Best Banks in Canada in 2023

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Last updated on May 8, 2023 Comments: 39

What is the best Canadian bank? Well, it depends on what you’re looking for.

The good news is that there’s no shortage of options. Between Canada’s vast array of traditional institutions and an ever-growing selection of digital banks, you have the ability to pick the banks or credit unions that have the most to offer you.

We’ve combed through all of the options from Canada’s biggest brick-and-mortar institutions to some smaller online banks to determine which banks shine in the most important categories. This will help you decide if you’re going to keep all of your accounts together with one bank, pick and choose products and services from different institutions, or some combination of both.

Here are seven of the best banks in Canada in 2023.

Best Banks in Canada

  • Best for Chequing: Scotiabank
  • Best for Saving: EQ Bank
  • Best for Investing: BMO
  • Best for Mortgages: RBC
  • Best for Loans: TD Bank
  • Best for Small businesses: CIBC
  • Best for Online Banking: Tangerine

Best for Chequing: Scotiabank

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  • Welcome bonuses
  • Account perks such as unlimited free International Money Transfers1, unlimited debit transactions2, etc.


  • Monthly fees on most accounts
  • Higher balance requirements to waive fees (but not required to keep account)


If your top concern right now is just finding a place to park your cash, you’re going to want to focus on Canadian banks with the best chequing accounts. Scotiabank is also an excellent option for anyone searching for one bank they can trust with many of their financial needs.

Also called the Bank of Nova Scotia, Scotiabank sets itself by doing more than other banks. It’s available in more countries, has more products, and tends to give its customers more features and benefits than a lot of other Canadian banks. But most importantly for Canadian consumers, this Big Five bank (the third-largest in the country) has a lot of chequing accounts.

Scotiabank is unique for its multi-product packages. Chequing account options are:

  • Ultimate Package$350* welcome bonus plus earn up to 5.00% on your MomentumPLUS Savings Account for 5 months3 with unlimited debit transactions2 and ultimate rates for select GICs, free equity trades at Scotia iTRADE, and more; monthly fee of $30.95 waived for chequing account balances with a daily closing balance over $5,000 or a combined $30,000 in your Ultimate Package and MomentumPLUS Savings account
  • Preferred Package$350* welcome bonus and up to 4.95% interest on your MomentumPLUS Savings Account for 5 months3 with unlimited debit transactions2, and select perks for interest accounts and a first year annual fee waiver (up to $150) on select credit cards2; monthly fee of $16.95 waived for chequing account balances with a daily closing balance over $4,000
  • Basic Plus Bank Account25 free debit transactions4 per month; monthly fee of $11.95 waived for chequing account balances with a daily closing balance of $3,000 in your account
  • Student Banking Advantage® PlanOpen a student account today and get up to $1005, Unlimited debit card transactions6 ability to earn Scene+TM rewards program points; no monthly fee if enrolled full-time as a student in a post-secondary institution in Canada or the U.S
  • Getting There Savings Program for Youth Unlimited debit card transactions and Scene+ rewards program points; no monthly fee if 18 years old or younger
  • Basic Bank Account12 free debit transactions7 per month; monthly fee of $3.95 with no option to waive

All of these packages are different. Basic accounts are chequing accounts not rolled into packages, and they have limits on the number of free transactions you can make per month without paying a fee. The packages offer perks like better savings account interest rates3, unlimited transactions2, fee waivers for credit cards2, preferred rates on mortgages, and even investing benefits like a number of free trades through Scotia iTRADE. The Preferred Package is a step below the Ultimate Package.

If all-in-one banking appeals to you and you don’t mind the occasional fee, consider not just opening a chequing account with Scotiabank but going for a package.

Open an account with Scotiabank.

* For Ultimate Package: To qualify, certain conditions must be met. Offer ends April 30th, 2023. Visit here for full terms.

* For Preferred Package: To qualify, certain conditions must be met. Offer ends April 30th, 2023. Visit here for full terms.

1 Foreign currency exchange rate also applies. Subject to daily limits and additional Terms and Conditions found in the Scotiabank International Money Transfer Agreement.

2 For Ultimate Package: Conditions apply. Visit here to learn more. 

2 For Preferred Package: Conditions apply. Visit here to learn more.

3 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit to learn more

4  For Basic Plus Bank Account: Conditions apply. Visit here to learn more.

5 Conditions apply. Offer ends June 10th, 2023. Visit here for full terms.

6 For Student Banking Advantage® Plan: Conditions apply. Visit here to learn more.

7 For Basic Bank Account: Conditions apply. Visit here to learn more.

Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license. TM Trademark of Scene IP LP.

