Updated March 2026

Best Bank Account in London 2026

The best banking choices for London, Ontario residents, Western University students, and healthcare workers. KOHO wins on fees and interest -- by a landslide.

Quick Navigation

  1. KOHO -- Best Overall
  2. Neo Financial -- Best Cashback
  3. EQ Bank -- Best Savings Rate
  4. Libro CU -- Best Local CU
  5. TD Bank
  6. RBC
  7. London Neighbourhoods
  8. Comparison Table
  9. Calculator
  10. FAQ
London Banking in 2026 London, Ontario is a mid-size city known for Western University and a major healthcare sector. With affordable housing and a growing economy, London residents can maximize their banking returns.
1
KOHO
Best Overall Bank Account in London 2026
Monthly Fee
$0
Interest
3.0% APY
Cashback
0.5--2%
Deposit Insurance
CDIC

Pros

  • $0 monthly fee -- keep more in London
  • 3.0% interest on every dollar
  • 0.5--2% cashback on all purchases
  • Credit building without deposit
  • Sign-up bonus available (code: 45ET55JSYA)

Cons

  • No London branches (digital only)
  • No mortgage products
KOHO vs Big Banks -- the math for London residents TD and RBC charge $16.95+/month ($203+/year) and pay 0.01% on savings. KOHO charges $0 and pays 3.0%. On $100: a big bank costs you $200 and pays $1. KOHO pays $300. The difference: $501/year -- before cashback.
Open KOHO Free -- Code: 45ET55JSYA
2
Neo Financial
Best Cashback Account in London
Monthly Fee
$0
Savings Rate
2.25% APY
Cashback
Up to 5%
Deposit Insurance
CDIC

Pros

  • $0 monthly fee
  • Up to 5% cashback at partner merchants
  • 2.25% savings interest
  • Instant rewards at local London businesses
  • No minimum balance

Cons

  • Lower base savings rate than KOHO
  • Best cashback requires partner merchants
Open Neo Financial Free
3
EQ Bank
Best Savings Rate in London
Monthly Fee
$0
Savings Rate
3.75% APY
FHSA
3.75% APY
Deposit Insurance
CDIC

Pros

  • 3.75% -- Canada's highest savings rate
  • FHSA at 3.75% -- critical for London homebuyers
  • $0 fees, free e-Transfers
  • Joint accounts available

Cons

  • No cashback
  • No London branches
Compare -- KOHO Gets Bonus
4
Libro CU
Best Credit Union in London
Monthly Fee
$0--$14.95
London Branches
8+
ON Branches
30+
Deposit Coverage
DICO (Unlimited)
Libro CU in London Libro is southwestern Ontario's largest credit union. DICO provides unlimited deposit coverage for all Ontario CU deposits.

Pros

  • 8+ London branches
  • Unlimited DICO coverage
  • Strong local presence
  • Community-focused lending

Cons

  • Southwestern Ontario only
  • Lower savings rates than KOHO/EQ
5
TD Bank
Full-Service Banking in London
Monthly Fee
$10.95--$29.99
London Branches
8+
Savings Rate
0.01%
Deposit Insurance
CDIC ($100K)

Pros

  • 8+ London branches
  • TD Direct Investing
  • US banking for cross-border needs
  • Extended hours at many locations

Cons

  • $16.95+/month fees
  • 0.01% savings interest
6
RBC
National Banking in London
Monthly Fee
$11.95--$30
London Branches
6+
Savings Rate
0.01%
Deposit Insurance
CDIC ($100K)

Pros

  • 6+ London branches
  • Avion travel rewards
  • RBC Direct Investing

Cons

  • High monthly fees
  • 0.01% savings interest

Banking by London Neighbourhood

Downtown London

Dundas St core, all big banks, KOHO saves $500+/yr

Old North

Western University area, students, digital banking popular

Byron

Residential west end, Libro CU branches

White Oaks

South end, TD + RBC branches on Wellington

Masonville

North end, mall area, big bank branches

Lambeth

South suburban, limited branches, KOHO digital ideal

Fanshawe area

College students, KOHO for everyday banking

Western/Fanshawe

Students: KOHO (free+cashback), best student option

Full London Bank Account Comparison

BankMonthly FeeSavings RateCashbackLondon BranchesDeposit Coverage
KOHO$03.0%0.5--2%0 (digital)CDIC $100K
Neo Financial$02.25%Up to 5%0 (digital)CDIC $100K
EQ Bank$03.75%None0 (digital)CDIC $100K
Libro CU$0--$14.95~1%None8+DICO (Unlimited)
TD Bank$10.95+0.01%None8+CDIC $100K
RBC$11.95+0.01%None6+CDIC $100K

London Banking Calculator -- Annual Value

London Banking FAQ

What is the best bank in London, Ontario?

KOHO is the best for everyday banking — $0 fees, 3.0% interest and 0.5-2% cashback. Libro CU is the best local credit union with unlimited DICO coverage. EQ Bank leads on savings at 3.75%.

Best bank for Western University students?

KOHO is the best free option — $0 fees and cashback. Scotiabank and TD have branches near campus on Richmond St.

Best bank for London homebuyers?

EQ Bank offers 3.75% on FHSA. London's housing market is more affordable than the GTA — maximize your down payment with EQ or KOHO.

What bank is best for London newcomers?

Scotiabank StartRight offers 2 years free banking. KOHO is ideal long-term — $0 fees, credit building.

Is Libro Credit Union safe?

Yes. Libro is a well-established Ontario CU. DICO provides unlimited deposit coverage — no dollar cap, stronger than CDIC for large balances.

Open KOHO Free -- Code: 45ET55JSYA

Open Neo Financial Free