Talking about the best bank in Canada, there are a lot of banks out there that offer top-notch financial services out there. This alone can make it a little tricky to conclude which bank is the best. However, we made our own research, and comparisons and came up with a list of the best banks in Canada and why we think these banks deserve to be on this list.
Any financial institution offering a banking service needs to meet certain requirements for it to be considered a top-notch bank. These services can be easy access to loans, online banking platforms, customer care services, available services, and many more.
When a bank can go beyond the usual and blow away the minds of its customers by always being there for them, the bank is surely gonna become the people's favorite.
If you're here to learn more about Canada's best banks, you're in the right place. In this guide we are going to talk about the top best banks in Canada and why we think these banks and fantastic.
This is going to be a lengthy one and very informative, we hope you enjoy this guide. Don't forget to get a cup of coffee and read while we take you on a journey into the oasis of the banking world in Canada.
Note: This list will always change as we will constantly monitor the services of these banks that made this list, If any one of them doesn't deserve to be on the list as time goes on, we'll take them off and replace it with a competitive bank that is doing better
With all of that said above, let us dive straight into the Best Banks In Canada In 2025
The banking industry in Canada has been dominated by the 5 big banks in Canada which are RBC, TD, Scotiabank, BMO, and CIBC. These five banks have become a household name in Canada to the extent that even a child with no idea of how the banking industry works already knows their names. However, as time passes by, we're now seeing a lot of new banks and fintech coming up with great innovative ideas that are revolutionizing the banking ecosystem. This fintech and banks are beginning to get the attention they deserve and lots of people are beginning to pick interest in these banks.
With all of these banks, fintech, and neo banks coming out, deciding which bank is the best can be a tricky challenge even to an expert because a customer will give priority to a bank if it solves a specific need.
In a general sense, some major things make a bank stand out among other competitors, these things are what we're going to use to come up with our list. Don't forget, these banks are well-researched and we strongly believe they deserve to be among the list of the top best banks in Canada.
Also Read: How You Can Get a Government Job in Canada in 2025 (Learn How)
List Of The Top 10 Best Banks In Canada (2025)
The banks below are the top 10 banks in Canada in 2025 as of the time of writing this article. These banks are known for their top-notch services, customer relations, and many more.
- Scotiabank
- TD Bank
- Tangerine
- Simplii
- EQ Bank
- National Bank Of Canada
- CIBC
- Motus Bank
- BMO
- Manulife
Scotia Bank is one of the banks that is known to have a lot of branches in Canada. With recent statistics of 2024, the bank is known to have about 3,500 Automated Teller Machines, over 900 branches with about 17 credit cards for different purposes. Aside from that, Scotiabank also offers other standout products such as Chequing and savings accounts; mortgages; insurance; loans; lines of credit; registered retirement savings plans (RRSPs), tax-free savings accounts (TFSAs), and other types of investment accounts; Scotia iTrade platform.
I believe you're wowed by that right? If not let me surprise you with some points why we believe that Scotia Bank is the best Bank in Canada.
Why Scotia Bank Is the Overall Best Bank In Canada
With all of the services such as great customer care services, high-quality financial products, and other services that make these physical banks a go-to bank in Canada, Scotiabank beats them by far in a way that it offers a flexible banking experience which makes them stand out.
Let me explain what I mean by that;
When it comes to everyday banking in Canada, Scotia Bank is known to have about 5 different types of accounts that their customers can open. Each of these bank accounts comes with perks and benefits designed for Canadians at any stage of life no matter their status.
The beauty about these bank accounts is the fact that they're designed and tailored to meet the needs of everyone whether you're above 18 years, below, or even a student who is enrolled in a post-secondary institution, you can apply for a no-fee bank account.
Aside it taking care of the banking needs of those under 18, adults can also open any of the four accounts designed for this category of individuals. These banks are Scotiabank Basic Banking Account, which comes with a fee of about $3.95 per month, and Scotiabank Ultimate Package Account which allows bank owners to earn rewards and credit card rebates. The Scotiabank Ultimate Package Account comes with other exciting benefits that require a monthly fee of about $30.95 monthly.
TD Bank is a Canadian bank that is known to have over 3000 Automated Teller Machines in the country. The bank boasts of having about 1200 branches nationwide and offers about 10 different accounts also for different purposes. Aside from all of that, TDBank customers have the option to use about 14 different credit cards being offered by the bank including an all-inclusive banking plan.
As a customer of TD Banks, you can enjoy different products being offered by the bank such as Chequing and savings accounts; mortgages; insurance; loans; lines of credit; RRSPs, TFSAs, and other types of investment accounts.
