Best Banks in Canada in 2026: Compare Accounts and Fees

Choosing the best bank in Canada can make settling into your new life much easier. Whether you are arriving as a permanent resident, international student, temporary worker or family member, you will likely need a Canadian bank account to:

• Receive your salary,
• Pay rent and bills,
• Send money,
• Build credit and
• Manage your everyday expenses.

But there is no single bank that is best for everyone. The right choice depends on what you value most. You may want a traditional bank with branches close to your home, a no-fee online account, a newcomer package, competitive savings rates or convenient international transfers.

This guide compares the major Canadian banks and several leading online alternatives so you can choose an account based on your actual banking needs rather than simply chasing the biggest welcome bonus.

Which Bank Is Best in Canada?

The best bank depends on your banking needs Canada's largest traditional banks generally offer the widest combination of branches, ATMs, credit cards, mortgages and investment products. Online banks can be more attractive if you want low fees and competitive interest rates.

Offer and account information verified September 10, 2026. Products, fees and promotional conditions can change.

Best Banks in Canada

The Big Five banks in Canada are RBC, TD, Scotiabank, BMO and CIBC. National Bank is commonly included when discussing Canada's Big Six banks. Together, these traditional banks have extensive branch networks and offer a broad range of banking products. For this comparison, the monthly fee refers to a representative everyday chequing account or package, not necessarily the cheapest account offered by each institution.

Monthly fees shown are representative published fees and may be reduced or waived under specific conditions. Promotional offers have separate eligibility requirements.

How We Evaluated the Best Canadian Banks

Instead of choosing a bank simply because it has the biggest advertising campaign, you should compare the features that affect your finances over the long term.

Our comparison considers:

• Monthly account fees and minimum balance requirements
• Number of included transactions
• Interac e-Transfer availability
• ATM and branch access
• Mobile and online banking
• Newcomer and student programs
• International money-transfer options
• Savings and investment products
• Customer-service options
• Accessibility for newcomers without established Canadian credit.

A welcome bonus can be useful, but it should not determine your decision by itself. A $500 promotion is less valuable if you spend hundreds of dollars in account fees over the following years.

RBC

Best for: Full-service banking and newcomers

RBC is one of Canada's largest banks and is a choice if you want access to branches, ATMs and a broad range of financial products. Its banking options range from lower-cost accounts to unlimited-transaction packages.

RBC's popular Advantage Banking account currently has a 12.95 CAD monthly fee, while Signature No Limit Banking is 16.95 CAD. RBC also offers a 4 CAD Day to Day account for customers who make fewer transactions.

Advantages: Extensive branch access, mobile banking, newcomer services, credit cards, mortgages and investment products.

Disadvantages: Some everyday accounts have monthly fees unless you qualify for a rebate or choose a lower-cost account.

Choose RBC if: You want one institution for everyday banking, borrowing, investing and long-term financial planning.

TD

Best for: Newcomers, students and branch banking

TD is particularly attractive if you are new to Canada and want a dedicated newcomer package. Its TD Unlimited Chequing Account normally costs 17.95 CAD per month, although the fee can be waived by maintaining a 4,000 CAD daily balance. The account includes unlimited transactions.

As of September 10, 2026, TD's New to Canada Banking Package offers one year without the monthly account fee, with additional promotional benefits available to eligible newcomers. The current offer also includes a potential 500 CAD cash reward and other benefits, subject to conditions and an October 1, 2026 deadline.

Advantages: newcomer program, extensive branch network and broad financial-product range.

Disadvantages: Promotional benefits eventually expire, and regular account fees can apply.

Scotiabank

Best for: Newcomers and international banking

Scotiabank's Preferred Package costs 16.95 CAD per month, or 0 CAD when you maintain a 4,000 CAD daily closing balance throughout the month. It includes unlimited debit and Interac e-Transfer transactions.

Its StartRight program is designed specifically for newcomers and can include banking-fee waivers, international money-transfer benefits and other promotional offers. The current program advertises up to 2,300 CAD in first-year value, but the amount depends on which products and qualifying conditions you use.

