Best Banks in Canada in 2022

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Last updated on September 20, 2022 Comments: 39

The digital age (or information age) has ushered in banking options galore in Canada. Your choices have expanded well beyond the around-the-corner bank branch you grew up with into a slew of traditional banks, credit unions, and direct banks. Some banks offer the full menu of financial services; others excel in one or two essential products or orient their business toward specific types of consumers.

We’ve combed through all the options to determine which banks shine in what categories. This will allow you to decide if you’d like to bundle your accounts under one roof, mix and match products and services from one bank to the next, or try some combination of both.

Best Canadian Banks

BankScotiabankBMOEQ BankHSBCTangerineOaken Financial
Best ForMulti-Product SavingsSpecial DiscountsHigh-Interest SavingsLocal & Global Banking Exclusive OffersOnline BankingHigh-Interest GICs and TFSAs
Monthly Fees$0*–$30.95$0-$30None$0*–$34.95NoneNone
Min. Balance to Waive Fees$5,000$4,000N/A$5,000N/AN/A
Regular Savings Interest Rates1.35%0.30%1.65%*See HSBC0.10%2.25%
Limited-Time Interest RatesN/ASee BMON/AN/ASee TangerineN/A
Discounts AvailableSeniors; students; youth; new immigrantsSeniors; students; youth; new immigrants; Canadian Defence Community membersN/ASeniors; students; youth; new immigrants; Registered Disability Savings Plan beneficiariesN/AN/A
Bundled AccountsYesYesNoYesYesNo
*Terms and Conditions Apply / Conditions and eligibility criteria apply.

Scotiabank – Best for Multi-Product Savings

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Scotiabank is Canada’s third-largest bank and combines the accessibility and range of products typical of one of the Big Five with the savings and innovation associated with a leaner digital bank. Not all of Scotia’s products are competitive individually. But when bundled together, they can save you (literally) hundreds of dollars. Scotia stands out from the pack because it reduces or waives fees and gives account holders extra value-added benefits when you get a holistic banking package containing a Scotiabank Chequing account, a Scotiabank Savings account, and credit card.

Scotiabank’s standout multi-product deal is its Ultimate Package. It consists of unlimited, no-fee debit transactions2; a debit card that earns Scene+TM points; a welcome bonus of $300*; up to 2.55% earned interest on a MomentumPLUS Savings Account1; an annual fee waiver for a Scotia credit card of the accountholder’s choice on select cards2;  and more. The bundle typically costs $30.95 per month. However, the fee is waived for those that maintain a minimum daily closing balance of $5,000 in their chequing account or a combined $30,000 in your Ultimate Package and MomentumPLUS Savings account.

Those that aren’t interested in bundling can instead choose a la carte from Scotiabank’s full spectrum of products and services, which, in addition to the core banking services mentioned above, also includes mortgages, loans, and lines of credit. That said, if you already have one or more of your banking needs covered elsewhere and you’re looking to fill the gaps, you might be underwhelmed by some of Scotiabank’s stand-alone products. For instance, its savings interest rates tend to be low compared to the high rates offered by branchless/direct banks. For that reason, we generally recommend Scotiabank to those who like the convenience of keeping all or most of their financial accounts in one place. It’s also for those who regularly keep enough money in their chequing account to take advantage of one of Scotiabank’s enticing bundle offers without paying a monthly fee for it.

Open an account with Scotiabank >>

* To qualify, certain conditions must be met. Offer ends September 30, 2022. Visit www.scotiabank.com/ultimate300 for full terms.

1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.

2 Conditions apply. Visit www.scotiabank.com/ultimate300 to learn more.

TM Trademark of Scene IP LP.

®Registered trademarks of The Bank of Nova Scotia

BMO – Best for Special Discounts

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The fourth-largest of the Big Five, BMO offers the full spectrum of banking products and services, but it’s perhaps most advantageous to these particular groups:

  • Active students and recent graduates of a full-time university
  • College or private vocational school
  • Permanent residents
  • Foreign workers who arrived in Canada within the last five years
  • Members and family members of the Canadian Defence Community
  • Seniors aged 60 or older
  • Children between the ages of 13 to 18

Those who qualify can get:

  • Significant discounts or waivers on monthly chequing account fees
  • Special rewards, interest rates, and annual fee discounts on BMO credit cards
  • Reduced interest rates for lines of credit and mortgages.

