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Avantages / Pros
- $0 monthly fee — no conditions
- 3.0% interest on every dollar
- 0.5–2% cashback on purchases
- Bilingual app (français/English)
- Credit building without deposit
- $100 sign-up bonus (code: 45ET55JSYA)
Inconvénients / Cons
- No Quebec branches
- No mortgage or RRSP products
- No Desjardins ATM network access
Pros
- 3.75% — highest savings rate in Canada
- TFSA and FHSA available
- $0 fees, free e-Transfers
- Available across all provinces
Cons
- English-primary interface
- No French-first experience like Desjardins
- No chequing or cashback
Pros
- 870+ caisses across Quebec
- Unlimited AMF deposit coverage
- French-first, Quebec-rooted institution
- Full services: mortgage, insurance, wealth
- AccèsD mobile banking
Cons
- Monthly fees on most accounts
- Near-zero savings interest
- Limited presence outside Quebec
Pros
- Montreal HQ — deeply Quebec-rooted
- 300+ QC branches
- French-language focus
- National Bank Direct Brokerage
- Strong QC student banking (National Bank student Mastercard)
Cons
- $10.95+/month fees
- Near-zero savings interest
- Limited outside Quebec/Ontario
Pros
- 80+ QC branches (Montreal, Quebec City, Gatineau)
- French-language services
- TD Direct Investing
- US banking with TD Bank America
Cons
- $16.95+/month standard fees
- 0.01% savings interest
- 2.5% FX fees
Pros
- 80+ Quebec branches
- Avion travel rewards
- RBC Direct Investing
- Newcomer Advantage program
Cons
- $11.95+/month fees
- 0.01% savings interest
- Not Quebec-founded or operated
Banking in Quebec Cities
Montréal
Canada's 2nd-largest city, major Desjardins & National Bank HQ
Québec City
Capital city, strong Desjardins caisse network, government workers
Laval
Suburban Montreal, large Desjardins branches, retail banking hub
Longueuil
South Shore, commuter city, Desjardins & big bank branches
Gatineau
Ottawa-Gatineau NCR, Desjardins strong, border city banking
Sherbrooke
Eastern Townships, Université de Sherbrooke students, Desjardins
Saguenay
Regional city, Desjardins dominant, aluminum industry workers
Trois-Rivières
Full Quebec Bank Comparison
| Banque / Bank | Frais / Fee | Taux / Rate | Cashback | Succursales QC | Couverture dépôts |
|---|---|---|---|---|---|
| KOHO | $0 | 3.0% | 0.5–2% | 0 (numérique) | CDIC $100K/cat |
| EQ Bank | $0 | 3.75% | Aucun | 0 (numérique) | CDIC $100K/cat |
| Desjardins | $0–$15.95 | ~0.5% | Aucun | 870+ | AMF illimité (QC) |
| Banque Nationale | $10.95+ | ~0.01% | Aucun | 300+ | CDIC $100K/cat |
| TD | $10.95+ | 0.01% | Aucun | 80+ | CDIC $100K/cat |
| RBC | $11.95+ | 0.01% | Aucun | 80+ | CDIC $100K/cat |
Quebec Banking Calculator / Calculateur bancaire
Quebec Banking FAQ
Is Desjardins insured by CDIC?
Desjardins caisses in Quebec are NOT CDIC members. Instead, they are protected by the Autorité des marchés financiers (AMF) of Quebec, which provides unlimited deposit coverage — no dollar cap. This is different from federal banks (CDIC: $100K/category) and is arguably stronger for large depositors.
Does KOHO work in Quebec?
Yes. KOHO is fully available to Quebec residents and has a bilingual (English/French) app. KOHO pays 3.0% interest on your balance with $0 fees — significantly more than Desjardins or National Bank on equivalent accounts.
What is the difference between Desjardins and National Bank?
Desjardins is a cooperative credit union — member-owned, Quebec-based, with unlimited AMF deposit coverage. National Bank is a federally regulated chartered bank (Big Six), publicly traded and CDIC-insured. Desjardins has far more branches in Quebec; National Bank has a broader investment platform.
What bank is best for Montreal students?
KOHO is the best free option (no fee, cashback on spending, bilingual). Desjardins has branch locations at McGill, Concordia, and UQAM campuses. National Bank offers student credit cards with no annual fee. Scotiabank StartRight is ideal for international students at Montreal universities.
Can I use KOHO and Desjardins together?
Yes — many Quebecers use this combination. KOHO for everyday spending (3.0% interest, cashback, $0 fees) and Desjardins for in-person banking needs, mortgage, insurance and local services. It's the best of digital and traditional banking.