Never miss an amazing deal ever again. Receive our weekly newsletter with the latest offers and deals directly to your inbox – subscribe now.

What’s the best bank in Canada? There’s really no right answer.

What you want and need from a bank varies by person. Some people just need the basics, while others need a full fledged account that covers every single aspect of banking.

So, here’s our guide to what 10 major Canadian banks have to offer, so you can decide which one is right for you.

Which Canadian bank is best

Here’s the summary of 10 banks in Canada, and what they offer.

Canadian Bank Chequing and Savings Credit Cards Accessibility
BMO * 5 types of chequing
* 4 types of savings
* 18 personal credit cards
* 4 business cards
* Brick and mortar branch
* Online
* ATM
CIBC * 3 types of chequing
* 3 types of savings
* 15 personal credit cards
* 6 business cards
* Brick and mortar branch
* Online
* ATM
Simplii * 1 chequing account
* 1 savings account
1 credit card * Online
* CIBC ATM
EQ Bank * 1 savings account X Online
HSBC * 4 types of chequing
* 1 type of savings
* 3 personal credit cards * Brick and mortar branch
* Online
* ATM
National Bank * 4 types of chequing
* 1 types of savings
* 9 personal credit cards
* 4 business cards
* Brick and mortar branch
* Online
* ATM
RBC * 4 types of chequing
* 3 type of savings
* 16 personal credit cards
* 5 business cards
* Brick and mortar branch
* Online
* ATM
Scotiabank * 4 types of chequing
* 3 type of savings
* 18 personal credit cards
* 4 business cards
* Brick and mortar branch
* Online
* ATM
Tangerine * 1 chequing account
* 1 savings account
* 2 personal credit cards * Online
* Scotiabank ATM
TD * 4 types of chequing
* 3 type of savings
* 11 personal credit cards
* 4 business cards
* Brick and mortar branch
* Online
* ATM

BMO bank accounts

For your everyday banking needs, BMO has a lot to offer.

They’ve leveraged their partnership with AIR MILES to offer not only some of the best AIR MILES credit cards, but also a bank account that lets you earn miles on every purchase you make with a debit card.

BMO chequing accounts

BMO has 5 different bank accounts to choose from, including the aforementioned AIR MILES plan.

Premium Plan Performance Plan AIR MILES Plan Plus Plan Practical Plan
Monthly Fee $30 $15.95 $15.95 $10.95 $4.00
Minimum Balance To Waive The Monthly Fee $6,000 $4,000 None $3,000 None
Number Of Free Transactions Unlimited Unlimited Unlimited 25 12
Number Of Free Interac e-Transfers Unlimited Unlimited Unlimited Unlimited Included as part of the transaction limit
Other Account Features * Up to $150 annual rebate on BMO World Elite Mastercards
* Preferred U.S. foreign exchange rates
* Free cheques, money orders, and bank drafts
* Annual safe deposit discount of $12
* $40 rebate on the annual fee for BMO credit cards * Earn 1 AIR MILE for every $30 spent using your debit card
* Get 25 bonus miles every month when you have a BMO Air Miles World or World Elite Mastercard
None None
Learn More Learn More Learn More Learn More Learn More Learn More

BMO savings accounts

BMO has 3 different savings accounts that they offer. Like most big banks, their interest rates aren’t stellar, but one of them offers a great way to get a great interest rate while encouraging adding to your savings every month.

BMO Savings Builder BMO Smart Saver BMO Premium Rate Savings
Monthly Fee $0 $0 None, but need to be a BMO chequing customer
Interest Rate 0.05% 0.05% 0.01%
Number Of Free Transactions 1 1 Shared with BMO chequing account plan
Other Account Features Get an interest rate to 0.5% when you increase your monthly balance by at least $200 None None
Learn More Learn More Learn More Learn More

Top 3 BMO credit cards

BMO offers 18 personal and 4 small business credit cards.

Here are there top 3 credit cards:

The best one is the .

With this card, you’ll earn 1 AIR MILE for every $10 spent on all purchases.

Plus you’ll get these benefits as well:

  • 15% discount on the number of miles needed for a rewards flight in North America,
  • 14 types of insurance coverage,
  • membership and 2 free passses to Mastercard Airport Experiences lounges, and
  • first year free, saving $120.

For the AIR MILES collector, it’s a great credit card to have.

See more best BMO credit cards here.

Want to learn more about BMO’s World Elite Mastercards? Here’s everything these cards have to offer.