Why TD Bank Is the Second Best Bank In Canada
With the competition in the financial industry, TD Bank still maintains the position of the second runner-best bank in Canada. Some of the reasons why this bank has to remain the second favorite and best among other banks out there are because the bank offers several banking options such as a chequing account, savings account, student account, and even an account for newcomers to Canada and also for individuals who chose to use the United State Dollars.
The credit cards being offered by the bank give it an edge over some competing banks. If you look at the products offered by TD Bank you'll notice that they offer 14 different credit cards designed for different needs which include cash back. Travel rewards, low rates or no annual fee, and many more. One of the fascinating things about the bank is the Aeroplan partners they work with. As a customer of TD Bank, the bank can help you build up your points quickly and easily. On the other hand, the bank also works with smaller investors through TD Waterhouse, while they ensure customers enjoy maximum customer support.
Tangerine Bank is an online bank that has paved the way for itself and has become one of the top banks in Canada. The bank has over 3000 automated teller machines nationwide, 6 different bank accounts, and 2 credit cards. Despite having no official physical branch, tangerine still created a system that takes care of the banking needs of its customers without operating a single branch like the traditional banks. The bank has other amazing products such as savings accounts; business accounts; RRSPs, TFSAs, GICs; mortgages; insurance; loans, and lines of credit.
Why Tangerine Bank Is the Third Best Bank In Canada
Tangerine is topping the chart of the 3rd best bank on our list due to how they were able to revolutionize the banking industry and prove that online banking can be a reliable banking system just like traditional banks.
As a customer of Tangerine Bank, you can basically perform every banking transaction online through the official website of the bank, on the phone, or through the bank's official mobile app. All of these from the comfort of your home.
The major reason why we consider Tangerine Bank as the best online bank in Canada and the third overall bank in Canada is due to the improved services and products being offered by the bank. The bank offers several services such as No-Fee Daily Chequing Account and still gives customers all the services they need for their everyday banking experience all for free.
Now you will be wondering how this bank was able to navigate its way around and become the third-best online bank despite it being an online bank right? The thing is, the bank is owned by the overall best bank in Canada which is the Scotiabank. No you know where they go the idea of how to navigate their way in the banking industry and become the favourite among other banks there.
Tangerine Bank offers saving accounts to its customers too, These saving accounts include RRSPs, TFSAs, US dollars, and registered retirement income funds and investments, such as guaranteed investment certificates (GICs).
Despite it being an online bank, it offers mortgages, loans, and lines of credit.
Simplii is another financial institution that understands the everyday needs of its customers. The bank is known to have about 3500 Automated Teller Machines nationwide, 4 different bank accounts for customers, and 1 type of credit card with zero branches.
As a customer of Simlii Financial, you can enjoy zero fee charges on a CIBC ATM. Aside from that, Simplii has several standout products such as the Simplii Financial Cash Back Visa, Chequing and savings accounts; mortgages; insurance; loans; lines of credit; RRSPs, TFSAs, and other types of investment accounts.
Why Simplii Financial Is the Fourth Best Financial Institution in Canada
The major reason why Simplii Financial is on this list is due to the type of offers being provided by the bank. The bank is known to offer n0-fee banking products such as chequing and savings accounts, investments, mortgages, loans, lines of credit, and a no-fee Visa credit card that offers a whopping 4% cash back on purchases at restaurants and bars and 1.5% back on gas, groceries, drugstore purchases, and pre-authorized payments.
As an account owner with Simplii, you have the freedom to invest in registered or non-registered accounts with Simplii, or even take out a mortgage.
To offer maximum assurance of the banking product and services of SImplii, the bank ensured they were backed by CIBC. With this, their customers can use any CIBC ATM without paying any fees.
To perform all of your banking services with Simplii, you can do that through the online banking portal of the bank. Once logged into the bank's portal, you can basically perform any banking activity on the platform.
EQ Bank is also another great online bank that has made a name for itself and climbed the ladder of the Best Banks IN Canada.
The EQ Bank is owned by Equitable Bank which happens to be the 9th largest bank in Canada as at the time of writing this article.
The bank made its name through its saving options despite not offering other products such as credit cards which are very common among traditional banks and other well-to-do banks.
The only type of card being offered by the bank is a prepaid reloadable MasterCard that works more like a credit and debit card. This reloadable card allows you to earn cash back on every purchase you make with no foreign exchange fees.
Why EQ Bank Is the Best Bank in Canada
The accounts being offered by EQ Bank are some top-notch accounts. Why did I say so?
