Why it’s the best bank for seniors
Bank accounts for seniors are typically available for those aged 60 and older, offering a pared down set of features with the monthly fees waived. All five Big Banks offer seniors accounts with very similar features, but Scotiabank edges out the competition by allowing account holders to earn on their debit card through the Scotia Rewards or Scene+ program. Seniors receive a discount on all Scotiabank accounts and/or they can use the Basic Bank Account for free. This account includes 12 free monthly transactions, free Interac e-Transfers and overdraft protection.
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Runner up for best big bank in Canada: TD
What TD offers
- ATMs: 3,000+
- Branches: 1,100+
- Bank accounts: 10
- Credit cards: 14
- Standout product: TD All-Inclusive Banking Plan
- Other products: Chequing and savings accounts; mortgages; insurance; loans; lines of credit; RRSPs, TFSAs, and other types of investment accounts
Why it’s one of the best banks
Each of the other five big banks has its own strengths. However, for its suite of services, North American coverage and outstanding customer service, TD is the runner up for best bank overall.
TD Bank has regular chequing and savings accounts, plus ones designed for students, newcomers to Canada and for people who want to use U.S. dollars. Plus, in addition to more than 3,000 ATMs in Canada, there are more than 2,600 in the United States, making it extremely convenient for those who spend time in both countries. TD offers 14 different credit cards designed for different needs, including cash back, travel rewards, low rates or no annual fee. As an Aeroplan partner, TD can help you build up points quickly. Small investors can work with TD Waterhouse, and the bank is known for good, 24/7 customer service.
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Watch: How to find the best online bank account
The best online bank in Canada: Tangerine
What Tangerine offers
- ATMs: 3,600+
- Branches: 0
- Bank accounts: 6
- Credit cards: 2
- Standout product: Tangerine World Mastercard*
- Other products: Savings accounts; business accounts; RRSPs, TFSAs, and GICs; mortgages; insurance; loans and lines of credit
Why it’s the best online bank
Online banks deliver their services through their website, on the phone, and on their phone apps so customers don’t speak to a teller or visit a branch.
Our pick for best online Canadian bank is Tangerine, an online-only bank owned by Scotiabank. Tangerine’s No-Fee Daily Chequing Account gives you all of the functionality you’ll need for everyday banking—for free. Transactions take place online, on the phone or at any of the more than 3,600 national Scotiabank ATMs (and 44,000 associated international ATMs), so you don’t have to visit a physical bank. With the No-Fee Chequing Account, you receive unlimited debit transactions and Interac e-Transfers, as well as pre-authorized withdrawals and bill payments.
Tangerine also offers savings accounts (including RRSPs, TFSAs, US dollar, and registered retirement income funds) and investments, such as guaranteed investment certificates (GICs). And, even though it is an online bank, it provides mortgages, loans and lines of credit, so you can take advantage of having all your accounts with a single financial provider. You can even operate a business account through Tangerine—the bank has four accounts tailored for businesses.
Finally, Tangerine offers one of the best cash-back credit cards in Canada. The Tangerine Money-Back Card* lets you earn 2% cash back in up to three spending categories out of 10: groceries, restaurants, hotel-motel, furniture, gas, recurring bill payments, home improvement, entertainment, drug store, or public transportation and parking. For those who earn a minimum income of $60,000 annually (or $100,000 for the household), the Tangerine World Mastercard* adds free Boingo Wi-Fi access, car rental and mobile device insurance, and Mastercard Airport Experiences. Neither card charges an annual fee.
This was published Oct 2020 and you’re still calling them PC Financial? Doesn’t sound right
Tangerine, are you kidding me. Ever since they became part of Scotiabank their interests rates became absolute garbage. A much better bet is Oaken Financial, Tangerine was great when it was ING.
Great article! I’ve been meaning to review my current accounts, credit cards etc. but it seemed so daunting. Thank you.
I 100% agree with comments here regarding Tangerine. I have mainly banked with them for 15yrs now, and they used to be awesome…i’d brag them up to everyone. But since being taken over by scotia, which was nice for the bank machine access the odd time needed, they have gone downhill. 2 things mainly: first, you mainly access them on the phone to do anything non-standard, and so having quick pickup times/response is crucial. Since Scotia took over you always wait 10-30min to talk to anyone. Where as prior you never did. Second, same as was said below the high interest savings accounts aren’t high interest any longer. Full disclosure, they’ve also really screwed me over recently regarding a shorterm RRSP loan i tried to get with them, where they didn’t follow their own internal 5 day response timeline….resulting in my missing the RRSP deadline for 2020.
The best bank for me will be the bank that at least insists on a court order before freezing my account and unfortunately, none of the Canadian banks can pass this test. The safety and security of my money trump the ability to save a few dollars here & there.
Are you kidding me! Scotia Bank is a disaster. When choosing a bank look at their customer service and problem solving structure. Their complaint model has a minimum of 60 days (2 mos) to investigate errors on their end. That doesn’t even include fixing the problem. I’d recommend steering well clear of Scotia. They used to be good but I would not recommend them to my worst enemy now.
The best bank is the bank that offers personalized customer service. We walked away from one of the big banks because they not only didn’t want to answer my questions about the investment portfolio I was trying to assemble back in the day, but every time I came in to try to organize future goals I got to see whomever was available. When I walked in door to another institution, the young man immediately conveyed that I questions I was asking were beyond his pay grade, so I got shuffled (twice) to the Financial Advisor who has been looking at our total needs package ( retirement, health, estate planning, etc.) for more than several years now. Is he selling specific products that benefit the bank, well of course he is, and I take that into account as I make my decisions. As one of my advice books stated many years ago, “You have to know your own money profile and as you age you have to keep it simple.”
You missed Motive Financial. Great rates, friendly service.
Based on my experience with several of the “big banks”, I do not agree with your ranking of Scotiabank as # 1. After several decades of banking with TD, I rank them well above Scotiabank when it comes to customer service. TD GIC and savings account interest rates are competitive with other Canadian banks. TD Waterhouse is a good organization for the small investor to deal with.
I would have agreed that EQ Bank was the best savings bank. However, this has changed for me. The customer service at EQ Bank is horrendous. I have had problems since July 2020 which still haven not been resolved. Despite going through the compliant process even all the way to the Ombudsman who claim they never received my letter even though it was not returned to me. I took my money out and went to Canadian Tire Bank; much better service. Will be contacting the Board of Directors of EQ Bank if this is not dealt with soon.
Scotiabank nearly cost me 184,000 and the loss of a home I was building . 43 years with them , they pre approved a mortgage then pulled the rug out from under me 5 days before closing claiming I should not have been using my credit cards ( I was buying furniture) as it has dragged my credit rating down because I went over 50% of the limit on my card . WARNING ! Pre approved means nothing until they hand you the money . TD saved me .
Because of increase safety concerns of your money.
That is number one in banking now
So your article is useless ranking.
Are Canadian banks even safe? No, they’re not.
I wanted to change for Scotia Bank but they have terrible reviews about their service client. Something quite important for me, not just a good credit card.
Scotiabank customer service is a painful experience, and like others commenters here, I have also lost money with them because of bad advice and inaccurate information.
Scotia Bank was sent funds from our notary from sale proceeds for our house sale.
I noticed the mortgage was not paid out. I called head office mortgage administrator and she tells me they have the money but too busy to process.it will be done within the next two weeks. I was not happy and told her I do not want you to report that I am past due on mortgage to the credit bureau.Guess what the bank reported I was past due on my mortgage.