Iqaluit (pop. ~8,000) is Canada's most expensive city for consumer goods and housing — and has the most limited banking infrastructure of any Canadian capital. Online banking isn't optional here. We ranked every viable option for Nunavut residents.
Get KOHO Free — No Monthly Fees →In Iqaluit, branch banking can be limited, unreliable, or require long drives. KOHO is 100% online — manage your money from your phone with 3% interest on every dollar, zero monthly fees, and a Visa card accepted everywhere. No branch needed, ever. The referral code 45ET55JSYA unlocks free account activation.
EQ Bank offers 3.75% — the highest insured savings rate for Iqaluit residents — with CDIC deposit protection and no monthly fees. Northern residents saving for a home purchase in a larger centre, early retirement, or emergency fund benefit greatly from EQ Bank's compound interest advantage over traditional big bank rates of 0.01%.
TD Canada Trust is the primary traditional banking presence in Iqaluit, with a full branch serving Nunavut's capital. TD's national network and strong online banking platform make it the most practical big-bank option for Iqaluit residents who need both in-person services and reliable digital banking.
TD Canada Trust provides consistent national banking services for Iqaluit residents, with reliable online and mobile banking. TD waives monthly fees for Canadian Armed Forces members — relevant in many northern communities with federal government and military presence. TD's national ATM network ensures access across Canada when travelling south.
RBC is Canada's largest bank by assets and offers the broadest mortgage product suite for Nunavut property purchases. Northern homes are often priced at a premium due to construction costs and limited supply, making RBC's large-balance mortgage capacity and wealth management services valuable for Iqaluit property buyers.
Scotiabank rounds out the top tier for Iqaluit residents seeking a traditional big bank with Scene+ rewards (Cineplex, Sobeys). Scotia's consistent northern banking presence and broad product range make it a solid full-service option for residents who want a national bank relationship.
In Iqaluit, branch banking is limited or non-existent. KOHO is 100% online — no branches needed, no monthly fees, full banking control from your phone wherever you are. Whether you're in a remote fly-in community or a small northern city, KOHO works everywhere Visa is accepted.
Get KOHO Free — Code 45ET55JSYA| Bank | Savings Rate | Monthly Fee | Deposit Insurance | Best For |
|---|---|---|---|---|
| KOHO | 3.00% | $0 | CDIC (Peoples Bank) | Northern remote banking |
| EQ Bank | 3.75% | $0 | CDIC | High-balance savings |
| Local CU / CIBC North | 0.5–2% | $0–$12 | Varies | Community banking |
| TD | 0.01% | $10.95–$29.95 | CDIC | CAF/federal workers |
| RBC | 0.01% | $11.95–$30 | CDIC | Mortgages & wealth |
| Scotiabank | 0.01% | $10.95–$30.95 | CDIC | Scene+ rewards |
Iqaluit (pop. ~8,000) is Nunavut's capital and largest community, located on Baffin Island at 63°N. The economy is dominated by the Government of Nunavut (largest employer by far), Government of Canada (RCMP, DND, federal agencies), Nunavut Tunngavik Inc. (Inuit land claims organization), and healthcare through Qikiqtani General Hospital. Iqaluit consistently ranks as Canada's most expensive city for groceries and consumer goods — a two-litre bag of milk can exceed $8, and a bag of oranges can cost $20+. All food and goods arrive by air (expensive) or annual sealift (cheaper but planning-intensive). Government workers receive northern living allowances and territorial supplements that substantially offset the cost premium. KOHO and EQ Bank are used by the majority of younger Iqaluit residents for their primary banking.
Nunavut has NO land transfer tax. Iqaluit homes carry significant construction premium costs.
TD Canada Trust operates the primary bank branch in Iqaluit. There is no significant credit union presence. For most Nunavut communities outside Iqaluit, there are no bank branches at all — KOHO and EQ Bank online platforms are the primary banking tools.
Iqaluit's extreme costs stem from its remote location on Baffin Island — no road connections to the south. All goods arrive by air (expensive year-round) or by annual sealift barge (cheaper but limited to a brief summer window). Construction costs are extreme due to permafrost, Arctic building standards, and fly-in labour.
Nunavut's first income tax bracket is just 4.0% — the absolute lowest of any province or territory in Canada. Combined with the Northern Residents Deduction, Nunavut residents have the lowest effective income tax burden in Canada.
KOHO pays 3% on your entire balance with zero monthly fees — perfect for remote Nunavut residents. Use code 45ET55JSYA to get started free.
Get KOHO Free — Code 45ET55JSYADisclaimer: Interest rates and fees current as of March 2026. KOHO interest earned on eligible balances with active account; terms apply. CDIC insures eligible deposits up to $100,000 per depositor per category at federally chartered member institutions. Nunavut has no territorial land transfer tax; closing cost figures are estimates — consult a local real estate lawyer for exact figures. Bremo earns a referral commission if you sign up for KOHO using our link — this does not affect our rankings.