® Registered trademarks of The Bank of Nova Scotia

Best for Saving: EQ Bank

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  • No monthly fees
  • No minimum balance requirements to earn interest or avoid fees
  • Free Interac e-Transfers® and Electronic Fund Transfers


  • No in-person branch locations
  • Fewer products to choose from


Savings accounts are an important part of any long-term financial goal you might have. You pretty much need a savings account to get from point A to point B whether you’re working on putting your kids through college, buying a house, or retiring (or all of the above). But compared to a standard savings account that earns next to nothing in interest, a high-interest savings account is the way to go. EQ Bank is a good choice for earning while you save.

EQ Bank is an online bank with better rates and features than many traditional banks. If you’re looking for a high-interest savings account, the EQ Bank Savings Plus Account is a fee-free option with no minimum balance requirements. As one of EQ Bank’s hybrid bank accounts called everyday banking accounts, it combines the usability of a chequing account with the earning potential of a savings account. You can use it to make bill payments, deposit cheques, and make free transfers to other accounts while earning 2.50%* interest on your balance. EQ Bank also has competitive rates on its TFSA savings accounts and RSP savings accounts.

EQ Bank has been named the best bank in Canada on the Forbes 2023 list of the World’s Best Banks, making it a three time in a row consistent winner. EQ Bank is the direct banking sector of Equitable Bank. But while Equitable Bank does have branch locations across Canada, EQ Bank is online only. As a subsidiary of Equitable Bank, EQ Bank is a member of the Canada Deposit Insurance Corporation (CDIC) by extension with deposits aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor.‡‡

We recommend EQ Bank for flexible high-interest savings accounts to anyone comfortable with digital banking.

Read our full review or open an account with EQ Bank.

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

‡‡ Equitable Bank is a member of CDIC, which means your deposits with Equitable Bank and EQ Bank are eligible for deposit insurance from the CDIC.

Best for Investing: BMO

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  • Discounts for students, seniors, foreign workers, and more


  • Lower interest rates on deposit accounts including chequing accounts and savings accounts
  • Monthly fees


There are a number of Canadian banks with great investment products from long-term savings accounts to trading platforms. But for its wide range of investment solutions that run the gamut from self-directed accounts to in-person professional advising, we choose BMO (the Bank of Montreal) as the best Canadian bank for investing.

You’ll be able to choose from the following individual investment accounts: 

  • Registered accounts such as TFSAs and RRSPs
  • Non-registered accounts such as individual or margin accounts
  • Locked-in accounts for retirement savings such as LIRAs and LRSPs
  • Non-personal accounts such as corporate accounts and trusts

You can invest in an impressive number of GICs, stocks, ETFs, mutual funds, and bonds with BMO. If you’re investing on your own online with BMO InvestorLine Self-Directed, you’ll pay low trade fees and have full access to tools and resources to inform your investing. Another option is to trade online with the help of a professional with BMO InvestorLine adviceDirect, which opens you up to personalized advice and trade recommendations but does come with an annual fee charged as a percentage of your portfolio. Or if you’re looking for something hands-off then check out BMO SmartFolio. You can pay a BMO investment professional to create and manage a portfolio of ETFs for you for an advisory fee between 0.4% and 0.7%.

Even if you’re not quite sure what kind of investing you want to do right now, BMO is a good place to start. And as an added bonus, most product pages ask questions about your personal goals that can help point you in the right direction.

Chequing and savings accounts with this bank won’t offer the best interest rates, so this might not be your top choice for all of your banking, but BMO would be worth signing up for just to invest.

Open an account with BMO.

Best for Mortgages: RBC


  • Very large network of branch locations and ATMs
  • Wide variety of banking products and services


  • Monthly fees on some accounts
  • Lower interest rates on deposit products including chequing accounts and savings accounts


The Royal Bank of Canada or RBC is the largest bank in Canada by market capitalization, and it probably comes as no surprise that a lot of consumers choose this bank when they need to take out a loan to buy a house. Not only is this bank trustworthy and reputable as any bank you’re thinking about borrowing from should be, but RBC does right by its customers with fair interest rates on all terms (not the lowest but also not the highest) and an easy application process.

