When it comes to banking, Canada is known for having one of the safest and most stable financial systems in the world. The country boasts a range of reputable banks, each catering to different financial needs and preferences. Whether you’re a newcomer, student, senior, or simply looking for online banking options, there’s a bank in Canada that suits you. In this guide, we’ll explore some of the best banks in Canada for 2023, including the top traditional banks and the leading online banks, to help you make an informed decision.
Scotiabank, officially known as the Bank of Nova Scotia, is the third-largest bank in Canada in terms of assets and market capitalization. It offers a wide range of personal banking options, including chequing, savings, and credit card accounts. Scotiabank’s chequing accounts cater to various needs, from a basic account with 12 free transactions per month to premium packages with perks like unlimited transactions, fee waivers on credit cards, and free global ATM withdrawals. Moreover, Scotiabank accounts offer rewards points on everyday purchases that can be redeemed for free movies, food, travel, and gift cards.
As the fourth-largest bank in Canada and the oldest, with a history dating back to 1817, BMO offers a diverse range of banking services. Their chequing accounts include options for various needs, from entry-level accounts to premium packages. The bank also provides savings accounts that offer bonus interest when you increase your balance monthly. BMO’s credit cards cover a wide range of categories, including cashback rewards, AIR Miles, travel, low-interest, and no-fee cards.
RBC, the largest bank in Canada, offers four main chequing account options, including a basic account with 12 free transactions per month and a premium VIP option with unlimited debits, Interac e-transfers, and more. RBC’s savings accounts provide competitive interest rates, and they offer various credit cards, including the popular Scotiabank Passport Visa Infinite Card, which is ideal for frequent travelers.
TD Bank, the second-largest bank in Canada and one of the largest in North America, offers a variety of chequing accounts, including specific options for students and youths. Their chequing accounts range from the All-Inclusive Banking plan with premium features to the Student Chequing Account with no monthly fees. TD Bank also provides savings accounts, with the ePremium Savings account as one of their high-interest offerings. Their credit cards cater to different needs, from cashback rewards to low rates.
CIBC is one of the largest banks in Canada and operates internationally. Their chequing accounts include options like the Everyday Chequing, Smart Account, and Smart Plus Account. CIBC also provides savings accounts, with the eAdvantage Savings Account offering one of the highest interest rates. Their credit card offerings are diverse, covering a wide range of categories and preferences.
National Bank is the sixth-largest bank in Canada and offers four chequing account packages, from The Minimalist to The Total account with unlimited transactions and other benefits. Their high-interest savings account provides a competitive interest rate, and they offer registered accounts with their Cash Advantage Solution account.
HSBC, one of the largest banks globally, serves over 40 million customers in numerous countries. In Canada, they offer a range of chequing accounts, including premium options like HSBC Premier and HSBC Advance. They also provide a student chequing account for those pursuing their education. HSBC’s savings accounts come with various foreign currency options and competitive interest rates. Their credit card options cover cashback, travel rewards, and more.
EQ Bank is a subsidiary of Equitable Bank and is known for offering one of the best high-interest savings accounts in Canada. Their Savings Plus Account provides a competitive interest rate, unlimited free bill payments, Interac e-transfers, and no monthly banking fees. EQ Bank also offers GICs with attractive terms and rates, making it an excellent choice for savers.
Simplii Financial, a direct banking arm of CIBC, offers a no-fee chequing account with features like unlimited debits, bill payments, and Interac e-transfers. The account also provides interest on your balance and free access to CIBC ATMs.
Tangerine Bank, a direct banking subsidiary of Scotiabank, offers a no-fee chequing account with unlimited free transactions, free access to Scotiabank ATMs, and competitive interest rates. They also provide a range of savings accounts and credit cards, including the popular Tangerine Money-Back Card.
Neo Financial is a fintech company offering a combined spending and savings account with no fees and a cashback credit card. Neo’s products are designed to provide users with high interest rates and cashback rewards.
Motive Financial is a division of the Canadian Western Bank and offers chequing accounts with no monthly fees, savings accounts with competitive interest rates, and GICs. Their accounts are suitable for individuals seeking simplicity and competitive rates.
Alterna Bank, a subsidiary of Alterna Savings, provides a no-fee chequing account with unlimited everyday transactions and offers savings accounts with attractive rates. They also offer mortgages, loans, and investment products.
KOHO is a financial technology company that offers a modern alternative to traditional banking. They provide a prepaid Visa card, integrated with a budgeting app, allowing you to manage your spending and savings with ease. KOHO offers cashback and savings features as part of its services.
When choosing a bank in Canada, consider your specific financial needs, such as the type of account, fees, interest rates, and rewards programs. Each bank has its strengths and may cater to different preferences, so it’s essential to compare your options and select the one that best aligns with your goals. Whether you prefer a traditional bank with a physical branch or an online bank with advanced digital services, you’ll find a suitable option in Canada’s robust banking landscape.
