Quick Navigation
Pros
- $0 monthly fee — keep more in Toronto's high COL
- 3.0% interest on every dollar
- 0.5–2% cashback on all purchases
- $100 sign-up bonus (code: 45ET55JSYA)
- Credit building without deposit
- Toronto-based fintech — strong local support
Cons
- No Toronto branches
- No mortgage products for Toronto's expensive market
Pros
- 3.75% — Canada's highest savings rate
- FHSA at 3.75% — critical for Toronto first-time buyers
- $0 fees, free e-Transfers
- Toronto-based — Equitable Bank
Cons
- No cashback or chequing
- No Toronto branches
Pros
- 15+ Toronto branches (Bloor, Bay, Etobicoke)
- Unlimited DICO coverage
- Competitive mortgage rates for Toronto market
- Free basic chequing available
Cons
- Ontario-only branches
- Lower savings rates than KOHO/EQ
Pros
- 80+ Toronto branches — widest big-bank network
- TD Tower on King St. — flagship downtown presence
- TD Direct Investing
- US banking for cross-border workers
Cons
- $16.95+/month fees
- 0.01% savings interest
Pros
- StartRight: 2 years free for newcomers
- 60+ Toronto branches
- U of T campus presence
- Scene+ rewards program
Cons
- $16.95+/month after newcomer period
- 0.01% savings interest
Pros
- 70+ Toronto branches
- Avion travel rewards
- RBC Direct Investing
Cons
- High monthly fees
- 0.01% savings interest
Banking by Toronto Neighbourhood
Downtown Core
Bay Street finance workers, all big banks, KOHO users save $500+/yr
North York
TD, RBC, Meridian CU, large Korean & Chinese communities
Scarborough
Diverse newcomer community, Scotiabank StartRight popular
Etobicoke
Residential west end, Meridian 3+ branches, TD strong
Mississauga
Corp HQs, Meridian CU, KOHO + EQ for savings
Brampton
South Asian community, TD Punjabi staff, KOHO digital
The Beaches
Residential east end, TD & RBC present, KOHO works digitally
UofT / Ryerson
Students: KOHO (free+cashback), Scotiabank (campus branch)
Full Toronto Bank Comparison
| Bank | Monthly Fee | Savings Rate | Cashback | Toronto Branches | Deposit Coverage |
|---|---|---|---|---|---|
| KOHO | $0 | 3.0% | 0.5–2% | 0 (digital) | CDIC $100K |
| EQ Bank | $0 | 3.75% | None | 0 (digital) | CDIC $100K |
| Meridian CU | $0–$14.95 | ~1% | None | 15+ | Unlimited (DICO) |
| TD Bank | $10.95+ | 0.01% | None | 80+ | CDIC $100K |
| Scotiabank | $0 (newcomer) | 0.01% | None | 60+ | CDIC $100K |
| RBC | $11.95+ | 0.01% | None | 70+ | CDIC $100K |
Toronto Banking Calculator — Annual Value
Toronto Banking FAQ
What is the best bank in Toronto?
KOHO is the best for everyday banking — $0 fees, 3.0% interest and 0.5–2% cashback. Meridian CU is the best for in-person banking with unlimited DICO coverage. EQ Bank leads on savings rate at 3.75%. For full-service banking with a mortgage, TD or RBC have 70–80+ Toronto branches.
Which bank is best for University of Toronto students?
KOHO is the best free option — $0 fees, cashback on all spending and a $100 bonus. Scotiabank has a branch on the St. George campus. TD offers student accounts with no monthly fee. Meridian CU offers unlimited DICO coverage for students wanting a credit union option.
What bank is best for Toronto newcomers?
Scotiabank StartRight offers 2 years of free banking for newcomers — the strongest newcomer program at a Big Six bank. Follow up with KOHO for long-term $0-fee banking with 3.0% interest. KOHO also offers credit building without requiring a deposit or credit history.
Does KOHO pay land transfer tax rebate info for Toronto?
Toronto charges both a provincial land transfer tax AND a municipal land transfer tax. A $700K Toronto condo purchase incurs approximately $20,000 in combined transfer taxes. First-time buyers get a rebate of up to $4,000 (provincial) + $4,475 (municipal) = up to $8,475 back. KOHO can help you maximize the savings while waiting — 3.0% on your down payment funds.
Is Meridian Credit Union safe in Toronto?
Yes. Meridian is Ontario's largest credit union with $30B+ in assets and DICO unlimited deposit coverage — no dollar cap. DICO has never had a failed Ontario credit union claim. For Toronto depositors with >$100K, Meridian's unlimited DICO coverage beats CDIC's $100K/category limit at big banks.