts |
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Best Big Bank in Canada |
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Best credit union in Canada |
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Best bank for kids |
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Best bank for newcomers |
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Best bank for students in Canada |
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Best bank for US banking |
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| Min. Age | 16 |
|---|---|
| Account Fee | $16.95 |
| Overdraft Fee | $5 |
| ATM Out-of-Network Fee | $2 |
| U.S. ATM Fee | $3 |
| International ATM Fee | $5 |
No matter what you’re looking for in a bank—a chequing or savings account, personal loan, mortgage, credit card or anything else—it’s hard to go past Scotiabank.
For starters, you have the peace of mind of dealing with a member of the Big Five and one of Canada’s oldest banks. That means you get access to over 900 branches and over 3,500 ABMs nationwide as well as a full suite of personal banking products and services.
Scotiabank offers a choice of six chequing accounts based on your transaction needs, with accounts and discounts especially designed for students, young people and seniors. If you meet minimum balance requirements, you can often have the monthly account fee waived.
There are also multiple savings accounts to choose from, including USD and euro options, plus 16 credit cards, fixed and variable-rate mortgages, registered accounts like TFSAs and RRSPs, personal loans, lines of credit, auto loans and a whole lot more.
Add a highly-rated mobile banking app into the mix, not to mention the perks of the Scene+ rewards program, and it’s easy to see why Scotiabank is the best bank for most people.
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $0 |
If you’re looking for a bank that offers the best solution for your day-to-day banking needs, EQ Bank is a clear winner. With the EQ Bank Personal Account, you get unlimited transactions with no monthly fee and no minimum balance requirement.
That means you can pay bills, transfer money and send e-Transfers as needed without having to worry about exceeding a monthly transaction limit.
You also get fee-free withdrawals at any ATM across Canada with the EQ Bank Card. Even better, you earn 0.5% cash back on your purchases, and there are no foreign transaction fees to worry about.
Based on these features alone, the Personal Account is a top choice for fee-free day-to-day banking. But when you add in the fact that it pays 1.5% interest on every dollar in your account—and that you can earn bonus interest of 2.5% for 12 months when you have your pay directly deposited into the account—the EQ Bank Personal Account stands head and shoulders above the competition.
| Min. Age | N/A |
|---|---|
| Account Fee | $0 |
| Transaction Fee | unlimited |
| Interac e-Transfer Fee | unlimited |
| International ATM Fee |
Saving for a vacation, home deposit or just a rainy day? PC Financial’s PC Money Account is the best savings account in Canada. Its headline feature is an interest rate of 3.5%, which is one of the best rates among high interest savings accounts in Canada.
There’s no monthly fee or minimum balance requirement to worry about, and you don’t need to lock away your funds for a fixed period—you can access your money whenever you need it.
Speaking of which, the PC Money Account supports unlimited transactions, so you can shop in-store and online, pay bills and send e-Transfers. You also earn PC Optimum reward points on everyday banking transactions, and the points can be redeemed at over 4,500 stores.
Add in the extra security of CDIC protection, and you’ve got a savings account that ticks off a lot of boxes for a lot of people.
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $0 |
Sick of bank fees chipping away at your hard-earned balance? Kick those fees to the curb by switching to EQ Bank.
The EQ Bank Personal Account has no monthly fees, no ATM withdrawal fees in Canada, no overdraft fees, no NSF fees, no account inactivity fees and no foreign transaction fees with the EQ Bank Card. Transactions like mobile cheque deposits, e-Transfers and bill payments are all free.
EQ’s Notice Savings Account also doesn’t charge any monthly, deposit or withdrawal fees, so check out EQ Bank’s products if you want to ensure that all the money you earn ends up in your pocket.
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Transaction Fee | varies |
| Interac e-Transfer Fee | $0 |
We chose Scotiabank as the best bank in Canada overall, so it’s no surprise to see it feature again here as the best of the Big Five—or Big Six, if you prefer.
