The Best Overall Banks in Canada in 2025

Another thing to consider when choosing a bank is the type of financial products it offers. While many banks offer most financial products, some offer things that other banks can’t, such as debit credit cards. This is a great feature for those who like online shopping without incurring any interest. 

Best Choices for Financial Institutions in 2025

While there are many different financial institutions in Canada to choose from, let’s take a look at some of the best ones overall and their current offers. Keep in mind that these offers will vary based on the type of account you sign up for, and many have different offers for different accounts. 

Royal Bank of Canada

The Royal Bank of Canada, also referred to as RBC, is one of the largest banks in Canada and, because of its market capitalization, also in the world. One of the attractive traits of RBC is that it offers diversified services including personal banking, commercial banking, wealth management services, insurance, services for investors, as well as capital market services. Plus, instead of just offering services in Canada, they also offer them globally. Throughout the world, they have over 17 million customers. 

Right now, with RBC, if you open an eligible chequing account, you can get the new iPad. This offer is available until November 3, 2025. The eligible accounts include the RBC Signature No Limit Banking Account and the RBC VIP Banking Account. In order to receive the offer, you must open your new account by November 3. You must also set up and complete 2 of the 3 options below within the first 90 days.

• Your payroll or pension is a direct deposit
• Two pre-authorized monthly payments
• Two bill payments

RBC Signature No Limit Banking Account

This account has some awesome features, including the ability to earn Avion points. You also get free interac e-transfers as well as US and international transfers. This account also includes:

• Online, mobile and telephone banking
• eStatements
• 1 NSF rebate every calendar year
• 1 book of personalized cheques
• 6 bank drafts
• Right account guarantee
• Unlimited transactions
• 3 non-RBC ATM withdrawals per month
• Savings of up to $48 on credit card annual fees

The cost of this account is $16.95 per month.

RBC VIP Banking Account

This account offers some similar features to the one above, but it just has some added incentives. This account includes:

• The ability to earn avion points
• Free interac e-transfers as well as US and international transfers
• Unlimited access to RBC ATMS worldwide
• Online, mobile and telephone banking
• Monthly paper or estatements
• Cross-border debits
• Discount of up to $60 per year on safe deposit boxes
• Free personalized cheques
• 12 bank drafts annually
• Right account guarantee
• Unlimited transactions
• Savings of up to $120 on eligible credit card annual fees
• No monthly fee for 2 additional CAD accounts and 1 USD account

The cost of this account is $30.00 per month. 

TD Canada Trust

Another one of the largest banks in Canada is TD Canada Trust, also known as TD Bank or Toronto Dominion Bank. They differentiate themselves from other banks by focusing on three things: a proven business model, being purpose-driven, and being forward-focused. Their goal is to enrich the lives of their customers, which comes through in their customer service and banking methods. 

Since TD is such a large bank, it offers many different accounts, credit cards, and even mortgages. That said, though, here is a look at its current new chequing account offer. 

Switching to a TD Unlimited Chequing Account or a TD All Inclusive Banking Plan could earn you up to $700. To do this, you just need to follow three simple steps. The first is to open a new chequing account by November 5, 2025, and complete two qualifying actions. Once this is done, you’ll receive $450. 

If you add an eligible savings account and automate your savings within 30 days of opening your account, you can get an additional $50. You can also receive another $200 by opening another eligible savings account with a minimum deposit of $10,000 or more within 90 days. 

Scotiabank

As another one of the top 5 banks in Canada, Scotiabank is another Canadian bank with which many people can choose to bank. This is because of its strong presence in both Canada and the Americas, as well as the fact that it makes it simple to do business with them. Another alluring factor about Scotiabank is the fact that they grow and scale in priority markets, and the fact that they’re customer-focused. They also offer competitive interest rates on financial products like personal loans if you have a positive credit history. 

Like many other financial institutions, Scotiabank offers many incentives to bank with them. The most notable is their offer of earning $700 by opening a chequing account. When it comes to which accounts are eligible, you have two options: the preferred package and the ultimate package. 