Top 3 BMO Rewards Credit Cards Head-to-Head

CIBC bank accounts

Another one of the big banks, CIBC has a wide variety of financial products available for everyone.

CIBC chequing accounts

There are 3 different chequing accounts available with CIBC, however their Smart Account stands out. The monthly fee you have to pay adjusts based on how much you use the account every month, so you don’t have to pay more than you have to.

CIBC Smart Plus Account CIBC Smart Account CIBC Everyday Chequing Account
Monthly Fee $29.95 $4.95 – $14.95 $3.90
Minimum Balance To Waive The Monthly Fee $6,000 or $100,000 in eligible savings and investments $3,000, plus a recurring direct deposit or 2 pre-authorized monthly payments None
Number Of Free Transactions Unlimited 12 to unlimited 12
Number Of Free Interac e-Transfers Unlimited Up to your number of free transactions None
Other Account Features * Save up to $120 on an annual fee for CIBC credit cards, as well as up to $50 for 3 additional cardholders
* No CIBC fee for ATM withdrawals worldwide
Monthly amount paid varies based on the account usage None
Learn More Learn More Learn More Learn More

CIBC savings accounts

CIBC offers 3 different savings accounts. Like most of the big banks, their interest rates are nothing to write home about.

CIBC Bonus Savings Account CIBC eAdvantage Savings Account CIBC Premium Growth Account
Monthly Fee $0 $0 $0
Interest Rate * 0.02% on balances of $3,000 or more
* 0.01% on balances up to $2,999.00
0.05% 0.01%
Number Of Free Transactions 1 None, $5.00 per transaction None, $1.50 per transaction
Other Account Features None None None
Learn More Learn More Learn More Learn More

Top CIBC credit cards

CIBC offers 16 personal credit cards, as well as 6 business credit cards.

Here are there top 3 credit cards:

You can learn more about what CIBC has to offer for credit cards here.

Simplii bank account

Simplii Financial is the online bank of CIBC. Formerly known as PC Financial, CIBC renamed it when they took ownership of the PC Financial banking division.

They offer both a chequing and savings account.

Simplii chequing accounts

The Simplii No Fee Chequing Account is a breath of fresh air when compared to the big bank accounts.

You’ll pay no monthly fee, and get unlimited transactions, including free unlimited Interac e-Transfers.

Is there a downside to this? There are no branches you can go to for help – everything is done either online or by phone.

Simplii No Fee Chequing Account
Monthly Fee $0
Minimum balance to waive the monthly fee N/A
Number of free transactions Unlimited
Number of free Interac e-Transfers Unlimited
Other account features Earn up to 0.15% on your account balance
Learn More Learn More

Simplii savings

Simplii Financial also offers a basic savings account. While there are other savings accounts with better rates, the interest rate is higher than the big banks.

Simplii High Interest Savings Account
Monthly Fee $0
Interest Rate 0.2%
Number Of Free Transactions Unlimited
Other Account Features None
Learn More Learn More

Best Simplii credit cards

Simplii offers one credit card – the .

You earn cash back on every purchase:

  • 4% back on restaurants, up to $5,000 spent per year,
  • 1.5% back groceries, gas, drugstores, and recurring bills, up to $15,000 spent per year, and
  • 0.5% cash back on all other purchases.

EQ Bank accounts

Another online bank – EQ Bank only offers a savings account. They do not offer any chequing accounts or credit cards.

EQ Bank savings

While it’s only one account, EQ Bank has made it count. It offers one of the best interest rates on a savings account in Canada.

EQ Bank’s Savings Plus Account
Monthly Fee $0
Interest Rate 1.70%*
Number Of Free Transactions Unlimited, including Interac e-Transfers
Other Account Features Access to cheap international money transfers
Learn More Learn More

* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

HSBC bank accounts

While lesser known in Canada, HSBC is a full service bank, offering chequing accounts, savings, and credit cards.

HSBC chequing accounts

HSBC offers 4 different chequing accounts. For the Premier account, there are steep requirements to meet, unless you want to be charged the highest fee out of any of these accounts.

For the Premier and Advance accounts, you can also get access to a special credit card.

