The quick answer
Canada's banking market splits into three tiers, and most people only ever compare within one of them by accident. The Big Six (RBC, Scotiabank, TD, BMO, CIBC, National Bank) give you the most branches and the fullest product lineup, but rarely the best rate on anything. Digital banks like EQ Bank, Tangerine, Simplii and Oaken skip the branches entirely and pass the savings on to you. Fintechs like Wealthsimple and Neo Financial go a step further, bundling banking with investing or richer cash-back rewards under one roof. EQ Bank rates highest overall here (4.7) for the rare combination of real chequing-account interest and zero monthly fees. Compare CDIC coverage, account types, and our editorial ratings below, then dig into the full review for whichever bank catches your eye.
- Best overall: EQ Bank (4.7) -- pays interest on chequing and charges nothing to do it.
- Big Six: RBC, Scotiabank, TD, BMO, CIBC, National Bank -- the most branches, the fullest lineup, rarely the best rate.
- Digital banks: EQ Bank, Tangerine, Simplii, Oaken -- no branches, no fees, and usually a better rate to show for it.
- Fintech: Wealthsimple, Neo Financial -- banking bundled with investing or richer cash-back rewards.
- All 12 institutions carry CDIC insurance, either directly or through a partner bank.
Centsable's editorial team, fact-checked and updated July 2026.
Rates compared across Canada's leading banks & fintechs
Tap a bank to jump straight to its review below.
Compare at a glance
All 12 institutions we review, side-by-side. Filter by type, then jump to the full write-up in In-Depth Reviews below.
| Institution | Type | CDIC | Best for | Review |
|---|---|---|---|---|
RBC Royal Bank
|
Big Six | Direct (D-SIB) | Full-service banking with the largest branch network in Canada | Read review |
Scotiabank
|
Big Six | Direct (D-SIB) | Newcomers to Canada and cash-back credit card rewards | Read review |
CIBC
|
Big Six | Direct (D-SIB) | Cash-back rewards and personal loans for existing customers with strong credit | Read review |
National Bank
|
Big Six | Direct (D-SIB) | $0 commission stock and ETF trading with a full bank behind it | Read review |
Neo Financial
|
Fintech | CDIC via partner bank | Cash-back rewards on everyday spending, in a fully mobile-first account | Read review |
Simplii Financial
|
Digital Bank | Yes (CIBC) | No-fee everyday chequing backed by a large bank ATM network | Read review |
Oaken Financial
|
Digital Bank | Yes (Home Bank) | The highest flat, non-promotional savings and GIC rates we track | Read review |
TD Canada Trust
|
Big Six | Direct (D-SIB) | Cross-border banking between Canada and the US, and evening/weekend branch access | Read review |
BMO
|
Big Six | Direct (D-SIB) | Straightforward everyday banking and BMO CashBack Mastercard rewards | Read review |
EQ Bank
|
Digital Bank | Yes | Combining a high-interest savings rate with free everyday chequing features | Read review |
Tangerine
|
Digital Bank | Yes (Scotiabank) | New clients chasing the best promotional savings rate, and no-fee everyday cash back | Read review |
Wealthsimple
|
Fintech | CDIC partners | Combining commission-free investing with a competitive cash savings rate in one app | Read review |
No institutions match this filter.
Compare Canada's Leading Banks
Editorial reviews of major Canadian banks and fintechs — sentiment, products offered, pros and cons, and who each one is really best for.
Canada's largest bank by assets, with the widest branch and ATM network in the country. A safe, full-service default for anyone who wants in-person banking, but its everyday chequing and savings rates are rarely the most competitive on the market.
Review sentiment: Mixed | Best for: Full-service banking with the largest branch network in Canada
Products offered
- RBC Signature No Limit Banking
- RBC High Interest eSavings
- RBC Homeline Plan (mortgage + HELOC)
- RBC GICs and mutual funds
✓ Pros
- Largest branch and ATM network in Canada
- Strong mobile app with NOMI budgeting insights
- Wide product lineup under one roof (banking, mortgages, investing)
✗ Cons
- Monthly fees on most chequing accounts unless balance minimums are met
- Everyday savings rates lag behind digital-only banks
- Newer clients report longer hold times on phone support
One of Canada's Big Six, known for its international footprint and the Scotia Momentum lineup of cash-back cards. Its StartRight program for newcomers is a standout, though standard savings rates need a promo or bundled account to become competitive.
