Which Bank Is The Best In Canada To Open An Account [2024]

If you are thinking about moving to Canada, a common question you may ask is which bank is the best in Canada. In fact, moving will oftentimes mean that you have to open a bank account, as it will be used for the general payments throughout the month, and this is also how you will be receiving your wages. Not only that, but a bank account is essential in establishing your credit report, and you will need to ensure that you have one – just for a good start.

So, which bank is the best one? The answer depends on what is important to you. While some people prefer older banks, as tradition means reliability, others will love online solutions and new technologies that make payments easier. Automated payments, online banking, banking apps, contactless payments, and many more technological perks are available to all, and almost every Canadian bank offers at least a few of these. The best bank, in that case, is the one that suits your needs the best.

In fact, there are 34 banks working in Canada, and all together, they have thousands of offices across the country. Not only that, but they also manage 18,500 ATMs, which, in Canada, are called ABMs (Automatic Banking Machines, as opposed to the US ATM – Automatic Teller Machine). In the end, it boils down to what bank is the most convenient for you – despite many technological solutions and innovations, we still need to pay a visit to the bank’s offices or ABMs here are there. Going with a bank that has no offices in your town makes virtually no sense.

Top Canadian Banks

The best bank to open an account in Canada is, therefore, one of the three or so closest to you. The Canadian banking market and financial market are very highly regulated, and together, they make for a system where your money is safe. Over 99% of Canadians have a bank account, and 91% of them are very satisfied with the services offered and think that innovation in the field has made money management much easier than it was before.

Not only that, but the slow move from actual cash/money to online banking and cards has made it much safer for all – as there is no need to carry much cash around, besides a few dollars in your pocket for thrift shopping. In fact, the best bank in Canada will provide you with a card, a checking, a savings account, and some investment options as soon as you open an account with them, and some will even give you a temporary card to get along until your real debit or credit card arrives. With this in mind, there are some of the largest and the best banks working in Canada in 2024:

RBC – Royal Bank of Canada
TD Bank – Toronto-Dominion Bank
Scotiabank – Bank of Nova Scotia
BMO – Bank of Montreal
CIBC – Canadian Imperial Bank of Commerce
EQ Bank – Equitable Bank
HSBC Bank Canada – The Hongkong and Shanghai Banking Corporation Limited Bank
Tangerine Bank – ex ING Direct Canada, a subsidiary of Scotiabank
Simplii Financial – associated with CIBC and offering free access to their ABMs

Let’s consider them all in more detail:

RBC

Among the largest banks in Canada, the RBS (Royal Bank of Canada) is the largest of them all. It sponsors many cultural and sporting events in the country. It has four chequing accounts that you can use:

RBC Day-to-Day Banking – CAD4 monthly fee, 12 transactions a month, plus unlimited transactions for public transport, free for seniors
RBC Advantage Banking – CAD11.95 monthly fee, free for newcomers to Canada and students, and only CAD5.95 a month after the Value Program rebate, unlimited debit purchases in Canada, free electronic transactions, and no fees to use any ABM in Canada
RBC Signature No Limit Banking – CAD16.95 a month, CAD12.95 for seniors, and CAD10.95 or CAD5 after the value program rebate. You get unlimited transactions in Canada, overdraft protection, free electronic transactions, 3 free non-RBC ABM withdrawals a month, and a CAD48 rebate on the annual fee for some credit cards. With this account, you get a free Apple Watch
RBC VIP Banking – CAD30 a month, CAD22.5 for seniors, and CAD24 or CAD18.05 after the Value Program Rebate. You get unlimited transactions worldwide, overdraft protection for free, free electronic transfers, free ABM usage worldwide, and a CAD120 annual rebate for some credit cards. With this account, you get a free Apple Watch

The RBC Bank also offers some interesting savings accounts. You can use the NOMI Find & Save and automate your savings. Here are the Royal Bank of Canada savings accounts:

RBC High-Interest eSavings – no monthly fee, 5.5% interest rate when you open the savings account, used for Canadian dollars, regular interest rate 1.7%, 1 free withdrawal a month
RBC NOMI Find and Save – no monthly fee, used for savings in Canadian dollars, 0.7% interest rate and free transfers to and from your chequing account, automatic deposits from your chequing account to your savings account, and payment protection
RBC Day-to-Day Savings – no monthly fee, one free withdrawal per month, tiered interest rate (0.005% for savings up to CAD999, and 0.01% on amounts over CAD999)
RBC U.S. High-Interest eSavings – no monthly fee, used for savings in US Dollars (USD), offers interest rates of 0.5% and 1 free transaction per month

TD Bank

The Toronto-Dominion Bank is the second-largest bank in Canada. It is also one of the best banks in Canada. It offers the following six types of chequing accounts:

TD All-Inclusive Banking Plan – CAD29.95 monthly fee, free cheques, drafts, annual fee rebate on some credit cards (CAD139), unlimited banking transactions and premium banking benefits, sign-up bonus CAD600
TD Every Day Chequing Account – CAD16.95 monthly fee, a limited-time sign-up bonus of CAD600, unlimited transactions in a month, annual fee rebate on some cards of up to CAD139, free TD Bank ABM usage, and free electronic transactions
TD Unlimited Chequing Account – CAD10.95 monthly fee, 25 transactions per month, and free electronic transactions
TD Minimum Chequing Account – CAD3.95 monthly fee with 12 free transactions
TD Student Chequing Account – no monthly fee, unlimited transactions per month, no overdraft protections service monthly fee, free electronic transactions

Scotiabank

The Bank of Nova Scotia is Canada’s third-largest bank. It offers five different checking accounts (look at the table below), and it offers reward points for your everyday purchases. The bank itself aims at a very broad audience and it offers different perks to all, including those travelling a lot. Since the bank offers even free international transactions and ABM withdrawals, it is perfect for those who plan on moving to Canada and going back home occasionally.

Scotiabank Checking Accounts, maintenance costs and benefits:

Item	Ultimate Package	Preferred Package	Basic Plus	Basic	Students
Monthly Fee	CAD30.95	CAD16.95	CAD11.95	CAD3.95	Free
Minimum Balance for Monthly Fee Waiver	CAD5,000	CAD4,000	CAD3,000	None	None
Debit Transactions	Unlimited	Unlimited	25 a month	12 a month	Unlimited
eTransfers	Unlimited	Unlimited	10 a month	2 a month	Unlimited
Senior Discount	CAD4	CAD4	CAD4	CAD3.95	None

Scotiabank also has interesting savings account options among its financial products:

Momentum PLUS Savings Account
Savings Accelerator Account
Money Master Savings Account
Scotia U.S. Dollar Daily Interest Account
Scotia Euro Daily Interest Account

Some of these, when coupled with the Ultimate Package checking account, can bring in interest rates of over 5%, and you can also use the Scotia U.S. Dollar Daily Interest Account and Scotia Euro Daily Interest Account to save in foreign currencies. Scotiabank also offers a lot of benefits to all who would like to take out a credit card, with some premium solutions offering complimentary travel insurance whenever you travel abroad.

BMO

This is the fourth-largest national bank in Canada. It joined the list of Canadian financial institutions in 1817 and is currently the longest-standing Canadian bank. It has five types of checking accounts, four savings accounts, and credit cards, some of which include cash-back rewards.

The BMO checking accounts are the following:

Premium Account – unlimited transactions, free non-BMO ABM usage, CAD150 rebate on some of their credit cards, and identity theft protection for free
Performance Chequing Account – CAD450 bonus when you open this account
Plus Chequing Account
AIR MILES Chequing Account
Practical Chequing Account

As an immigrant to Canada, you get to join a NewStart Program, where all the fees are waived for you for a period of time.

BMO savings accounts are the following:

BMO Savings Amplifier Account – 1.9% interest rate, no monthly fee, no minimum balance requirements
BMO Savings Builder Account – 0.5% interest rate + 2% interest rate for every month where you manage to put at least CAD200 into the savings account, 1 free transfer per month, and no monthly fee
BMO Premium Rate Savings Account – 0.01% interest rate, with no monthly fee
BMO U.S. Dollar Premium Rate Account – 0.05% interest rate for your savings in US dollars (USD) and no monthly fee

The BMO (Bank of Montreal) also offers convenient credit cards with cash back. We recommend you always take one out to ensure you can build your credit score.