HSBC Premier HSBC Advance HSBC Performance Chequing-Unlimited HSBC Performance Chequing-Limited
Monthly Fee None, provided you meet the following criteria:
* $100,000 in deposits and investments with HSBC, a mortgage with an original amount greater than $500,000, or income deposits of at least $6,500 per month
* You have 6 months to meet one of the above criteria, during which you’ll be charged $34.95/month
$25 $14.95 $4.00
Minimum Balance To Waive The Monthly Fee None $5,000, or have a residential mortgage with an original amount of $150,000 None None
Number Of Free Transactions Unlimited Unlimited Unlimited 14
Number Of Free Interac e-Transfers Unlimited Unlimited Unlimited Free as part of the included transactions
Other Account Features * Preferred rates on a variety of HSBC products
* No fees on ATM withdrawals that aren’t on the Exchange Network
* Free cheques and bank drafts
* Access to the HSBC Premier World Elite Mastercard
* 5 free ATM withdrawals per month that aren’t on the Exchange Network
* Access to the HSBC Advance Mastercard
None None
Learn More Learn More Learn More Learn More Learn More

HSBC savings accounts

HSBC does offer a basic savings account. It has similar interest rates to the other big banks.

HSBC High Rate Savings Account
Monthly Fee None
Interest Rate * 0.1% on balances greater than $25,000
* 0.05% on balances up to $24,999.99
Number Of Free Transactions None
Other Account Features None
Learn More Learn More

Top HSBC credit cards

HSBC offers 3 credit cards available to everyone:

The best one is the .

You’ll earn 6 HSBC Rewards points per $1 spent on eligible travel purchases, and 3 points per $1 spent on all other purchases.

You’ll also get:

  • no foreign transaction fees,
  • Membership to Mastercard Airport Experiences (no free passes),
  • up to $100 in annual travel enhancement credits, and
  • 10% off select hotels booked through HSBC’s Agoda and Expedia portals.

It’s a well rounded travel credit card with plenty of great features.

You can see more HSBC credit cards here.

National Bank Of Canada bank accounts

A big bank in Canada, National Bank offers full service chequing accounts, savings accounts, as well an assortment of credit cards.

National Bank chequing accounts

National Bank offers 4 different chequing accounts. Whether you just need a basic account for a few transactions or a plan that offers almost everything you need, National Bank has something to consider.

NBC The Total Chequing Account NBC The Connected Chequing Account NBC The Modest Chequing Account NBC The Minimalist Chequing Account
Monthly Fee $25.95 $14.95 $9.95 $3.95
Minimum Balance To Waive The Monthly Fee $6,000 $4,500 $3,000 None
Number Of Free Transactions Unlimited Unlimited 30 12
Number Of Free Interac e-Transfers Unlimited Unlimited Free as part of the number of free transactions Free as part of the number of free transactions
Other Account Features * Integrated line of credit of up to $5,000 available
* Up to $150 cash back on the annual fee on select National Bank Mastercards on enrollment
* 100 free cheques per year
* Free overdraft protection
None None None
Learn More Learn More Learn More Learn More Learn More

National Bank savings accounts

National Bank also offers a savings account. Like the other big banks, there isn’t much to get excited about.

NBC High Interest Savings Account
Monthly Fee $0
Interest Rate 0.05%
Number Of Free Transactions None
Other Account Features None
Learn More Learn More

Best National Bank credit cards

National bank offers 9 personal and 4 business credit cards. Here are their top 3:

Our favourite of the group is the .

You’ll be earning National Bank Rewards on all of your purchases:

  • 1.5 points per $1 spent on the first $40,000 in annual spend,
  • 2 points per $1 spent on the next $40,000 in spend, and
  • 1.5 points per $1 spent after that.

It also has some other great perks:

  • up to $250 in annual travel fee reimbursements,
  • 10 types of insurance coverage,
  • triple extended warranty, and
  • 60 days of emergency medical coverage, including 15 days of coverage for those aged 65 to 74.

For rewards and great insurance, National Bank has a great card to consider.

Learn more about what National Bank has to offer here.

RBC bank accounts

One of the biggest banks in Canada, RBC Royal Bank is a full service bank, with many different plans to suit what you need.

RBC chequing accounts

RBC has 4 different chequing accounts to choose from. There are a couple of big pros to them.

When you get gas at Petro Canada, you can save 3 cents per litre on fuel and get 20% bonus Petro Points when you pay with an RBC debit card. Each of these plans also has the ability to pay a reduced monthly fee with RBC Multi Product Rebate. Simply have a chequing account, credit card, investment, and mortgage with RBC and you’ll get a discount on your monthly fee.

The big downside to RBC? There’s no way to waive the monthly fee on most of their plans.