Advantages: newcomer offering and useful international banking features.

Disadvantages: The regular monthly fee matters once promotional benefits end.

BMO

Best for: Newcomers and families

BMO's Performance Chequing Account costs 17.95 CAD per month or 0 CAD when you maintain a 4,000 CAD minimum balance. It provides unlimited transactions and included Interac e-Transfers.

BMO NewStart is particularly relevant if you are immigrating to Canada. Eligible newcomers can receive a full monthly plan-fee rebate on the Performance Plan for 24 months. After that period, the regular 17.95 CAD monthly fee applies unless you qualify for another waiver.

Advantages: Long newcomer fee-waiver period, strong branch network and family banking options.

Disadvantages: The account becomes less attractive if you cannot maintain the required balance after the newcomer period.

CIBC

Best for: Everyday banking and unlimited transactions

The CIBC Smart Account has a 16.95 CAD monthly fee, which can be rebated when you maintain a 4,000 CAD end-of-day balance every day during the month. It includes unlimited transactions, including Interac e-Transfers. CIBC also offers newcomer-focused banking, international money-transfer services and access to its large ATM network.

Advantages: Unlimited transactions, strong digital banking and a wide range of financial products.

Disadvantages: You need to monitor the fee-waiver conditions if you want to avoid regular account fees.

National Bank

Best for: Quebec residents and French-language banking

National Bank is particularly relevant if you plan to settle in Quebec. Its Connected package costs 15.95 CAD per month for customers aged 25 to 59 and can be reduced to 0 CAD with a 4,500 CAD balance. It includes unlimited digital transactions and Interac e-Transfers.

The Total package is a more comprehensive option, with unlimited digital and in-person transactions. The standard fee is 28.95 CAD for customers aged 25 to 59, although qualifying balances and eligible products can reduce the cost.

Advantages: Strong Quebec presence, French-language service and comprehensive banking packages.

Disadvantages: Its physical branch network is not as extensive nationally as the largest Big Five banks.

Tangerine

Best for: No-fee Online Banking

Tangerine is an online bank owned by Scotiabank. Its No-Fee Daily Chequing Account has no monthly fee, no minimum balance and unlimited everyday transactions. Interac e-Transfers are free, and customers receive free access to more than 3,500 Scotiabank ABMs.

The trade-off is that you do not get a traditional branch network. If you are comfortable doing your banking through an app or website, Tangerine can be a practical way to reduce everyday banking costs.

Simplii Financial

Best for: No-fee Banking With CIBC ATM Access

Simplii's No Fee Chequing Account has no monthly fee or minimum balance requirement. It includes:

• Unlimited debit purchases,
• Bill payments and withdrawals,
• Free Interac e-Transfers and
• Access to more than 3,400 CIBC ATMs across Canada.

Simplii is particularly useful if you rarely need face-to-face banking and want to keep everyday account fees at zero.

EQ Bank

Best for: High-interest Everyday Banking

EQ Bank's Personal Account combines everyday banking features with interest on your balance. As of September 2026, the published rate is up to 2.75% when you meet the qualifying recurring direct-deposit requirement of at least 2,000 CAD per month. The account has no monthly fee or minimum balance requirement. EQ Bank is a good choice if you want your everyday cash to earn interest without paying a traditional monthly banking fee.

One limitation: You should consider another bank if you regularly need branch services or cash deposits.

Wealthsimple

Best for: Digital Banking and Investing

Wealthsimple has expanded beyond investing into everyday cash management and banking services. Its Cash account can be useful if you want to combine spending, saving and investing within a digital-first platform. Wealthsimple's Cash funds are held in trust with CDIC member institutions rather than Wealthsimple itself being a CDIC member bank. Eligible deposits can receive CDIC protection through that structure, subject to the applicable rules and disclosure requirements.

Advantages: Strong digital experience and integration with investment products.

Disadvantages: No traditional branch network, which may matter if you need cash services or in-person assistance.

