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Pros
- $0 monthly fee forever
- 3.0% on every dollar (ideal for gov't salary deposits)
- 0.5–2% cashback on spending
- Credit building — no deposit needed
- $100 sign-up bonus via referral code
- Bilingual app (English/French)
Cons
- No Ottawa branches
- No mortgage products
- No cross-border USD account for US travel
Pros
- 3.75% on savings — best major bank rate
- TFSA and FHSA at same high rate
- $0 fees, free Interac e-Transfers
- GICs available for locked savings
Cons
- No cashback, no chequing
- No Ottawa branches
- 0% cross-border features
Pros
- Ottawa HQ, strong local presence
- Unlimited DICO coverage (Ontario)
- Free basic chequing available
- Member-owned, community-focused
- Mortgage and lending services
Cons
- Ontario-only branches
- Lower savings rates than online banks
- Limited tech features vs fintech
Pros
- 25+ Ottawa branches including ByWard, Kanata
- Extended hours (some locations)
- TD Direct Investing platform
- Strong student accounts (TD Student)
Cons
- $16.95/month standard fee
- 0.01% on savings
- 2.5% FX fees
Pros
- StartRight — 2 years free banking for newcomers
- Branches at uOttawa campus
- Supports international students (study permits)
- Tangerine online banking option
Cons
- Introductory rates expire after 2 years
- Standard fees $16.95+/month after
- 0.01% interest on savings
Pros
- 20+ Ottawa branches (Rideau, Barrhaven, Orleans)
- Avion travel rewards program
- RBC Direct Investing
- Newcomer Advantage package
Cons
- High monthly fees
- 0.01% savings interest
- Complex fee schedules
Banking by Ottawa Segment
Federal Government Workers
KOHO earns 3.0% on your salary deposit from day one. Gov't workers with $10K–$30K balance save $300–$900/year vs big banks.
uOttawa Students
KOHO ($0 fee + cashback) or Scotiabank (StartRight 2-year free). Both beat paying $11.95+/month at TD/RBC for a student account.
Carleton University
KOHO works digitally. Scotiabank has a branch near Carleton. Alterna Savings offers student-friendly credit union banking.
Tech Workers (Kanata)
KOHO + EQ Bank: maximize the 3.75% savings rate and cashback on high spending. No branches needed — everything digital.
Newcomers to Ottawa
Scotiabank StartRight (2 years free, supports study/work permits). Follow up with KOHO for long-term $0-fee banking.
Gatineau (QC side)
KOHO works across provincial borders — no difference in service. Quebec credit unions (Desjardins) also serve the Ottawa-Gatineau NCR.
Full Ottawa Bank Comparison
| Bank | Monthly Fee | Savings Rate | Cashback | Ottawa Branches | Deposit Coverage |
|---|---|---|---|---|---|
| KOHO | $0 | 3.0% | 0.5–2% | 0 (digital) | CDIC $100K |
| EQ Bank | $0 | 3.75% | None | 0 (digital) | CDIC $100K |
| Alterna Savings | $0–$9.95 | ~1% | None | 10+ | Unlimited (DICO) |
| TD Bank | $10.95+ | 0.01% | None | 25+ | CDIC $100K |
| Scotiabank | $0 (newcomer) | 0.01% | None | 20+ | CDIC $100K |
| RBC | $11.95+ | 0.01% | None | 20+ | CDIC $100K |
Ottawa Banking Calculator — Annual Value
Ottawa Banking FAQ
What is the best bank for federal government employees in Ottawa?
KOHO is the best choice for federal government employees. It earns 3.0% interest on your salary deposit from day one, with $0 fees and 0.5–2% cashback. A federal worker with a $100 balance earns ~$300/year more at KOHO than at TD or RBC — without any effort.
Does KOHO work in Ottawa?
Yes. KOHO is available to all Canadian residents including Ottawa. It's a digital bank, so there are no physical branches, but you can use any ATM and send/receive Interac e-Transfers instantly. Many Ottawa residents use KOHO as their primary account.
What is Alterna Savings?
Alterna Savings is an Ottawa-headquartered credit union serving Ontario. It offers unlimited DICO deposit coverage, 10+ Ottawa branches, and competitive rates for mortgages and everyday banking. It's the best option if you prefer a local, member-owned institution with in-person service.
Which bank is best for uOttawa or Carleton students?
KOHO is the best free option (no fee, cashback). Scotiabank's StartRight program offers 2 years of free banking for newcomers and international students with a branch near campus. Both beat paying $11.95+/month at big banks.
Can I use a Quebec credit union if I live in Ottawa-Gatineau?
If you live on the Quebec side (Gatineau, Aylmer, Hull), you can use Desjardins — Quebec's largest credit union with unlimited CDPQ coverage. Ottawa-side residents in Ontario can use Alterna Savings or other Ontario credit unions (DICO unlimited).