Bilingual banking in Quebec's largest city — KOHO, Desjardins, National Bank, and the best options for Montrealers in 2025.
🗺️ Montreal-Specific Rankings 🇫🇷 Bilingual FR/EN 🛡️ FADMD Unlimited ✅ Updated March 2026Montreal is Canada's second-largest city and Quebec's financial hub — home to institutions that don't exist anywhere else in Canada. Desjardins, the largest co-operative financial institution in North America with $400B+ in assets, dominates Quebec banking. The Mouvement Desjardins operates thousands of caisses populaires (caisses) across Montreal, offering unlimited deposit insurance through the FADMD (Fonds d'assurance-dépôts du Mouvement Desjardins).
Quebec's language laws (Bill 101) and bilingual reality means Montreal banks must serve customers in French. All major banks offer French-language services, but the quality varies. Desjardins and KOHO (Banq in French) are fully bilingual. National Bank of Canada, headquartered in Montreal, has the strongest French-language digital banking among national banks.
CDIC (federal, $100K/category): KOHO, EQ Bank, TD, RBC, Scotiabank, BMO, CIBC, National Bank of Canada
FADMD (Desjardins, unlimited): All Desjardins caisse deposits covered with no dollar limit through Desjardins' own fund
AMF (provincial, for QC-regulated entities): Quebec's Autorité des marchés financiers supervises QC-licensed financial institutions
Note: Desjardins caisses are not CDIC members — they use FADMD instead, which provides unlimited protection on all deposits.
KOHO (marketed as Banq in French Quebec) is fully bilingual and charges $0/month while paying 3.0% interest on your balance. For Montreal's large young professional and student populations who are tired of paying Desjardins or national bank fees, KOHO is the clear best option for daily banking. No FX fees is valuable for Montrealers who travel to Europe or the US.
EQ Bank consistently offers Canada's best savings rates at 3.75% with no monthly fees. The combination of KOHO (daily spending, 3.0%) and EQ Bank (savings, 3.75%) gives Montrealers the best of both worlds: zero fees on all banking activity and maximum interest on every dollar saved.
Desjardins is Quebec's institution. The Mouvement Desjardins operates over 250 caisse locations across Greater Montreal, providing a full-service banking cooperative with unlimited deposit protection through FADMD. Members receive profit sharing (ristournes), and Desjardins offers highly competitive mortgage rates for Quebec properties. Essential for Montrealers with large savings or complex financial needs.
National Bank of Canada is headquartered on St-Jacques Street in Montreal's financial district — unlike TD, RBC, and BMO which are headquartered in Toronto. This means National Bank has the deepest Quebec roots among national banks, the strongest French-language digital banking (Banque Nationale app), and the most tailored products for Quebec residents including RRSP and TFSA accounts optimized for QC tax laws.
TD has the strongest digital banking app in the Big 5 and solid Quebec coverage. Best for Montrealers who work across multiple provinces or frequently travel outside Quebec. Monthly fees of $10.95–$29.95 make it less attractive than KOHO or National Bank for purely Montreal-based banking.
Scotiabank's international banking network in 20+ countries is unmatched. For Montreal's significant immigrant and expat populations with financial ties abroad, Scotia's global reach is a genuine differentiator. Scene+ rewards are useful for Montrealers given Cineplex's Quebec presence.
| Bank / Banque | Monthly Fee | Savings Rate | Deposit Insurance | MTL Branches | French Quality |
|---|---|---|---|---|---|
| KOHO (Banq) | $0 | 3.00% | CDIC $100K | 0 | Fully bilingual |
| EQ Bank | $0 | 3.75% | CDIC $100K | 0 | Partial French |
| Desjardins | $8.25–$28.25 | 0.10% | FADMD Unlimited | 250+ | French first |
| National Bank | $11.95–$28.95 | 0.01% | CDIC $100K | 120+ | Excellent |
| TD Bank | $10.95–$29.95 | 0.01% | CDIC $100K | 60+ | Good |
| Scotiabank | $16.95–$30.95 | 0.01% | CDIC $100K | 50+ | Adequate |
Calculez vos économies / Calculate your annual savings by switching to KOHO.
The most common switch Montrealers are making in 2025:
| Category | KOHO (Banq) | Desjardins | Winner |
|---|---|---|---|
| Monthly fee | $0 | $8.25–$28.25 | KOHO |
| Savings interest | 3.00% | 0.10% | KOHO |
| Cashback | 0.5%–2% | None standard | KOHO |
| FX fee | 0% | 2.5% | KOHO |
| Deposit insurance | CDIC $100K | FADMD Unlimited | Desjardins |
| Montreal branches | 0 | 250+ | Desjardins |
| Mortgage products | No | Yes (QC specialist) | Desjardins |
| French-language quality | Excellent (Banq) | Excellent (native) | Tie |
| Annual savings (avg family) | — | — | KOHO +$380/yr |
Yes / Oui. KOHO operates as Banq in Quebec and offers a fully bilingual French/English experience. The app, customer service, and all communications are available in French.
Technically, Desjardins is a credit union cooperative (Mouvement des caisses populaires), not a bank. This means deposits are insured by FADMD (not CDIC), and it's governed by Quebec's Credit Union Act rather than the federal Bank Act. The unlimited FADMD coverage is a major advantage.
KOHO is best for students: $0 fees, 3% interest, instant e-Transfers for rent splitting, and no minimum balance. National Bank also has competitive student accounts with waived fees.
KOHO does not offer RRSP (REER in Quebec) accounts. For RRSP savings, use EQ Bank (3.75% RRSP savings account) or Desjardins/National Bank which offer full registered account management.
La famille montréalaise moyenne paie 200–400$/an en frais bancaires. KOHO (Banq) élimine ces frais tout en payant 3% d'intérêt.
Ouvrir KOHO (Banq) Gratuit — Code 45ET55JSYA pour 100$ →