Compare the best banking options for London, Ontario residents — zero-fee digital banks, local credit unions, and big bank branches.
KOHO is the top no-fee banking choice for London, Ontario residents. Earn 3% interest on every dollar deposited, 0.5% cashback on debit purchases, and pay zero monthly fees — ever. No branch needed, no minimum balance, fully CDIC-insured. Use referral code 45ET55JSYA for a welcome bonus.
EQ Bank's Savings Plus Account pays 3.75% interest with no monthly fees and no minimum balance. CDIC-insured and fully digital — ideal for London, Ontario residents looking to maximize savings on emergency funds, house down payments, or investment accounts (TFSA, RRSP, FHSA available).
Your Neighbourhood Credit Union (YNCU) serves London and the surrounding region with full-service branches, competitive mortgage rates, and member-owned banking. As a member-owned cooperative, profits are returned to members through better rates and lower fees. DICO (Deposit Insurance Corporation of Ontario) provides deposit insurance up to $250,000 per account category.
TD Bank has multiple branches in London, Ontario with extended hours and full-service banking including mortgages, investments, and business banking. Monthly fees start at $10.95 but can be waived with minimum balances. Best for those who need frequent in-person service.
RBC Royal Bank is Canada's largest bank with strong London, Ontario branch presence. Offers the full range of personal, business, and investment banking products. Fees range from $10.95/month and up, waivable with qualifying balances.
Scotiabank has branches in London, Ontario and is best known for its Scene+ rewards program, useful for frequent travelers and movie lovers. Monthly fees from $10.95. Note: KOHO uses the Scotiabank ATM network, so KOHO users can access Scotiabank ATMs for free.
| Bank | Monthly Fee | Interest Rate | Cashback | CDIC/DICO |
|---|---|---|---|---|
| KOHO | $0 | 3.0% | 0.5% | CDIC |
| EQ Bank | $0 | 3.75% | None | CDIC |
| Your Neighbourhood Credit Union | $0–$5 | 1–2% | None | DICO |
| TD Bank | $10.95+ | 0.01% | None | CDIC |
| RBC | $10.95+ | 0.01% | None | CDIC |
| Scotiabank | $10.95+ | 0.01% | None | CDIC |
KOHO gives London, Ontario residents a no-fee bank account with cash back on everyday spending. No minimum balance, no monthly charges. Perfect for students, workers, and families. Use code 45ET55JSYA for a bonus.
Get KOHO Free — Use Code 45ET55JSYALondon Ontario is home to Western University and Fanshawe College, creating a large student and young professional population that benefits most from no-fee banking. The city has grown into a significant medical and tech hub, with London Health Sciences Centre as a major employer and a growing tech sector downtown.
With over 400,000 residents, London is Ontario's sixth-largest city. The banking market is well-served by all major banks plus strong local credit union presence. Students at Western University and Fanshawe particularly benefit from KOHO's zero-fee model — no monthly charges, no minimums, and cashback on everyday spending.
London's cost of living is lower than Toronto but rising. For homeowners, EQ Bank's FHSA and RRSP options are popular for building toward a down payment, while KOHO handles everyday spending efficiently.
KOHO is the best no-fee bank for London, Ontario residents. It charges $0/month, pays 3% interest on deposits, and gives 0.5% cashback on every debit purchase. Use code 45ET55JSYA for a welcome bonus.
Yes. Your Neighbourhood Credit Union serves London, Ontario residents with in-person banking and community-focused products. Credit unions are member-owned and insured by DICO (Deposit Insurance Corporation of Ontario).
KOHO is better for everyday spending (cashback + debit card), while EQ Bank is better for savings (3.75% interest, TFSA/RRSP). Many London, Ontario residents use both: KOHO for day-to-day, EQ Bank for savings.
Big banks offer full branch service and in-person help, but charge $10.95+/month in fees and pay near-zero interest. For most London, Ontario residents, starting with KOHO or EQ Bank saves hundreds per year.