Top banks and credit unions for MB residents ranked by fees, interest rates, and deposit insurance — including CUDGC unlimited coverage.
KOHO leads for Manitoba residents who want to earn on every dollar without paying bank fees. The 3.0% interest rate applies to your full balance with no minimum — and stacks with cashback. Use referral code 45ET55JSYA for a $100 bonus.
Get KOHO Free + $100 Bonus →Assiniboine CU is Canada's largest community credit union by assets (outside BC). Their CUDGC unlimited deposit insurance is a major advantage for anyone holding large balances — mortgage funds, farm deposits, or business reserves.
Explore Assiniboine CU →Cambrian Credit Union serves Winnipeg residents with a full range of banking products. Like all Manitoba credit unions, CUDGC provides unlimited deposit insurance. Competitive rates on savings accounts and GICs. Great option if you want a local Winnipeg alternative to the big banks with better rates and no corporate shareholders.
Explore Cambrian CU →Simplii is powered by CIBC — meaning full access to CIBC's ATM network across Manitoba with no fees. Good for newcomers or anyone who wants a free Big 5-affiliated account with RRSP, TFSA, and mortgage products. Interest rate (0.40%) is much lower than KOHO or EQ Bank.
Open Simplii Account →TD has a substantial Manitoba branch presence with locations in Winnipeg, Brandon, Thompson, and smaller communities. Good for those needing complex financial services — business banking, TD Direct Investing, or mortgage specialists. Fees of $10.95–$29.95/month are hard to justify when free alternatives pay 3.0%+.
Explore TD Bank →| Bank | Monthly Fee | Interest | Cashback | Deposit Insurance | Branches in MB | Best For |
|---|---|---|---|---|---|---|
| 🏆 KOHO | $0 | 3.0% | 0.5–2% | CDIC $100K | None | Daily banking |
| EQ Bank | $0 | 3.75% | None | CDIC $100K | None | High-yield savings |
| Assiniboine CU | $0–$16 | ~1.5% | None | CUDGC Unlimited ✅ | 20+ MB | Large balances |
| Cambrian CU | $0–$14 | ~1.0% | None | CUDGC Unlimited ✅ | Winnipeg | Winnipeg locals |
| Simplii | $0 | 0.40% | None | CDIC $100K | None (CIBC ATMs) | Free ATM access |
| TD Bank | $10.95–$29.95 | 0.01% | None | CDIC $100K | 50+ MB | Complex banking needs |
| RBC | $11.95–$30 | 0.01% | None | CDIC $100K | 40+ MB | Avion rewards |
Covers up to $100,000 per category (deposits, RRSPs, TFSAs, etc.). If you have $400,000 spread across 4 categories, you're covered. But a single account over $100K has only partial protection.
Covers 100% of all deposits with no limit. A $500,000 savings account at Assiniboine or Cambrian is fully insured. Critical for farmers with seasonal large deposits or business owners.
KOHO and Simplii both offer $0/month chequing. KOHO pays 3.0% interest and 0.5% cashback, making it the better free option. Simplii is backed by CIBC and offers ATM access at all CIBC machines across Manitoba.
Yes — all Manitoba credit unions are insured by CUDGC, which provides unlimited deposit insurance. Your full balance is protected regardless of amount, which exceeds federal CDIC limits of $100,000 per category.
Yes. KOHO is a fully digital bank that works anywhere with internet or a cell connection. It's ideal for residents of rural Manitoba who don't have local bank branches but want full digital banking with high interest rates.
Assiniboine Credit Union and Cambrian Credit Union offer competitive mortgage rates with Manitoba-based advisors who understand the local real estate market. TD and RBC also have strong mortgage teams. Compare rates before committing.
Yes. EQ Bank is available to residents across all provinces including Manitoba. You can open an account online in minutes and earn 3.75% on your savings with CDIC deposit insurance.