Though its credit card suite and bundled chequing accounts are appealing, particularly for the groups mentioned above, BMO’s rates for personal savings accounts, GICs, and registered savings accounts tend to be lower than other full-service banks. They are quite paltry compared to the rates offered by direct banks. Those looking for individual savings products are encouraged to consider options from direct banks, like EQ Bank or Oaken Financial.

Open an account with BMO >>

EQ Bank – Best for High-Interest Savings

EQ Bank was launched in 2016 as Equitable Bank’s offer to the rapidly growing direct banking movement (also known as branchless banking). Because EQ Bank operates only online, it takes the money it would spend on high overhead costs of physical branches and gives that saved expense back to its customers in the form of higher interest rates and low or no everyday banking fees.

EQ Bank’s Savings Plus Account has consistently offered one of the highest interest rates among Canada’s high-interest savings accounts, currently at 1.65%*. It also supports some of the functionality of a chequing account, like free bill payments, electronic funds transfers, and free Interac e-Transfers®. A partnership with TransferWise facilitates sending international money transfers at low, fully transparent rates.

A disadvantage of EQ Bank is that its small size also means it has fewer products and services than a traditional bank, like Scotia or HSBC. EQ Bank currently offers only two types of accounts: a high-interest savings account and GICs, and it does not issue debit cards, physical cheques, or provide direct ABM access. Those interested in handling all their banking needs under one roof or who are not comfortable banking entirely online should seek out one of the larger traditional banks reviewed on this page.

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

Read our full EQ Bank review or open an account >>

HSBC – Best for Local & Global Banking Needs

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HSBC Bank Canada has one of the most impressive international reaches among all the major banks in Canada, ranking as the 7th largest bank in the world by total assets according to S&P’s Global Market Intelligence report in 2019. This clearly influences HSBC’s product offering. It provides unique services connecting Canada’s global citizens to overseas markets, seamlessly moving funds for them across borders, and saving them money when they travel.

The HSBC Premier Chequing Account might be the best example of HSBC Canada’s international advantages. HSBC doesn’t charge Premier accountholders fees on global wire transfers to send foreign currency less than $10,000* and among other benefits, allows them to make real-time transfers between HSBC global accounts. Account holders are also paired with a dedicated Relationship Manager, who can leverage HSBC’s network of investment professionals in 26 countries on new investing opportunities.

One drawback of this account is that appealing as its high-end services may be, they’re not always accessible to the average consumer. You can qualify for the Premier benefits and get the account’s monthly fee waived* only if you meet some fairly ambitious criteria. That includes maintaining $100,000 or more in combined personal deposits and investments with HSBC Bank Canada and its subsidiaries, or $500,000 mortgage, or monthly income deposits of $6,500 with confirmation of $100,000 or more in assets under management, or qualifying for HSBC Premier in another country. Conditions and eligibility criteria apply. You can also qualify for Premier based on the Household Qualification Program.**

Earn up to $500* when you open an HSBC Premier Chequing Account. *Terms and conditions apply. Offer value is composed of multiple products, offer ends December 31, 2022.

Those who don’t qualify for the Premier chequing account might instead open a more accessible account, like HSBC Advance Chequing Account, which has lower barriers for waiving its $25 monthly fee*: You need either $5,000+ in deposits or investments held with HSBC, or an HSBC mortgage with an original amount of $150,000 or more.

Earn up to $400* when you open an HSBC Advance Chequing Account online. *Terms and conditions apply. Offer value is composed of multiple products, valid from May 16, 2022 to December 31, 2022.

Open an account with HSBC >>

Issued by HSBC Bank Canada.

*Terms and conditions apply.

**Refer to hsbc.ca/householdqualification for details.

Tangerine – Best for Online Banking

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Originally founded in 1997 as ING Direct, Tangerine was one of the first direct banks in Canada.

