The Best Banks in Canada for 2024

BMO is one of the top-rated banks in Canada. It is also one of the oldest banks in North America, with a history dating back to 1817.

BMO was founded as the Bank of Montreal and is currently headquartered in Toronto. It is the eighth largest bank in North America by market capitalization and one of Canada’s Big Five banks. With around $1.07 trillion in assets, the bank is a major player on the Canadian financial scene.

BMO offers a wide range of personal and business banking products and services. In addition to its regular banking products, the bank also provides investment solutions, insurance products, and wealth management services. 

The bank has nearly 900 branches across Canada and over 3,200 automated banking machines. It serves over 12 million customers worldwide and over eight million personal and commercial customers in Canada.

The bank also has a significant presence in the United States, serving over two million customers. In addition, BMO has a strong online presence and offers mobile banking, which is great for those looking for online banks in Canada.

The bank’s focus on customer service and innovative technology has earned it a reputation as a leading provider of financial services. In addition to its traditional banking products, BMO offers credit cards, online banking, mobile banking, and investment products. 

Savings accounts, chequing accounts, credit cards, mutual funds, ETFs, stocks, bonds, loans and lines of credit, financial planning, mortgages, insurance

Neo Financial, a prominent Canadian fintech company, has been redefining the financial services landscape since its inception in 2019. 

With a focus on digital convenience, rewarding customer experiences, and a comprehensive product suite, Neo caters to the needs of modern consumers.

The company is continuing to expand its services, and currently provides a variety of financial products, including a standout high-interest savings account with a 4% interest rate, as well as the Neo Credit card which comes with 5% unlimited partner cashback on streaming, rideshare, food delivery, bars, cafes, restaurants and retail partners across Canada.

Neo is a fully digital solution, meaning that there are no physical branches or dedicated ATMs, but its customers can use any ATM accepting Mastercard to withdraw cash from their accounts. Your deposits are protected by the CDIC, through the Concentra Bank, and the credit cards are issued by another regulated bank, ATB Financial.

The company also features a great customer support service, and a user-friendly app that you can get on both Android and iOS devices. 

Secured and standard credit cards, high-interest savings accounts, portfolio management, goal-based investing, mortgages

Tangerine is a Canadian bank offering many personal banking options, such as savings accounts, chequing accounts, loans, and more. It is one of the best banks in Canada for small business, thanks to its wide range of products and services for small businesses.

Tangerine was founded in 1997 and has provided its clients with quality financial products and services. In 2012, Tangerine was acquired by Scotiabank; however, it operates independently.

Tangerine has millions of clients and offers services through a network of over 3,500 ATMs. It has more than 1,000 workers and excellent customer service.

You can open an account with Tangerine by going to its website, as it does not operate physical branches. Tangerine also offers mobile banking and an app available for both iOS and Android devices.

As one of the top Canadian banks, Tangerine focuses on providing its clients with simple and easy-to-understand products. The bank has won numerous awards for its customer service. It has been ranked Highest in Customer Satisfaction with Credit Card Companies three years in a row. It also received a FundGrade A+ Award for its balanced income portfolio’s performance in 2021.

When you open an account with Tangerine, you will get a debit card that you can use to make ATM withdrawals. You can also use your debit card for online or in-store purchases.

Credit cards, savings accounts, chequing accounts, business accounts, GICs, mortgages, investment funds, lines of credit, home equity lines of credit, RSPs, RIFs, tax-free savings accounts

EQ Bank is a division of Equitable Bank, one of the largest independent banks in Canada. Equitable Bank was founded over 50 years ago and today has over $45 billion in assets.

EQ Bank was established in 2016 as the first digital bank in Canada. It offers a simple and convenient way of banking, with no monthly fee or minimum balance. EQ Bank’s digital platform makes it easy to open an account and start banking. 

If you’re looking for the best banks for business accounts, Canada’s EQ Bank might be the perfect fit. You can open an account in just a few minutes and start using it right away.

This online bank offers a range of products and services, including savings accounts, chequing accounts, guaranteed investment certificates, and mortgages. The bank also has a mobile app. 

One of EQ Bank’s most popular products is its high-interest savings account, with no monthly fees and no minimum balance requirements. Customers can also take advantage of free Interac e-Transfers, bill payments, and electronic funds transfers. 

As one of the best online banks in Canada, EQ Bank has no physical branches, with all of its services being accessed through its mobile app or website. 

Chequing and savings accounts, mortgages, credit cards, GIC investments

Scotiabank is a leading Canadian bank with more than $1.3 trillion in assets and over 90,000 employees. Headquartered in Toronto, the bank has a presence on multiple continents and provides a full range of banking and financial services to millions of customers.

The bank’s history dates back to 1832, when it was founded as the Bank of Nova Scotia. Today, Scotiabank is one of Canada’s Big Five banks and is listed on the Toronto Stock Exchange. With more than 900 branches across Canada and an extensive network of ABMs, Scotiabank is one of the best banks to open an account with in Canada.

