The best bank in Canada is the one whose fee rules match how you actually bank. This page compares everyday accounts from the Big 5 (TD, RBC, BMO, CIBC and Scotiabank), their online banks Simplii Financial and Tangerine, EQ Bank, and Wealthsimple, using each provider’s own account page as checked on October 6, 2026. The sections below cover which accounts suit daily spending, which pay interest on savings, and what a Big 5 monthly fee buys.
This is general education, not financial advice. Fees and rates change, so confirm the current terms on the bank’s site before opening an account.
Best bank accounts in Canada at a glance
The table puts the six picks side by side on the four things that decide the cost of an everyday account: the monthly fee, how to avoid it, the published interest rate and deposit insurance.
| Account | Monthly fee | How the fee is avoided | Interest (published) | CDIC status |
|---|---|---|---|---|
| Simplii No Fee Chequing | $0 | No fee to avoid | Tiered rate on Simplii’s site, not compared here | a trade name of CIBC, which is a CDIC member |
| Tangerine Chequing | $0 | No fee to avoid | 0.01% under $50,000, 0.05% from $50,000, 0.10% from $100,000 and 0.01% from $500,000 | a CDIC member in its own right (a wholly owned Scotiabank subsidiary) |
| TD Unlimited Chequing | $17.95 a month | $4,000 or more in the account at the end of each day of the month | Not compared here | CDIC member (Toronto-Dominion Bank) |
| BMO NewStart (newcomers) | up to two years of no-fee banking for permanent residents and foreign workers who arrived in Canada within the last five years | Eligibility-based, then the plan’s regular fee | Not compared here | CDIC member (Bank of Montreal) |
| EQ Bank Personal Account | $0 — no monthly fees and no minimum balance | No fee to avoid | 1.50%, or 2.75% with $2,000 a month in payroll deposits | CDIC member (Equitable Bank): $100,000 per insured category, per depositor |
| Wealthsimple Chequing (not a bank) | $0 | No fee to avoid | 1.25% for Core clients | up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member) |
Sources: each provider’s account page, checked October 6, 2026 (Tangerine rates from its published rate feed, EQ Bank rates from its rates page, Wealthsimple Chequing rate from its chequing page). CDIC status from CDIC’s list of member institutions. “Not compared here” means the account page checked did not show a rate that could be verified in its text.
In plain terms: Simplii, Tangerine and EQ Bank charge no monthly fee for everyday banking. TD Unlimited Chequing costs $17.95 a month unless the account holds $4,000 or more in the account at the end of each day of the month. EQ Bank pays 1.50% on every dollar in its Personal Account, and Wealthsimple pays 1.25% but is not a bank.
What is the best bank in Canada?
There is no single best bank in Canada; the best fit depends on whether branches, a newcomer package, interest or simply no fees matter most. Each account on this page matches a different job:
- Simplii Financial fits free daily chequing with unlimited debit purchases, bill payments and withdrawals and access to CIBC ATMs, for someone who rarely needs a branch.
- Tangerine fits a no-fee online bank whose cash withdrawals are free at 3,500+ Scotiabank ABMs in Canada and 44,000 Global ATM Alliance ABMs worldwide, which matters when travelling.
- A Big 5 unlimited account (TD, BMO, CIBC, Scotiabank or RBC) fits people who use branches for bank drafts, cash deposits, safety deposit boxes or in-person help, and who can either keep the waiver balance or accept the fee.
- BMO or CIBC fits recent arrivals in Canada who want the longest fee-free start with a branch bank among the Big 5 offers checked.
- EQ Bank fits money kept for bills and emergencies, earning interest at a CDIC member bank.
- Wealthsimple Chequing fits someone who wants no fees and interest on a spending account and is comfortable that the provider is not a bank.
The jobs can also be split: a free chequing account for daily spending, an interest-paying account for savings, and a Big 5 account kept for branch services. The step-by-step guide to switching from a Big 5 bank covers how to move payroll and pre-authorized payments without missing one.
Which bank has no monthly fee in Canada?
Simplii Financial, Tangerine and EQ Bank all offer everyday accounts with no monthly fee. The differences are ATM access, extra fees and interest.
Simplii Financial No Fee Chequing charges $0 a month and includes unlimited debit purchases, bill payments and withdrawals. Withdrawals are free at over 3,400 CIBC ATMs in Canada. Overdraft protection is optional and costs a $4.97 monthly charge only in months you use it, plus 19% interest on overdraft balances. Simplii is a trade name of CIBC, which is a CDIC member, so eligible deposits are insured by CDIC under CIBC’s membership.
