Ontario has 15 million people and Canada's most competitive banking market. Here's who's actually worth banking with — whether you're in Toronto, Ottawa, or a smaller ON city.
Ontario residents are over-represented at Big 5 banks — paying $15–$17/month in fees on average. Digital banks like KOHO and EQ Bank now serve millions of Ontarians with $0 fees and dramatically higher interest rates. Ontario credit unions are regulated by DICO (Deposit Insurance Corporation of Ontario), which provides unlimited deposit protection on all eligible deposits.
2.9M • Financial capital
1.1M • Federal capital
720K • GTA west
660K • GTA north
580K • Steel city
420K • SW Ontario
610K • Tech hub
230K • Border city
KOHO is the top pick for Ontario residents who want to stop paying monthly bank fees. With $0 fees, 3.0% interest on deposits, up to 2% cashback on purchases, and a $100 signup bonus, KOHO consistently beats every Ontario big bank on annual value. Works anywhere in Ontario — no branch needed.
EQ Bank is headquartered in Toronto and offers the best savings rate in Ontario at 3.75% — 375x higher than most big bank savings rates. TFSA, RRSP, FHSA, and GICs available. No fees, CDIC-insured. Pairs perfectly with KOHO for daily banking.
Meridian is Ontario's largest credit union with 90+ branches across the province. Member deposits are protected by DICO with unlimited deposit insurance. As a member-owned co-op, profits go back to members through dividends and better rates.
Ontario credit unions are insured by DICO with unlimited coverage on all eligible deposits including RRSP, TFSA, and chequing. This differs from the federal CDIC which caps coverage at $100K per category.
TD is the #1 rated big bank for customer service in Ontario with the best mobile app among the Big 5. Their Student chequing ($0 fee) is popular for university students. For those needing full-service banking with convenient branches, TD is the best Big 5 choice in Ontario.
Scotiabank is strong in Ontario with 300+ branches and university campus presence at U of T, Western, Queen's, and McMaster. Their Scene+ rewards program is popular. Student accounts ($0 fee for up to 5 years post-graduation) make them competitive for Ontario students and new graduates.
RBC has 400+ Ontario branches — the highest branch density in the province. Excellent for complex needs: business banking, US banking, international wire transfers, wealth management. Monthly fees ($11.95–$30) are expensive for everyday chequing versus free digital options.
| Credit Union | Branches | Coverage Area | Insurance |
|---|---|---|---|
| Meridian CU | 90+ | Province-wide | DICO Unlimited |
| FirstOntario CU | 30+ | Golden Horseshoe | DICO Unlimited |
| Libro CU | 20+ | SW Ontario | DICO Unlimited |
| DUCA CU | 20+ | Toronto/GTA | DICO Unlimited |
| PACE CU | 10+ | Toronto area | DICO Unlimited |
| Your Neighbourhood CU | 8+ | Toronto east | DICO Unlimited |
| Bank | Monthly Fee | Interest Rate | ON Branches | Insurance |
|---|---|---|---|---|
| KOHO | $0 | 3.0% | None (digital) | CDIC $100K |
| EQ Bank | $0 | 3.75% | None (digital) | CDIC $100K |
| Meridian CU | $5–$16 | 0.5–1.5% | 90+ | DICO Unlimited |
| TD Bank | $10.95–$29.95 | 0.01% | 350+ | CDIC $100K |
| Scotiabank | $0–$30.95 | 0.01% | 300+ | CDIC $100K |
| RBC | $11.95–$30 | 0.01% | 400+ | CDIC $100K |
| BMO | $10.95–$30 | 0.01% | 300+ | CDIC $100K |
| CIBC | $16.95–$29.95 | 0.01% | 300+ | CDIC $100K |
| Tangerine | $0 | 3.0% | None (digital) | CDIC $100K |
KOHO is the best overall bank for most Ontarians — $0 monthly fees, 3.0% interest, up to 2% cashback, and a $100 signup bonus. For savings, EQ Bank offers the highest rate at 3.75%. For those needing branches and full-service banking, TD has the best mobile app among the Big 5 and 350+ Ontario locations.
Yes. Ontario credit unions are regulated by DICO (Deposit Insurance Corporation of Ontario), which provides unlimited deposit insurance on all eligible deposits — much more than CDIC's $100,000 per-category cap. Meridian, FirstOntario, Libro, and DUCA are the largest Ontario credit unions.
Yes. KOHO is available across all of Canada, including Ontario. Millions of Canadians — many in the GTA, Ottawa, Hamilton, and London — use KOHO as their primary bank. Open an account in under 5 minutes with no credit check required.
DICO (Deposit Insurance Corporation of Ontario) insures deposits at Ontario credit unions with no maximum limit. Whether you have $50,000 or $500,000 at a DICO-insured credit union, the entire amount is protected — compared to federal CDIC coverage of $100,000 per depositor per category at banks like TD and RBC.
Use KOHO for daily banking ($0 fees + $100 bonus), EQ Bank for savings (3.75%). Together they beat every Ontario big bank on annual value by $500–$1,000/year.