St. John's is the capital of Newfoundland and Labrador and one of North America's oldest cities. Our updated 2025 guide covers the best banks and financial services for St. John's residents.
Newfoundland and Labrador has no provincial land transfer tax — one of only a few provinces without one. Buyers pay a modest property registration fee of approximately $100 to register the deed. This is a significant saving compared to Nova Scotia (1.5%) or Ontario (up to 2.5%).
Atlantic Canadians are switching to KOHO for its zero monthly fees and cash back on everyday purchases. Works everywhere Visa is accepted — perfect for Maritime living.
Get KOHO Free — Code 45ET55JSYAKOHO's free Visa prepaid card earns cash back with zero monthly fees — ideal for Newfoundland residents looking to eliminate the $15–$30 monthly fee charged by Canada's Big Five banks.
EQ Bank leads Atlantic Canada with a 4.00% high-interest savings account, no monthly fees, and free Interac e-Transfers. Perfect for building a home down payment faster.
Credit Union NL is Newfoundland's leading credit union network, serving St. John's and communities across the province with competitive mortgage rates, local decision-making, and annual member dividends.
TD offers extended banking hours and a robust mobile app — popular with families who need reliable branch access and strong mortgage and lending products.
RBC covers mortgages, RRSPs, TFSAs, investments, and travel rewards under one roof. Canada's largest bank with a reliable local presence in Atlantic Canada communities.
Scotiabank's Scene+ program earns points at Sobeys — the dominant grocery chain in Atlantic Canada. Strong mortgage products and competitive rates for homebuyers.
St. John's is the easternmost city in North America, occupying a dramatic natural harbour on the Avalon Peninsula of Newfoundland. The city's colourful row houses on Signal Hill, its vibrant George Street entertainment district, and its fierce local identity make it one of Canada's most culturally distinctive cities.
The offshore oil and gas industry is the defining force in modern Newfoundland's economy. The Hibernia, Terra Nova, and White Rose offshore platforms in the Grand Banks produce billions of dollars in petroleum annually, and the associated supply chain — engineering, marine services, catering, and logistics — employs thousands in St. John's. This energy wealth has elevated NL's GDP per capita to among Canada's highest.
The fishery, while diminished from its pre-1992 cod moratorium peak, remains culturally and economically important. Crab, shrimp, and lobster now dominate the catch, and St. John's is home to major fish processing and export businesses. The fishing industry's seasonal cash flows create specific banking needs that local institutions like Credit Union NL understand well.
Memorial University of Newfoundland (MUN) is Atlantic Canada's largest university, with over 18,000 students and a research budget that funds ocean science, engineering, and petroleum research. MUN's presence ensures a steady supply of educated young professionals who are increasingly choosing digital banking options like KOHO and EQ Bank over traditional bank fees.
Newfoundland's absence of a provincial land transfer tax is a genuine financial advantage for homebuyers. A $380,000 St. John's home that would cost $5,700 in deed transfer tax in Nova Scotia or $3,800 in New Brunswick costs approximately $100 to register in NL — real savings that can be redirected to your down payment or renovation fund.
See also: Best Banks in Newfoundland | Best Banks Mount Pearl NL | Best Banks Corner Brook NL