RBC offers four different types of mortgage products. These are:

  • Fixed Rate Mortgages
  • Variable Rate Mortgages
  • RBC Homeline Plan
  • Cashback Mortgages

Both fixed-rate and variable-rate mortgages are standard offerings, but the RBC Homeline Plan and Cashback Mortgage are different. The Homeline Plan lets you combine your mortgage with a Royal Credit Line so you can access credit using the equity you build in your home, borrowing more as you pay off your mortgage. This is ideal for new homeowners who plan to make costly changes to their homes. The Cash Back Mortgage can help you cover some of the expenses that come with purchasing a home with a lump sum payout from RBC at the time of closing. You can get up to 7% of your mortgage in cash and the only catch (other than higher rates) is that you must pay off your mortgage with RBC.

There are other unique advantages to choosing RBC for mortgages as well such as the option to purchase homes in the U.S. with advice and guides from experts and the ability to potentially transfer your mortgage over from another financial institution to RBC at no added cost. Newcomers to Canada will also appreciate the fact that this bank does not require you to have a credit history in Canada to get approved for a mortgage.

Whether you’re looking to buy a new home, purchase an investment property, or refinance your current mortgage, you might want to look more into RBC.

Open an account with RBC.

Best for Loans: TD Bank

ProsTD Bank

  • No monthly fees on most accounts
  • No minimum balance requirements to earn interest or avoid fees on many accounts


  • Most loans require at least good credit


We’ve finally gotten to TD Bank, short for Toronto-Dominion Bank, the biggest bank in Canada by assets. This is the best bank for loans of many different kinds because it offers faster funding than many other Canadian banks with a good range of terms and limits to choose from.

Whether you need to borrow money to buy a house or car, for debt consolidation, to pay for a large purchase or project, or for something else entirely, you should be able to find a loan or line of credit to meet your needs with TD Bank. Interest rates with this bank are typically on the low end of average for most borrowers, but a better credit score will give you the best shot at TD’s best terms and rates.

TD Bank is known for its RSP loans, which can help you save for retirement while lowering your tax obligation, including an On-the-Spot RSP Loan that you can use for this year’s contributions and a CarryForward RSP Loan that you can use for past years’ contributions. Other notable loan products with this bank/lender include auto loans and personal loans thanks to repayment flexibility and transparency. TD Bank does not charge origination or prepayment penalty fees for its loans or lines of credit.

TD also has an extensive selection of credit cards for shorter-term borrowing with perks like cash back and travel discounts. If you want to borrow money for any period of time and you’re looking for a bank with plenty of options, you might want to look into TD Bank.

Open an account with TD Bank.

Best for Small Businesses: CIBC


  • Good interest rates on deposit accounts
  • Discounts on account bundles for different needs and professions (e.g. starting a business, Black-owned businesses, banking for franchises, etc.)


  • Monthly fees on most accounts


The Canadian Imperial Bank of Commerce or CIBC is one of the best banks in Canada for small business owners, no matter what industry you’re in. CIBC is a “Big Five” bank, meaning it is one of the five largest by assets and market capitalization. This translates to a wider reach and more options to choose from for your banking needs.

While there are a variety of products and services available with this bank, we find its business accounts to be especially impressive. CIBC’s suite of business banking products is comprehensive to say the least, ranging from credit cards and everyday chequing accounts to investment accounts and other growth accounts for yourself and your employees. Whether you’re just starting your business and need support in the form of advising, cash management tools, and financing or you run an established company and you’re looking for ongoing services like marketing and merchant services, you should find what you need with this bank.

While CIBC does charge a monthly fee on many of its accounts, many of them can be waived with qualifying activities or balances. Usually, the most premium business bank accounts have the highest fees but include money-saving perks like unlimited transactions and higher cheque deposit limits.

Open an account with CIBC.

Best for Online Banking: Tangerine

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  • No monthly fees on most accounts
  • No minimum balance requirements to earn interest or avoid fees on many accounts


  • Lower interest rates on deposit accounts including chequing accounts and savings accounts
  • No in-person branches (some “cafes” in select major cities in Canada)

Originally founded in 1997 as ING Direct and now a subsidiary of Scotia, Tangerine was one of the first direct banks in Canada and remains one of the most popular.