Compare Scotiabank side by side with other major banks, and it stacks up well across a range of categories. It has chequing accounts to suit a variety of different daily banking needs with the option of avoiding monthly fees in many cases.
Savings account interest rates are competitive, and the reward-earning potential of Scotiabank’s credit cards—plus features like no annual fees and no foreign transaction fees—makes them popular choices for many Canadians.
Scotiabank also offers enticing package deals for anyone who wants to hold multiple products with the same bank. For example, choose the Preferred Package chequing account, and you can earn up to $500 if you also sign up for eligible investment plans.
Preferred Package account holders also get a higher interest rate on MomentumPLUS Savings Accounts, preferred rates on GICs, a first-year annual fee waiver on certain credit cards and a trade offer on the Scotia iTrade investment platform.
With all the other highlights you’d expect from a major bank, including large branch and ABM networks as well as a user-friendly app, Scotiabank offers a complete suite of banking solutions.
| Min. Age | N/A |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $5 |
If you prefer the personalized service and community focus of a credit union, there are many good reasons why you should bank with Innovation Credit Union.
This member-owned co-operative was formed in 2007 and has 25 advice centres across Saskatchewan. It also offers an extensive range of products and services for its members, headlined by its No-Fee Chequing Account, which supports unlimited transactions without the hassle of a monthly fee.
There’s a No-Fee USD Account available too, plus a savings account with a competitive rate, personal loans, lines of credit, mortgages and a choice of four credit cards.
Innovation Credit Union offers a user-friendly app too, and customers can take advantage of fee-free withdrawals at thousands of ATMs across Canada. With around 2% to 4% of Innovation’s pre-tax profits invested into community causes and organizations, it’s our top pick as the best credit union in Canada.
| Min. Age | 18 |
|---|---|
| Min. Age Teen Account | 13 |
| Account Fee | $17.95 |
| Youth Account Fee | $0 |
| # of Accounts Included | 20 |
| Overdraft Fee | $5 |
| ATM Out-of-Network Fee | $2 |
| U.S. ATM Fee | $5 |
| International ATM Fee | $5 |
If you want to open a bank account for your child, we recommend checking out what BMO has to offer. For children aged 12 and under, BMO provides a Kids Account with no monthly fees.
Children aged 13 to 18 can open a Performance Plan Chequing Account and get unlimited transactions with no monthly fees, or they can upgrade to a Premium Plan with discounted monthly fees.
Kids between 13 and 18 can open an account online, but younger kids will need to visit a branch with a parent or guardian. Your child can also open a Premium Rate Savings Account at no extra cost.
With student bank account offers available once your child leaves school, BMO offers plenty of banking choices for the younger members of your family.
| Min. Age | N/A |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $0 |
Relocating to a new country is a daunting experience, and getting your finances sorted so you can hit the ground running is a key priority for new Canadians. That’s where National Bank and its Newcomer Bank Account come to the fore.
You can open the account up to 90 days before you arrive in Canada and up to five years after you get here. It provides unlimited electronic transactions and e-Transfers, a chequebook and access to over 350 branches and 2,800 ABMs.
There’s no monthly account fee for the first year, and the fee is waived for two more years if you meet certain transaction requirements—that’s a savings of over $570.
You can also qualify for a National Bank of Canada Mastercard credit card even if you have no credit history, and you can send international transfers via online and mobile banking to over 20 countries around the world.
To top it off, National Bank offers a legal support service for newcomers for the first 12 months of having an account, all of which makes it the best bank for new arrivals to Canada.
| Min. Age | 16 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $5 |
| ATM Out-of-Network Fee | $2 |
| U.S. ATM Fee | $3 |
| International ATM Fee | $5 |
| Dormancy Fee | $20 |
Managing your money as a student can sometimes feel like walking a tightrope, but Scotiabank has the tools you need to help with this balancing act. It starts with the Student Banking Advantage Plan, a chequing account with a $100 welcome bonus, unlimited transactions and no monthly fee.
