10 Best Banks in Canada 2024

10 Best Banks in Canada 2024

Selecting the best bank in Canada isn’t just about finding a place to deposit your paycheck; it’s about finding a partner in your financial journey. Canadian banks are known for their stability and customer-centric services, making it essential to choose the one that aligns with your personal or business needs.

Each bank brings something different to the table. Some excel in offering no-fee accounts and high interest rates, while others provide excellent customer service, specialized financial products, or robust mobile banking apps.

As Canadians, we have the luxury of choosing from a wide variety of financial institutions, ranging from large, established players to newer digital-first banks. This diverse landscape makes it important to understand what each bank offers before making a commitment.

Best Banks in Canada 2024

10 Best Banks in Canada 2024

1 Motus Bank: The Best for Low Fees & High Interest Savings

Motus Bank has carved a niche as one of Canada’s leading digital-only financial institutions. Specializing in no-fee chequing and high-interest savings accounts, it stands out as an excellent option for those who want to avoid the typical banking fees. With competitive rates and a focus on digital-first services, Motus is perfect for tech-savvy Canadians looking to manage their finances online.

Why Choose Motus Bank?

Motus offers a straightforward banking experience with zero-fee chequing accounts and high-interest savings options. The bank’s online platform is simple to use, and they provide easy access to more than 3,300 ATMs across Canada. Plus, with its competitive 2.50% annual percentage yield (APY) on high-interest savings accounts, Motus is a strong contender in terms of return on deposits.

Unique Features

• No-fee chequing accounts: Avoiding monthly and transaction fees is a huge plus for cost-conscious customers.
• High-interest savings accounts: A solid 2.50% APY makes saving money more rewarding.
• ATMs: Access to over 40,000 ATMs in North America through EXCHANGE and Allpoint networks.

2 CIBC: Comprehensive Services for Every Need

CIBC (Canadian Imperial Bank of Commerce) is one of Canada’s largest and most established banks, offering a wide variety of services ranging from chequing accounts to investment products. With a long-standing reputation for customer service and financial solutions, CIBC is ideal for customers seeking a full suite of banking services.

Why Choose CIBC?

Whether you need a simple chequing account or a complex business banking solution, CIBC has it all. It’s also known for its strong customer service, robust mobile app, and extensive ATM network.

Unique Features

• Wide Range of Products: From personal banking to business services, CIBC offers everything you might need.
• International Banking: Excellent services for cross-border banking, especially with its U.S. branches.
• Travel Insurance: Special travel insurance plans are available for credit cardholders.

3 TD Bank: Best for Cross-Border Banking

TD Bank offers a comprehensive suite of services, but it excels when it comes to cross-border banking between Canada and the U.S. With a strong presence in both countries, TD Bank provides a seamless experience for people who frequently travel or do business across the border.

Why Choose TD Bank?

TD Bank is a top pick for those who travel frequently or need to manage accounts in both Canada and the U.S. It offers a wide array of products, including mortgages, credit cards, and investment options, all backed by excellent customer service.

Unique Features

• Cross-Border Banking: Easy access to both Canadian and American accounts.
• Extensive Network: More than 2,800 ATMs across Canada.
• Mobile Banking: Robust mobile app with high functionality for managing multiple accounts.

4 BMO: Great for Bundling & Special Offers

Bank of Montreal (BMO) is another key player in the Canadian banking industry. Known for offering excellent bundling options and special promotions, BMO is ideal for individuals looking to take advantage of special deals, such as bonus interest rates or fee waivers.

Why Choose BMO?

BMO excels in its range of banking products and promotional offers, making it a great option for new customers or those looking to consolidate their banking services.

Unique Features

• Bundled Services: Take advantage of discounts when you bundle services like chequing and savings accounts.
• Special Offers: Frequent offers for new customers, including cash bonuses.
• Investments & RRSPs: A solid selection of investment products to help grow your wealth.

5 Manulife Bank: The Best for Integrated Chequing and Savings

Manulife Bank sets itself apart with its seamless integration of chequing and savings accounts, making it easier to manage your finances without the hassle of switching between multiple accounts. Additionally, its high-interest savings rate of 2.85% APY is one of the best in Canada.

Why Choose Manulife Bank?

If you’re looking for a bank that combines the convenience of chequing and savings with the benefit of a high-interest rate, Manulife Bank should be on your radar.

Unique Features

• High Interest Rates: Earn 2.85% APY on all savings deposits.
• No Monthly Fees: Enjoy chequing accounts with no monthly fees if you meet the balance requirement.
• ATM Network: Free withdrawals at over 3,300 ATMs across Canada.

6 National Bank: A Great Option for Value Seekers

National Bank of Canada is another strong contender, especially for those seeking value. With competitive rates and low fees, National Bank offers a balanced approach to personal finance, making it an excellent choice for both individuals and businesses.

Why Choose National Bank?

National Bank offers a good combination of value and service, with competitive interest rates and low monthly fees. It’s ideal for Canadians who want a straightforward, reliable banking experience.

Unique Features

• Low Fees: Enjoy chequing accounts with affordable fees.
• Competitive Interest Rates: Earn solid rates on savings and investments.
• Comprehensive Services: From mortgages to insurance, National Bank provides everything you need.

7 Scotiabank: Best for Borrowing Needs

Scotiabank is another established bank that excels in offering competitive loan and mortgage rates. It’s also known for its customer service and wide range of banking products.