CIBC

The Canadian Imperial Bank of Commerce currently offers 3 basic types of chequing accounts. They are as follows:

the CIBC Smart Account – with a flexible monthly fee of CAD0-16.95, a limited-time CAD350 bonus, and no monthly fee if your balance is a minimum of CAD4,000. If you use the chequing account less, your monthly fee will also be lower, and you get digital access to your baking account
the CIBC Smart Plus – offers a flexible monthly fee of between CAD0-29.95. There is no monthly fee when you have a daily balance of a minimum of CAD6,000 or CAD100,000 in some savings accounts, there is no annual fee on some CIBC credit cards for the primary cardholder, unlimited transactions per month, and no CIBC fee on worldwide ABMs. There is also a sign-up bonus of CAD350
the CIBC Smart Start – free everyday banking, unlimited debit, and electronic transfers until the age of 25, online banking, student deals, and discounts, up to 10% discount on gas at eligible gas stations, access to CIBC Investor’s Edge

Besides these, the CIBC also offers a number of savings accounts:

CIBC First Home Savings Account – tax-free savings account for your first home, earn interest
CIBC eAdvantage Savings Account – with a regular interest rate of 0.65-1.90% annually, currently there is a special offer for new members with an interest rate of 5.60%, regular smart interest rate of 0.50% on balances up to CAD200,000, no monthly fee and CAD5 each transaction
CIBC US$ Personal Account – an account with no monthly fee, a regular interest rate of 0.05-0.50 %, and CAD0.75 per transaction you make. The account is meant for savings in US Dollars
CIBS TFSA Tax Advantage Savings Account – no monthly fee and regular interest rate of 0.90%. Minimum investment threshold of CAD25, and a limited-time offer of 5% on all eligible new deposits. You can access your money anytime and set up recurring deposits from your chequing account
CIBC RRSP Daily Interest Savings Account – no monthly fee, with a minimum investment of CAD25, interest rate of 0.05%, intended for building up your retirement fund

EQ Bank

The EQ Bank took a different approach to banking. Traditionally, most banks keep their chequing and savings accounts in personal banking separate. However, the EQ Bank combines the two and offers unlimited debit transactions, more than competitive interest rates, and more. Let’s check out some of their bank accounts:

EQ Savings Plus Account – no monthly fee, no minimum balance, 2.5% everyday interest + 1.5% with direct deposit set up, free unlimited bill payments, electronic transfers, and free ABM withdrawals with the EQ Bank Card
EQ Joint Savings Plus Account – no monthly fee, 2.5% everyday interest rate + additional 1.5% with direct deposit, online sign-up with no paperwork, and adding up to 3 people in a single click
EQ TFSA Savings Account – no minimum balance, online sign-up within a few minutes, no monthly fees, 3% interest rate, and tax-free interest rate earnings
EQ US Dollar Account – no monthly fees, competitive exchange rate, sending money back home with low transaction fees, 3% interest on the entire amount

So, the EQ Bank combines checking and savings accounts into one account. However, this is not the only type of account that they offer, as you will be able to open separate accounts for your investments:

GIC account – with a featured rate of 4.75% on a 6-month registered GIC account, investing for both short term and long term, the minimum investment amount of CAD100, and no-hassle sign-up experience
The RSP Savings Account – intended for retirement savings, 3% interest rate on tax-deferred amounts, no monthly fees, no minimum balance, online sign-up
The TFSA Savings Account – 3% interest rate, no taxes to be paid, no monthly fees, no minimum balance, online sign-up
The FHSA Savings Account – the First Home Savings Account – contributions earn 3% tax-free interest and contributions to the account are not taxable, online signup, and tax-free withdrawals are available

HSBC

The HSBC Bank Canada – The Hong Kong and Shanghai Banking Corporation Limited Bank – offers a number of financial products and is one of the biggest banks in Canada. Personal banking, commercial banking, and investment banking, as well as attractive lines of credit and high interest rates with some savings accounts, make this a very attractive bank for newcomers to Canada. The HSBC Bank offers five different chequing accounts:

HSBC Premier – allows unlimited withdrawals and deposits in two currencies (CAD – Canadian Dollar, and USD – United States Dollar), free personalized cheques, no fees on electronic transactions, no fees on HSBC and THE EXCHANGE ABMs across the countries, no fees on international wire transfer up to CAD10,000, bank drafts in CAD, USD, and many more major currencies of the world
HSBC Advance – monthly fee of CAD25, waived when you have a minimum of CAD5,000 in your bank account, unlimited chequing account transactions, 5 rebates per month of ATM fees when using a non-HSBC or non-EXCHANGE NETWORK ABMs, free electronic transfers from the chequing account, easy wire transfer to 30 countries and regions of the world
Performance Chequing Unlimited – enables you to manage both CAD and USD, a monthly fee of only CAD14.95, unlimited transactions, unlimited electronic transactions, discount for seniors – no monthly fee for those older than 60
Performance Chequing Limited – a monthly fee of only CAD4, 14 free monthly transactions (each subsequent transaction costs only CAD1), no monthly fees for youth, older than 60 and registered RDSP (Registered Disability Savings Plan) beneficiaries
Student Chequing Account – no monthly fees, no minimum balance, unlimited transactions, free mobile cheque deposits, free electronic transfer, free withdrawal on HSBC and THE EXCHANGE ABMs across the country

The HSBC Bank Canada – The Hongkong and Shanghai Banking Corporation Limited Bank also has 7 types of savings accounts:

HSBC High Rate Savings Account – earns interest, no minimum balance, no monthly fees, money available via telephone and online banking 24/7, online access to funds and transfers at a discounted fee for HSBC Premier and HSBC Advance clients
HSBC Tax-Free Savings Account – no taxes to be paid on the interest received, you can withdraw the funds anytime with no penalty, and you can contribute up to CAD7,000 per year, plus the amount you could have, but did not contribute in the previous years, plus the total amount of withdrawals made in both the current and any of the previous years since you’ve opened the account. Pay attention that previous years had limits to how much you could have put into the account: CAD6,500 in 2023, CAD6,000 in 2019-2022, CAD5,500 in 2016-2018, CAD1,000 in 2015, CAD5,500 in 2013-2014, and CAD5,000 in 2009-2012
HSBC Youth Savings Account – the interest is paid monthly, there is no transaction fees, you get unlimited withdrawals and debits, free electronic transfers, free mobile cheque deposits, free withdrawals in HSBC, and THE EXCHANGE ABMs and rebates on other ABMs in Canada
HSBC US Dollar High Rate Savings Account – competitive interest on your USD savings, no minimum balance, no monthly fees, low fees on self-service and in-branch transactions
HSBC GBP (Great British Pound) High Rate Savings Account – competitive interest rates on GBP savings for amounts of up to GBP1,000,000, no minimum balance, no monthly fees, low fees on self-service and in-branch transactions
HSBC Euro High Rate Savings Account – no minimum balance and no monthly fees, low fees on self-service and in-branch transactions
HSBC Hong Kong Dollar Regular Savings Account – no minimum balance and no monthly fees, low fees on self-service and in-branch transactions

Tangerine

The Tangerine Bank takes a different approach to banking and offers a single checking account. The bank offers transfer fees on daily transactions, free electronic transactions, free access to 3,500 ABMs that belong to the bank, the ability to track and categorize your spending, overdraft protection, and online and in-app purchases made with ease.

There is also one savings account that the bank offers. The monthly fee is CAD0, the minimum balance is also CAD0 and the interest rate offered is 0.70%. There are no unfair fees or service charges, and you can always track how much money you have in your savings account. The account can be used as a simple savings account, TFSA – Tax-Free Savings Account, RSP Savings Account, US$ Savings Account (with a 0.10% interest rate), and RIF Savings Account with a 0.75% interest rate. All other uses will yield a 0.70% interest rate.

