The best bank in Canada is Scotiabank due to its high-quality account offerings and consistently generous welcome offers.
However, the best bank for you could be different. There are many excellent banking options in Canada, including online-only banks with low to no fees (like Tangerine) and bigger institutions that provide full-service banking (like BMO and RBC).
We’ll take you through the best banks in every category so you can find your perfect match.
Key Takeaways
- The best big bank in Canada is Scotiabank, with unique features and the Scene+ rewards program.
- Tangerine is the best online bank with well-rounded product offerings and low fees.
- If you prefer to bank with a credit union, Meridian Credit Union is the top option.
- The 4 types of banks in Canada are the big 6 banks, online banks, credit unions, and caisses populaires.
- Compare fees, interest rates, branch proximity, product lineup, customer service, and ATM availability to find the best bank for you.
Customer satisfaction ratings for banks in Canada
While it's hard to measure a bank's level of customer service, surveys have been conducted and information gathered regarding customer satisfaction.
These are the numbers from two such surveys/studies conducted fairly recently:
| Bank | J.D. Power (2024) | Surviscor (2023) |
|---|---|---|
| ATB Financial | 65.3% | 32% |
| BMO | 60.7% | 39% |
| CIBC | 60.5% | 48% |
| Desjardins | 62.9% | 82% |
| National Bank | 63.6% | 57% |
| RBC | 62.3% | 34% |
| Tangerine | 68.4% | 35% |
| TD | 60.8% | 38% |
| Scotiabank | 60.5% | 35% |
10 best banks in Canada for October 2025
Here are the best banks in Canada based on major categories:
| Best bank in Canada category | Bank name | Special features |
|---|---|---|
| Best overall bank | Scotiabank | * Earn Scene+ points on debit transactions * Impressive selection of high-value credit cards * Promotes a holistic banking experience with perks that combine banking, investments, and more * Unique features despite being a big bank |
| Best no-fee online bank | Simplii | * Zero account or transaction fees * Completely digital account management * Attractive promo rates on the savings account * Backed by CIBC |
| Best online bank for long-term savings | Tangerine | * Wide selection of savings products * No monthly fees * Competitive GIC rates |
| Best credit union | Meridian Credit Union | * One of the largest credit unions in the country * Wide range of products and services offered * Excellent online services |
| Best for newcomers | National Bank | * Dedicated phone line for newcomer support * ATM services available in six different languages * Get up to three years of banking with no or discounted monthly fees |
| Best for students | CIBC | * Student account comes with a free SPC+ membership * Keep the account free until you turn 25 * Students get special pricing for CIBC Investor's Edge |
| Best for high interest | Oaken Financial | * Consistently high interest on savings * Excellent GIC rates * Double the CDIC coverage |
| Best for kids | MyDoh | * Money management app designed for kids and families * Tasks feature for assigning and tracking chores * Comes with a prepaid Visa |
| Best for mortgages | RBC | * Dedicated mortgage specialists * Unique RBC Homeline Plan and U.S. HomePlus Advantage products * Generous welcome offers |
| Best for businesses | BMO | * Wide range of business banking products * The BMO eBusiness Plan is a top Canadian business account * BMO Celebrating Women celebrates notable women in business |
Best overall bank in Canada: Scotiabank
Scotiabank offers many unique features on top of standard bank offerings and several top bank accounts. Though account fees can be higher than average, we think Scotiabank’s accounts are well worth the value.
The benefits of banking with Scotiabank:
- Generous welcome bonuses
- Wide variety of banking products
- 2,139 branches and offices, 3,600 ATMs
- Valuable discounts for seniors and students
- Earn Scene+ rewards
- FX-free credit card
- Discounted Scotia iTRADE for student investors
- Free international money transfers for newcomers
Scotiabank’s best products:
- Scotiabank Ultimate Package
- Scotiabank MomentumPLUS Savings Account
- Scotiabank TFSA
- Scotiabank Total Equity Plan (STEP)
- Scotiabank Personal Line Of Credit
- Scotiabank ETFs
Why is Scotiabank the best bank overall
Put simply, Scotiabank offers the most products with the most value. It's certainly not the cheapest option for everyday banking, but it's the most valuable.
Its many highly-rated and well-loved products are where the true value lies – the Scotiabank Ultimate Package, Scotiabank MomentumPLUS Savings Account, and Scotiabank Student Banking Advantage Plan are award-winning thanks to their comprehensive perks and features.
