Traditional banks, online banks, neobanks and cooperatives. Compare fees, savings, mortgages and cards.
This comparison puts 10 banks in Canada side by side, among them RBC Royal Bank, TD Canada Trust, BMO (Banque de Montréal), Scotiabank. They belong to different families, branch banks, cooperative banks, online banks, neobanks, and that distinction explains most of the pricing differences: a branch bank charges for the account and the branch network, an online bank rarely charges for the account but sends you to the phone, and a neobank costs almost nothing and almost never lends. The table compares account fees, the debit card, overdraft, savings, mortgages, foreign transaction costs and mobile payment, line by line and without an overall score, because an average hides exactly what matters to you. Dedicated offers are broken out for students, youth, premium and business, because the account that suits a student on no income is rarely the one that suits a business.
Select 2 to 4 banks.
Online Banks
Neobanks
Traditional Banks
Cooperatives
| Criteria | RBC Royal Bank Traditional | Tangerine Online | EQ Bank Online |
|---|---|---|---|
Monthly Fee | Signature No Limit $16.95/mo (from $4 with Value Program) | Branchless online bank | Branchless online bank |
Debit Card | RBC Client Card (Visa Debit) | Carte client Tangerine | Carte EQ Bank (Mastercard) |
Minimum Balance | Depends on plan | None | None |
Overdraft | Overdraft protection up to $5,000 at no extra cost (Signature) | Depends on account | Not available |
Mobile App | Full-featured app | Mobile app | Mobile app |
Branches | Nationwide branch network | 100% online (Scotiabank ATMs) | 100% online |
Interac e-Transfer | Interac e-Transfer | Interac e-Transfer | Interac e-Transfer |
Savings (TFSA/FHSA) | High Interest eSavings: 0.550% (4.60% on opening), TFSA / FHSA | Savings: 0.70% base rate, promotional offers | Interest-earning Personal Account, GICs, TFSA |
Mortgage | Mortgages, dedicated advisor | Online mortgages | Through brokers |
Investing (RRSP/TFSA) | RBC Direct Investing, RRSP, TFSA | Tangerine funds, self-directed investing | GICs and registered accounts |
Credit Cards | Avion, ION+, Visa Infinite | Tangerine Money-Back Mastercard | Not available |
Apple / Google Pay | Apple Pay + Google Pay | Apple Pay + Google Pay | Apple Pay + Google Pay |
Cheques | Depends on plan | Mobile deposit | Mobile deposit |
Foreign Fees | Conversion fee depends on card | See Tangerine price list | See EQ Bank price list |
Welcome Bonus | Up to 3 months of fees refunded if not satisfied | Promotional offers on savings and cards | Per current offers |
Students, youth, premium and business.
| Bank | Available | Offer | Price | Card | Details |
|---|---|---|---|---|---|
RBC Royal Bank | RBC Advantage Banking (étudiants) | $0/mo | Visa Debit | Full-time students, free ATM withdrawals across Canada, up to $48 credit card fee rebate | |
TD Canada Trust | Compte chèques étudiant TD | $0/mo | Visa Debit | Free until 23 (then with proof of enrolment), unlimited transactions, no monthly fee on overdraft protection | |
BMO (Banque de Montréal) | Forfait Performance BMO (étudiants) | Per current student offer | BMO Debit | Points on everyday purchases with an eligible chequing account | |
Scotiabank | Forfait Préféré étudiants et jeunes | $0/mo | Scotia Debit | No monthly fee under 25 or in full-time studies, $200 welcome bonus | |
CIBC | Compte Smart pour étudiants | Per current student offer | Advantage Debit | Smart Account with student terms | |
Desjardins | Offre jeunes et étudiants Desjardins | Depends on age | Visa Debit | Benefits for young members, member dividends | |
Tangerine | Compte chèques Tangerine | See Tangerine price list | Carte client | Online chequing, Scotiabank network ATMs | |
Simplii Financial | No Fee Chequing | $0/mo | Carte client | No monthly fee, CIBC ATMs, $125 per referred friend | |
EQ Bank | EQ Bank Personal Account | See EQ Bank price list | Mastercard | All-in-one account with daily interest | |
Wealthsimple | Wealthsimple Chequing | $0/mo | Carte Wealthsimple | No monthly fee, interest from 1.25%, no FX fee |
* Most banks offer a free account for full-time students.
Our recommendations based on your situation.
Free account, no fees, great for starting out.
Simplii: no monthly fee chequing, $350 with direct deposit, 4.60% savings for 5 months. Wealthsimple: no monthly fee, interest from 1.25%, no FX fee.
Best value with comprehensive services.
Wealthsimple: interest-earning chequing (1.25% to 2.25% depending on assets), brokerage and a 2% cash back credit card. EQ Bank: Personal Account with daily interest and GICs.
Need in-branch advice and mortgage.
RBC: extensive branch network, mortgages, dedicated advisor, FHSA. TD: extended hours, All-Inclusive plan free from $6,000.
Minimize forex fees and withdraw everywhere.
Wealthsimple: no foreign transaction fee, 2% cash back credit card. Scotiabank: the Passport Visa Infinite avoids the 2.5% markup on foreign currency purchases.
Affordable and flexible business account.
RBC Business: nationwide branch network, SMB credit, merchant services. BMO: merchant solutions, BMO ETFs, business credit.
Premium services, investing and wealth management.