Tangerine combines the low fees of a branchless bank with some of the advantages of a traditional bank. For example, although there are technically no branches, Tangerine’s “cafes” in major cities allow for face-to-face support. And for a digital bank, Tangerine’s range of services is quite broad, offering chequing, savings, credit cards, GICs, mortgages, lines of credit (including HELOCs), TFSAs, and more. 

Its standout bank account is the No-Fee Daily Chequing Account, which comes with unlimited debits, bill payments, and Interac e-Transfers® – all without monthly fees. It earns some interest (rare for chequing accounts), currently maxing out at 0.10%. Its Tangerine Money-Back Card also deserves a shout-out as it allows you to choose your top earning categories. This is one of Canada’s best rewards cards for anyone who wants to earn on their own terms.

Unlike Scotia, Tangerine has fewer options for bundling products, and its savings interest rates aren’t as strong as other direct banking competitors like EQ Bank. To get the most benefits possible with the least amount of headache, consider banking across multiple institutions and adding Tangerine Bank to the mix for its convenient products. This bank is ideal for anyone comfortable with managing their money digitally but might not be best for full-service banking.

Open an account with Tangerine.

How To Choose a Bank

There are a lot of factors to consider when choosing a bank to make sure that your bank accounts and products are compatible with your lifestyle — and won’t end up being a burden. Since transferring funds and closing out accounts can be such a headache, you want to make sure you’re making this decision carefully to avoid a messy breakup down the road.

To help make your life easier, we’ve put together a few of the top things to look for when picking a bank to separate the good from the bad.

Features and Benefits

Features and benefits can look like a lot of different things. It can look like a great mobile app that never crashes or loyalty bonuses and relationship interest rates.

But not all benefits hold the same weight from one person to the next. Some benefits that wouldn’t be important to you right now, like ATM rebates or waived fees for trading, would be really important to someone else.

If you’re thinking about opening any type of financial account, make sure to look into what the bank will offer you beyond the basics like safety and security. Feel free to be hard to impress here, since banks need you, not the other way around.


Monthly fees can vary greatly from one account to the next, but it’s a good idea to try to get a feel for what kind of fees a bank might charge you before you commit to a relationship. The only thing worse than fees you know about are fees that sneak up on you, especially when it comes to banking.

So what banking fees should you be on the lookout for? You’ve got your per-incident everyday banking fees for things like overdrafts, wire transfers, and excessive withdrawals and then you’ve also got monthly maintenance fees that you have to pay just for having an account and inconvenient penalty fees you could get charged if your balance drops below a certain threshold.

In general, a bank or credit union either charges fees on most of its products or it doesn’t. And often when a bank has a monthly fee for an account, you can waive it if you keep enough money in there. If you’re looking to avoid fees and you don’t have a lot of cash to deposit (a requirement for most big banks to waive maintenance fees), go with an online bank.   

Interest Rates

If your top priority is earning the most interest possible on your chequing and savings accounts, compare rates side-by-side for any and all banks you’re interested in. You’ll quickly notice a difference between online banks and traditional banks.

This is because often, the best online banks blow traditional banks out of the water when it comes to interest earning and are also less likely to charge account fees, which can quickly cancel out any dividends you make.

But virtual banks can come with drawbacks. For example, they tend to have fewer account types to choose from compared to larger brick-and-mortar banks and may not offer as many ATM locations for easy cash access. Keep this in mind if you’re focused on interest. It’s fairly common to see people opening separate accounts for the sake of earning interest rather than just choosing their regular bank.

Read more: Best High-Interest Savings Accounts in Canada in 2023

Range of Products

Even if you’re only looking for one type of bank account right now, you never know when you’re going to want to open another one. And for a lot of people, sticking with a bank you know is easier than seeking out a different institution altogether and learning how to use a new platform.

Virtual/direct banks frequently have lower fees and better interest rates than their larger, brick-and-mortar counterparts, but they also have smaller product suites. Likewise, credit unions may have more limited selections of services, especially for things like investment accounts.

But sticking with one bank isn’t the right choice for everybody. If you don’t mind having a savings account with one bank, a credit card with a different bank, and a chequing account with another, you can mix and match to get the absolute best deal possible for each type of banking product you need. But if you prefer to keep all your financial ducks in the same pond, you might opt for a larger traditional bank within, say, the Big Five, which will offer the full spectrum of banking services.

Customer Service

Another important factor to consider when choosing a bank in Canada is customer service. This means not only how easy it is to get support but also what options you have for contacting representatives. For example, many banks these days offer customer support through online banking in the form of live chat. This can be a handy feature but may not be your preferred method of communication.

