Choosing a bank is an important decision. After all, it's where you'll be keeping your hard-earned money. But not all banks are created equal, and factors like fees, accessibility, and security are things to think about. Plus, looking at perks like competitive interest rates for savings accounts, new member benefits, overdraft protection, and other features can help you save time and money.
To help you save time toggling between tabs, we've put together a comprehensive overview of Canada's most popular banks based on customer base — the big ones, the online ones, and the non-bank ones — so you can decide which option fits your needs.
Big banks in Canada
Canada's "Big 5" banks are Royal Bank of Canada (RBC), The Toronto-Dominion Bank (TD), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), and The Bank of Nova Scotia (Scotiabank). These are the largest, most established financial institutions in the country.
These brick-and-mortar banks have branches across Canada, extensive automated teller machine (ATM) networks, and decades of history. Many people still choose them for in-person service — sitting down with a banker can help you negotiate fees or solve special cases.
Royal Bank of Canada (RBC)
RBC is Canada's largest bank by assets, founded in 1864, with over 19 million customers worldwide. Monthly chequing fees range from $4 to $30, though many accounts waive fees with minimum balances.
Key features:
Access nearly 5,000 ATMs across Canada.
Offer chequing, savings, student, and U.S. dollar accounts.
Provide insurance, investing, and wealth management services.
Toronto-Dominion Bank (TD)
TD is Canada's second-largest bank with over 32 million customers worldwide. (32 million per Established in 1955, it has 1,000+ branches and 3.370 ATMs across Canada.
Account options and fees:
Offer chequing accounts that range from $0 to $30.95 per month (many waive fees with a minimum balance).
Provide student accounts and newcomer banking packages.
Offer credit cards, mortgages, loans, registered accounts (Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs)), and investing options.
Bank of Montreal (BMO)
BMO is Canada's oldest bank (founded 1817) and third-largest, with 13 million customers worldwide. It operates almost 2,000 branches and 5,700+ ATMs.
Notable offerings:
Charge chequing fees ranging from $4 to $30.95 per month (fee waivers may be available with minimum balances).
Offer account options for students, newcomers, and Indigenous communities.
Provide mortgages, credit cards, insurance, and registered accounts (RRSPs and TFSAs).
Canadian Imperial Bank of Commerce (CIBC)
CIBC is Canada's fourth-largest bank, serving 15 million clients worldwide since 1961. It has around 1,000 branches and nearly 3,000 ATMs.
What they offer:
Charge chequing fees ranging from $0 to $16.95 per month (fees may be waived with a minimum balance).
Offer accounts for students, seniors, foreign workers, and customers who want U.S. dollar accounts.
Provide mortgages, loans, insurance, and registered accounts (TFSAs and RRSPs).
The Bank of Nova Scotia (Scotiabank)
Scotiabank is Canada's fifth-largest bank, founded in 1832, with 21 million customers worldwide. It operates just under 1,000 branches and more than 3,500 ATMs across Canada.
Product highlights:
Offer five chequing account options ranging from $0 to $30.95 per month (fees may be waived with minimum balances).
Offer 17 credit card options, including no-fee, cash back, and travel rewards cards.
Provide mortgages, loans, investing, and registered accounts (RRSPs and TFSAs).
While the Big 5 tend to have similar features and accounts, it's worth checking their websites for seasonal promotions or new customer deals.
Big 5 vs. Big 6: what people mean in Canada
Most people say "Big 5," referring to RBC, TD, BMO, CIBC, and Scotiabank. But you'll also hear "Big 6" — the sixth being National Bank of Canada.
National Bank is a major institution with a strong Quebec presence and growing national footprint. Here's what they offer:
Chequing fees: $3.95 to $28.95/month (waivable with minimums)
382 branches (mostly in Quebec) plus thousands of National Bank and partner ATMs nationwide
Offer everyday banking and borrowing products, plus registered accounts (RRSPs and TFSAs).
Popular online banks in Canada
Online-only banks have become increasingly popular because of the convenience they offer — all your banking can be done from your laptop or phone, without organizing your schedule around banking hours.
Online banks usually don't charge account fees, tend to have no minimum balances, and offer higher interest rates on savings. That's because they have lower overhead costs: no physical branches, no tellers. Those savings are passed along to you.
Tangerine
Owned by Scotiabank, Tangerine is a fully functional bank with credit cards, mortgages, and investment options. It boasts over 2 million users and around $40 billion in total assets.
Key features:
No monthly fees on chequing
Unlimited free daily transactions
Free access to 3,500 ATMs in Canada and 44,000 worldwide
RRSPs, Registered Retirement Income Funds (RRIFs), and TFSAs available
Simplii
Owned by CIBC, Simplii keeps things simple with no-fee chequing, high-interest savings, and all the usual products. Around 2 million customers bank with Simplii.