What’s also important to note is that Scotiabank offers Interac e-Transfers, a convenient way to send money to friends and family. The transfer fees are low, starting at just $2, and those with the Preferred Package get one free ABM cash withdrawal at another bank in Canada per month.

Scotiabank also offers a mobile app that makes it easy to bank on the go.

In addition to its strong Canadian operations, the bank has a significant international business. Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and the New York Stock Exchange (NYSE: BNS). Furthermore, it is one of the top 15 wholesale banks in the US.

Savings and chequing accounts, student accounts, seniors bank accounts, newcomer accounts, mortgages, lines of credit, auto loans, mutual funds, insurance products, small business banking

Founded in 1865, HSBC is one of the oldest banks in the world. Today, HSBC operates in 63 countries and territories and has around 40 million customers. In Canada, HSBC has a network of more than 130 branches and is headquartered in Vancouver. The bank also has an extensive online and mobile banking platform.

Being one of the top banks in Canada, HSBC offers a full range of financial products for both personal and business customers, including savings and checking accounts, mortgages, loans, and investment products.

The bank’s Premier Chequing Account is one of its strongest offerings. It allows customers to earn up to $500 and unlock additional bonuses in cash back and savings. In addition, the account has no minimum balance and no monthly fees. 

HSBC also offers a number of credit cards, each with a set of perks and rewards. For example, the HSBC World Elite Mastercard gives customers access to exclusive events and experiences, the 20,000 welcome bonus points, and travel benefits. 

If you’re looking for an all-in-one banking solution and one of the best-rated banks in Canada, HSBC is a great option. It has the products, services, and commitment to customer service that you would expect from one of the world’s leading banks.

Savings accounts, chequing accounts, credit cards, travel insurance, personal loans, lines of credit, mortgages, retiring savings plans, retirement income plans, education savings plans

The Toronto Dominion bank is another strong contender in the Canadian banking industry. It is one of the largest Canadian banks, with over $400 billion in assets and more than 85,000 employees across the country. TD Bank was founded in 1855, making it one of the oldest banks in Canada. It has a long history of providing great rates and excellent customer service.

Today, TD Bank is one of the leading banks in the country. It has over 26 million clients and operates worldwide. It has over 1,100 branches and more than 2,600 ATMs in Canada.

In terms of financial products, TD Bank offers everything you would expect from one of the best banks in Canada. This includes savings accounts, chequing accounts, credit cards, and loans.

TD Bank also has a customer-oriented support team. If you have an inquiry or need assistance with your account, you can reach TD Bank’s customer service by email or book an appointment in one of their branches or over the phone.

Credit cards, chequing accounts, savings accounts, credit cards, debit cards, IRAs, personal loans, home lending

Simplii is a Canadian financial institution that provides a variety of banking products and services. Simplii, founded in 2017, is part of CIBC, the bank with more than 150 years of experience.

Today, Simplii has more than two million clients and multiple awards for service excellence. In 2020, Simplii was voted by Forbes as one of the World’s Best Banks for the second year in a row.

As one of Canada’s top banks, Simplii offers an extensive selection of banking products, including savings and chequing accounts, credit cards, mortgages, and loans. In addition to its traditional banking products, Simplii also offers a mobile app that allows customers to manage their finances on the go.

Another thing we like about Simplii is its friend referral program. You’ll get a $100 bonus for every friend that opens an account through your referral link. Furthermore, they will also get a $50 welcome bonus.

When it comes to customer support, you can reach out to the bank through email, phone, or live chat. Support agents are available 24/7 to help you with any questions or concerns.

Simplii is dedicated to providing easy-to-use banking products and services that meet the needs of its clients. Whether you’re looking for a simple savings account or a comprehensive suite of financial services, Simplii has you covered.

Credit cards, mortgages, personal lines of credit, personal loans, credit insurance, GICs, tax-free savings accounts, RRSP savings accounts, mutual fund accounts, USD savings accounts

The Canadian Imperial Bank of Commerce (CIBC) is a leading North American financial institution with personal and commercial banking, wealth management, and capital market operations.

It is one of the major banks in Canada, with its head office in Toronto. CIBC was founded in 1867 as the Canadian Bank of Commerce. Today, it has around 45,000 employees and over 11 million clients worldwide. The bank has a market capitalization of over $68 billion and $837.7 billion in total assets.

CIBC offers a full range of personal and commercial banking products and services through its network of branches, ATMs, digital channels, and mobile apps. There are over 1,000 CIBC bank branches and more than 3,000 ATMs in Canada.

CIBC is a member of the Canada Deposit Insurance Corporation (CDIC) and is compliant with the Basel Committee on Banking Supervision, attesting to its adherence to sound banking practices.

CIBC’s personal banking products include savings and chequing accounts, credit cards, mortgages, and loans. The bank also offers a variety of commercial banking products and services to small businesses and large corporations.

With its wide range of personal and commercial banking products, competitive rates, and excellent customer service, CIBC is a top choice for Canadians.

Bank accounts, credit cards, mortgages, travel insurance, creditor insurance, loans, lines of credit, GICs, mutual funds, tax-free savings accounts