RBC VIP Banking RBC Signature No Limit Banking RBC No Limit Banking RBC Day to Day Banking
Monthly Fee $30.00 $15.95 $10.95 $4.00
Minimum Balance To Waive The Monthly Fee None None None None
Number Of Free Transactions Unlimited Unlimited Unlimited 12
Number Of Free Interac e-Transfers Unlimited Unlimited Unlimited Unlimited
Other Account Features * Up to $120 annual fee rebate on select RBC credit cards
* No RBC fee for ATM withdrawals worldwide
* Can reduce monthly fee to $19.95 with RBC Multi Product Rebate
* Annual discount of $60 on a safe deposit box
* Free cheques, 12 bank drafts per year
* Up to $39 annual fee rebate on select RBC credit cards
* Can reduce monthly fee to $9.95 with RBC Multi Product Rebate
* Annual discount of $12 on a safe deposit box
* Can reduce monthly fee to $5.95 with RBC Multi Product Rebate * Can reduce monthly fee to $0 with RBC Multi Product Rebate
Learn More Learn More Learn More Learn More Learn More

RBC savings accounts

RBC also offers 3 savings accounts. The interest rates aren’t overly great, but if you do bank with RBC, the NOMI Find & Save account can be useful. It can automatically transfer money between your chequing and savings accounts should you have any excess cash or your chequing account is a little short.

RBC High Interest eSavings RBC NOMI Find & Save RBC Day to Day Savings
Monthly Fee $0 $0 $0
Interest Rate 0.05% 0.05% * 0.01% for balances over $1,000
* 0.005% for balances up to $999.99
Number Of Free Transactions 1 None 1
Other Account Features None * Account automatically transfers extra funds to your savings accounts from an RBC chequing account
* If your RBC chequing account is overdrawn, money will automatically transfer to your chequing account
None
Learn More Learn More Learn More Learn More

Best RBC credit cards

RBC offers 16 personal and 5 business credit cards.

Here are there top 3:

Learn more about RBC credit cards.

Scotiabank bank accounts

Scotiabank has a wide variety of chequing, savings, and credit card accounts to choose from. Here’s what Scotiabank has to offer.

Scotiabank chequing accounts

Scotiabank offers 4 different chequing accounts. There are 2 great features with all of them.

First, you can earn rewards on debit purchases. You can choose between earning Scotia Rewards or Cineplex SCENE points. You’ll earn 1 point for every $5 spent regardless of your choice.

You also get free credit monitoring when you have one of Scotia’s chequing accounts as well.

Scotiabank Ultimate Package Scotiabank Preferred Package Scotiabank Basic Plus Bank Account Scotiabank Basic Bank Account
Monthly Fee $30.95 $15.95 $10.95 $3.95
Minimum Balance To Waive The Monthly Fee $5,000, or $30,000 across Ultimate Package and Momentum Savings accounts $4,000 $3,000 None
Number Of Free Transactions Unlimited Unlimited 25 12
Number Of Free Interac e-Transfers Unlimited Unlimited 10 2
Other Account Features * Up to $139 annual fee rebate on select Scotiabank credit cards
* Earn either Scotia Rewards or SCENE points on debit purchases
* $55 annual fee waiver on a small safety deposit box
* Additional 0.1% interest with a Momentum Savings Account
* No charge on non-Scotia ATM withdrawals
* Free cheques and bank drafts
* First year fee waiver of up to $139 on select Scotia credit cards.
* Earn either Scotia Rewards or SCENE points on debit purchases
* Earn either Scotia Rewards or SCENE points on debit purchases * Earn either Scotia Rewards or SCENE points on debit purchases
Learn More Learn More Learn More Learn More Learn More

Scotiabank savings accounts

Scotiabank offers 3 different savings accounts.

The MomentumPLUS account stands out. As long as you don’t take any money out of the account, you’ll see an increased interest rate – up to 1.15% when you don’t remove money for a whole year.

Scotiabank MomentumPLUS Savings Account Scotiabank Savings Accelerator Account Scotiabank Money Master Savings Account
Monthly Fee $0 $0 $0
Interest Rate 0.05% * 0.2% on balances of $250,000 or more
* 0.1% on balances between $5,000 and $249,999
* 0.05% on balances less than $4,999
* 0.05%
Number Of Free Transactions None, $5 each None, $5 each None, $5 each
Other Account Features Can increase the interest rate up to 1.25% when you don’t remove funds for a set period None None
Learn More Learn More Learn More Learn More

Best Scotiabank credit cards

Scotiabank offers 18 personal and 2 business credit cards. One great thing about Scotiabank – they’re currently the only big bank to offer credit cards that have no foreign transactions fees.

Here are their top 3 credit cards:

See more of what Scotiabank credit cards have to offer here.

Want to know everything about Scotia Rewards? Here’s our full guide to get the most out of your points.