Plus, the extensive product menu, more than 900 branches (over 2,000 if you include offices), 3,600 ATMs, and excellent online and mobile platforms show that Scotiabank offers the utmost banking convenience.
Best no-fee online bank in Canada: Simplii Financial
With savings accounts, chequing accounts, and a no-fee credit card, Simplii Financial is an online bank built to save you money. You can also get mortgages and loans through Simplii, all backed by CIBC.
Unfortunately, Simplii is not available in Quebec.
The benefits of banking with Simplii:
- No ATM fees (at CIBC)
- No transaction fees
- No account fees
- No overage fees
- Generous promo interest rate
- Completely digital account management
- Well-rated mobile app
Simplii’s best products:
- Simplii No Fee Chequing Account
- Simplii High Interest Savings Account
- Simplii Financial Global Money Transfer
- Simplii Cash Back Visa
- Simplii Financial USD Savings Account
Best online bank for long-term savings: Tangerine
Tangerine is an online-only bank with several types of savings accounts, including its excellent no-fee Tangerine Savings Account and Tangerine Children’s Savings Account. Its long-term GIC rates are quite competitive too, giving it an edge over other online banks. Since Tangerine Bank is owned and backed by Scotiabank, clients enjoy the security and reliability of Canada's best big bank, but with no fees and more convenience.
The benefits of banking with Tangerine:
- Excellent promo interest rate offers
- Free savings and chequing accounts
- Competitive GIC rates
- Very reasonable mortgage rates
- No ATM fees (at Scotiabank)
- Valuable auto-savings tools
- Completely digital account management
Tangerine’s best products:
- Tangerine Savings Account
- Tangerine Children’s Savings Account
- Tangerine RSP Savings Account
- Tangerine GICs
- Tangerine TFSA
- Tangerine Money-Back Credit Card
Best credit union in Canada: Meridian Credit Union
With nearly 75 years in business, Meridian Credit Union is currently one of the largest credit unions in Canada with nearly 400,000 members. Membership deposit costs just $1.
We love that Meridian is well-known as a safe, community-minded organization, especially through its Good Neighbour Program.
The benefits of banking with Meridian:
- Wide range of specialized financial products
- Competitive mortgage rates
- Specialty mortgage for the self-employed
- High interest FHSA
- Two tiers of senior bank accounts
- In-person banking in Ontario
- Listed by Forbes as one of Canada's best employers
Meridian’s best products:
- Meridian High Interest Savings Account
- Meridian Closed Fixed Mortgage
- Meridian Self-Employed Mortgage
- Meridian FHSA
- Meridian Senior Unlimited Chequing
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.Best bank in Canada for newcomers: National Bank
National Bank recognizes the specific banking needs and challenges faced by Canadian newcomers and offers products and services tailored to help. 89% of National Bank's newcomer clients say they recommend this bank.
It's a welcoming and supportive environment for Canadian newcomers and everyone else, and you still get all the benefits of a big bank.
The benefits of banking with National Bank:
- Variety of valuable chequing accounts
- Competitive mortgage rates
- Highly-rated online brokerage
- Comprehensive resources for newcomers
- 1-3 years of free banking for newcomers
- ATM services in six languages
- Access to credit cards without a Canadian credit history
National Bank’s best products:
- National Bank Newcomer Banking Package
- National Bank Youth Bank Account
- National Bank Connected Chequing Account
- National Bank Direct Brokerage
- National Bank World Elite Mastercard
Best bank in Canada for students: CIBC
CIBC earns a spot on our list for its focus on providing curated accounts for kids and students, including international, post-grad, and even trade school students. The student-centric shopping, dining, cell phone, and driving-related perks are quite valuable, as are the lending options for professional students.
The benefits of banking with CIBC:
- Free student account until age 25
- Curated program for international students
- Free Skip+ and SPC+ membership for students
- Gas savings (up to 10 cents per litre) with Journie Rewards
- Student-friendly online brokerage
- Strong mortgage products
- Nearly 1,000 branches and 3,000+ ATMs
CIBC’s best products:
- CIBC Smart for Students
- CIBC Smart Start Account
- CIBC Closed Variable Rate Mortgage
- CIBC Investor's Edge
- CIBC Aventura Visa Infinite Privilege Card
Best bank in Canada for high interest across products: Oaken Financial
Oaken Financial consistently offers best-in-class savings rates and GIC rates (and we’ve been tracking for years). Note that the minimum investment for GICs is $1,000.
