I Ranked Every Bank Account in Canada 2025

Canadian banks are assessed solely on the fundamentals of personal banking, focusing on checking and savings account offerings. The ranking is based on the presenter’s analysis of these accounts without considering business or investment options. Viewers are encouraged to weigh additional factors like customer service and mobile app performance alongside the detailed account comparisons. Although some banks include referral links, the evaluation prioritizes the core features of everyday banking.

Diverse Checking Options with Tiered Benefits BMO provides three checking account options with distinct fee structures and transaction limits. A basic account costs $12 per month (or is free with a $3,000 daily balance) and offers 25 monthly transactions, catering to traditional banking needs. The performance account at $18 per month (free with $4,000 maintained) delivers unlimited transactions and e-transfers, making it the most practical for most users. The premium account at $31 per month (waived with $6,000 daily) adds global ATM access and additional perks, ideal for those with frequent international needs.

Savings Accounts with Modest Interest and Fee-Free Convenience Savings accounts focus on no monthly fees and modest interest earnings while serving as a safe repository for funds. The savings amplifier account offers a 0.8% annual rate without fees or balance requirements, while the savings builder account provides a base rate of 0.15% plus a bonus of 0.8% when saving at least $200 monthly. These options underline the priority of preserving capital with low upkeep, despite yielding less than 1% interest annually.

Balanced Evaluation and Competitive Positioning The checking solutions hold a standard design with competitive pricing similar to other major banks, aligning with everyday financial needs. Despite limited high-yield opportunities on savings, the offerings provide a consistent and reliable banking experience for traditional users. Overall, these account choices are evaluated as solid, earning a mid-range rating that reflects a balance between functionality and modest rewards.

CIBC Checking Accounts: Balancing Fees and Perks CIBC offers a standard smart account with a $17 monthly fee that is waived with a daily balance of $4,000, providing unlimited transactions, e-transfers, and ATM access with one free non-CIBC ATM withdrawal. A premium option charges $30 per month ($23 for seniors) but becomes fee-free at a $6,000 daily balance, and it adds benefits like an eligible credit card without an annual fee, worldwide ATM withdrawals, overdraft protection, and complimentary banking tools. The advertised free worldwide transactions turn out to be limited to domestic use, slightly diminishing its global appeal.

CIBC Savings Account: Attractive Promotion, Low Long-Term Yields The e advantage savings account features a promotional period offering interest as if the rate were 5% annually for the first three months, effectively yielding about 1.25% during that time. After the promotion ends, rates drop significantly, with balances under $10,000 earning only 0.25%, increasing modestly for larger amounts. Competitive yields are reserved for very high balances, making the long-term returns considerably lower compared to some alternatives.

High-Earning, Fee-Free All-in-One Account Blending checking and savings into one streamlined personal account, EQ Bank delivers an impressive 4% interest rate when direct deposit is set up, while still offering competitive returns without it. The absence of monthly fees coupled with unlimited free e-transfers and bill payments makes the account exceptionally attractive. Its efficient and integrated model outshines many traditional banks with lower rates and segmented services.

Maximizing Convenience Using the Versatile EQ Card EQ Bank’s card functions like a prepaid or charge card that allows access to any ATM across Canada while automatically refunding any fees incurred. This feature transforms the card into a practical tool for free and convenient cash withdrawals despite the bank’s online-only presence. The extensive ATM network and seamless fee rebates enhance the overall user experience in digital banking.

Flexible Checking Options with Tailored Fees and Features National Bank offers a trio of checking accounts designed for varied banking habits and age groups. The minimalist account, at $4 a month (or free for those under 24), provides 12 transactions and Interac e-transfers, ideal for basic needs. The connected account offers unlimited digital transactions and reduced fees for higher daily balances, while the premium total account includes unlimited in-person transactions and 100 free checks, with fees adjusting based on age. Each option is structured to reward customers who maintain higher balances by reducing monthly fees.

Modest Savings Yield in a Competitive Market The high-interest savings account delivers a 0.75% yield with no monthly fee, aligning with standard market offerings. Although the rate is moderate compared to competitors offering 3% to 4%, it is slightly more enticing than some traditional banks like CIBC. The savings product positions National Bank as a reliable, if not groundbreaking, option in the current competitive landscape. It highlights the bank’s consistency in offering products that meet baseline expectations while serving everyday needs.

Neo Financial delivers an accessible digital banking experience with an everyday account that charges no fees, requires no minimum balance, and supports unlimited domestic transactions. The platform pairs a prepaid Neo Money card with a checking-like function to simplify spending. It also excels through its high-interest savings account that earns a straightforward 3% on deposits without the need for direct deposit, making it a strong choice for users who prefer online banking over physical branches.

