Compare top chequing accounts, high-interest savings, and mortgage rates available to London residents
London, Ontario — "The Forest City" — is a vibrant mid-sized city of over 422,000 people, anchored by Western University and Fanshawe College, a thriving healthcare sector centered on London Health Sciences Centre, and a growing tech and insurance industry presence. From the charming Victorian homes of Old North and Old South, to the newer subdivisions in Lambeth, Byron, and Hyde Park, London offers some of Ontario's most affordable urban real estate. Whether you're a student at Western, a healthcare professional, a first-time homebuyer in Masonville, or a retiree in Byron, choosing the right bank can make a meaningful difference. Here are the best banks for London, Ontario residents in 2025.
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Canada's most international bank with London branches on Richmond Street, Oxford Street, and in the Masonville area — convenient for north London residents.
Canada's biggest bank with strong London presence — trusted by London's healthcare professionals and homebuyers in Old North and Byron for mortgage services.
London, ON Land Transfer Tax Calculator (Ontario LTT)
London homebuyers pay only the Ontario provincial Land Transfer Tax — there is no municipal LTT in London, making it one of Ontario's more affordable cities for home purchases.
Ontario Land Transfer Tax (no municipal LTT in London)
First-Time Buyer Rebate Applied! As a first-time buyer, you may receive up to $4,000 back on Ontario LTT. The amount shown already reflects this rebate.
Estimate only. Consult a real estate lawyer for exact figures. Rates current as of 2025.
Frequently Asked Questions — Banking in London, ON
What is the best bank in London, Ontario? ▾
The best bank in London, ON depends on your situation. For the highest savings rate with no monthly fees, EQ Bank at 3.00% HISA is the top digital option — ideal for London professionals and healthcare workers who manage banking online. For students at Western University or Fanshawe College, KOHO offers no-fee spending and cash back without NSF penalties. For branch banking throughout London, TD Bank, RBC, and Scotiabank all have solid coverage from downtown Richmond Street to suburban Masonville and White Oaks. London also has strong local credit unions such as Libro Credit Union.
How much is land transfer tax in London, Ontario? ▾
London homebuyers pay only the Ontario provincial Land Transfer Tax — there is no municipal LTT. On a $500,000 London home, the Ontario LTT is approximately $6,475. On a typical $550,000 detached home in Byron or Lambeth, the LTT is about $7,475. London's more affordable price points compared to the GTA mean LTT costs are lower for most buyers. Use the calculator above for a precise estimate based on your purchase price.
Do first-time homebuyers get a discount in London, Ontario? ▾
Yes — Ontario first-time homebuyers purchasing in London qualify for the Ontario First-Time Homebuyer Rebate of up to $4,000 off their provincial LTT. London's relatively affordable home prices mean some first-time buyers in entry-level price ranges may receive a larger portion of the rebate compared to buyers in more expensive markets. The full $4,000 rebate applies on homes at $368,333 or under; partial rebate up to roughly $400,000. You must be a Canadian citizen or permanent resident who has never owned a home anywhere globally.
Which bank has the most branches in London, Ontario? ▾
TD Bank and RBC have the most branches across London, with locations spanning downtown, north London near Western University, south London near White Oaks Mall, and the east end. Scotiabank also has solid London coverage. Regionally, Libro Credit Union — headquartered in southwestern Ontario — has a significant London presence and is a community-minded alternative to the Big 5 banks, popular with London families and agricultural businesses in the surrounding area.