Best Banks in Peterborough, Ontario (2025)

Banking in Peterborough, Ontario

Peterborough is a mid-sized city of roughly 84,000 people about 140 km northeast of Toronto on the Otonabee River. Home to Trent University and Fleming College, Peterborough offers considerably more affordable housing than the GTA while providing easy access to the broader Ontario market.

For everyday banking, no-fee digital options like KOHO and EQ Bank offer significant advantages over the traditional big banks — especially for younger residents or first-time buyers trying to save a down payment. KOHO's budgeting tools and cash-back rewards are particularly well-suited to residents on a monthly budget.

Kawartha Credit Union offers some of the best mortgage rates in the region and is deeply rooted in the local community.

• Population: approximately 84,000
• Average home price in Peterborough: approximately $600,000
• No Toronto municipal land transfer tax — provincial LTT only

See the Peterborough land transfer tax calculator to estimate your closing costs.

How to Choose the Best Bank in Peterborough

Peterborough residents should evaluate banks based on monthly fees, interest rates on savings, mortgage products and local branch access. For most people, a combination of a no-fee digital account (KOHO or EQ Bank) for everyday spending plus a big bank or credit union for mortgage financing is the most cost-effective approach.

Students and newcomers to Peterborough should look for dedicated accounts at TD, RBC or Scotiabank that waive monthly fees. The local credit union is often the best choice for mortgage financing given its competitive rates and genuine community focus.

For seniors or those preferring in-branch service, TD, RBC and Scotiabank all maintain branches in Peterborough. All major banks offer telephone and digital banking for account management between branch visits.

Frequently Asked Questions — Banking in Peterborough

What is the best no-fee bank for Peterborough residents?
KOHO and EQ Bank are the top no-fee options. KOHO offers a free prepaid Mastercard with cash back; EQ Bank pays 3% interest on savings. Use code 45ET55JSYA to get a bonus when opening KOHO.

Is there a local credit union in Peterborough?
Yes — Kawartha Credit Union serves Peterborough and Kawartha Lakes residents with competitive rates on deposits and mortgages.

Do Peterborough homebuyers pay Toronto's land transfer tax?
No. Peterborough is not within the City of Toronto, so buyers pay only Ontario's provincial land transfer tax — not the additional Toronto Municipal Land Transfer Tax.

Should I use a big bank or credit union for my mortgage in Peterborough?
Credit unions often offer lower mortgage rates than big banks, especially for residents with strong community ties. However big banks may offer more flexible pre-approval processes. Get quotes from both before committing.