Customer service can also vary a lot depending on whether you’re looking at a local vs. national bank or digital vs. traditional bank. For instance, many online banks offer 24/7 phone support but brick-and-mortar banks give you the option to walk into a branch if you want to talk to someone face-to-face. There is no wrong answer.

Account Management Preferences

Once your account is actually set up, what will you need to do to access it? How easy is it to make bill payments, transfer funds, or get help with issues? Consider your preferences for account management.

Start with this question: How often do you currently handle your banking needs in a branch vs. online? If you strongly prefer face-to-face interaction with a banker, switching to a branchless bank might not be worth the savings you’ll get in reduced/eliminated fees and better interest rates. On the other hand, if you can’t remember the last time you were inside a physical bank branch, you would probably benefit from looking into online banks.

And whether you’re interested in an online bank or the biggest bank in Canada, check out the mobile apps for these institutions as this can be an instant dealbreaker. What are users saying about the app’s usability? How does it look compared to your other banking apps? These are all good questions.

Best Banks for Different Types of Canadians

If you’re still not seeing a bank that feels like a good fit for you, you might want to start your search with banks that specialize in meeting the needs of people in situations similar to your own rather than looking only at products.

These are the top banks in Canada offering support for people of different backgrounds and lifestyles, starting with those who split their time between Canada and the U.S.

Best for Frequent Visitors to the U.S.: TD Bank

TD BankTD Bank is one of few Canadian banks that also operates in the U.S. So if you sometimes work in the United States but are based in Canada or vice versa, you can still access your bank accounts when travelling back and forth without any hiccups or surprises. 

TD allows for cross-border banking with many of its chequing accounts and credit cards and also has a few financial accounts that let you keep money in U.S. rather than Canadian dollars. For example, the U.S. Daily Interest Chequing Account earns interest on your USD balance and lets you exchange between Canadian and U.S. money at low exchange rates.

For easily moving your money across North America and not having to worry about opening separate chequing accounts in two different countries, consider joining TD.

Best for Newcomers to Canada: National Bank of Canada

National Bank of CanadaThe National Bank of Canada offers a variety of solutions for Canadian transplants and others new to the country. For one thing, you can bank for up to three years without paying any monthly fees. This bank provides services in seven different languages including French, English, Arabic, Chinese, Spanish, Persian, and Punjabi and gives you access to immigration experts who can help answer your questions about residence and citizenship.

The National Bank of Canada will even support you in moving to Canada and understanding the immigration process if you haven’t yet relocated. You can open your accounts with the National Bank up to 90 days in advance of moving and make international funds transfers so your money is ready for you when you get there. This bank is friendlier than most to those moving to Canada and a great option for starting off right, and saving money, in a new country.

Best for Indigenous Peoples: First Nations Bank of Canada

Indigenous populations face unique challenges when it comes to personal finance and may prefer alternative banking solutions to traditional ones. For indigenous peoples, the First Nations Bank of Canada is a great option. This bank is over 80% Indigenous-owned and prioritizes the personal and financial health of Indigenous peoples. This means putting a focus on making banking more accessible as well as promoting businesses and initiatives that move Indigenous wealth-building forward. The First Nations Bank of Canada also supports and donates to causes that directly benefit Indigenous community members.

You do not have to identify as Indigenous to join the First Nations Bank of Canada, but if you do, we strongly recommend looking into this one-of-a-kind bank. Also worth noting is that the First Nations Bank has branch locations in Nunavut, where there are large populations of Indigenous peoples. Not many banks in Canada are located in Nunavut.

Best for Seniors: CIBC

CIBCIn many ways, seniors have different banking needs than the rest of the population. People over the age of 60 or 65 often don’t have the same financial goals as younger consumers. For example, while someone in their thirties might be looking for investment accounts they can use to save for retirement, seniors might already be retired and looking for accounts that can offer them passive income now. While many banks in Canada have dedicated senior chequing accounts and/or savings accounts, the Canadian Imperial Bank of Commerce or CIBC is potentially the best bank in Canada for seniors because it takes its senior-focused products a step further.

The CIBC Smart for Seniors account is a good example of how banks should be taking care of older customers. This program provides chequing and saving benefits such as reduced monthly fees and free money orders as well as resources to help seniors avoid common scams they might be most vulnerable to. There are also over a thousand bank branches across Canada, so those who prefer in-person banking to digital banking can continue getting the help they need one-on-one by visiting a branch.