A subsidiary of Scotia, it combines the low fees of a branchless bank with some of the advantages of a traditional bank, in that account holders can use Scotiabank ABMs. Although there are technically no branches, there is some face-to-face service via Tangerine’s ‘cafes’ in Toronto, Montreal, Vancouver, and Calgary. Customers can use Tangerine Cafes to sign up for accounts and ask associates questions, or they can get account support via phone, online chat, or Twitter.

For a digital bank, Tangerine’s range of services is quite broad, offering chequing, savings, credit cards, GICs, mortgages with guaranteed rates, and dedicated personnel to help, lines of credit (including HELOCs), TFSAs, etc. Its standout bank account is the No-Fee Daily Chequing Account, which comes with unlimited debits, bill payments, and Interac e-Transfers®. There’s no monthly account fee, no matter your balance, and the account earns some interest (rare for chequing accounts), currently maxing out at 0.10%. Its Money-Back Card also deserves a shout-out, as it allows cardholders to choose the spending categories where they want to earn their highest cashback rate. Additionally, its overall value consistently positions it as one of Canada’s top cash back cards overall.

Unlike Scotia, Tangerine has fewer options for better rates for bundling products, and its savings accounts don’t have interest rates relatively as strong as direct banking competitors like EQ Bank and Oaken. To get the best deals possible, those who don’t mind stretching their banking across multiple institutions might combine one of Tangerine’s standout products, like its No-Fee Daily Chequing Account, with a savings account from EQ Bank. We take a closer look at the differences between EQ Bank and Tangerine in our comparison so you can see which online bank works best for you.

Read our full Tangerine Bank review or open an account >>

Oaken Financial – Best for High-Interest GICs and TFSAs

OakenOaken Financial is another small digital bank launched in 2013 by Home Trust. It caught our attention because of its high-interest rates, particularly for its GICs, currently peaking at a 5.00% interest rate for a 5-year term. Its consistently high GIC rates place Oaken among the best GICs in Canada, typically landing at or near the top of the pack. And it offers GICs in both non-registered and registered forms, so it also qualifies as having one of the best TFSA rates in Canada.

Like other banks, Oaken currently offers only GICs and a high-interest savings account, so it’s a good fit for those who don’t mind having a chequing account and/or credit card with one bank and a savings account and GIC with another. Oaken hasn’t indicated that it plans to expand its product offering in the future, so it seems unlikely that it will be able to cover all your banking needs anytime soon.

Open an account with Oaken Financial >>

How to Choose the Best Bank for Me

Fees

Monthly account and basic transaction fees can quietly eat away at your earnings. When deciding on a bank product, keep an eye out for policies that allow you to bypass the fees, like bundling products or maintaining a reasonable account balance. If the bank makes it virtually impossible to avoid the fees or if your financial circumstance won’t allow you to meet the requirements to waive them, consider other competitors, particularly branchless banks.

Interest Rates

The gap between the savings account interest rates offered by direct/virtual banks vs. traditional banks can be shocking. Granted, virtual banks also have their drawbacks, but if your top priority is generating the maximum amount of interest on your savings, you should go virtual. A select few chequing accounts also earn interest (though not nearly at the same rates that you’ll get with high-interest savings accounts).

Range of Products

Virtual/direct banks frequently have lower fees and better interest rates than their larger, brick-and-mortar competitors, but they typically have a smaller suite of products and services. If you don’t mind having a savings account with one bank, a credit card with another, and opening 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.

Account Management Preferences

Think: 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 might as well benefit from the perks of direct banking. Some people are opting to close their bank accounts at physical branches in favour of digital ones.

Best Canadian Banks by Province/Territory

The digitalization of finance has made banking more accessible to all Canadians, regardless of where they live. That said, there are still differences in the accessibility of certain banks from one province or territory to the next, as not all banks are available throughout Canada.

With that in mind, we used the following criteria in assessing the best bank for each province:

  • How many branches the bank has in that province
  • What products are available for that province
  • The bank’s overall popularity in a given province

Ontario: TD

Ontario: TD Canada TrustOntarians have the luxury of choosing from any one of the Big 5 as well as many online-only and smaller banks and credit unions, but according to our criteria, the best bank in Ontario overall is TD. It has a particularly large network in Ontario, with around 600 branches. Ontarian residents who cross the border into the US regularly might particularly appreciate the low-cost and easy-access US dollar accounts and credit card that TD offers.

