Best Banks in the Northwest Territories 2026

Banking options for NT residents — from Yellowknife to remote communities. Digital-first banks plus the big banks serving the North.

🏔️ Banking in the Northwest Territories

The NT has limited branch banking — only a handful of physical bank branches primarily in Yellowknife, with limited to no presence in smaller communities like Fort Smith, Hay River, Inuvik, and others. For most NT residents outside Yellowknife, digital banking is the primary option. NT credit unions are regulated by the NT Financial Institutions Act and insured by the NT Credit Union Stabilization Fund. All federal banks (TD, RBC, Scotiabank) in NT carry CDIC insurance.

1
KOHO BEST FOR NT RESIDENTS
Digital bank · Works across all NT · CDIC insured
★★★★★
4.6/5
$0 Monthly Fee3.0% Savings InterestWorks AnywhereCredit Building

KOHO is the top pick for NT residents — especially outside Yellowknife where physical bank branches simply don't exist. Zero fees, 3.0% interest, and cashback on every purchase. All you need is internet or cellular service.

  • Works across all NT communities
  • $0 fees — saves $200–$600/year
  • 3.0% interest on all balances
  • Up to 2% cashback on groceries
  • $100 bonus (code: 45ET55JSYA)
  • No physical branches anywhere in NT
  • ATM fees (plan cash withdrawals in Yellowknife)
Get KOHO + $100 Bonus →
2
EQ Bank
Digital savings · Nationwide · CDIC insured
★★★★½
4.5/5
3.75% Savings Rate$0 FeesGICs Available

EQ Bank's 3.75% savings rate is the best in Canada — great for NT residents saving for a house, truck, or equipment. Fully digital and available in all NT communities with internet access.

  • 3.75% standard savings rate (best in Canada)
  • $0 fees, free e-transfers
  • GICs up to 5.25%
  • Not a full daily account
  • No cashback on spending
Open EQ Bank →
3
TD Bank
Big 6 · Yellowknife branch · CDIC insured
★★★½
3.6/5
$10.95–$29.95/moYellowknife BranchTop-Rated App

TD has a branch in Yellowknife making it the most accessible big bank for NT residents who need in-person banking. Canada's #1-rated mobile app. High monthly fees but full product suite.

  • Yellowknife physical branch
  • #1-rated mobile app in Canada
  • Full mortgage, RRSP, TFSA products
  • $10.95–$29.95/month fees
  • Limited ATM access outside Yellowknife
Visit TD →
4
RBC Royal Bank
Big 6 · Yellowknife branch · CDIC insured
★★★½
3.4/5
$11.95–$30/moYellowknife BranchAvion Rewards

RBC has a Yellowknife branch and Canada's largest ATM network. Avion travel rewards are useful for NT residents who travel south frequently. High fees for daily chequing.

  • Yellowknife branch access
  • Avion Rewards credit cards
  • Canada's largest ATM network
  • $11.95–$30/month fees
  • Low savings rates
Visit RBC →
5
Simplii Financial
$0 digital chequing · CDIC insured
★★★★
3.9/5
$0 FeeUnlimited TransactionsCIBC ATMs

Simplii offers free unlimited chequing backed by CIBC. For NT residents who visit Yellowknife or travel south, access to 3,400+ CIBC ATMs is valuable. Fully digital — works anywhere in NT.

  • $0 fees, unlimited transactions
  • 3,400+ CIBC ATM access
  • Mortgage products available
  • Low savings rate (0.10%)
  • No cashback
Open Simplii →

NT Banks Comparison

BankFeeSavings RateCashbackNT BranchBest For
KOHO$03.0%Up to 2%NoneDaily banking, all NT communities
EQ Bank$03.75%—NoneHigh-interest savings
TD$10.95+0.05%—YellowknifeIn-person + full products
RBC$11.95+0.05%Avion ptsYellowknifeTravel rewards
Simplii$00.10%—NoneFree chequing + CIBC ATMs

Best NT Banking Stack

Use KOHO for daily spending (zero fees, 3.0% interest, cashback everywhere you shop) and TD or RBC for in-person needs in Yellowknife — mortgages, safe deposit boxes, and large cash transactions. Get $100 free with KOHO.

Get KOHO — Code: 45ET55JSYA →

NT Banking FAQ

What banks are available in the Northwest Territories?
In Yellowknife: TD Bank, RBC, Scotiabank, and ATMs from most major banks. Outside Yellowknife: primarily digital banking (KOHO, EQ Bank, Simplii, Tangerine) and Canada Post Money Order services in some communities. Very few physical branches exist outside the capital.
Can I bank digitally in remote NT communities?
Yes, as long as you have cellular or satellite internet access. KOHO, EQ Bank, and Simplii all work anywhere in Canada with a data connection. Many NT communities have cellular coverage on major carriers. Satellite internet (Starlink) is increasingly common in remote NT.
How do I access cash in small NT communities?
Cash access is limited outside Yellowknife. Options: (1) Plan ahead and withdraw cash in Yellowknife; (2) use debit for purchases at local stores; (3) Canada Post in some communities offers cash services; (4) ask your employer about payroll direct deposit and plan accordingly. KOHO covers ATM fees on the Everything plan.
Does KOHO work in the Northwest Territories?
Yes, KOHO is a fully digital bank that works anywhere in Canada with internet or cellular access. Signup, deposits, e-transfers, and card payments all work normally. For cash withdrawals, use the EXCHANGE ATM network (3,600+ locations) or plan ATM visits when in Yellowknife or travelling south.