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Banking in Ontario -- 15 million+ Residents
Ontario is Canada's most populous province and financial capital. From Toronto's Bay Street to Ottawa's Parliament Hill, Ontario residents deserve banking that maximizes their money. With DICO providing unlimited deposit coverage for credit unions, Ontario has unique advantages.
1
KOHO
Best Overall Bank Account in Ontario 2026
Monthly Fee
$0
Interest
3.0% APY
Cashback
0.5--2%
Deposit Insurance
CDIC
Pros
- $0 monthly fee across all of Ontario
- 3.0% interest on every dollar
- 0.5--2% cashback on all purchases
- Credit building without deposit
- Works everywhere in Ontario -- no branch needed
- Sign-up bonus available (code: 45ET55JSYA)
Cons
- No physical branches
- No mortgage products
KOHO vs Big Banks for Ontario residents
Big banks 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 $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 Ontario
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 across Ontario
- 2.25% savings interest
- Instant rewards at local businesses
- No minimum balance
Cons
- Lower base savings rate than KOHO
- Best cashback requires partner merchants
3
EQ Bank
Best Savings Rate in Ontario
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% for Ontario homebuyers
- $0 fees, free e-Transfers
- Joint accounts available
Cons
- No cashback
- No branches in Ontario
Best Bank Accounts by Ontario City
Toronto
Mississauga
Brampton
Hamilton
Kitchener
Windsor
Markham
Vaughan
Ontario Bank Account Comparison
| Bank | Monthly Fee | Savings Rate | Cashback | Ontario Coverage | Deposit Insurance |
|---|---|---|---|---|---|
| KOHO | $0 | 3.0% | 0.5--2% | All of Ontario (digital) | CDIC $100K |
| Neo Financial | $0 | 2.25% | Up to 5% | All of Ontario (digital) | CDIC $100K |
| EQ Bank | $0 | 3.75% | None | All of Ontario (digital) | CDIC $100K |
| Meridian CU | $0--$14.95 | ~1% | None | Ontario branches | DICO (Unlimited) |
| TD Bank | $10.95+ | 0.01% | None | Ontario branches | CDIC $100K |
| RBC | $11.95+ | 0.01% | None | Ontario branches | CDIC $100K |
Ontario Banking Calculator -- Annual Value
Ontario Banking FAQ
What is the best bank account in Ontario?
KOHO is the best for everyday banking — $0 fees, 3.0% interest and 0.5-2% cashback. Meridian CU is Ontario's largest credit union with unlimited DICO coverage. EQ Bank leads on savings at 3.75%.
Which Ontario credit unions are safe?
All Ontario credit unions are covered by DICO with unlimited deposit protection — no dollar cap. This is stronger than CDIC's $100K limit at big banks. Meridian, Alterna, and Libro are among the largest.
Best bank for Ontario students?
KOHO is the best free option — $0 fees, cashback, and credit building. Works at every Ontario university and college without needing a branch.
Best bank for Ontario newcomers?
Scotiabank StartRight offers 2 years free banking. KOHO is ideal long-term — $0 fees, credit building without deposit or credit history.