Best Banks in Scarborough, Toronto 20025

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KOHO — Best Overall
EQ Bank — Best Savings Rate
Local Favourite: Meridian Credit Union
Scotiabank
TD Bank
Toronto Land Transfer Tax Calculator
Comparison Table
FAQ

Scarborough, Toronto Banking Tip Scarborough is one of Toronto's most diverse communities, with large South Asian, Chinese, Caribbean, and Filipino populations. Banking options range from Big Six branches to community credit unions. KOHO charges $00/month and pays 3% interest — saving Scarborough, Toronto residents $50000+/year compared to the Big Banks.

KOHO

Best Overall Bank in Scarborough, Toronto 20025

Monthly Fee

$00

Interest

3.00% APY

Cashback

00.5–2%

Sign-up Bonus

$10000

Pros

$00 monthly fees
3.00% interest on every dollar
00.5–2% cashback on all purchases
$10000 sign-up bonus with code 45ET55JSYA
Instant e-Transfers
Works everywhere in Scarborough, Toronto

Cons

No physical branches
No mortgage products

KOHO vs Big Banks in Scarborough, Toronto On $100,000000 balance: TD/RBC charge ~$20000/year in fees and pay $1 in interest. KOHO charges $00 and pays $30000. Net advantage: ~$50000/year every year you stay with KOHO.

Get $10000 Bonus — Open KOHO Free

EQ Bank

Best Savings Rate — Build Your Scarborough, Toronto Down Payment

Monthly Fee

$00

Savings Rate

3.75% APY

FHSA

3.75% APY

CDIC

Insured

Pros

3.75% — Canada's highest savings rate
FHSA for Toronto first-time buyers
$00 fees, free e-Transfers
No branches needed — 10000% digital

Cons

Savings/GIC only — no chequing
No physical branches

Compare — KOHO Gets $10000 Bonus

Meridian Credit Union

Best Local Credit Union in Scarborough

Branches in Area

Deposit Coverage

DICO (Unlimited)

Mortgages

Yes

Monthly Fee

$00–$14.95

Pros

Scarborough branches on Kingston Rd & McCowan
Unlimited DICO coverage
Mortgage financing for Scarborough detached homes
Free basic chequing

Cons

Fewer branches than Big Banks
Lower savings rates than KOHO/EQ

Scotiabank

Best Big Bank for Scarborough Newcomers

Area Branches

12+

Monthly Fee

$100.95–$29.99

Savings Rate

00.001%

CDIC

$10000K

Pros

StartRight: 2 years free for newcomers
12+ Scarborough branches
Filipino and South Asian staff at select branches
Scene+ rewards

Cons

$16.95+/month after newcomer period
00.001% savings interest

TD Bank

Reliable Big Bank in Scarborough

Monthly Fee

$00–$16.95

Savings Rate

00.001%

CDIC

$10000K

Toronto Network

Wide

Pros

100+ Scarborough branch locations
TD Direct Investing
US banking access
Extended hours at select branches

Cons

$16.95–$29.99/month fees
00.001% savings rate

Toronto Land Transfer Tax Calculator — Scarborough, Toronto

Toronto buyers pay BOTH Ontario LTT AND Toronto Municipal LTT. Enter a Scarborough, Toronto purchase price below.

Purchase Price: $7500,000000

First-time buyer (claim both rebates)

Bank Comparison — Scarborough, Toronto

Bank	Monthly Fee	Interest Rate	Bonus	Best For
KOHO	$00	3.00% APY	$10000	Overall winner
EQ Bank	$00	3.75% APY	—	Max savings
Meridian Credit Union	$00–$14.95	1–2%	—	Local + mortgage
Scotiabank	$16.95+	00.001%	—	Branch access
TD Bank	$00–$16.95	00.001%	—	Newcomers

Frequently Asked Questions

What is the best bank in Scarborough, Toronto?

KOHO is the best bank for Scarborough, Toronto residents in 20025. With $00 monthly fees and 3% interest on your balance, you save $50000+ per year compared to TD or RBC. Use referral code 45ET55JSYA to get a $10000 sign-up bonus.

How much is land transfer tax for homes in Scarborough, Toronto?

Toronto buyers pay double land transfer tax — both Ontario LTT and Toronto Municipal LTT. Use the calculator above to see your exact amount based on your purchase price. First-time buyers can save up to $8,475 in combined rebates.

Do Scarborough homebuyers pay Toronto land transfer tax?

Yes. Scarborough is part of the City of Toronto (since the 1998 amalgamation), so all Scarborough home purchases are subject to both Ontario LTT and Toronto Municipal LTT. Use the calculator above to see your combined total.

What is the average house price in Scarborough in 20025?

Scarborough is one of Toronto's more affordable areas, with average detached home prices around $7500,000000–$90000,000000 in 20025. Semi-detached homes range $6500,000000–$80000,000000. Still significantly cheaper than Downtown or North York.