It also provides discounted commissions when you trade stocks and ETFs on Scotia iTrade, and you can get rewarded for purchases with the Scene+ rewards program.
Scotiabank also offers a choice of five student credit cards, including no-fee cards, a balance-transfer card, a low-rate card and rewards cards.
If you add a Scene+ Visa to your Student Banking Advantage Plan along with a MomentumPLUS Savings Account, you’ll earn bonus Scene+ reward points—and that’s why Scotiabank is the best bank for students.
| Min. Age | N/A |
|---|---|
| Account Fee | $4.95 |
If you regularly perform cross-border banking in the US, TD offers a wide range of products and services to help make it easier to manage your USD.
These include the US Daily Interest Chequing Account, which has no monthly fee and pays interest on every dollar you deposit, and the unlimited-transaction Borderless Account designed for frequent travelers to the US.
TD has your credit card spending covered too, with its US Dollar Visa Card that allows you to avoid currency conversion fees. With competitive rates on US dollar term deposits and GICs also available, there’s a lot to like about TD if you regularly spend, receive and hold money in USD.
To determine this best list, Finder Canada analyzed over 100 chequing and savings accounts across 24 financial institutions. Our team compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list to the top 10 best banks by listing accounts that are available Canada-wide.
We ranked accounts based on 17 data points within five major categories. Here’s how we ranked and weighted each product:
No single bank account will be the best choice for everyone, so thoroughly compare your options before picking your new account.
The best banks in Canada can be broken down into five categories: the Big Five, other brick-and mortar banks, credit unions, digital banks and financial technology companies.
The Big Five is made up of Canada’s five largest banks in terms of assets:
The Big Five is sometimes rounded up to the Big Six to include National Bank. Collectively, they serve tens of millions of customers each year.
These major banks all offer a full suite of banking products and services to Canadians. This includes chequing and savings accounts, GICs, credit cards, mortgages, personal loans, lines of credit and investment services.
The Big Five take a traditional approach to banking. They operate nationwide branch networks, so you can visit your nearest branch and talk to a real person if you need help managing your finances. They also have the largest ATM networks across Canada, but you can, of course, also manage your money via online and mobile banking.
There are plenty of other Schedule 1 banks across Canada that may not have the same market share as the Big Five, but that operate physical branch networks. Examples include:
Some of these banks operate their own ATM networks. Others, such as Canadian Western Bank and Alterna Bank, offer fee-free access to The Exchange network of ATMs. They also offer easy access to online and mobile banking, so you can manage your money on the go.
Typically, these banks don’t offer quite as many products as the Big Five, but they still provide quite an extensive range of banking services, including:
Credit unions (and caisses populaires in Quebec) are non-profit financial cooperatives that are owned by their members. Unlike banks, which pass on profits to their shareholders, credit unions put their profits into offering better products for their members and serving their local communities.
As of the second quarter of 2024, the largest Canadian credit unions in terms of assets (excluding Quebec) are:
Credit unions provide the same products as major banks, including chequing and savings accounts, mortgages, personal loans, credit cards and GICs. They operate physical branch networks, and they’re often localized in a specific province or region, so they can provide a more personalized approach to banking.
Credit unions also offer their own ATM networks, and some (including Meridian, Coast Capital and Vancity) are members of The Exchange network and offer access to a wider range of fee-free ATMs.
The last decade or so has seen the rise of digital banks. As the name suggests, these providers are online only and do not operate any physical branches. Popular digital banks include:
Some digital banks are subsidiaries of traditional banks and credit unions and offer access to their parent company’s ATM network. For example, Simplii Financial is run by CIBC, while Tangerine is a subsidiary of Scotiabank.
Others, such as Manulife and Motusbank, are members of The Exchange network or—in the case of EQ Bank and its Personal Account—offer free withdrawals at any ATM across Canada.
