A list of the top banks in Canada

Looking to move to Canada, or maybe just study there for a while? Whatever your reason, excellent choice.

Canada is amazing, known for its high quality of life, fantastic healthcare, culture-rich cities and beautiful scenery.

Of course, one of the first things to consider ahead of your move is where you’re going to put your money. To help, we’ve put together a list of the top banks in Canada, so that you can make an informed decision.

And if you need help opening your Canadian bank account, we have you covered there too.

Banking in Canada (an overview)

The Canadian approach to banking doesn’t vary wildly from that of the UK. The market is made up of around 86 banks as of 2023.¹

Compared to the neighbouring United States, Canada favours a much smaller number of banking organisations and a larger number of branches.

There are three main types of banks in Canada. These are:

• Domestic banks (or schedule I banks) - run entirely in Canada, unassociated and unaffiliated with any foreign organisations²
• Subsidiaries of foreign banks permitted to do business in Canada (schedule 2 banks)³
• Authorised foreign banks working in Canada (schedule 3 banks.⁴

If you’re looking to open a bank account in Canada, there are a few things you need. Firstly, and most obviously, a passport. You’ll likely also need a second form of ID, plus immigration papers and a social insurance number. Some banks may require further details and documents, so be prepared.⁵

And lastly, while not all the following examples will charge a fee for having an account with them, a lot of them do. This is especially the case for international transactions.

If you’re not into dealing with these fees, then maybe consider a Wise account. It’s tailor-made for international transactions and could help you save more of your hard-earned cash.

Learn more about the Wise account

Top 10 banks in Canada

Here are our 10 picks for the banks with the best offers for incoming Canadians.

All of the below provide personal banking options and deals and are a mix of the three main types of banks in Canada.

National Bank of Canada

The National Bank of Canada is particularly good for newcomers to Canada. It offers a Newcomer Bank Account with no monthly fees for 3 years after joining.⁶

Your account will come with a $15.95 per month fee⁶ after the offer ends, which could be a deal-breaker for some, but still definitely leaves it a contender.

Laurentian Bank of Canada

Next up, the Laurentian Bank of Canada. The bank offers a wide range of very attractive offers to consider. This includes checking accounts with low monthly fees, as well as credit cards, mortgages, lending and investments.

Bank of Montreal

The prestigious Bank of Montreal is next up. One of Canada’s biggest banks, BoM has a very attractive offer for everyday banking.

This is its Performance Chequing Account, where the standard $16.95 monthly fee is waived for the first year once you sign up. And if you’re in a position to keep a minimum balance of $4000 in your account, they’ll waive it indefinitely.⁸

HSBC Canada

As one of the biggest banks in the world, HSBC will likely be a familiar name to UK expats. The bank’s Canadian division based in Vancouver offers a range of accounts and financial services, including its attractive Canada Newcomers Program.

Sign up for a Premier Chequing or Advance Chequing Account, and you could get a welcome bonus of up to $500⁹, plus extra offers to help you settle into life in Canada.

Canadian Imperial Bank of Commerce (CIBC)

The Canadian Imperial Bank of Commerce (CIBC) also has its own expat-friendly ‘Welcome to Canada’ package. Sign up to the bank’s CIBC Smart Account for Newcomers and you won’t have to pay monthly fees for two full years.¹⁰

On top of this, you’ll get unlimited free transactions and e-transfers. And monthly fees will be waived indefinitely if you can keep a minimum balance of $4000.¹⁰

Royal Bank of Canada

One of the biggest banks in Canada, RBC also offers a great option for new arrivals - its Newcomer Advantage deal.

This offer waives any monthly fees for a full year, allows you unlimited debit transactions in Canada, and they’ll even give you $100 for opening an Advantage banking account.¹¹

You can also add a credit card to the deal, with credit limits reaching $15,000.¹¹

TD Bank Canada

While TD Bank may not be a strictly Canadian organisation, the US bank also offers a ‘New to Canada’ banking package.

It’s available to anyone still within 5 years of their move, and waives monthly fees for 12 months. Plus, the package offers bonus interest on saving accounts, and unlimited free international transfers for the first year.¹²

Neo Financial

Neo Financial offers a more modern banking solution, where you can manage your finances in its Neo Money account using a mobile app.

The best part of this app-based solution is that it doesn’t charge any annual fees. There’s also a 5% cashback scheme and several smart features for everyday tasks, like the ever-awkward job of splitting the bill.¹³

ScotiaBank

Major bank and national institution ScotiaBank also offers a package for new arrivals, called the StartRight program.

This offers a range of services, accounts and products for newcomers, including specialist packages for students. There’s also an International Account you can open online before you arrive in Canada.¹⁴

If you’re looking for a little extra handholding during your move, then ScotiaBank could be a decent option.

Canadian Western Bank

And finally, there’s Canadian Western Bank, which provides services for both personal and business banking customers.

While it does offer a range of personal banking accounts, the bank also has many solutions available for the budding business owner. This includes its Business Current Account and CWB Business Advantage Account.

If you’re looking to set up a business on Canadian soil, then checking out this option is definitely recommended.

Best online bank accounts in Canada

If you’re more interested in digital solutions for managing your money, here are a handful of the most popular online banks in Canada:

• Tangerine - With a growing number of users, Tangerine offers almost everything you can think of, from credit cards and mortgages to retirement friendly products.
• EQ Bank - If you’re looking to put money aside for a rainy day, EQ offers one of the best savings accounts around, promising 2.50% interest on every dollar.
• Simplii - Offering app-based daily banking with no monthly fees and generous interest on deposits.

Manage your money internationally? Check out the Wise account

Looking for a simple solution for transferring or spending abroad? A money services provider, like Wise, could be a time and money-saving alternative to a bank account.

From one powerful online Wise account, you can send money worldwide for a low fee* and a fair exchange rate - with no markups or hidden fees.

Plus, you can get an international debit card that supports 150+ countries, including Canada, and automatically converts your money to the local currency at the mid-market exchange rate.

Join Wise today

Sources used:

Sources last checked on date: 28-Apr-2023