Review sentiment: Positive | Best for: Newcomers to Canada and cash-back credit card rewards
Products offered
- Scotiabank Ultimate Package chequing
- Momentum Plus Savings Account
- Scotia Momentum Visa Infinite
- StartRight Program for newcomers
✓ Pros
- StartRight program makes onboarding easy for newcomers to Canada
- Momentum cash-back cards are consistently well-rated
- Strong international presence for cross-border banking
✗ Cons
- Base savings rate is unremarkable without a promo offer
- Fewer branches than RBC or TD in some regions
- Premium chequing packages require a fairly high minimum balance to waive fees
One of Canada's Big Six banks, best known among our picks for the CIBC Dividend Visa Infinite -- a 4% grocery cash-back card that matches Scotia Momentum -- and for Simplii Financial, its no-fee digital banking arm. Full branch and ATM network is the largest in the country.
Review sentiment: Positive | Best for: Cash-back rewards and personal loans for existing customers with strong credit
Products offered
- CIBC Dividend Visa Infinite
- CIBC Personal Loan
- CIBC everyday banking
✓ Pros
- 4% cash back on groceries, 2% on gas and transit (Dividend Visa Infinite)
- First-year annual fee waived, plus a 10% promotional cash-back period
- Preferential personal loan rates for existing CIBC banking customers
- Canada's largest branch and ATM network
✗ Cons
- $120/yr fee on the Dividend Visa Infinite after year one
- $60,000 income requirement to qualify for the top card
- Cash back is paid annually, not monthly
Quebec-headquartered, the sixth of Canada's Big Six banks. Best known on this site for National Bank Direct Brokerage (NBDB) -- the only big-bank brokerage offering $0 commission on stocks and ETFs.
Review sentiment: Positive | Best for: $0 commission stock and ETF trading with a full bank behind it
Products offered
- National Bank Direct Brokerage (NBDB)
- National Bank everyday banking
✓ Pros
- $0 commission on all stocks and ETFs via NBDB -- the only Big Six bank to offer this
- CIPF-protected brokerage accounts (TFSA, RRSP, FHSA, margin)
- Strong branch presence and reputation, especially in Quebec
✗ Cons
- Limited branch presence outside Quebec
- Less brand recognition than RBC/TD/Scotiabank/BMO/CIBC in the rest of Canada
- NBDB platform is functional but not the most modern on the market
A Calgary-based fintech built around cash-back Mastercards (up to 5% at partner merchants) and a non-interest cash-back chequing account, backed by CDIC coverage through partner banks. Fully app-based, no branches.
Review sentiment: Positive | Best for: Cash-back rewards on everyday spending, in a fully mobile-first account
Products offered
- Neo World Elite Mastercard
- Neo World Mastercard
- Neo Chequing
✓ Pros
- Up to 5% cash back on the World Elite Mastercard at partner merchants
- No-annual-fee option available on the World Mastercard
- Neo Chequing pays 2% cash back on gas/groceries plus 0.5% on other spending with a $3,000 balance
- Modern, fully app-based experience
✗ Cons
- $149/yr fee on the World Elite tier
- No physical branches or in-person support
- Shorter track record than the Big Six or established digital banks
CIBC's no-fee digital banking brand -- full banking infrastructure (CIBC ATMs, e-Transfers, bill payments) with no monthly fees. Savings and TFSA rates are solid, though they trail Oaken and EQ Bank.
Review sentiment: Positive | Best for: No-fee everyday chequing backed by a large bank ATM network
Products offered
- Simplii Financial No Fee Chequing Account
- Simplii Financial HISA
- Simplii Financial TFSA
- Simplii Cash Back Visa
✓ Pros
- $0 monthly fee chequing account, no conditions
- Instant free transfers to/from CIBC accounts
- CDIC insured through CIBC
- Access to CIBC's ATM network, one of the largest in Canada
✗ Cons
- 3.00% HISA/TFSA rate trails Oaken (3.40%) and EQ Bank
- No promotional rate for new savings clients
- App is functional but less polished than EQ Bank or Wealthsimple
A digital savings-only brand from Home Trust/Home Bank. Consistently pays one of Canada's highest ongoing HISA and GIC rates, with no promotional games -- the $1,000 minimum is the only real catch.
Review sentiment: Positive | Best for: The highest flat, non-promotional savings and GIC rates we track
Products offered
- Oaken Savings Account
- Oaken TFSA Savings
- Oaken GICs
✓ Pros
- 3.40% HISA/TFSA rate, always on -- no promo period needed
- 4.15% 1-year GIC rate, among the best we track
- Straightforward pricing, no teaser-rate gimmicks
✗ Cons
- $1,000 minimum balance to earn the posted rate
- No chequing account, debit card, or credit card -- savings and GICs only
- No physical branches
Canada's second-largest bank, known for the longest branch hours of any Big Six bank and seamless cross-border banking with TD Bank in the US. Full-service product lineup, but standard savings and chequing rates lag pure digital banks.
