The best banks in Canada
Top Best Banks in Canada
The best big bank for everyday banking: Scotiabank
Scotiabank was founded in 1832 and has since grown its assets to over $ 850 billion, ranking it third in the Big Five in terms of asset size. For its clients, this translates into stability, a broad portfolio of financial products and the convenience of thousands of physical bank branches and a network of more than 3,500 ATMs across Canada.
While any of the Big Five could claim similar benefits, Scotiabank shines in the details. They have created six different types of accounts with perks and perks designed for Canadians at all stages of life. Clients under the age of 18 and students enrolled in a post-secondary institution can access his account free of charge. For adults, Scotia offers four options that balance banking needs and benefits, from a minimum basic bank account at $ 3.95 per month, to an ultimate benefits-laden account that allows you to accumulate rewards and more. ‘Get credit card rebates, among other perks, for $ 30.95 per month.
Speaking of credit cards, Scotiabank has 18 credit cards, including some of the highest paying rewards credit cards in Canada. As with their bank accounts, Scotiabank has cards suitable for a variety of Canadians, from those looking for a no-cost card to travelers, to cash back collectors. Notably, Scotiabank is the only Big Five bank to offer cards with no foreign transaction fees.
In addition to current bank accounts and credit cards, Scotia offers mortgages, loans and lines of credit. They even have their own investment platform and offer investment accounts, including RRSPs and TFSAs.
One of the main advantages of banking with a Big Five bank is that you can keep all of your financial products with one trusted institution. With that in mind, Scotiabank offers the widest variety with the best perks and perks.
- ATMs: 3,500+
- Bank accounts: 6
- Credit card: 18
- Others products: mortgages; Insurance; loans; Lines of credit; RRSPs, TFSAs and other types of investment accounts
Best bank for everyday banking with no fees: Mandarin
In recent years, exclusively online banking has grown in popularity, attracting many 76% of Canadians who do most of their banking digitally. Exclusively online banks operate their services through their website, phone, and phone apps. You don’t talk to a cashier or visit a branch. Without having to face the massive investment in these overheads, online-only banks have been able to offer customers daily banking services at no cost. Our favorite toll-free bank is Mandarin, a (almost) all online bank owned by Scotiabank. Although Tangerine is virtual, it operates a handful of Tangerine Cafés in Canada’s largest cities (Toronto, Montreal, Calgary and Vancouver), where customers can get advice and support in person.
Tangerine’s No-Fee Daily Chequing Account gives you all the features you’ll need for day-to-day banking, for free. When you open an account, you need to link it to an external account in order to be able to transfer money. Then you will be given a debit card which you can use to make purchases or withdraw money. All transactions take place online, over the phone, or at one of Scotiabank’s more than 3,500 national ATMs (and 44,000 associated international ATMs), so you don’t have to go to a bank online. nobody. With the No-Fee Chequing Account, you receive an unlimited number of Debit and Interac e-Transfer transactions, as well as pre-authorized and bill payments.
The Tangerine Chequing Account does everything you need with no monthly fees, but this bank also offers savings accounts * (including RRSPs and TFSAs) and investment accounts like GICs. And, even though it’s an online bank, it offers mortgages, loans, and lines of credit so you can take advantage of all of your accounts in one place. You can even manage a corporate account through Tangerine.