The best bank understands what you’re looking for, aligns with your financial goals, and definitely doesn’t give you a stress ulcer.

If you’re looking for the best banks in Canada, you’ll find them right here. We hope our list helps you choose the next bank you sign up for whenever you need to bank, save, borrow, or invest.

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Article comments

H Hampster(on the treadmill) says:

Firstly Canada is run by the major banks… they can screw you and no politician is going to take them on.
TD Canada Trust has gone from one of the best to one of worst banks in Canada…..I would completely leave however because the barrier to leave is prohibitive(mostly because I don’t want to be in limbo land for a month plus while my assets move to another bank)…I have been moving out of TD on my own terms…..I relish the day I can say I do no bank or brokerage with TD….
National Bank is WORSE if you can believe it(stock price is high due to screwing people) i.e., huge upselling! ……I got sucked into a mortgage with them through True North. Will NEVER deal with them

Daniel from GreedyRates says:

Hi H,
Thanks for sharing and glad to hear that you’re finding a way out on your own terms. Also appreciate your feedback on your experience with National Bank. Which bank or financial institution did you end up with?

Richard Huntley says:

Just got notice that TD is raising there transaction fee’s from $1.25 to $1.95. Nice play during a Pandemic. Also min for no fees raised from $2000 to $5000. TD Bank Group reported its third-quarter profit grew to $3.248 billion, helped by improved results across the bank. They truly are greedy!

Aaron Broverman says:

That sucks Richard,
Of course a lot of the establishment authority figures will try to sneak things during a pandemic. They’re probably hoping you’re too busy dealing with the ramifications of the pandemic to pay any close attention.

lem says:

I bet author’s review purely based on the payments from Scotia Bank, HSBC etc. Scotiabank is one of the worst from customer service to sky high fees. I doubt any research went into this review at all. Have you look at other reviews like trust pilot? Scotia have 91% dissatisfaction.

Aaron Broverman says:

Hi Lem,
I’m not sure what the author here used as her criteria for this list, but — being a Greedyrates writer myself — I do know that we all work very hard and put a lot of hard work and research into our articles, so whatever the reason Scotiabank is on this list as one of the best banks, I’m sure it’s a good one.

lem says:

All the comments from other posters speak for itself about how bad Scotia. Enough said!

Aaron Broverman says:

Noted. Unfortunately, the opinions and experiences of our readers aren’t the only factors that go into evaluating the banks on this list. Perhaps you are correct that Scotiabank would rank lower, or be off the list entirely, if reader comments were the sole means of evaluation.

lem says:

Ok, what is your DP then? Its clear you are consistently ranking / promoting scotia and scotia bank products all over greedyrates as far as I can see. There are other larger / reputable journalist coming up with completely opposite of your DP is a clear indication GR not thorough on data collection/analysis

Daniel from GreedyRates says:

Hi Lem,
Sure, our Advertiser Disclosure does state our articles contain references to partners, products and services that generate revenue for GreedyRates. This does, in turn, enable us to continue participating in the financial literacy conversation. While I appreciate that they generated a number of negative comments here, Scotia ranked best for Multi-Product Savings- not customer service. Oddly enough, Scotia ranked second highest in customer satisfaction in the 2021 JDPower Canada Retail Banking Satisfaction Study. All things considered, buyer beware- what works for one won’t work for all. I’m glad you found a banking home at CIBC and that you have a service that works for you. Continued success to you in this.

Charles Bernard says:

I never had such a frustratingly low level of service from a bank before opening an account with Scotiabank.

My branch (Carrefour Laval) promised a 300$ bonus for opening a specific account. It was confirmed by the chat agent and the call center that I filled all conditions to receive it, but 9 months later, I received nothing. I left voicemails at the branch, emailed my advisor (who had left me his business card), reached out on Facebook, but never received a right answer in this maze of messed up communication.

Not to mention weird bugs with their systems and the web/mobile experience which is weak compared to other banks I’ve dealt with before (Tangerine, Desjardins). Stay away folks.

Aaron Broverman says:

Thanks Charles,
I hope you switched banks or are in the process of doing so. Not every bank is a good fit for everyone and I’m sorry you had such a bad experience. Hopefully your particular experience is an anomaly and not indicative of the experience most Scotiabank customers have.