Why Choose Scotiabank?

Scotiabank stands out in the borrowing space, offering some of the best rates on personal loans and mortgages. It’s a reliable choice for individuals looking for borrowing options.

Unique Features

• Competitive Loan Rates: Take advantage of low interest rates on loans and mortgages.
• Solid Savings Accounts: Earn 1.50% APY on your savings.
• Extensive ATM Network: Access to more than 3,600 ATMs across Canada.

8 Royal Bank of Canada (RBC): The Best for Personal Finance & Investments

Royal Bank of Canada (RBC) is a giant in Canada’s banking sector, offering a wide range of personal, business, and investment banking products. Known for its customer service and investment expertise, RBC is an ideal choice for individuals seeking a well-rounded financial partner.

Why Choose RBC?

RBC excels in providing personalized financial services, including retirement planning, investment solutions, and high-quality customer support. Its vast network of ATMs and branches ensures you can access your money and get advice whenever needed.

Unique Features

• Comprehensive Investment Solutions: Offers a variety of wealth management and investment products.
• Customer Service Excellence: Highly rated for its customer support, with 24/7 help available.
• Wide Network: Access to over 4,700 ATMs across Canada.

9 Desjardins: Best for Community-Based Banking

Desjardins is a cooperative bank that stands out for its community-driven approach. Based primarily in Quebec, Desjardins offers a wide range of banking services with a focus on mutual benefits for its members. While it may not have as large a national presence as some of the other banks, it’s a top choice for those who want a more community-centered financial institution.

Why Choose Desjardins?

Desjardins excels in providing accessible services with a focus on sustainability and ethical banking. If you want to be part of a cooperative model that reinvests profits into local communities, Desjardins is the bank for you.

Unique Features

• Cooperative Model: As a cooperative, Desjardins returns profits to members in the form of dividends and benefits.
• Sustainability Focus: Desjardins has a commitment to green banking and sustainable investments.
• Community-Centric: Provides local financial services that benefit your region or community.

10 HSBC Canada: Ideal for International Banking

HSBC Canada, a part of the global HSBC Group, is an excellent choice for Canadians who need international banking services. With a strong presence in major global markets, HSBC provides easy access to foreign currencies and cross-border services, making it an ideal option for international travelers and businesses.

Why Choose HSBC Canada?

HSBC offers exceptional services for those with global financial needs. Whether you are working or investing internationally, HSBC has the tools and expertise to help manage your finances across borders.

Unique Features

• Global Reach: HSBC’s international network provides banking access in more than 80 countries.
• Foreign Currency Accounts: Perfect for frequent travelers or expats who need easy access to foreign currencies.
• Cross-Border Services: Facilitates smooth banking for people doing business or traveling between Canada and other countries.

11 Simplii Financial: Best for Online Banking & No-Fee Accounts

Simplii Financial is a digital bank offering high-quality services with no physical branches, focusing entirely on online banking. It’s ideal for customers who want the convenience of managing their money through an app or website without the burden of traditional bank fees.

Why Choose Simplii Financial?

Simplii offers simple and straightforward financial products, including chequing and savings accounts, all with no monthly fees. Their focus on digital services ensures that you can bank on-the-go with ease.

Unique Features

• No Monthly Fees: All chequing and savings accounts come with no monthly fees, making it a cost-effective choice.
• Easy Mobile Banking: The Simplii mobile app makes it easy to manage accounts and make transactions.
• Competitive Rates: Enjoy competitive interest rates on savings and investment products.

Conclusion: Finding the Best Bank for You

Canada’s banking landscape is filled with options, each offering different features and benefits. Whether you’re looking for low fees, high interest, or specialized products, there’s a bank in Canada that’s right for your needs.

Remember, the best bank for you will depend on your personal preferences, financial goals, and lifestyle. Take the time to compare each option carefully, and don’t be afraid to switch if you find a better deal. With this comprehensive guide to the 10 best banks in Canada, you now have the knowledge you need to make an informed decision and start managing your finances more effectively.

FAQs About the Best Banks in Canada

1. What is the best bank in Canada for no-fee accounts?
   • Motus Bank offers no-fee chequing accounts with high-interest savings.
2. Which Canadian bank offers the best savings rates?
   • Manulife Bank offers a 2.85% APY on all savings deposits.
3. Which bank is best for cross-border banking?
   • TD Bank is ideal for Canadians who need banking services in both Canada and the U.S.
4. Does Scotiabank have the best mortgage rates?
   • Scotiabank is known for offering competitive mortgage rates, making it a top choice for homebuyers.
5. What bank has the most ATMs in Canada?
   • Royal Bank of Canada (RBC) has an extensive network of over 4,700 ATMs across the country.
6. Which bank offers the best mobile banking experience?
   • CIBC and TD Bank both have robust mobile apps with excellent functionality.
7. Is there a bank in Canada with no monthly fees?
   • Motus Bank offers no monthly fees for chequing accounts.
8. Which bank is best for business accounts?
   • CIBC offers a wide variety of business banking products and services.
9. What’s the best bank for students in Canada?
   • Many banks, including BMO and CIBC, offer student-specific accounts with no fees.
10. Which bank has the best customer service in Canada?

• TD Bank is frequently praised for its excellent customer service.