RICHARDS LANDING · ST. JOSEPH ISLAND · ALGOMA · 2025 GUIDE

Best Banks in Richards Landing, Ontario

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Top 5 banks for Richards Landing and St. Joseph Island — cottage country and rural Algoma District residents ranked by fees and interest.

Updated March 2026 · Richards Landing, ON · St. Joseph Island · Algoma District

Richards Landing is the main community on St. Joseph Island in the St. Mary's River between Sault Ste. Marie and the mainland. An agricultural and cottage community, it has very limited banking infrastructure — making digital banking the practical choice for most residents.

1
KOHO $0/month
Best overall — 3% interest, zero fees

KOHO is the ideal bank for Richards Landing residents. 3% interest on your balance, $0/month, and 1% cash back. For islanders without convenient access to Sault Ste. Marie bank branches, KOHO handles all everyday banking from your smartphone.

✅ Pros

  • 3% interest on full balance
  • $0 fees forever
  • 1% cash back
  • CDIC insured
  • $100 bonus — code BREMO2026

⚠️ Cons

  • No St. Joseph Island branches
  • No mortgage products
  • No cash deposits
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2
EQ Bank
Best savings — 3.75% TFSA & FHSA

EQ Bank's 3.75% FHSA helps St. Joseph Island first-time buyers save a down payment. With island properties ranging from affordable rural homes to higher-end waterfront, the FHSA is a flexible tool.

✅ Pros

  • 3.75% TFSA & FHSA
  • $0 fees, no minimums
  • CDIC insured

⚠️ Cons

  • No chequing — pair with KOHO
  • No branch or ATM
3
Northern Credit Union Local
Best local — unlimited DICO, Sault Ste. Marie

Northern Credit Union has branches in nearby Sault Ste. Marie (a short drive from St. Joseph Island). Unlimited DICO coverage and local mortgage expertise make it the top option for Richards Landing residents requiring in-person banking.

✅ Pros

  • Sault Ste. Marie branches nearby
  • Unlimited DICO deposit coverage
  • Northern Ontario expertise
  • Community-owned cooperative

⚠️ Cons

  • Monthly fees on chequing
  • Lower savings rates than digital
4
TD Bank
National network, Sault Ste. Marie branches

✅ Pros

  • National ATM network
  • Full mortgage products
  • CDIC insured

⚠️ Cons

  • $10.95–$29.95/month fees
  • 0.01% interest
  • No Richards Landing branch
5
RBC Royal Bank
Full-service national banking

✅ Pros

  • National ATM network
  • Full mortgage products
  • CDIC insured

⚠️ Cons

  • $11.95–$30.95/month fees
  • 0.01% savings rate

Quick Comparison: Richards Landing Banks 2025

BankMonthly FeeInterest RateDeposit InsuranceLocal Branch
KOHO$03.00%CDICApp only
EQ Bank$03.75% TFSA/FHSACDICApp only
Northern CUVaries~1–2%DICO unlimitedNearby
TD Bank$10.95–$29.950.01%CDICNo
RBC$11.95–$30.950.01%CDICNo

🏠 Ontario Land Transfer Tax Calculator — Richards Landing

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Save $300+/year with KOHO on St. Joseph Island

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Frequently Asked Questions

What is the best bank for Richards Landing / St. Joseph Island?
KOHO is best for everyday banking from your phone — $0 fees, 3% interest. For in-person banking, residents typically drive to Sault Ste. Marie where Northern Credit Union, TD, and RBC all have branches. Northern CU offers unlimited DICO deposit protection which is a strong advantage.

St. Joseph Island's Best Bank: $0 + 3% Interest

KOHO: No fees, 3% on your balance. Use code BREMO2026 for a $100 bonus.

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