Updated March 2025. Canada has dozens of banking options ranging from the Big 5 banks to challenger fintechs. This guide ranks the best banks in Canada across key categories: no-fee banking, savings rates, cash back, and full-service banking.
KOHO is Canada's best no-fee bank for everyday spending: $0 monthly fees, cash back on groceries and gas, and credit building. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYA| Rank | Bank | Best For | Monthly Fee |
|---|---|---|---|
| 1 | KOHO | No-fee spending & cash back | $0 |
| 2 | EQ Bank | High-interest savings | $0 |
| 3 | Tangerine | Full digital banking | $0 |
| 4 | TD Bank | Big bank (US banking) | $10.95+ |
| 5 | RBC | Big bank (largest network) | $11.95+ |
| 6 | Scotiabank | Big bank (Scene+ rewards) | $10.95+ |
| 7 | Simplii Financial | No-fee digital banking | $0 |
| 8 | BMO | Big bank (AIR MILES) | $11.95+ |
| 9 | Wealthsimple Cash | Investing integration | $0 |
| 10 | CIBC | Big bank (cash back card) | $11.95+ |
KOHO earns the top spot for Canadians who want a fee-free everyday banking experience with modern features:
EQ Bank pays 3.00–3.50% on everyday savings balances — consistently among the highest standard rates in Canada. It also offers competitive GIC rates, TFSA, RRSP, and a US Dollar Account. No monthly fees.
Tangerine (owned by Scotiabank) offers a complete no-fee banking experience: chequing, savings, TFSAs, GICs, and a top-rated cash back Mastercard. Promotional savings rates up to 6% for new clients.
Among the Big 5, TD stands out for extended branch hours (including Sundays), strong US banking through TD Bank USA, and the Aeroplan credit card partnership. Fees start at $10.95/month but can be waived with a $4,000 balance.
RBC's Avion Visa is one of Canada's most flexible travel rewards cards — redeemable on any airline with no blackout dates. RBC also has the largest ATM network among Canadian banks (~4,400 ATMs).
Scotiabank's Scene+ program offers rewards at Cineplex, Sobeys/IGA, restaurants, and travel. The Scotiabank Gold American Express earns 6x Scene+ points at groceries and restaurants — one of the best earn rates in Canada.
EQ Bank offers TFSA and RRSP accounts with rates significantly above the Big 5. For long-term tax-sheltered savings, EQ Bank's rates compound meaningfully over time.
KOHO's Credit Building feature is unique in Canada. It reports to Equifax and helps establish or improve credit history without a traditional credit card. Perfect for new Canadians or those rebuilding their credit.
| Your Priority | Best Bank |
|---|---|
| Zero monthly fees | KOHO |
| Highest savings rate | EQ Bank |
| Full digital banking | Tangerine or Simplii |
| US banking access | TD Bank |
| Largest ATM network | RBC |
| Best travel rewards | RBC (Avion) |
| Best everyday rewards | Scotiabank (Scene+) |
| Building credit | KOHO |
| Mortgage shopping | RBC or TD |
Rankings based on publicly available information as of March 2025. Individual needs vary — compare options before making decisions.