In Canada, there are a number of fintechs and banks and each of them provides a unique range of personal banking services and products. Choosing the correct one for you might be challenging because it relies on your unique circumstances, which include things like your regular banking routine, savings objectives, mortgage status, investments, and more.
Choosing the best bank might be difficult because there are so many possibilities. Based on various demands and demographics, we will list the top Canadian banks for various banking requirements so you can choose the ideal one.
Top Banks In Canada 2024
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#1. Scotiabank is the greatest all-in-one bank in Canada.
We searched for a bank that could accommodate its clients’ wide variety of demands by providing an extensive array of services. Like other large banks, Scotiabank offers a comprehensive range of financial favors and products all under one roof. It distinguishes itself by offering clients more alternatives for bundling and access to higher interest rates for bundles of services.
What Scotiabank provides:
- 3,500+ ATMs
- 900+ Branches
- Six bank accounts
- 16 credit cards
Why this is the finest bank for everything
The six main banks in Canada provide their customers stability, a large selection of financial products, and easy access to hundreds of physical bank branches and ATM Services. Because Scotiabank offers outstanding financial independence, it Is the best all-in-one bank for Canadians.
Regarding regular banking choices, Scotiabank offers five distinct account kinds with features and advantages for Canadians across all life stages. Students in post-secondary education who are 18 or younger may apply for a free account.
When taken separately, these accounts are comparable to the other Big Five products, but when you bundle services with Scotiabank, you can avoid paying any fees.
For instance, the Ultimate Package comes with free trades on Scotia iTrade, an annual fee waiver for some credit cards, an enhanced savings interest rate, unrestricted daily banking transactions, the opportunity to accrue Scene+ points, and a welcome incentive of up to $400 in cash.
That seems like a ton of banking benefits, but it gets better. The monthly charge is waived for those with at least $5,000 in checking or $30,000 in their Momentum Plus Savings account combined.
Scotiabank offers sixteen credit cards, several of which are the best-earning reward cards in Canada. Like its bank accounts, Scotiabank offers a range of credit cards for different Canadians, including those who like travel and cash-back rewards. Notably, Scotiabank is the only large bank that offers cards without any fees for international transactions.
Scotia offers credit cards, mortgages, loans, regular bank accounts, and credit lines. It also offers investment accounts like RRSPs and TFSAs and operates its investing platform, Scotia iTrade.
One key advantage of banking with a big-six bank is holding all your financial products with one reliable bank. Scotiabank provides the most fantastic range of features, advantages, and choices to reduce expenses.
#2. Canada’s top bank for Internet banking is TD.
After examining the desktop and mobile banking systems of many large financial institutions, we discovered that TD leads the field in online banking.
What TD provides:
- Ten bank accounts
- 14 credit cards
- Additional products include lines of credit, mortgages, insurance, chequing and savings accounts, TFSAs, RRSPs, and other investment accounts.
Why this bank is the greatest for Internet banking
Canada’s main banks allow digital banking using a PC, tablet, or mobile phone. However, not all banks—not even digitally oriented neo/branchless banks—offer the same services and banking capabilities on all platforms.
Our best pick for Canadians who want to bank online is TD. To investigate Canada’s best digital banking experience, MoneySense teamed up with Surviscor, a prominent Canadian research and consulting company specializing in financial service customer experiences. A total of 24 financial institutions, including the Big Six banks, credit unions, and neo/branchless banks, were compared.
TD offers the most significant digital banking experience across all its platforms, surpassing Royal Bank of Canada and CIBC, who ranked second and third, respectively.
Surviscor claims that TD’s desktop and mobile applications are well-designed, making it simple for new and existing users to apply for products and access crucial banking data, including account details and learning materials. As with the other big banks that Survisor has evaluated, the primary issue with TD is that its rates and fees could be more affordable.
#3. Top bank for foreigners relocating to Canada: National Bank of Canada
Most immigrants to Canada have a distinct financial position. Many people are still building their credit histories or need long-term employment. Additionally, most want assistance learning how to invest, save, and earn money for their new house. In addition to more methods to save, our top choice in this area provides ongoing assistance to new users.
What the National Bank of Canada provides
- 1,904 ATMs;
- 462 Branches
- Four bank accounts
- Eight credit cards
- Additional products offered include RRSPs, TFSAs, first home savings accounts (FHSAs), National Bank Direct Brokerage, mortgages, insurance, loans, and lines of credit.
The reasons it’s the most incredible bank for beginners
There are several reasons for newcomers to Canada to open an account with the National Bank of Canada. For the first three years, open a National Bank Connected checking account at no cost; after that, monthly fees will be $15.95. The account offers limitless digital transactions and Interac e-transfers, and it may be created up to ninety days before you arrive in Canada.
You may apply for one of eight National Bank Mastercards with the newbie package; no Canadian credit history is required, so you can start raising your credit score immediately. Additionally, account users receive free phone support for a year through the seven-day-a-week Assistance for Newcomers program. This suggests obtaining free counsel on various subjects about moving to and staying in Canada.
The Best Bank in Canada for Overseas Students is CIBC
International students have different financial demands than other arrivals. We searched for the bank in this category that best met those demands regarding discounts and offerings, such as affordable international money transfer rates.
What CIBC provides:
- More than 3,000 ATMs;
- 1,000+ branches
- 17 bank accounts
- 24 credit cards
- Additional products include lines of credit, mortgages, insurance, chequing and savings accounts, TFSAs, RRSPs, and other investment accounts.
Why it’s the finest bank for students studying abroad
With the CIBC Smart for Students account, CIBC simplifies banking for overseas students. This no-fee account comes with free Interac e-Transfers, a no-fee credit card that doesn’t require a credit history, and CIBC Global Money Transfer, which charges no fees for international money transfers.
Account holders may get up to $50 for each person they suggest, up to a maximum of $500 annually, and earn $100 by making five online purchases within the first two months of creating the account. Free enrollment in the SPC+ savings program is an excellent bonus that may help students save up to 30% on popular brands.
How did we come up with the top banks?
Our editorial staff evaluates the value each bank offers Canadians in various areas and demographics to choose the best Canadian banks. We assess every company based on its features, bonuses, and inclusions to determine which banks are the best in each area. We then look for the unique qualities that set a bank apart from the rest. For Canadians looking for impartial information, our rankings offer valuable insights.