Preferred Package

The preferred package comes with many different features, including unlimited debit transactions, unlimited interac e-transfers, eligible overdraft protection, and the ability to send money globally for $1.99. You also get:

• Preferred rates on GICs
• The ability to earn an additional 0.05% on your momentum savings account
• No monthly fees on a Scotia US Dollar Daily Interest Account
• Trade 1 Get 1 Free with Scotia iTrade
• Scene+ program membership
• First-year annual fee rebate of up to $150 on some credit cards
• 1 free non-Scotiabank ATM withdrawal

The monthly fee for this account is either $0 or $16.95. There’s no fee if you keep a monthly closing balance of $4,000.

Ultimate Package

The Ultimate Package has a little more to offer than the Preferred Package. With this package, you can get:

• Unlimited debit transactions
• Unlimited international money transfers
• Unlimited interac e-transfers
• No overdraft protection fees
• No monthly fee on a Basic Plus Bank Account
• An additional 0.10% interest with a momentum savings account
• No fees on a Scotia US Dollar Daily Account
• 10 free equity trades with Scotia iTrade
• Free personalized drafts and cheques
• Up $150 in annual fee rebates on select credit cards
• Unlimited global non-Scotiabank ABM withdrawals
• $60 annual fee waived on small safe deposit boxes
• Scene+ program access
• Ultimate package rates on select foreign exchange transactions

The cost of this account is $0 of $30.95 per month. The fee is waived if you keep a minimum monthly balance of $6,000 or a combined amount of $30,000 between your ultimate account and your momentum plus savings account.

Steps to Qualify

In order to earn the first $500, you have to open your account between August 1, 2025 and October 30, 2025. You then need to complete two actions within the first 60 days. These include setting up and receiving one direct deposit, setting up and making 2 pre-authorized payments (minimum $50 and recurring for 6 months), and making one bill payment of $50 or more using online banking. 

You can earn an extra $100 by opening a Money Master Savings Account. You must do this within 60 days and before October 30. You’ll then set up an eligible savings method. To earn the last $100, you need to open an eligible registered account and then deposit a minimum of $5,000. 

Bank of Montreal

Even though BMO isn’t a strictly digital bank, it’s one of the top five banks most known for its excellence in digital banking. This is a big draw for those who prefer to do most of their banking online. Plus, even though it’s a top five bank, it’s the 8th largest bank in North America by assets. They also focus on performance and strive to do the best for their customers. 

Right now, they also have an excellent offer for those looking to open an account. If you open a Performance Chequing Account along with some of their other financial products, you could get up to $1,400 in value, with $700 of it in cash. The qualification process is very similar to the $700 off for the other banks listed above. 

Performance Plan Chequing Account

This account has many different features. Since it’s one of BMO’s top accounts, it holds some attractive options. You can get:

• The family bundle bonus
• Promotional rate of up to 4.70% with a Savings Amplifier Account
• Unlimited monthly transactions
• Interac e-transfers
• BMO ATM withdrawals
• OnGuard Identity Theft Protection
• Credit card rebate of $40
• Additional accounts at no charge

The monthly fee for this account is $17.95 or $0 per month if you have a minimum balance of $4,000 in your account. 

CIBC (Canadian Imperial Bank of Commerce)

CIBC was created in 1961 by the merger of two different banks. One of the original banks in the merger has been around since 1867, making it one of the oldest banks in the country. Like many of the other larger banks, CIBC focuses on customer service and is available for most financial transactions.

While CIBC offers many incentives to switch to them, one of the most popular is the chequing account offer. By switching to a CIBC Smart Account, you can get $450 cash. To do this, you need to open your Smart Account and then complete the following two steps within 60 days. 

Step 1: The first step is to set up a direct deposit from your employer or pension for $500 or more. 

Step 2: Step 2 is to complete one of the following actions within 3 months. 

• 2 recurring pre-authorized debits
• 2 online bill payments of $50 or more
• 5 visa debit purchases

Once these steps are complete, you’ll receive your $450. 

Simplii Financial

While Simplii Financial is a strictly online bank, it is known for its stellar full-service banking. In fact, it has almost 2 million clients to whom it offers full-service banking online or over the phone. Since it is a branch of CIBC, you can use CIBC ATMs at no extra charge. 

Even though CIBC is an online bank, it still offers new client offers. Currently, you can get $300 with CIBC just for opening a no-fee chequing account. Once your account is open by October 31, 2025, all you have to do is set up a direct deposit with a minimum of $100 for at least three months. 

They are also offering a high-interest savings account with a special rate of just 4.25%. It’s only available on deposits up to $100,000 and only for 4 months. This offer ends September 30, 2025. If you prefer a Visa, you can get up to 8% back on eligible restaurant, bar, and coffee shop purchases for 3 months. 