It’s quality over quantity of financial products here.
The benefits of banking with Oaken Financial:
- No monthly fees
- No minimum account balance requirements
- Quality TFSA, RSP, spousal RSP, and regular savings account products
- Reliably high interest rates
- Personal and commercial GICs
- Double CDIC coverage
- Brick-and-mortar locations in Toronto, Vancouver, Calgary
Oaken Financial’s best products:
Best bank in Canada for kids: Mydoh
While not technically a bank in its own right, Mydoh provides everything a child needs to begin their personal finance journey. Mydoh empowers kids and teens while providing control for parents, teaching financial literacy alongside personal accountability.
It’s backed by Canadian financial powerhouse RBC, with plenty of perks for parents and kids alike.
The benefits of banking with Mydoh:
- No fees whatsoever
- Prepaid Visa provided
- Savings goals feature
- Parents can monitor kids’ spending
- Chore assigning and tracking
- Automatic allowance payments
- One account includes up to two parents and five kids
Mydoh’s best products:
- Mydoh app
Best bank in Canada for mortgages: RBC Royal Bank
RBC offers innovative mortgage products and reasonable rates alongside helpful and caring mortgage specialists. Especially if you already hold one of RBC's other valuable financial products, you won't regret choosing a mortgage or HELOC product from this institution.
The benefits of banking with RBC:
- Diverse product menu
- Highly-rated mortgage and HELOC products
- Generous welcome offers
- Innovative automatic savings account
- Special mortgage options for Canadian newcomers
- Popular, award-winning credit cards
- 1,100+ branches, 4,000+ ATMs across Canada
RBC’s best products:
- RBC Homeline Plan
- RBC Variable Open Mortgage
- RBC Closed Variable Rate Mortgage
- RBC VIP Banking
- RBC NOMI Find & Save
- RBC InvestEase
- RBC Avion Visa Infinite
Best bank in Canada for businesses: BMO
BMO has a business banking solution for you, whether you're a sole proprietorship, partnership/limited partnership, corporation, or otherwise. It offers a comprehensive suite of high-quality business-focused products and services.
We also love the BMO Celebrating Women program for entrepreneurs, as well as the bank's many other high-quality products and services.
The benefits of banking with BMO:
- Excellent welcome offers
- Business and personal accounts for earning Air Miles
- Specialty accounts for non-profits and agricultural businesses
- Highly-rated mortgage products
- Variety of excellent mutual funds
- Convenient Continuous Savings Plan for automatic investment contributions
- Award-winning Air Miles and business credit cards
BMO’s best products:
- BMO eBusiness Plan
- BMO Business Start Plan
- BMO Mutual Funds
- BMO World Elite Business Mastercard
- BMO AIR MILES World Elite Mastercard
Comparing the Big 6 best banks in Canada
All of Canada's big banks are excellent, but our research points to Scotiabank as the overall best.
However, CIBC offers the most credit cards, BMO the most chequing account types, and RBC the largest seniors' discount.
| Bank | Scotiabank | BMO | RBC | TD | CIBC | National Bank |
|---|---|---|---|---|---|---|
| Chequing accounts | * 4 personal * 6 business | * 5 personal * 7 business | * 5 personal * 6 business | * 5 personal * 12 business | * 4 personal * 4 business | * 4 personal * 3 business |
| Savings accounts | * 3 personal * 2 foreign currency * 5 business | * 3 types * 1 foreign currency * 2 business | * 3 types * 2 foreign currency * 3 business | * 3 personal * 3 foreign currency * 2 business | * 1 personal * 2 foreign currency * 3 business | * 1 personal * 2 foreign currency * N/A |
| Credit cards | * 17 personal * 5 business | * 15 personal * 4 business | * 22 personal * 5 business | * 14 personal * 4 business | * 27 personal * 7 business | * 8 personal * 4 business |
| Promotions | Up to $700 | Up to $700 plus more for opening a savings account and using the Family Bundle | Free Apple Watch Series 10 | Up to $450 plus more for opening a savings account | Up to $500 | Up to $300 |
Comparing the best online alternative banks
Simplii Financial is our top choice for an online bank as it offers a combination of simplicity and value.