How To Maximize The Scotia Rewards Points Program

Tangerine bank account

Scotiabank’s online bank, Tangerine, offers a basic chequing and savings account, as well as 2 different credit cards.

Tangerine chequing accounts

Tangerine’s No-Fee Daily Chequing Account stands out from the big banks by not only having no monthly fees, but also no minimum balance.

You get unlimited transactions, free Interac e-Transfers, and the ability to withdraw cash for free at any Scotiabank ATM.

Tangerine No-Fee Daily Chequing Account
Monthly Fee $0
Minimum balance to waive the monthly fee N/A
Number of free transactions Unlimited
Number of free Interac e-Transfers Unlimited
Other account features Interest rate of up to 0.15% on the account balance
Learn More Learn More

Tangerine savings

Tangerine also offers a basic savings account. It has a high introductory interest rate of 2.5% on deposits for the first 5 months.

Afterwards however, it goes down to 0.15%. While still better than the big banks, there are other online banks with better rates.

Tangerine High Interest Savings Account
Monthly Fee $0
Interest Rate * 2.5% interest for the first 5 months
* 0.15% afterwards
Number Of Free Transactions None
Other Account Features Automated savings programs
Learn More Learn More

Best Tangerine credit cards

Tangerine offers 2 credit cards. In terms of fees and rewards, they’re both the same, but the differences lie in the perks and insurance coverage.

Learn more about these Tangerine credit cards here.

TD bank accounts

The last big bank in our list, TD has a wide variety of chequing, savings, and credit cards to choose from.

If you’re an Aeroplan fan, TD is the primary issuer of Aeroplan credit cards, but they also offer their own flexible rewards and cash back credit cards.

TD chequing accounts

Here’s what TD has to offer for chequing accounts. Whether you just need a basic account, or want the best you can get, TD has something for you.

TD All-Inclusive Banking Plan TD Unlimited Chequing Account TD Every Day Chequing Account TD Minimum Chequing Account
Monthly Fee $29.95 $16.95 $10.95 $3.95
Minimum Balance To Waive The Monthly Fee $5,000 $4,000 $3,000 None
Number Of Free Transactions Unlimited Unlimited 25 12
Number Of Free Interac e-Transfers Unlimited Unlimited Unlimited None, up to $1.00 each
Other Account Features * Annual fee rebate on select TD credit cards
* Free small safe deposit box
* No TD fees at foreign ATMs worldwide
* Free cheques, certified cheques, and bank drafts
* First year fee rebate on select TD credit cards None None
Learn More Learn More Learn More Learn More Learn More

TD savings accounts

TD also offers 3 savings accounts, but there’s nothing special here. In fact, 2 of them don’t even offer any interest if your balance is under a certain threshold.

TD ePremium Savings Account TD Every Day Savings Account TD High Interest Savings Account
Monthly Fee $0 $0 $0
Interest Rate * 0.1% on balances greater than $10,000
* 0% on balances up to $9,999.99
0.01% * 0.05% on balances greater than $5,000
* 0% on balances up to $4,999.99
Number Of Free Transactions None, $5 each 1 Free transactions when account balance is greater than $25,000, otherwise none
Other Account Features Automatic deposits when you use your TD access card None Automatic deposits when you use your TD access card
Learn More Learn More Learn More Learn More

Best TD credit cards

TD has a lineup of credit cards that include Aeroplan, cash back, and flexible rewards.

Here are their best 3 cards:

See more about what TD credit cards have to offer here.

FAQ

Which Canadian bank is best?

There’s no right answer to which Canadian bank is best – it all depends on what you need in a bank. You can compare the top 10 banks in Canada here.

Do all big 5 banks offer credit card fee waivers with their accounts?

Yes, all of the big 5 banks offer credit card fee waivers with their credit cards on at least one of their plans.

Which banks offer accounts that can waive the monthly fee by maintaining a minimum balance?

All of the banks that charge monthly fees can have the monthly fee waived on most of their accounts by maintaining a minimum daily balance. The only exception is RBC, which doesn’t offer this.

Are there any plans offered by the big 5 banks that have no monthly fee?

No, none of the big 5 banks offer a chequing account that has no monthly fee.

Are there bank accounts that offer rewards on debit card purchases?

Scotiabank chequing accounts offer either Scotia Rewards or SCENE points on debit card purchases. For either program, you’ll earn 1 point for every $5 spent. BMO also offers an AIR MILES bank plan, where you can earn 1 AIR MILE for every $30 spent on debit card purchases.