Best Banks Canada for 2025: Savings, Checking, Customer Service and More

Choosing which bank to use is an important decision, as it affects everything from your day-to-day transactions to planning your long-term finances. Canada is home to both traditional, large banks with a global presence and high-street branches and newer banks that operate only online. Because of this variety, you can find a bank that meets your needs whatever your banking preferences.

When choosing a bank in Canada, it is important to evaluate factors such as product offerings, customer service, fees, and digital tools. Considering all the important factors will ensure that your bank and your banking experiences align with your lifestyle and financial goals.

In this article, we share with you the best banks in Canada to help you make an informed choice.

Overview of Canada’s Top Banks – Updated Daily

Best Traditional Banks in Canada

Traditional Canadian banks, with their broad branch networks, have been the foundation of the country’s financial services for many years. These banks offer a complete range of financial services, including basic accounts and more complex options such as mortgages and investments.

Millions of Canadians trust traditional banks because of their focus on personalized service and their history of offering security, stability, and reliability. While traditional banks may charge higher banking fees than some of their online competitors, their physical branches and range of services mean they are still a popular choice among Canadians who prefer the option of a more hands-on banking experience.

Royal Bank of Canada (RBC)

With roots tracing back to 1864, the Royal Bank of Canada is among the largest and most respected financial institutions in Canada. It offers a wide range of services catering to both individuals and businesses. RBC’s comprehensive range of personal banking products include chequing and savings accounts, credit cards, mortgages, and loans.

In addition, RBC offers wealth management and investment solutions, including financial planning, retirement planning, and portfolio management services to its clients. For businesses, RBC offers tailored solutions in commercial banking, financing, and cash management. RBC provides Canadians with convenient banking options, including in-person access at branches and ATMs across the country, and digital access through a user-friendly online platform.

Pros

  • RBC offers a wide range of services, making it a one-stop bank for all your financial needs.
  • Over the decades, RBC has carved itself an international presence, making it an ideal choice for clients with global financial needs, whether for travel or international business.
  • RBC offers a range of wealth management and investment services that are highly regarded and trusted.
  • Known for its excellent customer service, both in-person and online, RBC ensures a positive banking experience for its clients.

Quick Facts

  • RBC was founded in 1864, in Halifax, Nova Scotia.
  • RBC operates over 1,200 branches across Canada.
  • As of 2025, RBC employs around 94,000 people globally.
  • RBC serves over 17 million clients.
  • RBC has a presence in more than 30 countries.

Toronto Dominion Bank

Toronto Dominion Bank is one of the largest and most respected financial institutions in Canada, with a reputation for customer-centered services. It was founded in 1955 when the Bank of Toronto (founded in 1855) and the Dominion Bank (founded in 1869) merged. Since then, it has built a solid presence in Canada with a wide-reaching network of branches and ATMs.

TD also offers a comprehensive range of online and mobile banking tools. TD’s financial banking products for individuals include savings accounts, mortgages, loans, credit cards, investment services, and financial planning, while its services for businesses include commercial accounts, merchant services and financing. TD is an accessible and convenient choice for Canadians looking for a combination of in-person and digital banking.

Pros

  • TD consistently receives praise for its customer services, both online and in-person.
  • Comprehensive range of accounts and services for both individuals and businesses.
  • Branches and ATMs available in most provinces and territories, making it an accessible option to a large number of Canadians.
  • TD has strong, user-friendly digital banking tools, which are often rated among the best in the country.

Quick Facts

  • Established through a merger in 1955.
  • TD operates over 1,000 branches in Canada.
  • The bank has over 3,400 ATMs across Canada.
  • As of 2024, TD employs over 103,000 people.
  • TD serves over 11 million customers in Canada and 28 million customers worldwide.

Bank of Nova Scotia (Scotiabank)

Bank of Nova Scotia, or as it is more commonly known Scotiabank, was founded in 1832 and today, it is one of Canada’s Big Five banks with a global presence. Scotiabank provides a wide variety of financial services for individual banking clients, such as personal banking, mortgages, credit cards, loans, and investments. It also provides business banking solutions, which include services such as commercial accounts, financing, and support with international trade.

With its strong international presence, Scotiabank is able to support its clients with their cross-border financial transactions, making it a worthwhile choice for anyone with international interests whether an individual or a business. With a strategic presence not only across the Americas, but also in Europe and Asia Pacific, Scotiabank can offer truly seamless connectivity across international markets.

Pros

  • Scotiabank’s comprehensive services range from personal and business accounts to mortgages, loans, wealth management, and commercial financing.
  • Recognized for its services for businesses, Scotiabank offers tailored solutions for businesses of all sizes.
  • With a strong presence across several continents, Scotiabank offers seamless international money management.
  • Scotiabank has no-fee chequing accounts available for younger customers and seniors.

Quick Facts

  • Scotiabank was founded in 1832 in Halifax, Nova Scotia.
  • It operates over 900 branches in Canada.
  • Scotiabank has a presence in more than 30 countries, especially in Latin America and the Caribbean.
  • As of 2024, Scotiabank employs around 90,000 people globally.
  • Scotiabank serves more than 25 million customers globally.