If you’re thinking of opening an account with one of these banks, the main thing to be aware of is that you’ll need to be comfortable with digital banking. There’s no option to pop into a branch to access face-to-face customer service, so you’ll need to manage your money online or via a mobile app.
Digital banks also tend to have a smaller range of banking products than traditional banks. They offer chequing accounts, high-interest savings accounts, credit cards, GICs, personal loans and lines of credit.
They’re often a popular choice if you’re searching for a savings account, as digital banks tend to have significantly higher interest rates than traditional banks. Their no-fee chequing accounts also offer a competitive alternative to the monthly account maintenance fees often charged by major banks.
The rise in popularity of digital banks has been followed by the emergence of several alternative financial institutions. Though they’re not actually banks, these fintechs offer competitive bank accounts that you can manage via a mobile app or online.
One popular option is KOHO, which offers a hybrid account that combines the features of a chequing account and a savings account. When you spend with the prepaid Mastercard linked to our KOHO account, you earn 1%–2% cash back on purchases. But at the same time, you’ll earn 3.5%–5% interest on your account balance.
Neo Financial’s Everyday Account works like a no-fee chequing account, with free everyday transactions and no minimum balance required. But you also get cash back on your spending with a prepaid Neo Money card.
Wealthsimple also offers a hybrid account. The Wealthsimple Cash Account offers no monthly fee and lets you take care of all your day-to-day banking, but it also pays between 2.75% and 3.75% interest on your balance.
Rather than offering a full suite of banking options, these alternative institutions provide a limited range of products targeting a specific niche. Some also offer the security of CDIC protection for the money you deposit, but they don’t have their own branch or ATM networks.
Our pick for the best bank in Canada is Scotiabank, with its Preferred Package chequing account and MomentumPLUS Savings Account being stand-out offerings. Compared to other banks in Canada, Scotiabank offers the best combination of features and account offerings along with competitive rates and fees.
Which bank is best in Canada for customer service?Tangerine Bank is the best bank in Canada for overall customer satisfaction, while RBC is the top pick out of the Big Five.
In the J.D. Power 2024 Canada Retail Banking Satisfaction Study, Tangerine came out on top with a score of 684 out of 1,000. It was closely followed by ATB Financial (653), Simplii Financial (649) and National Bank (636). RBC was the highest-ranked of the Big Five with a score of 623, followed by TD (608) and BMO (607).
The study included responses from 14,460 retail banking customers of large and mid-size retail banks, with satisfaction measured across seven categories: trust, people, account offerings, allowing customers to bank how and when they want, saving time and money, digital channels and resolving problems or complaints.
RBC also beat the rest of the Big Five in the J.D. Power 2024 Canada Retail Banking Advice Satisfaction Study, scoring 582 ahead of Scotiabank (568) and BMO (564). The study included responses from 2,822 Canadian retail bank customers about their satisfaction with the retail bank advice/guidance they received. Satisfaction was measured across five key categories: clarity, concern for needs, relevancy, quality and frequency.
There’s a lot to consider when choosing a bank, but the number-one factor is your personal banking needs. So ask yourself, what am I looking for in a bank?
Do you want a no-fee chequing account for day-to-day banking, a high-interest savings account or a credit card that rewards you for your spending? Do you need branch access, or are you happy doing all of your banking online? How often do you need to send e-Transfers, cash cheques and make ATM withdrawals?
Once you know exactly what you need, you can start comparing banks and products. Keep the following factors in mind when choosing the best bank for you.
Most chequing accounts from major banks come with a monthly fee—the more transactions it supports per month, the higher the fee. However, in some cases, the fee can be waived if you meet a minimum balance requirement.
Credit unions offer low-fee accounts, while several digital banks and fintechs offer hybrid spending accounts that support unlimited transactions and don’t charge a monthly fee.
You’ll also need to check the fee details for any specific products you’re interested in, such as:
If you’re taking out a mortgage or personal loan, a lower interest rate is better. But if you’re opening a savings account, you’ll want to find the highest rate available to grow your balance sooner.