Quebec: National Bank of Canada

Quebec: National Bank of CanadaNational Bank of Canada (NBC) is one of the few major Canadian banks headquartered outside Toronto (it’s based in Montreal) and is the largest bank in Quebec. It is particularly popular among Quebec’s large community of immigrants, as it offers a suite of products with discounted rates to newcomers.

British Columbia: HSBC

With over 50 branches across the province and a strong offering of bank accounts and credit cards, HSBC is the best bank in British Columbia. Headquartered in Vancouver, HSBC Canada offers several chequing accounts,  savings accounts, and a variety of credit cards to British Columbia residents. Customer feedback about HSBC branches in BC is varied, but banking is available online, over the phone, and via smartphones and tablets as well as at HSBC branches and dozens of ATMs in British Columbia.

Alberta: RBC

Alberta: RBCIn terms of accessibility, RBC and CIBC are neck and neck in Alberta in terms of the number of branches available.

However, RBC’s language support for indigenous communities in Alberta and the huge number of credit cards that it offers help it to edge slightly ahead of CIBC.

Manitoba: RBC

Manitoba: RBCWith almost 50 branches throughout the province, RBC is narrowly ahead of CIBC as the most widespread bank in Manitoba. RBC’s range of chequing accounts, no-fee savings accounts, and a US dollar account means that Manitoba residents have plenty of choice of financial products. RBC branches are generally well reviewed by Manitobans, and RBC also provides customers with online, telephone, and mobile banking.

Saskatchewan: CIBC

Saskatchewan: CIBCCIBC’s large network of banks and ATMs in Saskatchewan, combined with its very rich offering of chequing and savings accounts and broad range of credit cards, makes CIBC the best bank for Saskatchewan. The choice of financial products helps CIBC to easily outstrip Credit Union Central of Saskatchewan, which is its nearest rival in terms of branches but doesn’t have anywhere near as many products available.

Nova Scotia: Scotiabank

Nova Scotia: ScotiabankIt’s not too surprising that Scotiabank rules in Nova Scotia (though RBC also has a surprisingly large presence in that province). As Canada’s third-largest bank, Scotiabank is a very popular banking institution across the country as well, thanks to its broad range of credit cards, chequing accounts, and savings accounts that include special offerings for youth, students, and seniors. Nova Scotia residents who bank with Scotiabank can bank online, via mobile or tablet, in-branch, at one of the many ABMs, or over the phone, which adds up to a lot of ways to access your accounts.

New Brunswick: TD Canada Trust

New Brunswick: TD Canada TrustNew Brunswick’s best bank is TD, which provides residents with 16 branches and a number of other standalone ATMs for round-the-clock banking. TD offers plenty of chequing accounts from basic to premium, savings accounts with a range of interest rates and student, youth, and senior banking options. There’s also two US dollar account options and many cashback and rewards credit cards for New Brunswick residents to choose from.

Newfoundland and Labrador: Newfoundland and Labrador Credit Union (NLCU)

Newfoundland and Labrador: Newfoundland and Labrador Credit Union (NLCU)The local Newfoundland and Labrador Credit Union (NLCU) is the most popular bank in Newfoundland and Labrador. It boasts 12 branches throughout the region and offers a full spread of financial products. Chequing accounts range from basic to premium, including a US dollar account, and there are several savings plans. There are special options for youth, students, and seniors across all banking products. NLCU also offers credit cards, including student cards, making it the top choice for Newfoundland and Labrador residents.

Prince Edward Island: CIBC

Prince Edward Island: CIBCWhile Prince Edward Island is home to branches from all of the big five of Canadian banks, CIBC outflanks them all with 6 branches in the province. Customers can carry out basic banking tasks at the ATMs, online, or over the phone, or enter one of the full branches for more extensive in-person service. Added to this, CIBC customers in Prince Edward Island can access all of the savings accounts, chequing accounts, and credit card options provided by CIBC.