Mike Bonner says:

Aaron, I just moved over to Scotiabank about 6 months ago. It was going great and then a few weeks ago it nose dived to be one of the worst, frustrating experience I have ever had with a bank. They are just terrible. However, I did just put a formal complaint into head office just an hour ago, so I will see how it is handled.

DS says:

What makes Tangerine’s offerings better than those from motusbank? Thank you.

Aaron Broverman says:

Great question DS,
Tangerine pays up to 0.65% interest in chequing accounts, while Motus Bank only offers 0.50% interest.On savings accounts, Tangerine offers a 2.80% interest rate for eight months and 0.25% thereafter, while Motusbank offers a standard 1.65% interest rate consistently. If you’re a person that likes a bit of the in-person touch, Tangerine has five cafe locations across Canada, while Motusbank is all online with no physical locations. Tangerine phone support is available 24/7, Motusbank phone support is only available from 8 am – 12 am EST seven days a week. Tangerine has a referral program that pays you $50 for every friend you refer who opens an account, Motusbank has no program for referrals. Finally, Tangerine is available in all provinces, while some Motusbank products aren’t available in Quebec.

Susan Caney says:

Motus IS available in Quebec. And it’s rates are much better than Tangerine, particularly for TFSA accounts.

Aaron Broverman says:

Hi Susan,
Thanks. I do realize that Motus is available in Quebec. However, according to its own website, there are no physical branches in Quebec, which is what the previous commenter was asking. Motus only has affiliated ABMs in Quebec, but you can still get a credit card and open an account. If you know something I don’t, please clarify.

Julia Ratnayake says:

I would say, The best bank in Canada right now who listens and understand coronavirus is CIBC.

Aaron Broverman says:

Why is that Julia?

lem says:

I agree. Virtually every banks tuned me away at the door step except CIBC. Worst RBC and Scotia on this list. CIBC listen to me on the phone then setup an appointment with an advisor at the branch. what a service. I have been banking with CIBC 26 years, RBC 31 years, Scotia 20 years. Closed RBC and severed all ties. Useless arrogant bank. I don’t have much with Scotia and I wouldn’t touch it even with a 25 foot pole. Banking with CIBC for investors edge, checking/savings/credit product no issue what’s so ever. So easy to reach someone at the branch.

Aaron Broverman says:

Wow, that’s great lem. I was a CIBC client myself for a long time, but when my wife and I merged our accounts, I joined her bank. I thought CIBC wasn’t bad and I appreciated their early adoption of new technology, If I’m not mistaken, they were the first Canadian bank to allow you to deposit a cheque through their app and also the first to have envelope-free ATMs

ken says:

cibc are just as bad as the rest – they accept the edeposit , than after a few days , reverse everything so they can charge you more money. complete bullshit./

Aaron Broverman says:

Hi Ken,

Please explain. What was their explanation for reversing the edeposit? Did you try again or go to the bank and see a teller for advice. Even with COVID-19 some bank branches are open, but for now, I have so many questions about your situation.

Anne Charles says:

REALLY Scotia Bank NUMBER #1 after everything they did to me I say stay VERY Far away they just running a scam to and will lie to you about interest-free for 6 months and then do some extremely (probably legal but not very ethical) accounting to charge interest, not even the first time they did this. I joined the bank because they said there be no fee on my account and no minimum but after a year they ‘claimed’ it was only for a year, but of course never told me that. They never paid back the charges for moving my mutuals funds to them. Worse of the last incident was during the pandemic is going on claiming they ‘care’ about there customers in this time of me OH PLEASE all you care about stealing money. AND now they won’t even respond to simple questions from me about why the stop my debit card from taping saying I was taping over the limit, which would mean that $13 and the other amount I did under $50 are over their limit.

Until they are no longer on this list I will not even consider this site reliable.

Aaron Broverman says:

Sorry you had such a bad experience with them Anne, but know we try our best to do the research available at the time and we recognize that rates, fees and circumstances can absolutely change. That being said, we are not responsible for what a credit card issuer does in relation to an individual credit card account or the decisions they make.We can only report the facts as we know them at the time. Even still, we value all the opinions of our readers, positive or negative.

Souq4us.Com says:

There are also a great many credit unions operating in different regions of Canada. Check with your local branch to see what kinds of business bank accounts it offers. Historically, credit unions have had a strong interest in small-business banking and have offered accounts and services that are very competitive.