Best Banks for Newcomers to Canada

If you are a newcomer, your priorities are slightly different from those of an established Canadian resident. You may need an account before receiving your first salary, a credit card without an established Canadian credit history and affordable ways to transfer money to family overseas. RBC, TD, Scotiabank, BMO and CIBC all market newcomer banking programs. National Bank also offers newcomer services, particularly relevant if you are settling in Quebec. Before accepting an offer, check:

• How long you qualify as a newcomer
• How long the monthly fee is waived
• Whether a minimum balance is required afterward
• Whether you can qualify for a newcomer credit card
• International transfer costs and exchange rates
• Identification and immigration documents required
• Whether you can start the application before arrival, and
• What the account will cost after the promotion ends.

For example, TD's current New to Canada package offers one year of fee relief on its Unlimited Chequing Account, while BMO NewStart offers a 24-month fee waiver on its eligible Performance Plan. Scotiabank's StartRight program also provides newcomer-specific benefits. The biggest lesson is simple: do not choose your bank solely because of a welcome bonus. Think about what you will pay and receive after the introductory period.

Traditional Banks vs Online Banks

A traditional bank gives you access to physical branches, cash services, bank drafts and a broad range of financial products. This can be especially useful when you are new to Canada and want someone to explain your options face to face.

An online bank generally removes much of the cost associated with branch networks. You may get no-fee banking, better savings rates or a simpler mobile experience, but you will have fewer options for in-person service.

Chequing Account Fees You Should Watch

The monthly account fee is only one part of the cost of banking. Before you open an account, check the fee schedule for:

• Monthly account fees
• Minimum balance requirements
• Excess transaction fees
• Non-network ATM fees
• Overdraft protection and overdraft interest
• NSF fees
• Paper statements
• Bank drafts
• Wire transfers
• Foreign-exchange and foreign transaction fees

For example, TD's Unlimited Chequing Account has a 17.95 CAD monthly fee unless the qualifying balance is maintained, while BMO Performance and CIBC Smart have similar 4,000 CAD balance requirements for fee rebates.

Savings Rates and Other Banking Products

Your chequing account is only the starting point. Once you settle in, you may need a savings account, GIC, credit card, mortgage, TFSA, RRSP, FHSA or investment account. When comparing savings products, distinguish between a promotional interest rate and an ongoing rate. A bank may offer an attractive introductory rate for a limited period and then reduce it afterward.

EQ Bank, for example, currently offers up to 2.75% on its Personal Account when its direct-deposit requirements are met, while its GIC and savings products have separate rates and conditions. For newcomers, building a relationship with a full-service bank can also make it easier to access products such as credit cards and mortgages later. However, you do not necessarily need to keep all your financial products at one institution.

How to Choose the Best Bank in Canada

Before opening an account, ask yourself these questions:

1. Do you need a branch? If yes, start with the Big Six or another traditional bank.
2. Do you use cash regularly? Check ATM access and cash-deposit options.
3. Can you maintain a minimum balance? If not, compare no-fee alternatives.
4. Do you send money internationally? Compare transfer fees and exchange rates.
5. Do you need a newcomer credit card? Check the bank's eligibility rules before applying.
6. What happens after the promotion ends? Calculate the long-term cost.
7. Do you need a student, joint or business account? Make sure the bank offers the right product.
8. Do you need service in French or another language? Check local branch and customer-support availability.

This approach will usually give you a better answer than searching for one universal "best bank account in Canada."

How to Open a Bank Account in Canada

Opening a Canadian bank account is generally straightforward once you have the necessary documents.

1. Choose your account. Decide whether you need chequing, savings or both.
2. Check eligibility. Review residency, age and newcomer requirements.
3. Gather identification. Banks may ask for documents such as a passport, permanent resident document, work permit, study permit or other acceptable identification.
4. Apply online or visit a branch. Some banks allow eligible newcomers to begin the process online or before arrival.
5. Make an opening deposit if required. Requirements vary by account.
6. Set up digital banking. Activate your debit card, online banking, mobile app and direct deposit.