Northwest Territories: CIBC

Northwest Territories: CIBCCIBC stands out among all other banking options in the Northwest Territories, thanks to the 5 banks with ATMs across the Territories. Although like all banks in the province, the branch hours are limited, customers can use CIBC ATMs to carry out basic banking tasks even when the branch is closed. CIBC adds to its appeal with the wide range of financial products it offers, and the branches have been awarded many 5-star customer reviews.

Bank in Nunavut: RBC

Bank in Nunavut: RBCOnly RBC and First Nations Bank have three branches across Nunavut, but RBC narrowly edges ahead thanks to its wider range of products available. RBC’s branches are spaced widely across the province with one in Cambridge Bay, one in Rankin Bay, and one in Iqaluit. You can access all of RBC’s financial products including chequing accounts, savings accounts, and all of the RBC credit cards online, in branch, or over the phone. RBC also stands out for offering customer support and day-to-day telephone banking in Inuktitut, along with dozens of other languages, adding to its popularity with Nunavut’s residents.

Yukon: CIBC

Yukon: CIBCCIBC has the most branches in the Yukon, with 3 spread across the territory. Although TD Bank has more ATMs, it only has one proper branch, making it awkward for anyone who wants in-person banking and doesn’t live close to Whitehorse. CIBC offers a full spread of banking products to Yukon residents with all of its savings accounts, chequing accounts, and many credit cards available. You can bank over the phone, online, through the mobile app, or at one of the branches or ABMs, making it a reliable choice for the Yukon.

Alternatives to Traditional Banks

Sometimes, the best option is to look outside the box. While traditional banks like the ones mentioned above are often great options for a number of services, like mortgages or in-person consultations, there are benefits to using alternative methods for storing and spending your money. Not only that, but these alternative banks are a great option if you want to keep your money in more than one bank.

KOHO is a great example of a no-fee Fintech company that provides an alternative. It offers a prepaid card with similar perks and services to those from traditional banks. You can load your KOHO Prepaid Mastercard® with the amount you want to spend, keep track of your spending habits and set financial goals on its app, and even earn cash back on your transactions. All of this can be done by applying for KOHO online and getting services through its app rather than from a brick-and-mortar branch.

Another great big bank alternatives is EQ Bank, which is a digital bank that works just like a traditional one, except it doesn’t have physical locations. Its Savings Plus Account is a high-interest savings account that offers low fees and high interest rates compared to some of its competition, making for a great alternative to some of the Big Five bank accounts.

Make Your Bank Work Harder

Banks with widespread name recognition may offer inferior products yet maintain their customer base due to brand familiarity. Don’t let them take your business for granted. If you’ve been with the same bank for a while and you haven’t seen meaningful changes to its fee structure or customer incentivizations, it might be time to finally act on that ‘switch banks’ resolution that you’ve been putting off for years.

FAQs

‘Big Five’ is a popular term used to refer to Canada’s five largest banks: Royal Bank of Canada (RBC); Toronto-Dominion Bank (TD); Bank of Nova Scotia (Scotiabank); Bank of Montreal (BMO); and Canadian Imperial Bank of Commerce (CIBC)
Banks in Canada are generally quite stable. The Canadian Deposit Insurance Corporation (CDIC) insures deposits in member Canadian banks up to $100,000 per personal account. Before signing with a bank make sure that its accounts are eligible for CDIC coverage.
Though all banks have at least some fees that are applied in certain circumstances, digital/direct banks tend to have lower and/or less fees than their traditional bank competitors.

Interac e-Transfer is a registered trade-mark of Interac Corp. Used under license.

Author Bio

Sarah Pritzker
Sarah Pritzker has been writing for GreedyRates since 2017, and loves learning about the latest trends in Canadian personal finance. Topics of particular interest to Sarah include investing, debt consolidation, debt counselling, and rewards programs. When she's not researching credit cards or loan repayment strategies, Sarah is most likely hanging out with her husband and three kids.

Article comments

39 comments
H Hampster(on the treadmill) says:

Firstly Canada is run by the major banks…..so 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
https://canada.jdpower.com/press-releases/2020-canada-retail-banking-satisfaction-study

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)…..no monthly minimums, interest earned on every dollar (even chequing accounts)…

Thanks!

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!

GreedyRates

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!

GreedyRates

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).

GreedyRates