The EQ Savings Plus Account is a great example. With the EQ Savings Plus Account, you get to enjoy an interest of 2.50%, and aside from that the account offers a higher return which you will likely not find in other banks. So if you're looking to make some good bucks from your bank savings, then EQ Bank is a great option for that. The beauty of their Savings Plus Account is the no minimum deposit option and easy withdrawal without any restriction.
As a customer of the bank, you're eligible for up to $200,000 in deposits, and the accounts are set up to be used with a partner as a joint account.
The National Bank of Canada is another giant in its own league. The bank has 1,904 automated teller machines, and 462 branches nationwide, and also offers about 8 credit cards to its customers.
National Bank of Canada also offers Chequing and savings accounts; mortgages; insurance; loans; lines of credit; RRSPs, TFSAs, first home savings accounts (FHSAs), and National Bank Direct Brokerage.
Why National Bank of Canada Among The Best Banks In Canada
The National Bank of Canada has made a name for itself as the bank for newcomers. The bank makes its services and products easily accessible to newcomers to Canada.
As a user of the bank, you can open the National Bank Connected chequing account for a no monthly fee for up to 3 years. After that 3 years, you'll then start paying a $15.95 monthly fee.
The beauty of this account is the fact that the account can even be opened 90 days before you arrive in Canada, and it comes with unlimited digital transactions and Interac e-transfers.
Newcomers using the National Bank of Canada can enjoy the newcomer package. With this package, you can apply for 8 different National Bank Mastercards without even having a Canadian credit history. With these cards, you can easily build your credit score right away.
The bank also offers a one-year assistance service for newcomers. During this open period, you can always reach out and ask questions you may have such as how to move into Canada easily, living in Canada, and many more all for free.
The CIBC Bank is one of the best banks for international students in Canada. The bank boasts of having over 3,000 branches in the country, over 1,000 Automated Teller Machines, 17 Bank accounts for different purposes, 24 credit cards, and other products such as CIBC Smart for Students, Chequing and savings accounts; mortgages; insurance; loans; lines of credit; RRSPs, TFSAs, and other types of investment accounts.
Why CIBC Bank Is Among The Best Banks In Canada
CIBC Bank made it to the list due to its focus on international students. The bank designed its products and services to tackle the banking needs of these students.
With CIBC Smart, students get to enjoy a no-fee account which includes free Interac e-Transfers, CIBC Global Money Transfer, which has a $0 transfer fee on international money transfers, and a no-fee credit card with no credit history required. Aside from all of that, the bank allows applicants to earn up to $150 when they open an account and they also earn $25 for every referral. Free membership in the SPC+ discount program, which can save students up to 30% on major brands, is a valuable extra perk.
Motus Bank is also one of the best banks in Canada. The bank has over 3300 automated teller machines and comes with No-fee chequing accounts, high-interest savings accounts, GICs, mortgages, home equity lines of credit, investments, RRSPs, TFSAs, and RESPs.
As an account holder with a chequing account, you get to enjoy no monthly fees and no transaction fees. You get to enjoy the interest of 2.50% APY on your savings.
BMO is another great bank that made our list of the best banks in Canada. The bank which has been in existence since 1817, the bank has proven to be of great help to its customers. The BMO bank is the first bank in Canada and has been functioning for 200 years since its existence. Over these years, the bank has been able to build trust and great customer relationships with its customers. As of the time of writing this article, the bank is known to have over 12 million active customers operating across personal and commercial banking, wealth management, investment services, and many more.
Manulife Bank is another great bank that offers different types of banking accounts such as chequing accounts, savings accounts, GICs, business bank accounts, credit cards, mortgages, home equity lines of credit, investments, RRSPs, TFSAs, and RESPs.
The Chequing account of Manulife Bank comes with a no monthly fee plus $1.00-$1.50 charges for every transaction when your balance is below $1,000.
When you save with Manulife Bank, you tend to earn 2.85% APY on all deposits.
Conclusion
The list of these banks might change anytime depending on the year and circumstances. What we're sure of is that the competition in the banking industry will keep increasing as other financial institutions will be competing and creating different financial products that can bring them more customers.
If this list changes, rest assured that we will always update them.
If you find value in this article and you enjoyed reading it, don't forget to share. This will encourage us to take our time to write top-notch articles like this in the future.
Article Sources
https://www.forbes.com/advisor/ca/banking/best-banks/
https://www.moneysense.ca/save/banking/the-best-banks-in-canada/
https://moving2canada.com/living/finances/best-bank-in-canada/
