On top of Canada’s Big Six banks—RBC, TD, Scotiabank, BMO, CIBC and National Bank of Canada—there are a growing number of fintechs and neo banks in Canada, each offering its own suite of personal banking products and services. Finding the best one for you is tricky, especially since it depends on your specific needs, covering everything from your everyday banking habits to your savings goals, if you need or have a mortgage, as well as investments and more.
In this article ranking the best banks in Canada, we take a look at the standout banks, based on different demographics and needs, so you can decide which one works for you.
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
Best banks in Canada by category
| Category | Bank |
|---|---|
| Best all-in-one bank | Scotiabank |
| Best bank for online banking | TD |
| Best bank for students | Scotiabank |
| Best bank for seniors | Scotiabank |
| Best bank for newcomers | National Bank of Canada |
| Best bank for international students | CIBC |
The best all-in-one bank in Canada: Scotiabank
We looked for the bank that offers a comprehensive range of services to meet the diverse needs of its customers. Like other big banks, Scotiabank offers a wide array of financial products and services under one roof. It stands out by giving customers greater flexibility with bundling options and access to higher interest rates for those who combine services.
What Scotiabank offers
- ATMs: 3,500+
- Branches: 900+
- Bank accounts: 6
- Credit cards: 16
- Standout financial product: Ultimate Package*
- Other products: Chequing and savings accounts; mortgages; insurance; loans; lines of credit; registered retirement savings plans (RRSPs), tax-free savings accounts (TFSAs), and other types of investment accounts; Scotia iTrade platform
Why it’s the best all-in-one bank
All Canada’s big six banks offer customers stability, a broad portfolio of financial products, and the convenience of thousands of physical bank branches and ATMs. That said, Scotiabank offers rare banking flexibility, and it’s why we’ve picked it as the best all-in-one bank for Canadians. (All-in-one meaning, if you prefer a one-stop shop, it has your financial needs covered.)
In terms of everyday banking options, Scotiabank has five different types of accounts, each with perks and benefits designed for Canadians at any stage of life. Those 18 years and under and students enrolled in a post-secondary institution can apply for a no-fee account. For adults, Scotia offers four options that balance banking needs and benefits, from the minimal Scotiabank Basic Banking Account* with its fee of $3.95 per month, right up to the perk-laden Scotiabank Ultimate Package Account* that earns you rewards and credit card rebates, among other benefits, for $30.95 monthly in fees.
Individually, these accounts are on par with other Big Five offerings, but Scotiabank will reduce or waive fees entirely with bundled services. The Ultimate Package, for example, includes everyday banking with unlimited transactions, the ability to earn Scene+ points, a boosted savings interest rate, an annual fee waiver for select credit cards, free trades on Scotia iTrade, and a welcome bonus of up to $400 cash. That’s a lot of banking perks, but it gets even better. Those who maintain a minimum of $5,000 in chequing or $30,000 combined with the Momentum Plus Savings account don’t have to pay the monthly fee.
Scotiabank carries 16 credit cards, including some of the highest-earning rewards cards in Canada. As with its bank accounts, Scotiabank has credit cards tailored to a variety of Canadians, from travellers to cash-back reward collectors. Notably, Scotiabank is the only big bank to offer cards with no foreign transaction fees.
In addition to everyday banking accounts and credit cards, Scotia provides mortgages, loans and lines of credit. It also has its own investing platform, Scotia iTrade, and offers investment accounts including RRSPs and TFSAs.
One of the main benefits of banking with a big-six bank is that you can keep all of your financial products with one, trusted institution. With this in mind, Scotiabank offers the widest variety with the best perks and benefits, and has options to help you save on fees.
Best bank for online banking in Canada: TD
We reviewed the mobile and desktop banking platforms of major financial institutions, and found that when it comes to online banking, TD comes out on top.
What TD offers
- Bank accounts: 10
- Credit cards: 14
- Standout product: TD Aeroplan Visa Infinite Card* (MoneySense’s pick for the best travel credit card for Aeroplan in Canada)
- Other products: Chequing and savings accounts; mortgages; insurance; loans; lines of credit; RRSPs, TFSAs, and other types of investment accounts
Why it’s the best bank for online banking
It’s possible to bank digitally, be it on your mobile phone, desktop or tablet, with every major bank in Canada. But not every bank—or even digital-focused neo/branchless bank—offers the same banking capabilities and features across each one of those platforms.
