St. John's is the financial hub of Newfoundland and Labrador, with a full complement of banking options. Whether you're a Memorial University student, a first-time home buyer, or running a business downtown, this guide helps you choose wisely.
All five of Canada's major banks operate in St. John's, offering mortgages, investments, and everyday chequing.
| Bank | Locations | Best For |
|---|---|---|
| RBC Royal Bank | 4–5 branches | Mortgages, full service |
| TD Canada Trust | 4 branches | Extended hours, students |
| Scotiabank | 3–4 branches | Scene+ rewards, newcomers |
| BMO | 3 branches | Business banking, investments |
| CIBC | 3 branches | Everyday banking, RRSP/TFSA |
Monthly fees at big banks range from $16–$30, but many accounts drop to $0 if you maintain a minimum balance or qualify for student/senior pricing.
The Newfoundland and Labrador Credit Union (NLCU) is the province's main credit union, with branches in St. John's. Member-owned and locally focused, NLCU typically offers competitive mortgage rates and lower day-to-day fees than the big banks. Membership requires a one-time deposit into a membership share account.
For residents who prefer digital banking, several strong options require no monthly fee:
Memorial University draws thousands of international students to St. John's each year. Scotiabank's StartRight program and TD's New to Canada package both waive monthly fees for one to two years and include international money transfer discounts — worth considering if you're new to the country.
No single bank is best for everyone. Use your biggest financial need — whether it's a mortgage, a free account, or small business support — to guide your decision.
KOHO offers free banking with no monthly fees. Use code 45ET55JSYA for a bonus.
Open KOHO Free — No Fees — Code 45ET55JSYA