Wealthsimple: interest up to 2.25% (Generation), lower-fee managed portfolios, fractional shares, crypto, RRSP/TFSA. TD Direct Investing: full WebBroker platform, advanced research, branch access.
For a no monthly fee account: Simplii (No Fee Chequing) or Wealthsimple (interest from 1.25%). For branch network: RBC or TD (extended hours). For investing: Wealthsimple. Whichever you pick, compare the monthly fee against the minimum balance needed to waive it: the Big Five charge $12 to $31 a month unless you keep $3,000 to $6,000 in the account.
TFSA (Tax-Free Savings Account) allows tax-free growth; unused contribution room carries forward, and the CRA shows your available room in your online account. RRSP (Registered Retirement Savings Plan) lets you deduct contributions from taxable income. Both are offered by all major Canadian banks. Contribution room accumulates from age eighteen for the TFSA and is based on earned income for the RRSP.
The FHSA (First Home Savings Account) combines RRSP and TFSA benefits: deductible contributions and tax-free withdrawals for a first home purchase. Limit: $8,000/year, $40,000 lifetime. It allows up to eight thousand dollars a year and forty thousand in total, must be used within fifteen years of opening, and can be combined with the RRSP Home Buyers' Plan for the same purchase.
Yes, CDIC (Canada Deposit Insurance Corporation) protects up to $100,000 per eligible deposit category per member institution. In Quebec, the AMF protects deposits at Desjardins. Cover applies per deposit category and per member institution, so an individual account, a joint account and an RRSP are each protected separately, which raises the effective coverage.
Both are online banks backed by a big bank. Tangerine (Scotiabank subsidiary) uses Scotiabank ATMs; Simplii (CIBC subsidiary) uses CIBC ATMs, with a no monthly fee chequing account and a $350 bonus with direct deposit. Deposits are CDIC-insured in both cases.
Interac e-Transfer lets you send money by email or phone number. It is included with most accounts and plans. The transfer is sent from the banking app and arrives within minutes; registering for autodeposit removes the security question and reduces the risk of a transfer being intercepted.
Yes, RBC, TD, BMO, Scotiabank and CIBC offer newcomer programs. You can open an account before arriving in Canada. A passport and proof of immigration (work/study permit or PR) are sufficient. Remote opening remains limited, however: identity verification usually has to be completed in branch on arrival, with a passport and a study or work permit.
The best rates are mostly opening offers: 4.60% for 5 months at Simplii (up to $200,000), 4.60% for 3 months at CIBC, 4.60% at RBC, a 4% bonus for 90 days at TD. Outside promotions, base rates range from 0.30% to 0.70% at the banks, and Wealthsimple pays 1.25% to 2.25% on chequing depending on assets. The return drops back to the base rate when the offer ends.
The Canadian banking market is dominated by the Big Five – RBC (Royal Bank of Canada), TD (Toronto-Dominion), Scotiabank, BMO (Bank of Montreal) and CIBC. The Interac system enables debit payments and peer-to-peer transfers (Interac e-Transfer). The CDIC (Canada Deposit Insurance Corporation) protects deposits up to $100,000 per eligible category. OSFI (Office of the Superintendent of Financial Institutions) supervises federal banks.
The Canadian banking system is considered one of the most stable in the world. The Big Five offer extensive branch networks from coast to coast. Chequing plans cost from $4 (BMO Practical) to $30.95 a month (premium plans at TD, BMO and Scotiabank), with fees waived above a $3,000 to $6,000 balance. In Quebec, Desjardins (financial cooperative) is the leading financial institution. Simplii Financial (CIBC) offers a no monthly fee chequing account, and Tangerine (Scotiabank) a branchless online bank.
Tangerine and Simplii Financial, subsidiaries of Scotiabank and CIBC, offer online accounts with access to their parent bank's ATMs; Simplii features a no monthly fee chequing account and 4.60% savings for 5 months. EQ Bank offers a Personal Account with daily interest and GICs. Wealthsimple, Canada's leading fintech, pays 1.25% to 2.25% on chequing depending on assets, charges no FX fee, and offers brokerage and managed portfolios. The Big Five are expanding digital offerings and welcome bonuses (up to $900 at BMO, $1,000 at Scotiabank when bundling products).
The Canadian mortgage market offers fixed and variable rates: in July 2026, new uninsured loans averaged 4.49% for 5-year-plus fixed terms and 3.86% for variable (Bank of Canada), with the policy rate at 2.25%. Unlike France, Canadian mortgages must be renewed every 1 to 5 years. The TFSA allows tax-free growth within your contribution room. The RRSP offers an immediate tax deduction with an 18% of income cap. The FHSA (First Home Savings Account) allows saving $8,000 a year, $40,000 in total, with a tax deduction and tax-free withdrawal for a first home purchase.
For a Canadian resident, Simplii and Wealthsimple offer accounts with no monthly fee. The Big Five remain useful for mortgages, lines of credit and access to a vast branch network, and offer newcomer packages (RBC, for example, offers a year with no monthly fee). For investing, Wealthsimple offers brokerage and automated portfolios. Quebec residents will appreciate Desjardins for its local roots. Use Interac e-Transfer for peer-to-peer payments.
* Rates checked in October 2026 on the banks' websites; they may vary. Mortgage rates: Bank of Canada, July 2026. This comparison is for informational purposes only. Deposits protected by CDIC up to $100,000. Supervised by OSFI.