Simplii Financial

Simplii Financial has a no-fee checking account with no monthly fee and no minimum balance. They also offer free daily banking with unlimited purchases, bill payments, and withdrawals (all debit). On top of this great offer, you can also get the CAD400 sign-up bonus. Students can also get an account with no monthly fees and no minimum balance, and can also make CAD125 per friend who comes to the bank through their referral, and access to 3,400 CIBC ABMs in Canada.

When it comes to Simplii Financial savings accounts, there are three basic accounts that you may want to check out:

Simplii Financial High-Interest Savings Account – with no minimum balance needed, no monthly fees, no transaction fees, and a special offer for new clients with limited interest rates of up to 6% for the first 5 months after you open your savings account
Simplii Financial USD Savings Account – with no monthly fees, no minimum balance required, good exchange rates between USD and CAD, bank drafts and money orders available upon request, and no transfer fees to over 120 countries with wire transfer from the USD account
Simplii Financial Foreign Currency Savings Account – no monthly account fees, no minimum balance required, an easy way to transfer the funds between your different Simplii Financial accounts, competitive exchange rates, sending the money to the country of currency with no transfer fees using Simplii Financial Global Money Transfer (a type of wire transfer)

How Does the Banking System in Canada Work?

Canadian banks manage trillions of dollars of assets. Needless to say, this is a lot of money and is a sign of a good Canadian economy. Almost 99% of Canadians have their bank accounts and have easy and safe access to their funds whenever the need be. With this, of course, comes the ease of accessing one of over 18,500 ABMs across the country and many more POS terminals for on-the-spot payments.

When you open a chequing account in a Canadian bank, you will need to set up a direct deposit, so that you can receive your wages straight into the bank account you have with the bank. Of course, it is possible to receive the payment without this as well, but then, you will have to pick up the cheque from the employer or the financial department within the company and deposit the cheque by yourself in the nearest branch of your bank. On top of this time-waster, you will also have to pay fees on the cheque, which is an added expense you may want to part with.

When it comes to direct deposit, is a form of automatic payment that is made whenever there is a wage to be paid out. And while some countries support wages being paid out every calendar month, others do it every week. In any case, it is always best to consider opening a bank account once you reach Canada.

Take A Look At Banking Explained:

On top of this, another thing to consider is that your bank can enable you to save money as well – and every bank can do this, including online banks (branchless banks). With this in mind, please beware that the interest rates may not be very high and that they will help your money preserve its value, but not to the point that you will actually be making money using simple savings accounts, especially in years with high inflation rates.

Still, we advise you to open up a savings account next to your chequing account, and we advise you to consider investing your money once or twice a year. Besides the regular savings accounts, many Canadian banks will allow you access to other forms of savings accounts, including those that are tax-free, retirement savings accounts, and first-home savings accounts. It is only you who chooses what you need and what kind of products you will choose from a wide range of financial products that almost every bank will offer.

Types of Canadian Banks

All of these financial products and services are offered to you through two basic types of banks: digital banks and traditional banks. And while everybody knows what a traditional bank is, a digital bank is somewhat different. It still enables online bill payments, using the ATM network, using mobile phones to track your daily spending, etc, but there are no offices or branches that the bank. In fact, digital banks are considered to be the banks of the future, as their focus on online banking has brought about a very streamlined banking experience and a lot of possibilities right on your mobile device. Let’s consider the two in more detail:

Digital Banks

Digital banks are the most popular student banks, as younger generations love the ease of money management and online transactions that only online-only banks can offer. A Virtual bank, as they are also called, online banks or digital banks usually have fewer financial products to offer, but also have lower fees and more attractive interest rates. All the savings that they can make by having no offices and many fewer employees go straight to you as their client. The EQ Bank, the Tangerine Bank, and the Simplii Bank are good examples of digital banks that you can use to manage your money and receive your wages.

Pros and Cons of Digital Banks

Digital banks are all about comfort, always available bank statements, and even low bank fees. The thing is that there is less overhead, so the savings pile up and these banks are incredibly efficient with the money they have at their disposal. They are open 24/7 and offer an online experience that is simply the best. Most international students choose to go with these awesome banks and save money on monthly fees and transaction fees.