Aaron Broverman says:

Thanks Behnam, that’s a very great point. Thanks for sharing,

Marilyn Perez says:

Credit Unions?? I have been with a big Credit Union for 40 years . We have had Mortgages paid off, and every account possible. Now that I have a large inheritance, they are offering me 1% on a term. So disappointed. Time to “ break up”!
What should I do when need insurance more than $100,000?
Is Tangerine in B.C. ?

Aaron Broverman says:

Yes Marilyn,
Tangerine is mostly on online bank but they do have a brick and mortar location on Howe Street in Vancouver.Talk to an insurance broker about getting a policy…is this life insurance medical insurance or a property and casualty insurance policy? If I know this, it would help me make recommendations.

Nicole says:

Hi! Thanks for compiling this list. I am wondering if you would include Simplii Financial as well? Both their No-Fee Chequing and this High Interest Savings accounts have superior features to what I am seeing listed here. 2.8% interest on HISA & TFSAs, unlimited free transactions (including Interact E-Transfers) through the no-fee chequing accounts (and savings)… monthly minimums, interest earned on every dollar (even chequing accounts)…


Aaron Broverman says:

Hi Nicole,
You are right. We may consider adding it to the list. Though it at this point, it is a niche brand and doesn’t serve as many clients as some of the banks on the list. But you are right. Watch this space, the editors may consider it.

Denise says:

Hi, for BMO’s Premium Plan (Bank Plan), I am pretty sure the fee is $30 monthly, and not annually. It will be waived if you maintain an average daily balance of $6k.

Nate Siegel says:

Hi Denise,

Thanks for your comment and for the correction as well. On second look the annual fee for the BMO Premium account is indeed $360, or $30 per month. You can get rid of the fee by depositing $6,000 into the account and keeping your balance at this level. We corrected the article and have also weighed the account accordingly in other places where it appears relative to competing accounts on GreedyRates. We also want to note that the opening cash bonus nearly pays for the fee in your first year, if you’ve deposited less than $6,000. Couldn’t have done it without your eagle eyes! Much appreciated.

GreedyRates Staff

Graeme says:

surprised to see no mention of credit unions on here especially now that those that are federal fall under the ‘bank act’. They would be a worthy addition as they typically beat banks with rates and low/no monthly fees etc.

The GreedyRates Team says:

Hi Graeme,

Thanks for touching on this subject. Credit unions are sometimes the best option for Canadians, but as with any financial idea, the “best” depends entirely on what types of products are offered and at what terms. There are a manageable number of large banks and credit card issuers in Canada, so we can reliably cover them, but the same doesn’t exactly apply to credit unions. Federal credit unions are another matter, and though at present there are only a handful in Canada, that doesn’t mean they should be discounted entirely when one is searching for a financing option. Neither should a local credit union!


Joan says:

Major typo on Rogers Platinum Mastercard. 25% cash back on purchases? I think not.

The GreedyRates Team says:

Hi Joan,

Thanks for the comment. We’re always grateful when readers are able to point out our dumb mistakes and consider it a point of pride that they’re vigilant and caring enough to let us know! We’ve gone ahead and changed the value of the Rogers Platinum Mastercard’s cash back rate from 25% (can you imagine?) to the correct 1.25%–much appreciated!


Neva says:

Thanks for the article! As a heads up, the Tangerine No-Fee Daily Chequing Account does not offer free, unlimited Interac e-transfers – while Tangerine Email Money Transfers are free, the more convenient/instantaneous Interact e-transfers are billed at $1.00 each.

The GreedyRates Team says:

Hey Neva!

Appreciate the comment and for keeping an eye on the details. We double-checked with Tangerine and can confirm that Interac e-Transfers are $1.00 each through the No-Fee Daily Chequing Account. Though this isn’t exceedingly pricey, those who do many convenient, fast Interac transfers each month will find it annoying, so a better alternative is a similar no-fee account that does grant this benefit. One of the few that we can think of to offer such value is from Canada’s newest online-only bank: motusbank.

Their No-Fee Chequing account provides accountholders with 0.50% interest on their balances, zero monthly fees, free and unlimited Interac e-Transfers, mobile cheque depositing, no-fee withdrawal at any EXCHANGE Network ATMs in Canada, and more. Online-only accounts have gotten much more convenient over time, so if you think it’ll suit your needs then go for it! Thanks again for posting and let us know if you see any other discrepancies (as always).