Tangerine Chequing has no monthly account fees and no minimum balance and includes an unlimited number of debit purchases, bill payments and pre-authorized transactions. Cash withdrawals are free at 3,500+ Scotiabank ABMs in Canada and 44,000 Global ATM Alliance ABMs worldwide; other ABMs in Canada cost $1.50 per withdrawal. Tangerine lists a foreign currency conversion fee of 2.50% added to the exchange rate, which is worth knowing before travelling. Tangerine is a CDIC member in its own right (a wholly owned Scotiabank subsidiary).
EQ Bank’s Personal Account charges no monthly fee ($0 — no monthly fees and no minimum balance), and EQ describes it as an account with no everyday banking fees and an unlimited number of transactions each month. Everyday items are free — no fees to send or receive Interac e-Transfers or pay bills, and no account, overdraft or dormant-account fees. The EQ Bank vs Simplii comparison sets the two side by side.
Wealthsimple Chequing also charges $0 in monthly or minimum-balance fees and lists no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed. It is covered in its own section below because it is not a bank.
What are the Big 5 banks in Canada, and what do they charge?
The Big 5 banks are RBC, TD, Scotiabank, BMO and CIBC, and their unlimited-transaction chequing accounts carry similar monthly fees. TD, BMO, CIBC and Scotiabank waive the fee with a minimum balance; RBC lowers it through rebates instead.
| Bank and account | Monthly fee | How to get the fee waived | Transactions |
|---|---|---|---|
| TD Unlimited Chequing | $17.95 a month | $4,000 or more in the account at the end of each day of the month | unlimited — no transaction fees however many times you take money out |
| BMO Performance Chequing | $17.95 a month | a $4,000 minimum balance | unlimited transactions per month |
| CIBC Smart Account (Tier 1) | $16.95 a month for up to 3 accounts | an end-of-day balance of $4,000 every day of the month in one CIBC Smart Account | unlimited transactions, including Interac e-Transfer transactions |
| Scotiabank Preferred Package | $16.95 a month | a $4,000 daily closing balance | unlimited debit and Interac e-Transfer transactions |
| RBC Signature No Limit Banking | $16.95 a month | not a no-fee account by default; rebates such as the RBC Value Program can bring it as low as $4 a month | unlimited debit transactions in Canada |
Sources: TD, BMO, CIBC, Scotiabank and RBC account pages, checked October 6, 2026. All five banks are CDIC members.
The fee looks small until it is added up. At TD or BMO, paying every month costs $215.40 a year; at CIBC, Scotiabank or RBC’s standard price it is $203.40 a year.
There is a second way to read the waiver. At TD, the fee is waived with $4,000 or more in the account at the end of each day of the month. Holding that balance to avoid $215.40 a year in fees works out to about 5.4% a year on the money kept there. That is higher than any regular savings rate on this page, but only while the balance stays above the threshold at the end of every day; one low day and the full fee applies for that month. For a balance that hovers around the line, a no-fee account removes that risk.
Two smaller details: TD gives a $6 monthly fee rebate for customers 60 or older, which brings the fee to $11.95 a month, and CIBC’s fee covers up to three Smart Accounts.
Which is better, TD or RBC?
TD is cheaper for anyone who can keep its waiver balance every day, and RBC can be cheaper for anyone who can’t, because RBC lowers its fee through the RBC Value Program, which links other eligible RBC products such as a credit card or mortgage, rather than through a daily balance. TD Unlimited Chequing costs $17.95 a month and drops to nothing with $4,000 or more in the account at the end of each day of the month. RBC Signature No Limit Banking costs $16.95 a month, and RBC’s own page says it is not a no-fee account by default; rebates such as the RBC Value Program can bring it as low as $4 a month.
TD also offers no TD ATM fee at any ATM in Canada (the ATM's owner can still charge its own fee), which is useful for anyone who often withdraws cash at other banks’ machines. RBC’s page lists unlimited debit transactions in Canada.
TD vs BMO is closer still. BMO Performance Chequing costs $17.95 a month or nothing with a $4,000 minimum balance, the same price and threshold as TD. The differences are the extras (TD’s ATM policy, BMO’s newcomer program) and where the nearest branch is. Neither bank is cheaper in general, so branch and ATM locations are the practical tie-breaker.
For a broader look at what the Big 5 charge compared with an app-based alternative, see Wealthsimple vs the Big 5 banks in 2026.
What is the best bank for newcomers to Canada?
