Best Banks in St. Joseph Island, Ontario 2025

Updated March 2026 · St. Joseph Island, ON · Algoma District · Near Sault Ste. Marie

St. Joseph Island is a large agricultural island in the St. Mary's River between Sault Ste. Marie and the mainland. Connected by a free bridge, it's home to farms, cottages, a small heritage fort, and a permanent community. Very limited on-island banking makes digital options essential.

KOHO $0/month

Best overall — 3% interest, zero fees, fully digital

KOHO is the #1 choice for St. Joseph Island residents. 3% interest on your full balance, $0 monthly fees, and 1% cash back. With no bank branches on the island itself, KOHO lets you handle all daily banking, bill payments and transfers from your phone without crossing the bridge to Sault Ste. Marie.

✅ Pros

3% interest on full balance
$0 fees forever
1% cash back on groceries & spending
CDIC insured
$100 bonus — code 45ET55JSYA

⚠️ Cons

No island branches
No mortgage products
No cash deposits

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EQ Bank

Best savings — 3.75% TFSA & FHSA

EQ Bank's 3.75% FHSA helps island residents save for property. With farm properties, rural homes, and cottages at varying price points, the FHSA offers flexible, tax-advantaged savings at the best available rate.

✅ Pros

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

⚠️ Cons

No chequing — pair with KOHO
No branch or ATM

Northern Credit Union Local

Best local — unlimited DICO, Sault Ste. Marie

Northern Credit Union branches in Sault Ste. Marie (a short drive from the island) offer unlimited DICO deposit coverage and local mortgage expertise. Best for islanders who need in-person mortgage applications or larger deposit protection beyond CDIC limits.

✅ Pros

Sault Ste. Marie branches (short drive)
Unlimited DICO deposit coverage
Northern Ontario agricultural expertise
Community-owned

⚠️ Cons

Monthly fees on chequing
Lower savings rates than digital

TD Bank

National network, Sault Ste. Marie locations

✅ Pros

National ATM network
Full mortgage products
CDIC insured

⚠️ Cons

$10.95–$29.95/month fees
0.01% interest
No island branch

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: St. Joseph Island Banks 2025

Bank	Monthly Fee	Interest Rate	Deposit Insurance	Local Branch
KOHO	$0	3.00%	CDIC	App only
EQ Bank	$0	3.75% TFSA/FHSA	CDIC	App only
Northern CU	Varies	~1–2%	DICO unlimited	Nearby (SSM)
TD Bank	$10.95–$29.95	0.01%	CDIC	Nearby (SSM)
RBC	$11.95–$30.95	0.01%	CDIC	Nearby (SSM)

🏠 Ontario Land Transfer Tax Calculator — St. Joseph Island

Ontario LTT only — no Toronto MLTT. First-time buyer rebate up to $4,000.

Home Purchase Price ($):

First-time buyer?

St. Joseph Island Banking: $0 fees + 3% interest

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Frequently Asked Questions

What banks are available on St. Joseph Island?

St. Joseph Island has no bank branches. Residents use digital banking (KOHO, EQ Bank) for everyday needs, and drive to Sault Ste. Marie for in-person banking at Northern Credit Union, TD, RBC, BMO or Scotiabank. KOHO handles 95% of daily banking needs without ever leaving the island.

What is the Ontario LTT on a St. Joseph Island property?

St. Joseph Island falls under Ontario LTT only. On a $350,000 property, the Ontario LTT is approximately $3,475. First-time buyers get a rebate up to $4,000, which covers most or all of the tax. Waterfront properties above $400,000 move into higher rate brackets.

St. Joseph Island: $0 Fees + 3% Interest

KOHO: Bank from the island — no fees, 3% interest. Use code 45ET55JSYA for a $100 bonus.

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