What you get:
Unlimited debit purchases, bill payments, and withdrawals
Free access to nearly 3,000 CIBC ATMs
Free Interac e-Transfer transactions
Credit cards, mortgages (through CIBC), loans, and investment options
EQ Bank
EQ Bank is Equitable Bank's online arm with a combined savings-chequing account. No monthly fees, no minimum balance, and unlimited free transactions.
EQ Bank also offers high-interest guaranteed investment certificates (GICs) with 3-month to 10-year terms.
Manulife Bank
Manulife Bank is a subsidiary of The Manufacturers Life Insurance Company. Don't be confused by its origins — it's a real bank with a hybrid chequing/savings option, mortgages, loans, and investment accounts.
No monthly fees, but keep at least $1,000 in your account to avoid deposit and transfer charges. Account holders get access to 3,500+ surcharge-free ATMs through The Exchange Network.
What counts as a bank in Canada
In Canada, "bank" is a legally protected term. Not every financial institution is technically a bank, and the distinction matters for deposit insurance.
Schedule I banks: Federally regulated banks. Eligible deposits may be protected by the Canada Deposit Insurance Corporation (CDIC), typically up to $100,000 per eligible deposit category.
Credit unions: Provincially regulated, member-owned institutions. Deposits are typically protected by a provincial deposit insurer, often with different limits than CDIC.
Fintechs and neobanks: Financial technology companies that may partner with regulated institutions. Deposit protection (if any) depends on the partner arrangement—review the provider's disclosures and security measures.
Alternative financial institutions
Alternative financial institutions offer savings and investment accounts without being banks. They typically focus on specific services (like investing) and charge lower fees than traditional banks. Many also offer innovative hybrid products that combine chequing convenience with high-interest savings growth.
These platforms have lower barriers to entry, making them ideal for beginners. Here are some of Canada's top alternative financial institutions:
Wealthsimple
While Wealthsimple isn’t a bank, they still offer a host of no-to-low-fee financial products, including Wealthsimple chequing, business accounts, joint and individual personal investing accounts, and investment products like RRSPs, TFSAs, Registered Education Savings Plans (RESPs), and Registered Retirement Income Funds (RRIFs). We also have a platform for self-directed trading, as well as the option to trade in cryptocurrencies.
Koho
Koho is a Canadian financial institution with roughly 1.7 million clients. It provides fee-free chequing accounts with 2% to 3.5% interest on your entire balance, depending on your tier.
Their "round up" feature stashes spare change as savings. While Koho doesn't replace all banking necessities, it works as a convenient chequing account with added perks through their app.
Neo Financial
Neo Financial provides credit cards, high-interest savings, and managed investments for 1.3 million clients. Its Money Card offers up to 1% cash back with thousands of partners.
While Neo isn't a bank, it works with licensed lenders like People's Bank and ATB Financial. Neo says deposits are under CDIC protection through these partners.
Nest Wealth
Nest Wealth is a wealth management company owned by Objectway Group, founded in 2014. It provides simple-to-use investment accounts using smarter technology and proven investment principles.
No account minimum. TFSAs, RRSPs, and RRIFs available. Monthly fees range from $5 to $150, plus ETF management expense ratios of up to 0.13% of the underlying portfolio value.
CI Direct Investing
CI Direct Investing (formerly Wealthbar) is a registered portfolio manager in British Columbia and Ontario with over $5 billion Canadian in assets under management.
They offer RRSPs, TFSAs, RESPs, Locked-In Retirement Accounts, and margin accounts. No monthly fees, but a $100 minimum to start investing. Management fees range from 0.35% to 0.60%.
How to find the right bank for your needs
Choosing a bank depends on what matters to you: in-person service, low fees, high savings rates, or rewards perks. Here are the key factors to consider:
Identify your needs. Looking for no-frills everyday spending? An online bank may be the solution. Want to maximize savings? A high-interest savings account is a good bet, since your money grows through compound interest. Need a one-stop shop with ATMs and advisors? A Big 5 bank might be for you.
Pay attention to account minimums. Some institutions require $1,000+ to get started, while others have no minimums. Dropping below the minimum can mean penalties or a closed account.
Watch out for fees. Account maintenance fees, transfer fees, and withdrawal fees all add up — you can use a fee calculator to see how these costs compound over time. A good financial institution is upfront about what it costs to bank with them.
Think about accessibility. Consider how easy it is to find no-fee ATMs, how quickly you can reach support, and whether you can bank on your phone, laptop, or in person.
Understand the terms. Before you commit, find out what happens if you need to withdraw funds, close an account, or switch providers — and whether there are penalties.
A quick wrap-up and a simple next step
Choosing a bank isn't about finding the "best" one — it's about finding the one that works for you. If you crave face-to-face advice, the Big 5 can be a strong option for in-person service. If you hate fees and do everything on your phone, an online bank is likely your match. And if you want innovative tools to grow your wealth, a fintech might be the move.
Next step: compare account fees, ATM access, interest rates, and deposit protection across a few providers, then choose the option that best fits your day-to-day needs.