For Canadians who prefer to bank online, TD is our top choice. MoneySense partnered with Surviscor, a leading Canadian research and consulting firm specializing in financial service customer experiences, to examine the best digital banking experience in Canada, (24 financial institutions were compared, including the Big Six banks, credit unions and neo/branchless banks). Survisor’s analysis reveals TD delivers the best digital banking experience across its platforms, ahead of CIBC and Royal Bank of Canada—which came in second and third, respectively.
According to Surviscor, TD’s mobile and desktop applications are designed well, and make it easy for prospective and current customers to apply for products and access important banking information, such as account information and educational resources. As with the other major banks reviewed by Survisor, the main drawback with TD is that its rates and fees aren’t very competitive.
The best online banks and credit unions in Canada
Best bank for students in Canada: Scotiabank
Some banks offer additional perks or discounts for students, such as discounted rates on loans or credit cards, and special rewards programs. We reviewed the student deals and services at major financial institutions and found that Scotiabank has the most competitive offer for this demographic.
Best bank for seniors in Canada: Scotiabank
Many banks offer products and services that cater to Canadians aged 60 or older. Most commonly, the products and services are the same (or similar) to what other Canadians can get—only they are offered to seniors at a discount. Scotiabank goes a step further is serving this client base.
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 the 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 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.
Best bank for newcomers to Canada: National Bank of Canada
Newcomers to Canada are often in a unique financial situation. Many are still establishing their credit scores, or have not yet found permanent work. And most need support understanding how save, earn and invest money in their new home. Our top pick in this category offers ongoing support to newcomers, as well as extra ways to save.
What National Bank of Canada offers
- ATMs: 1,904
- Branches: 462
- Bank accounts: 4
- Credit cards: 8
- Standout product: National Bank The Connected account for newcomers*
- Other products: Chequing and savings accounts; mortgages; insurance; loans; lines of credit; RRSPs, TFSAs, first home savings accounts (FHSAs), National Bank Direct Brokerage
Why it’s the best bank for newcomers
Newcomers to Canada will find several reasons to bank with the National Bank of Canada. Get the National Bank Connected chequing account for no monthly fee for up to three years (afterwards, you’ll pay $15.95 per month). The account can be opened 90 days before your arrival in Canada, and it comes with unlimited digital transactions and Interac e-Transfers. With the newcomer package, you can apply for one of eight National Bank Mastercards—no Canadian credit history needed—so you can start building your credit score right away. On top of that, account holders get one year’s worth of free phone assistance through the Assistance for Newcomers service, available seven days per week. This means you can have have questions answered about many different aspects of moving to and living in Canada, free of charge.
Best bank for international students in Canada: CIBC
Like other newcomers, international students have unique financial needs. For this category, we looked for the bank with the products and discounts that best serve those needs, including low fees on international money transfers.
What CIBC offers
- ATMs: 3,000+
- Branches: 1,000+
- Bank accounts: 17
- Credit cards: 24
- Standout products: CIBC Smart for Students
- Other products: Chequing and savings accounts; mortgages; insurance; loans; lines of credit; RRSPs, TFSAs, and other types of investment accounts
Why it’s the best bank for international students
CIBC makes banking easy for international students with the CIBC Smart for Students account. This no-fee account includes free Interac e-Transfers, CIBC Global Money Transfer, which has a $0 transfer fee on international money transfers, and a no-fee credit card with no credit history required. Plus, account holders can earn $100 by completing five transactions online within two months of opening the account; they can also get up to $50 dollars for every friend they refer (up to a maximum of $500 per year). Free membership in the SPC+ discount program, which can save students up to 30% on major brands, is a valuable extra perk.
How we determined the best banks
The MoneySense editorial team selects the best banks in Canada by assessing the value they provide to Canadians across various categories and demographics. To arrive at our top banks picks, we compared each firm by its features, freebies and inclusions, and identified the stand-out elements that put one bank above all others in a given category. Our rankings are an unbiased source of information for Canadians. The addition of links from affiliate partners has no bearing on the results. Read more about how MoneySense makes money.