Bank of Montreal (BMO)

With roots dating back to 1817, the Bank of Montreal is the oldest financial institution in Canada. It is one of the most reputable banks in the country with a strong reputation for providing personalized banking services and an extensive range of financial solutions to both private and business customers. The bank’s products for individuals include personal accounts, credit cards, mortgages, loans, and investment services. In addition to personal banking, BMO offers a wide range of services for businesses, such as business accounts, financing, and cash management solutions.

As Canada’s oldest bank, BMO has a strong presence across Canada. It also has a growing digital footprint and it is fully committed to meeting the needs of its customers both in-person and through their digital services.

Pros

  • BMO has a long history and a reputation for reliability and stability, which offers a sense of security.
  • The bank is known for its personalized service and can provide financial advice and solutions tailored to your needs.
  • BMO’s product range is one of the most extensive in Canada, with a large selection of accounts for businesses and individuals and impressive options on credit cards.
  • While the bank has a good network of physical banks, the digital banking tools are well-reviewed and easy to use.

Quick Facts

  • BMO was established in 1817, in Montreal, Quebec. ​
  • The bank’s legal head office remains in Montreal, while its operational headquarters and executive offices have been in Toronto since 1977. ​
  • BMO operates approximately 1,860 branches.
  • The bank maintains a network of over 5,700 ATMs across North America. ​
  • The bank serves more than 13 million personal and commercial customers.

Canadian Imperial Bank of Commerce (CIBC)

Canadian Imperial Bank of Commerce (CIBC) is another leading financial institution in Canada. It was first established as the Bank of Canada in 1858 and renamed as the Canadian Bank of Commerce in 1867. The current name dates back to 1961 when the Canadian Bank of Commerce merged with the Imperial Bank of Canada.

CIBC offers a wide range of services for both individual and business customers, including personal and commercial accounts, credit cards, loans, mortgages, and business financing. The bank has made significant investments in developing its digital banking tools and its customers now benefit from seamless and secure online banking. CIBC has an extensive banking network across Canada with over 1,000 branches and over 3,000 ATMs making it easily accessible for millions of Canadians.

Pros

  • CIBC is often commended for its customer service with clients praising its personalized service and responsive support.
  • Customers of CIBC can choose from a wide range of products whether looking for individual or business banking products.
  • CIBC offers a range of financial solutions for youth, seniors, foreign workers, and immigrants.
  • CIBC’s customers benefit from the bank’s award winning digital tools making it easy to manage your money on-the-go.

Quick Facts

  • CIBC was established in 1961, through a merger. ​
  • CIBC operates over 1,000 branches across Canada.
  • In addition to Canada, CIBC maintains a presence in the United States, the Caribbean, Asia, and the United Kingdom. ​
  • As of 2024, CIBC employs over 48,500 full-time employees globally. ​
  • The bank serves over 11 million clients worldwide.

Best Online Banks in Canada

In recent years, digital banking has become increasingly popular and this has led to a number of new banks, operating online only, emerging in Canada. While many Canadians still put their trust in the traditional banks, more people are considering, and choosing, online banks because they can offer a cheaper alternative to traditional banks.

Because these banks operate without physical locations, they have less overheads, which is often reflected in their banking fees and saving account interest rates. With so many new financial institutions offering their banking services online, it is important to understand both the benefits and the limitations of online banks when choosing the right bank for you.

Simplii Financial

Simplii Financial, formerly known as President’s Choice Financial, was rebranded as Simplii Financial in 2017. As a fully online bank within the CIBC group, it focuses on offering its customers a modern, digital-first banking experience. Simplii Financial offers chequing and savings accounts, credit cards, personal loans, and mortgages—all without any banking fees.

While there is a good choice of services for private customers, Simplii does not provide business banking services. Simplii offers very competitive interest rates on its savings accounts, which are often more generous than those offered by traditional banks. As an online-only bank, Simplii Financial is committed to providing a seamless and user-friendly online banking experience through its intuitive mobile app and website, ensuring its customers can easily manage their finances wherever they are.

Pros

  • Simplii operates a no-fee banking model, ideal for Canadians who want to avoid monthly account fees and transaction charges.
  • Being part of the CIBC group, Simplii benefits from the resources and financial stability of one of the largest banks in Canada.
  • Simplii’s customer service is available 24 hours by phone and chat (although during some hours, the support is operated by virtual assistants).
  • Foreign workers and immigrants can open an account with Simplifii before arriving in Canada.

Quick Facts

  • Simplii Financial was launched on November 1, 2017. ​
  • Simplii is the digital division of CIBC.
  • Clients can use any CIBC ATMs without incurring fees.
  • Simplii serves around 2 million customers in Canada. .

Tangerine Bank

Tangerine Bank, one of the best-known Canadian online banks, began as ING Direct in 1997 before becoming a Scotiabank subsidiary in 2012. With a focus on simplicity, low costs, and competitive savings rates, Tangerine provides a variety of banking options, mainly for personal customers.