Many of these banks allow you to use ATMs, however, these are often located in or belong to brick-and-mortar banks, so you may have to pay some fees. However, if you have the option of mobile payments and would like to ensure you pay little to none, use these options. Another drawback of digital-only banks is that the variety of bank account offers is very limited, and even savings bank account options are limited. So, not paying for a bank branch to be up and running has its benefits, but also drawbacks, especially if you have an issue that you cannot resolve on your own and need to speak face-to-face with someone.

Traditional Banks

For those who actually like to pay a visit to an actual branch or an office, there are traditional banks. This is a place where you can get many financial or investment products, financial advice, and other financial services. Physical branches cost a lot to maintain, but there is a reason each Canadian traditional bank has branches nationwide.

Pros and Cons of Traditional Banks

We’ve said that some simply prefer a traditional bank for their everyday transactions, but as everything moves in the digital direction, even online statements, your personal and business accounts may benefit from moving to the ease of banking and getting all the information that you need, which is the biggest flaw of traditional banks – their online presence is simply not streamlined enough.

On the other hand, these banks have been around for decades, and people see them as very trustworthy. This is the place you want to put your money for everyday spending and a vast network of ATMs (ABMs) is something that North America, not Canada only, is proud of. A bank in terms of a physical building with real people inside simply has an attractiveness that digital banks simply cannot compete with.

How To Choose The Best Bank in Canada?

Now we know how the banking industry and market work in Canada and what different types of banks there are. On top of this, there are still many questions that you may have, so let’s have a look at which bank to choose in Canada to deal with your money. At the end of the day, opening a bank account is easy, but the best banks to open a checking account in may not be the best banks to save your money in, so it is important to find a balance. How to do that? By taking the following into consideration:

Fees

The fees are all the small charges that the bank makes to your account that allow you to access some of their services. And while a bank for seniors may have low fees for those over 60, for example, they may also have high fees for younger generations. Although the fees are necessary to pay for the bank processes, it is important to understand that you can save a lot of money here.

In fact, if you are a senior, all banks will offer you some rebates, and some will offer even no monthly fees on both your savings and your checking account. When it comes to youngsters with ambitious financial goals, you are in luck: most banks offer student bank accounts with unlimited transactions and no monthly fees, but you have to search for the offer that works best for you. When it comes to foreign workers, and those in Canada with a study permit, many banks will also offer free basic bank account for a period of time, and unlimited daily banking for those seeking out a new start in their life. Although it does not seem like much, CAD30 a month quickly adds up, especially if you have multiple bank accounts and multiple family members, each with a credit card in their hands.

Products Provided

The next important thing to think of when considering banking options is the number of financial products offered, as well as how diverse they are and how specifically they can meet your needs. Having a bank account in a bank with a lot of banking assets will do you no good if you prefer to have the option of telephone banking or online access to banking services.

In fact, you should consider chequing accounts, savings accounts, mortgage rates, and options, as well as the availability of investment options, financial advisors, and more. The on-suite of banking products should also serve you for many years, as staying in a single bank for a long period of time can help you with lower interest rates and general trustworthiness in the process. Low banking fees are still important with all the products, as accessing some may increase your monthly fees, despite them being low with the basic offer the bank may be offering.

On the other hand, there are some financial products that are offered that are a perk too good to miss out on:

a sign-up bonus
cashback bonus
other cash bonuses
a free visa debit
a free virtual visa debit
a high base rate on savings for newcomers to Canada or the bank
automatic bill payments
a low annual interest rate on loans and mortgages
low overdraft fee or no-fee overdraft protection
high-yield savings account
automatic savings program
freebies, such as tablets and wearables
no-fee access to online banking
attractive rewards for those saving above a certain threshold or having more than an X amount in their chequing account

Rates of Interest

When it comes to the interest rates that you should be paying for, it is easy to see that there are two types to pay attention to: the interest rates you make on your savings, and the interest rates you pay on the money you borrow from the bank. The savings interest rate should be low, and these accounts should come with no fees. Banking safe and making some money is the goal of many, so consider this when looking for places to save your money – these interest rates should be as high as possible.

