Looking for the best bank in Canada? We're here to help.
We've done the research to help you find the best Canadian bank by the features most important to you. Read on to learn whether it's best to keep all of your bank accounts together with one bank, pick and choose products and services from different institutions—or some combination of both. You can also view our best credit cards Canada list for the best bank-issued cards on the market.
The 10 best banks in Canada
Best Bank | Best For | More info |
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💵 Best for chequing: BMO Performance Plan | Apply now |
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💰 Best bank for saving: EQ Bank | Apply now |
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📈 Best bank for investing: CIBC Investor's Edge | Apply now |
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🌱 Best bank app for kids: Mydoh by RBC | Read review |
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🏡 Best bank for mortgages: RBC Royal Bank | Read review |
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🤝 Best bank for loans: TD Bank | Read review |
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🚀 Best small business bank: CIBC | Learn more |
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👩💻 Best online bank: Tangerine | Read review |
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🇨🇦 Best bank for newcomers: National Bank | Learn more |
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📚 Best bank for students: Scotiabank | Learn more |
Best bank in Canada for chequing: BMO
- Promo: Earn $450*. Plus, get an extra $50* when you make it a Family Bundle2 *Terms and conditions apply.
- Fees: $17.95 waived with $4,000 min balance*
- Transactions per month: Unlimited*
- Global money Transfer: No fee*
- Standard overdraft protection: $5/month*
- BMO ATM withdrawals: $0, Non-BMO ATM Withdrawals: 1 free per month, then $2 in Canada and $5 outside of Canada*.
Pros
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Unlimited daily transactions
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Great welcome bonus
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Monthly fee waiver if you maintain the minimum balance requirement of $4,000
Cons
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No interest earned on money in the account
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Can be hard to maintain the minimum balance
Best bank in Canada for saving: EQ Bank
- Earn 4.00%* interest (1.25%* everyday interest + 2.75%) when you direct deposit your pay
- No monthly fees or minimum balance
- Free unlimited bill payments, Interac e-Transfers and more
- Free withdrawals from any ATM in Canada and cash back with the EQ Bank Card
Pros
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No monthly fees
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No minimum balance requirements to earn interest or avoid fees
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Free Interac e-Transfers® and electronic fund transfers
Cons
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No in-person branch locations
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Fewer products to choose from
A little FYI: EQ Bank
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.‡‡
Best bank in Canada for investing: CIBC
- Explore a wide range of account types and investment options
- Enjoy low trading fees
- No annual fee for TFSAs or RESPs
- Young investors can trade for free
Pros
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Low fee stock and ETF trades
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No account fees for TFSAs and RESPs
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Young Investors 18 to 24 can trade stocks and ETFs online - all for free. Terms and conditions apply.
Cons
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$100 fee for RRSP and non-registered accounts with small balances
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No commission-free ETFs
Best bank app for kids: Mydoh by RBC
- Free app
- Acts as both a Visa and a debit card
- Receive a digital card and physical card
Pros
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No fee
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Teach financial literacy and money management
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Have visibility on and monitor children's spending
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Assign chores and enable children to earn and save
Cons
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Need to be on Wi-Fi to use app
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Interface can be glitchy
Best bank for mortgages in Canada: RBC
- Fixed rate mortgages
- Variable rate mortgages
- RBC Homeline plan
- Cashback mortgages
Best bank in Canada for loans: TD Bank
- Personal loans
- Car loans
- TD On-the-Spot RSP Loan
- TD CarryForward RSP Loan
Pros
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No monthly fees on most accounts
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No minimum balance requirements to earn interest or avoid fees on many accounts
Cons
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Most loans require at least good credit
Best Canadian bank for small business: CIBC
Pros
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Good interest rates on deposit accounts
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Discounts on account bundles for different needs and professions (e.g. starting a business, Black-owned businesses, banking for franchises, etc.)
Cons
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Monthly fees on most accounts
Best for online banking in Canada: Tangerine
- chequing accounts
- savings accounts
- credit cards
- GICs
- mortgages
- lines of credit (including HELOCs)
- TFSAs and more.
Pros
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No monthly fees on most accounts
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No minimum balance requirements to earn interest or avoid fees on many accounts
Cons
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Lower interest rates on deposit accounts including chequing accounts and savings accounts
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No in-person branches (some "cafes" in select major cities in Canada)
Best bank in Canada for newcomers: National Bank

- No fee banking for up to 3 years
- Quick and easy international money transfers
- Get a credit card without Canadian credit history
- Get legal advice from an NBC lawyer at no cost for 12 months
Best bank for students: Scotiabank
- Get started with the Student Banking Advantage account
- No monthly fee
- Unlimited debit transactions and Interac e-transfers
- Earn SCENE+ points to earn redeem for great rewards
Biggest banks in Canada by market cap
What are the biggest banks in Canada? Here's a list of the largest Canadian banks by market capitalization as of January 8, 2025 according to Simply Wall St:
Banking Quiz
Which is the oldest bank in Canada
How to choose the best bank in Canada for you
There are a lot of factors to consider when choosing the best Canadian bank for you 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.
J.D. Power Canadian retail banking satisfaction study
The newest entrant into the banking market is EQ Bank. Launched in 2016, EQ Bank is making big noise in the customer satisfaction space. Customer service can make a massive difference when you trust a single bank to manage much of your wealth. As we become a more and more connected country, it's important to have great customer service that can help us navigate the complexity. For more, read our EQ Bank review.
I switched to EQ Bank from a big bank, where I've been a client since I was a child. Unlike my old "Big 5 bank," I've never been on hold for more than two minutes with EQ.
Kris Bruynson, VP Marketing, Money.ca
Summary: Best Canadian banks
The best bank understands what you’re looking for, aligns with your financial goals, and definitely doesn’t give you a stress-induced ulcer.
If you’re looking for the top bank in Canada, you’ll find our favourites 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.
Best bank in Canada FAQs

Lauren Graves is a personal finance writer and editor with over five years of experience in service journalism, educational content, and digital marketing within the personal finance sector. She has written for Forbes Advisor, Fox Business, and The Wall Street Journal's Buy Side, FinanceBuzz and Money.ca.
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†Terms and Conditions apply.