Compare rates across savings accounts, mortgages and other loans to find the best deal.
According to the Canadian Bankers Association, 77% of Canadians use digital channels to conduct most of their transactions. So, when you’re looking for the best bank in Canada, a key consideration is how easy it is to use their online and mobile banking platforms.
Check out online tutorials of the bank’s online banking and mobile app to gauge the user-friendliness. Read reviews for mobile banking apps on Google Play and in the App Store, and browse customer reviews on sites like Trustpilot to find out about other users’ experiences.
If you regularly need to access face-to-face customer service or perform in-branch transactions like depositing cash, choose a bank with convenient locations close to you. The Big Five banks have the widest coverage nationwide, but you may also find that a credit union based in your province serves you better for branch access.
If you choose a Big Five Bank, you’ll have fee-free access to a large network of ATMs across Canada. However, several smaller banks and credit unions allow their customers to access thousands of fee-free ATMs in The Exchange network. There are also some digital financial institutions like EQ Bank and Wealthsimple that reimburse you for any ATM fees you incur.
If you’re the type of person who likes to keep all your financial products with one bank, you’ll need to take a holistic view and compare each bank’s full suite of products. While Bank A may offer a chequing account that’s a good fit for you, Bank B may be a better choice for a rewards credit card, a low-rate personal loan or a high-interest savings account.
The best bank to open an account in Canada could also depend on your stage in life. Major banks and credit unions provide special banking packages for students, seniors and newcomers to Canada. These include waived or discounted fees, welcome bonuses, specialized support and discounts on other financial products, so this could sway your decision about where to open an account.
The quality of a bank’s customer support offerings should never be overlooked, especially in the age of digital banking. Research the bank’s customer support hours and how you can get in touch when you need help—phone, email and live chat are common options.
As for whether customers are satisfied with the level of service they receive, independent review sites like Trustpilot provide useful insights.
The best bank to open an account with in Canada is Scotiabank, because it’s our top choice for the best bank in Canada overall. If you plan to open a chequing account specifically, EQ Bank is our top pick. But if you want to open a savings account, PC Financial is your best choice.
The best savings account interest rates in Canada are typically offered by digital banks. With fewer overheads than banks that operate physical branches, digital banks can afford to offer higher interest rates on their savings accounts.
Check out our guide to the best high-interest savings accounts to get a better rate and help your money grow faster.
The biggest bank in Canada is RBC according to both market cap (over $170 billion) and total assets (over $2,171 billion). The second biggest bank is TD by both metrics. After that, BMO takes third for market cap and Scotiabank takes third for total assets.
Learn more about the biggest banks in Canada in our full guide here.
We surveyed Canadians to find out which types of banks and financial institutions they would consider opening an account with among the Big 5 Banks (RBC, TD, BMO, Scotiabank and CIBC), other brick-and-mortar banks (e.g. National Bank, ATB or CWB), digital banks or fintechs (e.g. Tangerine, Simplii Financial, EQ Bank or KOHO) and credit unions (e.g. Coast Capital, Meridian, Vancity or Alterna).
The results of our Finder: Consumer Sentiment Survey January 2025 revealed that the majority of Canadians (75.92%) would consider opening an account with the Big Banks, which is far higher than the next most popular option, digital banks and fintechs, at 48.25%.
That indicates that the Big Banks are by far still the most trusted banking option for most Canadians, in spite of the growing popularity of digital banking alternatives over the past several years.
Yes, banks are federally regulated in Canada by the Bank Act and are supervised by the Office of the Superintendent of Financial Institutions (OSFI).
Regulated banks in Canada can fall under three categories — Schedule I (domestic banks), Schedule II (foreign bank subsidiaries) and Schedule III (foreign bank branches).
Choosing a bank is not a decision to be taken lightly. The best bank in Canada depends on your personal financial situation and banking needs, so compare banks and accounts before deciding where you should manage your money.
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