Best Bank for Woburn: KOHO
No monthly fees, cash back on TTC and groceries — code 45ET55JSYA
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Toronto LTT: Woburn is in the City of Toronto. Homebuyers pay both provincial and Toronto municipal land transfer tax. Compare
Durham Region where no municipal LTT applies.
Best Banks in Woburn Scarborough — 2025 Rankings
Woburn is a Scarborough neighbourhood centered around Eglinton Avenue East and McCowan Road. It borders Scarborough Town Centre and has a large South Asian and Filipino population. Woburn Collegiate Institute is a well-known community anchor. As a Toronto address, Woburn homebuyers pay both Ontario and Toronto municipal land transfer tax.
$0/mo
zero fees, cash back
KOHO tops our Woburn rankings. Zero monthly fees and a Mastercard that earns cash back on groceries, transit, and everyday spending. Perfect for Scarborough's diverse communities — no minimum balance, instant approval, and a mobile app in multiple languages. Use code 45ET55JSYA for a welcome bonus at sign-up.
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3.00%
everyday savings interest
EQ Bank pays 3% on everyday savings with zero fees and full CDIC deposit insurance. For Woburn residents saving for a Toronto home purchase — where both provincial and municipal LTT apply — EQ Bank's high rate means your savings build faster than at any big bank.
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Competitive
mortgage and loan rates
Ontario's largest credit union serves Scarborough communities with competitive mortgage rates and personal loans. Members share in Meridian's profits through dividends. If you're buying a home in Woburn, Meridian's mortgage products are worth comparing — often better rates than major banks.
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Full
service with local branches
TD has strong Scarborough coverage with branches near Woburn serving the local community. For mortgage assistance, business banking, and face-to-face financial advice, TD's Scarborough branches provide professional service. Extended hours and strong digital banking complement branch availability.
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Avion
travel and rewards points
RBC offers strong newcomer banking programs with fee waivers for new Canadians and multilingual service at Scarborough branches. Avion Rewards is one of Canada's most flexible travel rewards programs. RBC's Scarborough locations offer banking in multiple languages to serve the diverse Woburn community.
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Scene+
Sobeys, Cineplex rewards
Scotiabank's international money transfer services serve Woburn's immigrant communities well. The StartRight newcomer program and Scene+ rewards program covering Sobeys and Cineplex provide practical daily value. Scotiabank branches near Scarborough Town Centre serve the broader east Toronto area.
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What is the land transfer tax on a $700,000 home in Woburn?
A $700,000 Toronto home (including Woburn) incurs approximately $22,950 in total land transfer tax — $10,475 Ontario LTT plus $9,975 Toronto municipal LTT, minus a first-time buyer rebate of up to $8,475 (both provincial and Toronto rebates combined). This is significantly more than buying in Durham Region, where the same $700,000 home would cost only $10,475 in LTT.
What is the best bank for a TTC commuter in Woburn?
KOHO is the best bank for TTC commuters in Woburn. The KOHO Mastercard earns cash back on transit spending, works seamlessly for Presto top-ups, and has no monthly fees. For residents riding the TTC daily, KOHO's no-fee structure and cash back rewards provide real annual savings compared to paying $15–$17 per month at a big bank.
Free Banking for Woburn Scarborough Residents
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Disclaimer: Rates and offers subject to change. Not financial advice.