PC Money Account combines savings and transaction features into one efficient solution that requires no monthly fees, minimum balances, or time commitments. The account offers a 3.5% interest rate and eliminates foreign exchange fees, delivering considerable value compared to traditional alternatives. Although lacking free ATM access, its overall blend of enticing benefits makes it an appealing choice for cost-effective banking.

Unlocking Premium Banking: RBC Accounts and Apple Watch Incentive RBC offers a range of banking accounts from a basic $4 monthly plan with fee waivers and limited transactions to premium options that qualify for a free Apple Watch promotion valid until June 2nd. Premium accounts, costing $17 or $30 monthly, provide features like unlimited debit transactions, extensive ATM usage, and enhanced credit card rebates. Additional options include the RBC Advantage plan offering no RBC ATM fees and a student-friendly free first year, blending affordability with premium benefits.

Evaluating Savings Performance and Market Positioning The RBC high interest savings account promotes a 4.7% interest rate for the initial three months, which then declines to 0.75%, underscoring the nuanced nature of advertised rates. This savings structure aligns with competitive banking standards, while RBC’s checking accounts offer additional perks such as credit card rebates and extensive transaction freedom. The bank's established reputation further bolsters its appeal, positioning it slightly ahead of comparable institutions like CIBC and National Bank.

Diverse ScotiaBank Options with Cash Incentives ScotiaBank offers a range of account packages including basic, student, basic plus, preferred, and premium options. Using referral links unlocks additional cash rebates, such as $75 for a preferred package and $50 for a money master savings account. The structure emphasizes not only signup bonuses but also ongoing benefits tied to account balances and transaction limits.

Structured Banking Tiers with Transaction and Credit Perks A basic account costs $4 a month with 12 free transactions, while the basic plus option offers 25 transactions and affordable global transfers, free with a maintained balance. The mid-tier preferred package at $17 provides unlimited free debit and e-transfers for a year and annual credit card fee rebates when minimum daily balances are met. A higher-end premium account at $31 becomes free with a larger balance, granting ongoing credit card benefits and free equity trades, though its trading platform is seen as less competitive.

Subpar Yields in High Interest Savings The high interest savings account provides a regular rate of just 0.55%, which falls short compared to competitors. A temporary welcome bonus of 4.1% for three months offers limited improvement, while optional premium periods can yield slight increments at the cost of locking funds. Overall, even modest rate enhancements do little to overcome the uncompetitive baseline returns.

Seamless Everyday Banking with No Fee Checking The Simply Financial no fee checking account delivers the convenience of unlimited free transactions, e-transfers, and access to over 3,400 CIBC ATMs across Canada. It mirrors the benefits of a traditional CIBC account without the need for a minimum balance or monthly fees. This account integrates effortlessly with everyday banking needs, including serving as a gateway to a highly ranked Simply Financial Visa credit card while supporting smooth transfers between checking and savings accounts.

Low-Yield Savings Option Limits Growth Potential The savings account linked to Simply Financial understates its appeal with minimal interest returns, offering just 0.3% for balances up to $50,000 and 0.5% beyond that. Its low yield makes it less attractive compared to more competitive alternatives like the EQ Bank savings account. The structure encourages using Simply Financial solely for daily transactions while seeking better interest rates elsewhere for long-term savings.

Tangerine offers a checking account with no monthly fees by leveraging its relationship with Scotia Bank, granting access to an extensive network of ATMs and seamless, free transfers. The convenience of free e-transfers and widespread ATM use makes everyday transactions efficient and cost-effective. A brief promotional interest rate in the savings account quickly gives way to a low 0.3%, rendering it ineffective for long-term growth. Overall, while the checking service excels in practicality, the savings option falls noticeably short.

Flexible TD Checking with Rewarding Perks TD offers checking accounts that combine standard banking features with rewarding benefits. An account carrying a $17 monthly fee is waived when a daily balance of $4,000 is kept, allowing unlimited transactions, free e-transfers, and fee rebates on TD credit cards. A higher-tier all-inclusive plan at $30 monthly, free with a $5,000 balance, adds premium perks like complimentary checks and drafts, making it suitable for heavy transaction users. The structure mirrors common industry standards while delivering unique incentives for diligent account management.

Penalizing TD Savings: Interest Only Above $10K TD’s savings account design limits interest earnings to balances exceeding $10,000, yielding 0.85% while offering zero interest for smaller amounts. This approach starkly contrasts with even modest benefits found in some checking accounts and is seen as discouraging for everyday savers. The restrictive policy undermines the account's appeal, positioning it poorly in competitive banking reviews. It underscores the need for a more balanced incentive structure to support customers with moderate savings.