Getting a chequing account with Simplii is simple. The account has no monthly fees, you get unlimited transactions, including e-transfers, and you get free access to all CIBC ATMs. It covers all of your everyday banking needs with no fees for online and mobile banking.

EQ Bank

EQ is a good choice for those looking for an online bank because you earn interest on your daily chequing account balance. There are also no banking fees that you have to worry about, and no minimum account balance is required. Some other features included with an EQ Bank account include:

• Cash back on all purchases
• Free withdrawals with any ATM in Canada
• Rates that are the same for all customers
• No branches to worry about

Unlike the other banks, there are no special offers. This is because the features of an EQ account are incentives themselves. Their rates are also better than most other banks, even those that offer temporary promotional rates. They may not offer as many banking services as other everyday banking accounts, but they allow you to save money with unlimited free transactions with your bank account online. You also don’t need separate chequing and savings accounts. 

Tangerine

Since Tangerines' parent company is Scotiabank, even though they’re a strictly online bank, customers have access to a good number of financial services without ever having to go into a branch. That said, you do still have access to customer service via phone, so you aren’t completely on your own. Plus, all of their rates are extremely competitive. 

With a Tangerine chequing account, you get no fees on your daily transactions, an interest rate of 0.10%, and free Interac e-transfer transactions. So, essentially, all of your everyday banking needs are covered with no monthly fees. You also have access to Scotiabank ABMs. 

Right now, if you switch to Tangerine, you can get $250. All you have to do is open a new chequing account. Once you’ve done that, you need to set up your direct deposit. Once you’ve received direct deposits for 2 consecutive months, then you’ll receive your $250 deposited into your account. 

Neo Financial

Lastly, another great bank you should consider is Neo Financial. Like many of the others that we’ve mentioned, they are strictly online banks. While they don’t have as many financial products as other banks, they do offer chequing accounts, high-interest savings accounts, mortgages, and credit cards, as well as investing options. Plus their chequing account offers some great features, including:

• No monthly fees
• No minimum balance requirements
• Unlimited everyday transactions
• Cashback on your purchases

Since Neo is a financial institution, your money is covered with CDIC (Canada Deposit Insurance Corporation) insurance. You will also be notified of all transactions on your card and have the ability to freeze and unfreeze your account whenever you like. 

Best Bank for Investing in Canada

When it comes to choosing a bank to invest with in Canada, it’s important to note that each bank has its own strengths. For this reason, many investors will recommend that you diversify your investments with different banks, but you just have to be sure that you keep track of them. 

Here’s a look at which bank is best for which investment. 

Best Bank in Canada for New Immigrants

In Canada, the bank considered to be best for new immigrants is the National Bank of Canada. While other banks offer new bank accounts, National Bank's offers are specifically geared towards new immigrants. 

With this offer, you can get up to $550 cash back. You get the first $300 after you sign up for a bank account, as well as online bank and tax statements. You also have to set up recurring direct deposits for your income for two consecutive months within 120 days of opening your account. 

Once step one is done, you can get another $100 to sign up for an eligible credit card. You have to apply for Platinum World or World Elite Mastercard specifically. Then you have to make at least one online payment to pay off your balance using your National Bank chequing account. 

You can then get another $50 by setting up automatic savings. To do this, you need to set up recurring deposits of $50 or more into one of their investment accounts, like Portfolio Solutions or Cash Advantage. You can then get the last $100 by setting up preauthorized payments from your chequing account for a National Bank mortgage. 

Best Bank for Students

While there are many different accounts that cater to students, the best bank is Scotiabank. They actually offer something called the Scotiabank Preferred Package for Students and Youth. This package has two parts: for those 16+ and for those under 16. When signing up for either one, you can get $125 and special package features. 

For the 16+ account, the perks included are:

• Unlimited debit transactions
• Free interac e-transfers
• Overdraft protection
• Free trades with Scotia iTrade
• An additional 0.05% of your Momentum Savings Account
• No fees on a Scotia US Dollar Daily Interest Account
• Scene+ Program
• Up to $150 waived on the first annual fee for credit cards
• On a non-Scotiabank ABM withdrawal per month
• No monthly account fees

However, you need proof to qualify for this account. You do need two pieces of valid government-issued ID. If you’re 15 or under, your parents or guardian can provide this for you. If you’re 23 or older, you will need proof of enrollment to get approved. Proof of enrollment includes:

• Student card with a valid expiration date
• A course timetable for the current year
• A letter from your school
• An official acceptance letter
• A receipt for paid tuition

When you submit this proof of enrollment, it’s important to remember that it must have your full name, the name of the school, and the length of your study program. It’s not uncommon for them to require a new proof of enrollment every academic year. 

