Nunavut has Canada's most limited banking infrastructure. Here's how residents across NU — from Iqaluit to Cambridge Bay — can bank effectively in 2026.
Nunavut is the only territory in Canada with zero traditional bank branches outside Iqaluit, and even Iqaluit has very limited options. TD Bank maintains the only major bank presence there. For residents of communities like Rankin Inlet, Cambridge Bay, Arviat, Baker Lake, or any of Nunavut's 25 communities, digital banking is the only realistic option. High-speed internet access varies by community, but most have satellite service sufficient for basic banking. Choosing the right digital bank is critical.
Given Nunavut's geographic realities, the best banks are those that require zero physical infrastructure and work reliably from anywhere with internet access.
Built for digital-only banking — works in every NU community with internet.
For Nunavut residents, KOHO is the standout choice. It requires no branch, works entirely through mobile and web, and the Visa card functions at any point-of-sale or ATM that accepts Visa. The 3.0% interest on your balance is automatic and requires no minimum. The credit-building feature helps NU residents build credit scores without access to traditional banking products. Setting up takes minutes and can be done from anywhere.
Get KOHO Free + $100 Bonus →3.75% everyday interest — Canada's highest rate, fully digital.
EQ Bank's Savings Plus Account earns 3.75% — more than any big bank offers. Fully digital and manageable from any Nunavut community. Best used alongside KOHO: KOHO for daily purchases, EQ Bank for savings and larger balances.
Open EQ Bank →The only major bank with a physical branch in Nunavut (Iqaluit).
TD Bank has a branch in Iqaluit and is the only major bank accessible in person in Nunavut. If you live in Iqaluit and need in-person banking, mortgage services, or business accounts, TD is your only big-bank option. For residents of any other NU community, TD is digital-only — just like KOHO, but with high monthly fees.
View TD Options →CIBC-backed free chequing with unlimited transactions.
Simplii is a solid backup digital bank backed by CIBC. Free, unlimited transactions, and available everywhere with internet. Useful as a secondary account if you need a traditional chequing account with no fees.
Open Simplii →Digital access to Canada's largest bank. Good if you need mortgages or investing.
RBC has no Nunavut branch but offers digital banking nationwide. If you need a mortgage in Nunavut (limited availability) or want the Avion Visa Infinite travel card, RBC is accessible digitally. High fees make it a secondary recommendation behind digital-first options.
View RBC Options →Most NU residents use this combination for complete coverage:
| Bank | Monthly Fee | Interest | NU Branch | Deposit Insurance | Best For |
|---|---|---|---|---|---|
| KOHO | $0 | 3.00% | Digital only | CDIC | Daily banking |
| EQ Bank | $0 | 3.75% | Digital only | CDIC | Savings |
| TD | $10.95–$29.95 | 0.01% | Iqaluit only | CDIC | In-person (Iqaluit) |
| Simplii | $0 | 0.40% | Digital only | CDIC | Free chequing |
| RBC | $10.95–$30 | 0.01% | Digital only | CDIC | Complex products |
Many NU communities use LEO satellite internet (Starlink/Telesat). Modern banking apps work well even on slower connections. Download apps during good signal periods.
Most Nunavut businesses accept debit/credit. KOHO Visa works at all point-of-sale terminals. For cash, Northern store ATMs and other community ATMs accept Visa/Interac.
Nunavut housing is unique — much of it is rental through Nunavut Housing Corp. For purchases, TD (Iqaluit) and some credit unions can assist. Prices in remote communities vary widely.
Set up KOHO before you need it. Download the app when connectivity is good. Once set up, most functions work even on intermittent connections — KOHO syncs automatically.