Review sentiment: Mixed | Best for: Cross-border banking between Canada and the US, and evening/weekend branch access
Products offered
- TD All-Inclusive Banking Plan
- TD High Interest Savings Account
- TD Aeroplan Visa Infinite
- TD GICs
✓ Pros
- Longest branch hours of any Big Six bank
- Seamless TD Bank (US) cross-border account access
- Strong Aeroplan credit card lineup
✗ Cons
- Chequing account fees apply unless a minimum balance is maintained
- Everyday savings rate well below digital banks
- Best rates often require bundling multiple accounts
Canada's oldest bank, founded in 1817, with a straightforward product lineup and a widely-used cash-back credit card. Rates and fees are typical Big Six — generous new-account promos, unremarkable standard rates.
Review sentiment: Mixed | Best for: Straightforward everyday banking and BMO CashBack Mastercard rewards
Products offered
- BMO Performance Chequing Account
- BMO Savings Builder Account
- BMO CashBack World Elite Mastercard
- BMO GICs
✓ Pros
- Frequent, generous new-account cash bonuses
- Savings Builder account rewards consistent monthly deposits
- Long-established, straightforward product set
✗ Cons
- Standard chequing fees are among the higher Big Six rates
- Savings Builder's bonus interest requires hitting a deposit target every month
- Fewer standout digital features than EQ Bank or Tangerine
A fully digital bank (a division of Equitable Bank) built around one flagship account that pays high interest, charges no monthly fees, and functions as a real chequing account too. Consistently ranks among Canada's top rate-and-fee combinations.
Review sentiment: Positive | Best for: Combining a high-interest savings rate with free everyday chequing features
Products offered
- EQ Bank Personal Account
- EQ Bank GICs
- EQ Bank US Dollar Account
- EQ Bank Joint Accounts
✓ Pros
- 2.50%+ interest on a true no-fee chequing account
- Free unlimited Interac e-Transfers and bill payments
- CDIC insured up to $100,000
✗ Cons
- No physical branches or in-person support
- ATM access is through a partner network, not owned machines
- No credit card or lending products — savings/chequing only
Scotiabank's digital-only banking brand, offering no-fee chequing and savings plus a well-regarded no-fee cash-back credit card. New-client promo rates are consistently among the best in the country, though ongoing rates trail EQ Bank and Oaken.
Review sentiment: Positive | Best for: New clients chasing the best promotional savings rate, and no-fee everyday cash back
Products offered
- Tangerine Chequing Account
- Tangerine Savings Account
- Tangerine Money-Back Credit Card
- Tangerine GICs
✓ Pros
- Frequently the highest new-client promo savings rate in Canada
- $0 fees across chequing, savings, and its cash-back card
- Backed by Scotiabank's CDIC coverage and ATM network
✗ Cons
- Ongoing (non-promo) savings rate is well below EQ Bank and Oaken
- No physical branches
- Customer service wait times reported as long during peak periods
A Canadian fintech best known for commission-free stock and ETF trading, now expanded into a full cash/savings account and crypto. Best for anyone who wants their everyday cash and investments managed in one app.
Review sentiment: Positive | Best for: Combining commission-free investing with a competitive cash savings rate in one app
Products offered
- Wealthsimple Cash
- Wealthsimple Trade
- Wealthsimple Save
- Wealthsimple Crypto
✓ Pros
- $0 commission on Canadian stocks and ETFs
- Competitive interest on uninvested cash balances
- One app for savings, investing, and crypto
✗ Cons
- Not a full bank — no physical chequing account or debit card network
- CDIC coverage is through partner banks, not Wealthsimple directly
- USD trades incur a currency-conversion spread on the standard plan
How we review banks
Our editorial team evaluates each bank on account fees, savings and chequing rates, CDIC deposit insurance coverage, mobile/digital experience, and customer-reported service quality. Ratings are updated as banks change their rate sheets or product lineups. We do not accept payment for a bank's inclusion in our reviews; only sponsored placements are separately labelled as ads.
- Sentiment & reputation. How the bank is generally regarded by everyday customers, not just headline rates.
- Products & coverage. Breadth of accounts, cards and services offered, and CDIC/CDIC-equivalent protection.
- Fees & value. Monthly fees, minimum balances and how easy they are to avoid or waive.
- Digital experience. App and online banking quality, since most day-to-day banking now happens there.