You should not assume that a SIN is always required to open an ordinary bank account. A financial institution may request your SIN for specific purposes, including certain interest-bearing products or tax reporting requirements. EQ Bank, for example, currently requires a valid SIN as part of its online Personal Account application.

Newcomer Banking and Building Credit

Your first bank account can become the foundation for your Canadian financial history. However, simply opening a chequing account does not automatically create a strong credit score. If you qualify, consider a newcomer or secured credit card. Start with a manageable credit limit, use the card for regular purchases and pay your balance on time.

Keeping your credit utilization under control can also help you build a healthier credit profile. Setting up your salary through direct deposit and paying bills from your account can make everyday banking easier. At the same time, avoid overdrafts and NSF fees because repeated payment problems can create unnecessary financial stress.

Bank Safety and CDIC Protection

Canada has a federal deposit-insurance system operated by the Canada Deposit Insurance Corporation (CDIC). If a CDIC member institution fails, eligible deposits are protected up to 100,000 CAD per insured category, per member institution, including principal and interest. Eligible deposits can include chequing and savings accounts and certain GICs. Stocks, bonds, mutual funds, ETFs and cryptocurrencies are not protected by CDIC deposit insurance.

The protection is not simply 100,000 CAD across everything you own. CDIC uses different insurance categories, including deposits held in one name, joint deposits and certain registered accounts. If you are considering an online financial provider, check exactly which institution holds your money and whether that institution is a CDIC member.

Wealthsimple, for example, explains that its Cash funds are held in trust with CDIC member institutions; Wealthsimple itself is not the CDIC member. You should also protect your banking information by using strong passwords, multi-factor authentication where available, transaction alerts and secure networks. Never share your banking password, one-time security code or debit-card PIN with another person.

Choosing Your Canadian Bank

The best Canadian bank for you is the one that fits your financial life after the promotional period ends. A newcomer may initially benefit from a major bank's branch network, credit-card options and international-transfer services. Once you are settled, you may decide that an online bank with no monthly fee and a higher savings rate makes more sense. Before you open an account, compare the:

• Monthly fee,
• Minimum balance,
• Transaction limits,
• ATM access,
• International-transfer costs and
• Newcomer benefits.

Most importantly, look beyond the welcome bonus and ask what the account will cost you next year. If you are moving to Canada, choosing the right bank is one of the first practical steps toward establishing your new financial life. Take the time to compare your options, read the account terms and choose the banking setup that supports your income, spending and long-term settlement goals.

Frequently Asked Questions

What is the Best Bank in Canada?

There is no single best bank for everyone. RBC, TD, Scotiabank, BMO, CIBC and National Bank are strong full-service choices, while Tangerine, Simplii Financial, EQ Bank and Wealthsimple can be better suited to customers prioritizing digital banking and lower fees.

What Are the Big Five Banks in Canada?

The Big Five are RBC, TD, Scotiabank, BMO and CIBC. National Bank is generally added when referring to Canada's Big Six banks.

Is RBC or TD Better?

Both offer extensive branch networks, digital banking and newcomer services. TD can be particularly attractive if you want its current New to Canada Banking Package, while RBC may appeal if you value its broad branch network and range of financial products. Your location and the specific account you choose should determine which is better for you.

Which Canadian Bank Has no Monthly Fee?

Several options have no-fee accounts. Tangerine and Simplii offer no-fee everyday chequing accounts, while EQ Bank's Personal Account has no monthly fee. Traditional banks also offer accounts where fees can be waived under specific conditions.

What is The Best Bank For Newcomers to Canada?

TD, RBC, Scotiabank, BMO and CIBC all offer newcomer banking options. BMO currently offers a 24-month fee waiver through NewStart, while TD's current package offers one year of fee relief on its eligible Unlimited Chequing Account. Scotiabank's StartRight program also provides newcomer-specific benefits. Always check the current eligibility rules before applying.