On the other hand, an easy credit approval, but with a high interest rate benefits no one, but the bank. So, you should consider the loan interest rates that the bank offers – they should be as low as possible, as even a single percent can add up to high amounts, especially with long-term loans, such as a property loan or a mortgage.

Consumer Assistance

Flexible chequing fees, allowing you to access credit unions, online banking investing, and online loans with good bank reviews & deals are just a part of the story. However, issues happen, and you may need to speak to an actual person to ensure that you get all the information you need to make sane decisions and improve your financial standing. When it comes to this, consumer service, customer support, and actual tellers in an office are invaluable.

In fact, chequing account customers still need to pay visits to a bank every now and then and make sure that the cash deposits (if they make them) are put in the right place. You may also need to visit a bank for financial advice, and you may also need to visit a bank to purchase or access more financial products. Business banking demands regular visits to banks, and you may also want to have good customer support because you are simply looking for the best place to open your parents’ bank account.

Network or Accessibility

Both American clients and Canadian clients love their cash, so ATM withdrawals are very common in North America. When it comes to these, the bank should have a high number of ATMs (in Canada also ABMs) for withdrawing your money, and low ATM withdrawal fees are a big plus. An additional chequebook may seem outdated, but remember that there are still places that have no POS terminals and that this could be one of the attractive perks. Phone meetings with your financial advisor are also among the special perks list, as you may not always be able to take a day off from your work when you need it the most. All this goes in line with the simplest accessibility principles, and if you are willing to entrust your money to a bank, you also need to ensure you get your money’s worth.

Guide on Switching Banks in Canada

The best Canadian banks of today may not be the best banks of tomorrow, especially as the financial market changes as you grow as a financial being and as your own interests change. For this reason, at times, it may be necessary to switch a bank and start anew in another place. When it comes to the switching process, it is fairly easy.

The first thing to do is to list all the services you have with your old bank. This may include automatic savings, automatic payments, direct deposit, and any other services that make your everyday life easy. When it comes to these products, they could be more affordable or even free in your new bank.

Then, open a new bank account and transfer all your money there. This is usually a very easy process, and if you have a smaller amount of money in the old bank, you can even take out the cash and then simply take it to the new bank. Of course, a wire transfer is always the safest option, and often the fastest, especially with larger amounts of money. When it comes to the old bank account, this is the time to close it and start setting up direct deposit and other financial services in your new bank.

FAQs

What Bank Is Best for Students in Canada?

Many banks have good offers and chequing accounts for students, especially for those who come to Canada to study there. Scotiabank, TD Bank, HSBC Bank, and RBC all have attractive offers, free accounts, and unlimited transactions each month. On top of this, many banks will also give you CAD100 simply to open a bank account in their offices, and some even offer referral programs that pay you CAD10-125 for each friend who opens up a bank account with them through your referral.

What Is the Best Bank in Vancouver, Canada?

The best bank in Vancouver Canada is generally considered to be Scotiabank, while the best banks in Toronto include BMO and HSBC Bank. Scotiabank has a range of financial products, no-monthly fee checking and savings accounts, and good interest rates, they are considered the best bank. Their special newcomer program also enables those who have recently moved to Canada and to their bank to enjoy some extra benefits, such as a sign-up bonus.

What Are the Best Banks to Open a Checking Account?

Every bank in Canada has a lot to offer, and all of them prioritize the safety of transactions and online payments as the Canadian financial market is highly regulated and any illegal activities are condemned. When it comes to the best banks to open your chequing account in, we still have to favour a few: BMO’s Performance Chequing Account, CIVC’s Smart Account, and RBC’s Signature No Limit Banking are among the best accounts in Canada.

Final Thoughts

The financial market in Canada is a strictly regulated one, with dozens of banks working in the sector and providing different types of financial products and services. When it comes to these, it is important to consider what your actual needs are and to choose a few banks that suit your financial abilities and reach – and then among these, choose those that have nearby offices or offer an attractive online banking experience. In any case, your money is safe in Canada, whichever bank you choose, so follow your financial needs first, and use your wits to consider how to pay the least to the bank, while still getting the most benefits you can.