Best Banks of 2025 for Credit Cards

When you’re looking for a sound credit card, many of the banks listed above have some awesome options. All of the banks are great options for credit cards; however, not all of them are the best options for everyone. 

RBC Visa Low Rate Option

The RBC Visa Low Rate Option credit card doesn’t offer many external perks, but it is a low-rate card, meaning that it saves money for those who keep a balance on their card. The interest rate for both purchases and cash advances is 12.99%, and there’s a low annual fee of $20. This card also includes purchase security and extended warranty coverage. 

Benefits you get with this card include:

• 3 cents off per litre and 20% more points with Petro Canada
• Extra Be Well points with Rexall
• 3-month complimentary DoorDash Subscription
• Optional and add-on insurance options

TD Cash Back Visa Infinite Card

The TD Cash Back Visa Infinite Card is a great credit card. If you apply now, you can get 10% back in the first three months on a total of $3,500 spent. The purchase interest rate on this card is 21.99%, and the cash advance rate is 22.99%. The annual fee is $139, and the fee for any additional card is $50. 

Unlike some other cards, this one has an eligibility requirement. You must have a minimum personal income of $60,000 or a minimum household income of $100,000. Keep in mind that this is the taxable income it’s referring to. You also must be a Canadian resident and of the age of majority in the province where you live. 

When it comes to cash back, you can earn 3% back on groceries, gas, electric vehicle charging, public transit, recurring bill payments, streaming, digital gaming and even media purchases. All other purchases will earn you 1% back. You can then redeem this cash back at any time. Other perks you can get with this card include:

• Travel Medical Insurance
• Delayed and Lost Baggage Insurance
• Emergency Travel Assistance Services
• Top-up or Extension of Coverages
• Complimentary Visa Infinite Concierge
• Visa Infinite Luxury Hotel Collection
• Visa Infinite Dining Series
• Visa Infinite Wine Country Program
• Visa Infinite Entertainment Access
• Visa Infinite Troon Golf
• Free Deluxe TD Auto Club Membership
• Auto Rental Collision/Loss Damage Insurance
• Avis Rent a Car and Budget Rental Car discounts

BMO Cash Back Mastercard

Another great cash-back credit card is the BMO Cash Back Mastercard. Right now, you can get 5% back in your first 3 months and a 0.99% introductory interest rate on balance transfers for 9 months. There will also be a 2% transfer fee. After that, your annual interest rate is 21.99%, and the cash advance rate is 23.99%, and there’s no annual fee. 

With cash back, you can earn 3% back on grocery purchases, 1% back on recurring bill payments and 0.5% on all other purchases. You can also redeem these amounts whenever you like and even set up automatic deposits into a savings account. They can also be used as a statement credit or towards investments. 

Other benefits of this card include:

• Car rental discounts
• Cirque du Soleil discounts
• Booking.com discounts
• Extended warranty and purchase protection
• Zero Liability
• BMO alerts
• BMO Pay Smart

Neo Financial Mastercard

Neo offers several different credit card options, but the most popular is the Neo Mastercard. With this card, there’s no annual fee, you can earn up to $680 annually, and you can get a credit limit of up to $10,000. You can also earn an additional 5% back with any of their partners.  

Tangerine World Mastercard

The Tangerine World Mastercard is another great option for those looking to earn some great cash back. Right now, you can get 10% cash back for the first 2 months. After that, you can earn 2% on any 2 categories of your choosing. If you choose to have your cash back rewards automatically deposited into a Tangerine savings account, then you can unlock a 3rd 2% category. These include:

• Grocery
• Restaurants
• Gas
• Entertainment
• Furniture
• Hotel-Motel
• Drug Store
• Recurring Bill Payments
• Home Improvement
• Public Transportation and Parking

Since Tangerine is an online bank, you can apply and get set up all online. You can then get a virtual card as well. The bank interest rates on this card are pretty standard, though. The purchase interest rate is 20.95% and the cash advance rate is 22.95%. Other perks you can get with this card include:

• Flexi Roam for global data roaming
• 7% of stays with Booking.com
• On-demand and streaming service discounts
• Purchase Assurance and Warranty Protection
• Mobile Device Insurance
• Rental Car Insurance

Before you’re approved, though, they will check your Canadian credit history to see if you’re approved. 

