Ajax is one of Durham Region's fastest-growing communities, and residents have solid access to major Canadian banks alongside newer digital banking options. Whether you're a first-time homeowner, commuter, or small business owner, choosing the right bank in Ajax can save you hundreds of dollars per year in fees.
Ajax has full-service branches from all five of Canada's major banks. Here's what to know about each:
TD has a strong presence in Ajax with branches along Kingston Road and Westney Heights. TD is popular with Ajax residents for its extended hours and the TD All-Inclusive Plan, which covers unlimited transactions for a monthly fee. TD also offers solid mortgage services — valuable in Ajax's active housing market.
RBC has convenient Ajax locations and a well-regarded mobile app. The RBC Advantage Banking account is a popular choice for everyday banking. RBC digital services integrate well for residents who also invest or carry RBC insurance products.
BMO serves Ajax residents with branches and a reliable digital banking experience. The BMO Performance Chequing account offers unlimited transactions with a monthly fee that can be waived with a minimum balance. BMO is known for competitive GIC and savings rates.
Scotiabank's Ajax branches include full-service banking and access to the Scene+ rewards program. The Scotia Basic Banking account has a low monthly fee for those wanting a simple, low-cost option.
CIBC serves Ajax through branches and ATMs. CIBC's Smart Account is a flexible option where you pay based on how many transactions you make — good for light banking users.
Many Ajax residents are switching to digital-first banks to eliminate monthly fees entirely. These options operate nationally and are accessible from anywhere:
KOHO is a popular free banking app with no monthly fees, no minimum balance, and a Visa prepaid card that earns cashback on purchases. It's an excellent option for Ajax residents looking to reduce banking costs. Use code 45ET55JSYA for a bonus when you sign up.
Simplii Financial (a CIBC subsidiary) offers free unlimited chequing with no monthly fee. It's fully digital and integrates with Interac e-Transfer. A good choice for no-frills banking.
Tangerine (owned by Scotiabank) offers free chequing, savings with promotional rates for new customers, and cash-back credit cards. Available entirely online and via mobile app.
EQ Bank's savings account consistently offers among Canada's highest interest rates with no fees. Ideal for Ajax residents who want to grow emergency funds or down payment savings.
Key considerations for Ajax banking:
| Bank | Basic Account Fee | Free Transactions |
|---|---|---|
| TD | $10.95–$29.95/mo | 12–unlimited |
| RBC | $4.00–$30.00/mo | 12–unlimited |
| BMO | $4.00–$30.00/mo | 10–unlimited |
| Scotiabank | $3.95–$30.95/mo | 12–unlimited |
| CIBC | $4.95–$29.95/mo | 12–unlimited |
| KOHO | $0/mo | Unlimited |
| Simplii | $0/mo | Unlimited |
| Tangerine | $0/mo | Unlimited |
Durham Region has several credit unions worth considering. Meridian Credit Union serves Ajax and the broader Durham community with competitive mortgage rates and lower fees than the Big 5 banks. Credit union members often benefit from profit-sharing and more personalized service.
If you're new to Ajax or new to Canada, both CIBC and TD offer newcomer banking packages with reduced or waived fees for the first year. Online options like KOHO and Simplii Financial are also excellent for newcomers since they have no minimum balance requirements and no monthly fees.
For everyday banking with branch access, TD and RBC are the most popular choices in Ajax. For fee-free banking, KOHO and Simplii Financial lead the pack. If savings rates are your priority, EQ Bank consistently delivers among the best rates in Canada.
The right bank depends on your needs — but for most Ajax residents, paying $10–$30/month in bank fees is unnecessary when free alternatives exist.
KOHO offers free banking with no monthly fees and no minimum balance. Use code 45ET55JSYA for a bonus.
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