Where you bank affects your monthly fees, your savings interest, your credit product rates, and the quality of service you receive. Most Canadians default to whichever bank they opened as a teenager — but switching costs are lower than most assume.
Canadian bank comparison overview
| Bank | Type | Monthly Fee | Best For |
|---|---|---|---|
| RBC | Big 5 | $10–$30 | Full service, newcomers, wealth management |
| TD | Big 5 | $10–$30 | US access, everyday banking |
| Scotiabank | Big 5 | $10–$30 | Travel rewards, international banking |
| BMO | Big 5 | $10–$30 | Self-directed investing, occasional promos |
| CIBC | Big 5 | $10–$30 | Aventura travel rewards, branch convenience |
| National Bank | Regional (Quebec) | $0–$27 | Quebec residents; NBDB commission-free investing |
| Desjardins | Credit Union | $0–$17 | Quebec cooperative banking; patronage dividends |
| Tangerine | Online (Scotiabank-owned) | $0 | No-fee banking with decent rates |
| Simplii Financial | Online (CIBC-owned) | $0 | No-fee chequing + savings |
| EQ Bank | Online (Equitable Bank) | $0 | Highest savings rates; TFSA savings |
| Manulife Bank | Online (Manulife Financial) | $0 | High-interest chequing + Manulife One mortgage offset |
| Motusbank | Online (Meridian CU) | $0 | No-fee chequing + online mortgages |
| Oaken Financial | Online (Home Trust) | $0 | Best GIC rates |
| Neo Financial | Fintech | $0 | Cashback retail rewards |
| KOHO | Fintech | $0–$19 | Budgeting + credit building |
| Wealthsimple Cash | Fintech | $0 | Savings + investing integration |
Big 5 bank reviews
Regional banks and credit unions
Online bank reviews
- EQ Bank Review
- Tangerine Review
- Simplii Financial Review
- Manulife Bank Review
- Motusbank Review
- Oaken Financial Review
Digital challengers
Bank comparisons
- TD vs RBC
- CIBC vs TD vs RBC
- EQ Bank vs Tangerine vs Simplii
- Simplii vs Tangerine
- Simplii vs Tangerine vs EQ Bank
- Wealthsimple vs EQ Bank
- KOHO vs EQ Bank
- KOHO vs Wealthsimple Cash vs Neo Financial
- Wealthsimple Cash vs Neo Financial
- EQ Bank vs Oaken Financial
How to evaluate bank reviews objectively
Use a consistent framework so promo offers do not overshadow long-term fit.
| Evaluation area | What to compare |
|---|---|
| Account fees | Monthly fee, minimum balance waiver, transaction limits |
| Product depth | Chequing, savings, credit cards, mortgage, investing integration |
| Digital experience | App reliability, alerts, transfer speed, support availability |
| Cash access | ATM network and reimbursement policies |
| Promotion quality | Real net value after fees and qualification conditions |
The best bank is the one with the lowest long-term friction for your actual usage pattern.
Switching decision trigger points
Consider a bank switch when one or more are consistently true:
- You are paying monthly fees without meaningful offsetting benefits.
- Your savings rate is materially below market alternatives.
- Core transactions (transfers, bill pay, support) repeatedly create friction.
- A competing account better matches your needs with lower all-in cost.
Use a side-by-side comparison for 90-day usage, not just advertised promotions.
Related topics
- Savings Accounts & GICs — Where to get the best savings rates
- Credit Scores — How your banking affects your credit
- Best Chequing Account Promotions
- How to Switch Banks in Canada
- Best No-Fee Chequing Accounts
- Best Online Banks in Canada