Tangerine is a popular online choice because it offers a low-fee banking structure, with no monthly fees for account maintenance on chequing and savings accounts. It also offers higher interest rates compared to many traditional banks. Customers can easily access their accounts, transactions, and other banking services through Tangerine’s user-friendly digital platform, which includes both a mobile app and online banking system.

Pros

  • Customers benefit from Tangerine’s low-fee structure with no fees or hidden charges on their standard banking services.
  • Tangerine is backed by Scotiabank, a major Canadian banking institution, which can provide customers with added security and peace of mind.
  • Tangerine offers attractive interest rates on savings accounts, which are generally higher than those offered by traditional banks.
  • Customers are not required to maintain a minimum balance on their chequing accounts.

Quick Facts

  • Tangerine Bank was originally established in 1997 as ING Bank of Canada (operating as ING Direct).
  • Tangerine was acquired by Scotiabank in 2012 and rebranded as Tangerine in 2014. ​
  • Tangerine has over 2 million clients in Canada.
  • Customers can use Scotiabank’s ATMs free of charge.

EQ Bank

EQ Bank, launched by Equitable Bank in 2016, is a low-cost online alternative to traditional banks, and has quickly become popular among Canadians looking for savings accounts with higher interest rates and competitive fees on other financial products. With a reputation for innovation, EQ Bank provides a range of services, including savings and chequing accounts, GICs, and international money transfers.

EQ Bank stands out by offering higher interest rates on savings compared to traditional banks. Customers also benefit from no monthly fees and an easy-to-use online platform, which ensures that customers can manage their finances whenever and wherever. However, like many other online-only banks, EQ Bank offers fewer products than traditional banks.

Pros

  • High interest rates are offered on an ongoing basis, including accounts in US dollars.
  • EQ’s website and mobile banking app are both very straightforward to use.
  • Customers have no monthly fees on their chequing and savings accounts.
  • EQ’s customers can earn cash back and enjoy free cash withdrawals from all ATMs within Canada with the EQ Bank Card.

Quick Facts

  • EQ Bank was launched in 2016. ​
  • As of 2024, EQ’s parent company, Equitable Bank, employs over 1,800 people full time.
  • EQ Bank has around 650,000 customers in Canada.

Motive Financial

Founded in 2008, Motive Financial is an online-only banking division of Canadian Western Bank, created to provide Canadians with a modern, cost-effective alternative to traditional banks. Motive offers high interest rates, which makes it a popular choice for Canadians looking to save without the fees associated with traditional banking institutions.

Motive Financial offers a limited range of products compared to traditional banks. It does not provide lending services or credit cards, but it does offer investment options. The clear focus for Motive Financial is to help you save. Deposits to your Motive Financial accounts are insured by CDIC and customers can conduct all their banking easily with Motive’s easy-to-use digital platforms.

Pros

  • Motive Financial offers some of the best interest rates in Canada and there are no monthly fees on chequing or savings accounts.
  • With a Motive Financial account, customers can make unlimited transactions that are always free.
  • Motive is a bank that can help you save since it offers no credit cards or loans.
  • All deposits are protected under Canadian insurance regulations and Motive is backed by the Canadian Western Bank.

Quick Facts

  • Motive Financial was established in 2008 as Canadian Direct Financial.
  • The bank rebranded to Motive Financial in 2017.
  • Motive Financial is a division of Canadian Western Bank (CWB).​

How to Choose the Right Bank for You

Choosing the right bank for you depends on your financial goals, lifestyle, and preferences. Because the services, fees, and benefits differ from one bank to the next, you should weigh your options carefully. Here is what to look for when choosing a bank:

  • Your banking needs: Start by assessing what your specific financial needs are. Are you looking for a basic account or more specialised services such as investment products, mortgages, or business banking? Prioritise banks that provide the services you primarily want.
  • Fees and costs: There are significant differences between banking fees and depending on how you use your accounts, these fees can get expensive. Check what the fees are on, for example, chequin and savings accounts, transactions, and ATM withdrawals. Many online banks have lower or no fees, while traditional banks often have higher banking fees.
  • Interest Rates: Just like fees, interest rates vary, too. Often, you will find higher interest rates on savings accounts with online banks since they have lower overheads. If you are looking to borrow money, compare the rates the banks offer on their credit cards, mortgages, and other types of loans.
  • Digital banking Experience: In today’s world, when most banking is done online, it is important to look at the bank’s digital banking tools. All banks, whether traditional or fully digital, offer internet and mobile banking tools. Ensure your bank’s digital tools are secure, user-friendly, and offer a range of tools you want, such as mobile cheque deposits or instant transaction notifications.
  • Customer service: Consider whether you want a bank where you can get in-person support or if you are happy with online/telephone customer service. Check out customer service reviews for a better understanding of the quality of their customer support.
  • Branches and ATMs: If you prefer in-person banking, choose a bank that has a branch near you for more convenient banking. In addition, if you make regular cash deposits, be aware that many online banks may not offer this service at all.
  • Rewards and incentives: Check if the bank has any reward programmes, such as bonuses for opening an account or cash back on credit cards. Schemes such as these can help you manage your finances and even save money.

Sources

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