Best Banks of 2025 for Savings

When you're looking into the best banks for saving money, what you really want to look for is the best Interest Savings Accounts instead of traditional savings accounts. Since there are so many, it can be tough to distinguish which ones are the actual best. We can help with that, though. Here’s a look at what we consider to be the top 3, and they aren’t from the big banks in Canada. 

EQ Bank Personal Account

Unlike most bank accounts, the EQ Personal Account is one of many no-fee chequing accounts as well as a savings account. In fact, with this account, you can earn 3.50% on your everyday bank account balance. Your funds are covered under CDIC protection, and there are no banking fees on your account, even though they don’t have physical branches.

Unlike other no-fee bank accounts, EQ actually has no fees, including no FX fees and no ATM withdrawal fees. They’ll even reimburse fees that ATMs automatically charge. Since it’s an online bank, you can do all of your banking online without ever having to enter a branch. 

Neo Money Account

Just like EQ Bank, Neo offers a high interest rate without a promotion. With their everyday account, you can earn 3% cash back on gas and groceries and 1% back on all other purchases. With the Neo cash account, you can earn interest of 2.5% on your balance at all times. You can also transfer between these two accounts whenever you want. 

Even though Neo is considered to be one of the many alternative financial institutions, they allow you to have multiple account holders, make unlimited debit purchases and require no monthly minimum balance. And all of that is with no bank fees. 

Tangerine High Interest Savings Account

Unlike the other 2 accounts we mentioned, Tangerine offers a promotional high-interest savings rate. When you sign up, you can earn at a promotional rate of 4.50% for 5 months. After that, you can earn at a rate of 0.30%. There’s no minimum amount required and no monthly fees. 

Best Banks of 2025 for Mortgages

When it comes to mortgage rates in Canada, the rates that banks charge are based on the Bank of Canada’s Prime Rate. With prime rates currently holding steady, mortgage rates aren’t predicted to change much for the remainder of the year. Here’s a look at the mortgage rates for the top 5 banks in Canada. 

Best Banks of 2025 for Small Businesses

If you own a small business, it can be challenging to find the right bank account for you. For this reason, many financial institutions (banks or credit unions) offer accounts specifically for small businesses with specific perks. Here’s a look at a few. 

CIBC Unlimited Business Operating Account

The CIBC Unlimited Business Operating Account is designed specifically for small businesses. If you have a sitting balance of $65,000, you have no monthly account fee. This account also includes unlimited transactions and a comprehensive deposit package. With this package, you can deposit up to $15,000 cash, $1,000 in coin, and 100 cheques at no additional charge. If you don’t meet the requirements, the monthly fee is $65.

Coast Capital Savings Business Account

Cost Capital Savings offers a variety of business accounts and solutions for small businesses. They offer various services, including different financial products and business advisors. For those looking for hands-on help with their business services, Coast Capital Savings is a great option. In fact, many credit unions in Canada have some great options for small businesses. 

RBC Ultimate Business Account

When it comes to the top 5 banks, one of the great accounts to choose from with RBC is the RBC Ultimate Business Account. You do have to apply for this account to prove you have a business, but once you do, you’ll receive your business bank account number. However, they do say that this type of account is best for those who have a high-volume business. 

With this account, you can save on transaction fees, unlimited electronic cheque deposits, and up to $25,000 in free cheque deposits. The $100 monthly fee is also waived if you can keep a minimum balance of $75,000 in your account. If this doesn’t work for you, though, RBC also has other small business bank accounts. 

Canadian Western Bank

Canadian Western Bank is another bank that caters to small business owners. They have accounts based on your business size, and even investors who prefer to invest in small businesses. With this bank, you can pretty much find anything small business-related that you need. 

Final Thoughts

When it comes to banking in Canada, all banks offer some great features. However, the one that you choose will be based on your specific needs. You don’t have to just consider the average brick-and-mortar banks anymore, either, though. You can choose one of the strictly online banks that offer services similar to those of traditional banks or credit unions.