From Charlottetown to Summerside — the top 7 banks and credit unions for PEI residents.
Ranked for PEI residents by fees, rates, and local relevance.
KOHO is the top no-fee bank for PEI residents. Zero monthly fees, 3% interest on your balance, cashback on every purchase, and a built-in credit builder. Open your account entirely online in 3 minutes — no branch visit needed.
EQ Bank earns 3.75% on every dollar — no minimums, no fees. Best for PEI residents who want to maximize interest on savings and GICs. The EQ Bank Card works with 0% foreign transaction fees.
PEI credit unions are member-owned institutions regulated provincially. Provincial Credit Union and East Coast Credit Union serve Charlottetown and rural PEI. Deposits insured by the Credit Union Deposit Insurance Corporation of PEI (CUDIC PEI).
No-fee chequing with CIBC ATM access. Free global money transfers. Good for PEI residents who need occasional ATM cash without fees.
Tangerine offers promo savings rates up to 6% for new customers. Free chequing with access to Scotiabank ATMs. Good for PEI residents who want to chase promo rates.
3.0% interest on Wealthsimple Cash plus commission-free investing. For PEI residents who want banking and investing in one place.
Scotiabank has Atlantic Canada roots and branch presence in Charlottetown and Summerside. Scene+ rewards, full mortgage/investment products, and strong mobile app. Monthly fees apply.
PEI has a 15% HST. Credit unions in PEI are regulated by the PEI Credit Unions Act and deposits are insured by the Credit Union Deposit Insurance Corporation of PEI (CUDIC PEI). PEI's small population (170,000) means fewer branch options — digital-first banks like KOHO and EQ Bank are ideal for island-wide coverage with no physical limitations.
Available across PEI. Zero fees, 3% interest, cashback on every purchase. Takes 3 minutes to open.
Claim $100 Bonus →| Bank | Monthly Fee | Interest Rate | ATM | Best For |
|---|---|---|---|---|
| KOHO | $0 | 3.0% | Paid ATMs | Everyday banking |
| EQ Bank | $0 | 3.75% | EQ Card | Savings |
| PEI Credit Unions | $5–15 | 1–2% | PEI branches | Local service |
| Simplii | $0 | 0.40% | CIBC ATMs | Free chequing |
| Tangerine | $0 | 0.80% | Scotia ATMs | Promo savings |
| Wealthsimple | $0 | 3.0% | Limited | Investing |
| Scotiabank | $3.95–$30.95 | 0.05% | PEI branches | Full-service |
Result: $0/month + 3–3.75% on deposits + cashback on spending
For digital banking, KOHO and EQ Bank are the best options in Charlottetown — no fees and high interest. For branch banking, Scotiabank and PEI credit unions have Charlottetown locations. TD and RBC also have branches in the city.
Yes. PEI credit unions are regulated provincially and deposits are insured by CUDIC PEI. Coverage limits vary by account type — check with your specific credit union for current limits.
Yes. KOHO is available to all Canadians including PEI residents. You can open an account online in under 3 minutes with no credit check required. It works everywhere Mastercard is accepted.
Digital banks like KOHO, EQ Bank, and Tangerine work anywhere with internet access — ideal for rural PEI where branches are limited. For cash needs, Simplii's CIBC ATM network provides some rural coverage, and Scotiabank has a few locations outside Charlottetown.