While online banks don’t offer quite as many options as the big banks, they still provide a range of account options with impressive features.
| Bank | Tangerine | EQ Bank | Simplii | Motive Financial | Alterna Bank |
|---|---|---|---|---|---|
| Chequing accounts | * 1 personal * N/A | * N/A | * 1 personal * N/A | * N/A | * 1 personal * 1 business |
| Savings accounts | * 2 personal * 1 foreign currency * 2 business | * 1 personal * 1 foreign currency * N/A | * 1 personal * 2 foreign currency * N/A | * N/A | * N/A |
| Hybrid accounts | * N/A | * 1 personal * 1 business (beta) | * N/A | * 1 personal | * 1 personal |
| Credit cards | * 2 personal * N/A | * 1 personal * N/A | * 1 personal * N/A | * N/A | * N/A |
| Promotions | * Earn 4.5% interest for 5 months with a new Tangerine Savings Account | * N/A | * Earn up to $350 with a new Simplii No Fee Chequing Account, plus up to 4.5% with a new Simplii High Interest Savings Account | * N/A | * N/A |
How to choose the best bank for you in Canada
Consider the following details carefully before you commit to a bank or bank account:
- Fees: Are there fees for transactions, low balance, and other services?
- Minimum balance: Is there a fee if you don’t keep a minimum balance?
- Interest: Is this the best rate on the market? (high for interest, low for mortgage)
- Online access: Is online banking optional, or is it online-only?
- In-person access: Are there ATMs and branches near you?
- All-in-one: Does the bank offer all the financial products you need?
- Service: Are the bankers helpful, and can you reach them easily?
You may wish to open accounts at several institutions to get the best rates. This can complicate money management, with multiple apps and banking statements to track, but it might also be a smart strategy to get the best accounts.
Types of banks in Canada
There are 4 main types of financial institutions in Canada:
- Big banks: Includes CIBC, RBC, BMO, TD, Scotiabank, and National Bank. These are the largest banks in Canada, all full-service, with nationwide presence.
- Online only: Digitally-based institutions with few or no brick-and-mortar locations. Most focus on low or no-fee banking options.
- Credit unions: Not-for-profit, independently owned, and locally controlled institutions with a strong focus on community involvement.
- Caisses populaires: Cooperative, not-for-profit institutions owned and operated by members, very similar to credit unions. Typically located in strong francophone areas.
How to open a bank account
After you determine your needs and compare accounts, follow these steps to open your new account:
- Gather your documentation: You'll need things like your passport, driver’s license, and/or social insurance number handy
- Visit the bank or find the online application: You can get an application form directly from your bank if you prefer, but most accounts are available for application online and sometimes over the phone as well
- Fill out and submit the application: With your documents handy, follow the directions to fill in all the required information, sign the application, and submit it
- Activate your new account: Your bank will provide instructions on how to do this, but it usually involves activating a debit card, setting up online banking, and/or verifying your identity
- Deposit funds into your account: This can be done in-branch, at an ATM, or via Interac e-Transfer.
FAQ
What are the best banks in 2025?
Scotiabank is the best big bank in Canada, Simplii Financial is the best online bank, and Meridian is the best credit union. The best bank for newcomers to Canada is National Bank, and the best bank for businesses is BMO.
What are the top 2 Canadian banks?
The best bank in Canada is Scotiabank, and if you're looking for an online bank, Simplii Financial is the top choice. These are the best two banks in Canada as they have high-quality products with competitive interest rates.
Which Canadian bank is the safest?
While any bank that is CDIC-insured is extremely safe and secure for all your financial needs, TD and RBC are often said to be the safest. They're in the top 25 of Global Finance Magazine's global top 50 safest banks.
How long does it take to open a bank account?
Opening a bank account can take just a few minutes if you have all the required documents ready and you fill out the application online. It can take slightly longer if you prefer to do it in-branch.
Is RBC or TD better?
RBC is an excellent choice if you're looking for a mortgage, and it has more credit card options. On the other hand, TD offers a much better online banking experience with its highly-rated mobile apps.
Should I keep all my money in one bank?
It can be convenient to keep all your money with one bank, but you should at least have more than one type of bank account. You may get a better deal on fees and/or interest by using multiple banks.
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