Of the Big 5 newcomer offers checked for this page, BMO’s and CIBC’s run longest, at up to two years at BMO and two years at CIBC; RBC, TD and Scotiabank each list 12 months. The table lists each bank’s newcomer fee offer as published on October 6, 2026.
| Bank | Newcomer fee offer | Detail from the bank’s page |
|---|---|---|
| BMO (NewStart Program) | up to two years of no-fee banking for permanent residents and foreign workers who arrived in Canada within the last five years | Includes unlimited monthly transactions, no monthly plan fee for two years and BMO Global Money Transfers with no fee |
| CIBC (Smart Account) | no monthly fee for 2 years | Applies to CIBC Smart Accounts |
| RBC (Advantage Banking) | $12.95 a month, with no fee for the first 12 months for eligible newcomers | a $0 monthly fee for 1 year plus unlimited debit and Interac e-Transfer transactions |
| TD (Unlimited Chequing) | a 12-month fee waiver on the TD Unlimited Chequing Account | Under the TD New to Canada Banking Package, an in-person appointment at a TD branch is required to open the account |
| Scotiabank (StartRight) | the Preferred Package monthly fee waived for the first 12 months | Preferred Package opened under the StartRight Program |
BMO gets the pick because its eligibility rule is stated on its newcomer page and because an account can be opened possible online before you arrive if you're moving from a qualifying country, which BMO says lets newcomers send money to Canada and have banking in place on arrival. CIBC’s two-year waiver is worth the same in time; for a Smart Account that would otherwise pay the Tier 1 fee, two years is worth $406.80.
Every newcomer offer ends. When it does, the options are to meet the waiver balance, move to a cheaper plan at the same bank, or switch to a no-fee bank, and a calendar reminder a month before the end date leaves time to choose. The comparison of bank accounts for newcomers goes deeper on documents, credit cards and international transfers.
How much interest do bank accounts pay on everyday money?
Regular posted rates differ widely, and some depend on conditions. EQ Bank’s Personal Account pays 1.50% on every dollar, or 2.75% for customers with recurring payroll direct deposits of $2,000 a month. The table lists the regular posted rates on the other accounts checked; Scotiabank’s savings rate depends on the Total Relationship Balance.
| Account | Regular posted rate |
|---|---|
| EQ Bank Personal Account | 1.50% (2.75% with qualifying payroll deposits) |
| Wealthsimple Chequing (not a bank) | 1.25% for Core clients, plus an extra 0.5% with at least $2,000 direct-deposited within 30 days |
| RBC High Interest eSavings | 0.55% |
| Tangerine Savings Account | 0.30% |
| Simplii High Interest Savings | 0.30% on balances up to $50,000 |
| Scotia High Interest Savings | 0.00% with a Total Relationship Balance under $10,000; 1.50% from $10,000 to $99,999 (higher at larger balances) |
Sources: each provider’s rate page or feed, all rechecked October 6, 2026 (RBC’s rate as shown in a browser, because its page loads rates with JavaScript). Regular rates only; new-client promotional rates are left out because they expire.
On $10,000 kept for a year, the gap is concrete: EQ’s base rate earns about $150, and Tangerine’s regular savings rate of 0.30% earns about $30. Interest outside a TFSA or RRSP is taxable, and rates can change at any time. The emergency fund calculator helps size how much to keep in cash in the first place, and the high-interest savings account comparison covers promotional rates in detail.
Is Wealthsimple a bank?
No. Wealthsimple says it is not a bank and not a CDIC member; it says it has partnered with CDIC-member, federally regulated Canadian financial institutions to effectively extend CDIC deposit protection to chequing account holders, and CDIC itself explains that fintechs don’t have banking licences and are not CDIC members. Wealthsimple Chequing is offered by Wealthsimple Investments Inc. (a CIRO member) and Wealthsimple Payments Inc., a FINTRAC-registered money services business.
The CDIC protection works through the institutions that hold the money. CDIC’s fintech guidance says funds held by a fintech are protected only when they are placed as eligible deposits with a CDIC member, in the client’s name or in a trust account naming the client as beneficiary. Wealthsimple’s chequing coverage is up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). Coverage is therefore real but indirect: it protects against the failure of a member institution holding the funds, which is different from holding a deposit at a bank directly.
What Wealthsimple Chequing offers in return is $0 in monthly fees, no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed, and interest of 1.25% for Core clients. On $4,000 kept in chequing for a year, that would earn about $50, before tax. For readers who decide it fits, Wealthsimple Chequing can be opened through YieldMaple’s referral link ; the Wealthsimple chequing account review and Is Wealthsimple safe? cover the details and the risks.
Which banks in Canada are safest for your deposits?
Every bank on this page is a CDIC member, so eligible deposits up to $100,000 per insured category are protected at each of them. CDIC’s list of member institutions confirms the legal institution behind each brand:
How to read this table: each brand is matched to the member institution under which CDIC lists it. Coverage applies per member institution, so Simplii and CIBC deposits share one CIBC limit.
| Brand | CDIC member institution | Status |
|---|---|---|
| TD Canada Trust | The Toronto-Dominion Bank | CDIC member |
| RBC Royal Bank | Royal Bank of Canada | CDIC member |
| BMO | Bank of Montreal | CDIC member |
| Scotiabank | The Bank of Nova Scotia | CDIC member |
| CIBC | Canadian Imperial Bank of Commerce | CDIC member |
| Simplii Financial | Canadian Imperial Bank of Commerce (Simplii is a CIBC trade name) | CDIC member (through CIBC) |
| Tangerine | Tangerine Bank | CDIC member |
| EQ Bank | Equitable Bank | CDIC member |
Source: List of member institutions (CDIC); List of member institutions (CDIC) — Bank of Montreal; List of member institutions (CDIC) — The Bank of Nova Scotia; List of member institutions (CDIC) — Canadian Imperial Bank of Commerce (including Simplii Financial); List of member institutions (CDIC) — Equitable Bank (EQ Bank); List of member institutions (CDIC) — Royal Bank of Canada; List of member institutions (CDIC) — Tangerine Bank; List of member institutions (CDIC) — The Toronto-Dominion Bank; What's covered (CDIC) — coverage per category; What's covered (CDIC) — eligible and ineligible products; What's covered (CDIC) — free and automatic; Fintechs (CDIC); Fintechs (CDIC) — when fintech funds can be covered. In effect from September 30, 2026; checked October 6, 2026.
CDIC covers deposits in Canadian or foreign currency, GICs and other term deposits. It does not cover mutual funds, stocks, bonds, ETFs or crypto. Each of these categories is insured separately at each member bank: deposits in one name, joint deposits, RRSPs, RRIFs, TFSAs, RDSPs, RESPs, FHSAs and deposits held in trust. Coverage is free and automatic.
Two practical points follow. First, a brand and its parent share one limit: Simplii Financial deposits count toward CIBC’s limit, but Tangerine Bank is a member in its own right, separate from Scotiabank. Second, because the limit applies per category at each member institution, deposits above $100,000 in one category are covered only up to that limit at that member. The Tangerine safety explainer covers how this applies at Tangerine.
How to switch banks without a missed payment
Switching is mostly admin, and the order matters:
- Open the new account first and confirm it works: a first deposit, an e-Transfer, and a card purchase.
- Move income: give the new account’s void cheque or direct deposit form to your employer, and update direct deposit with the CRA and Service Canada for benefits.
- Move bills: list every pre-authorized debit and credit card autopay from the last three months of statements, then update each one.
- Run both accounts for a full billing cycle so any payment you missed still clears from the old account.
- Close the old account only after a month with no activity, and download the statements you may need for taxes.
The full guide to switching from a Big 5 bank walks through each step in more detail.
Common mistakes when choosing a bank account
- Choosing a Big 5 package for the brand, then paying the fee for years. The fee on an unlimited account runs to about $215.40 a year.
- Counting on a waiver balance that can’t be held. TD and CIBC base the waiver on the end-of-day balance every day of the month, Scotiabank on a minimum daily closing balance, and BMO on a minimum monthly balance.
- Letting a newcomer waiver lapse unnoticed. RBC, TD and Scotiabank waivers end after 12 months, CIBC’s after two years, and BMO’s lasts up to two years.
- Choosing on a welcome bonus. Bonuses end on a set date while the monthly fee keeps running. The index of bank and brokerage sign-up offers lists each offer with its qualifying condition and expiry.
- Assuming every app is a bank. Fintechs are not CDIC members; CDIC protects their clients’ funds only when they are placed as eligible deposits with a member institution.
- Overlooking the rate on chequing balances. Tangerine’s Chequing Account, for example, pays 0.01% under $50,000, 0.05% from $50,000, 0.10% from $100,000 and 0.01% from $500,000, against 0.30% on its Savings Account.
How this list was built
YieldMaple compared everyday chequing and savings accounts from the Big 5, Simplii Financial, Tangerine, EQ Bank and Wealthsimple. Each fee, waiver rule and rate above comes from the provider’s own account page or published rate feed, and each CDIC status from CDIC’s list of member institutions, checked on October 6, 2026 unless the table says otherwise. Welcome bonuses and promotional rates were left out of the picks because they expire. Credit unions were left out: CDIC’s membership includes only federally regulated credit unions, and comparing provincially regulated credit unions would need a province-by-province review.
The only referral link on this page is Wealthsimple’s, and Wealthsimple appears here as a clearly labelled non-bank option rather than as a bank. The other picks link to the providers’ own sites, and YieldMaple earns nothing from those links.