BMO was founded in 1817 in Montreal, Quebec, making it the oldest bank in Canada. In an interesting note, BMO was responsible for printing Canada’s banknotes until 1944 when the printing was taken over by the Bank of Canada. The bank has over 900 branches. The bank has a market capitalization of CAD $57.2 Billion (2021).

Chequing:

The Plus Chequing Account has a monthly fee of only $10.95 per month, and they will waive that if you keep a minimum of $3,000 in the account at all times. The biggest down side to the account is that you are only allowed 25 transactions per month. It does allow you free Interact e-transfers.

The Performance Chequing Account earns you 1.25% interest (for 6 months) and gives you unlimited transactions per month. The cost for this is $16.95 per month, and they will waive the fee if you keep a minimum of $4,000 in the account at all times. You also get up to a $40 annual discount on your BMO credit card.

Savings:

The Savings Builder Account pays .350% interest as long as at least $200 per month is added to the account. You are allowed 1 free withdrawal / transfer out per month $5 each after that.

The Bank of Nova Scotia was founded in Halifax, Nova Scotia in 1832. It operates under the name Scotiabank, and there are more than 1,000 branches. It has a market capitalization of CAD $89.6 Billion. Scotiabank offers a choice of SCENE Rewards and Scotia Rewards with their accounts.

Chequing:

Scotiabank offers a Basic Plus Banking Account. This seems to be a no frills account. It allows 25 transactions per month and free Interact e-transfers. The monthly fee is $11.95, but it is waived with a balance of at least $3,000 in the account at all times.

Package:

The Preferred Package gets you a banking account with unlimited transactions & free e-transfers, and a savings account with a variable interest rate. The monthly fee is $16.95 unless you maintain a balance of at least $4,000 in your account. For those of you that send money globally, they only charge $1.99 per global transfer! They also waive the first year fee on select Scotia credit cards. Unlimited free savings transactions per month!

In 1961 CIBC was product of the merger of the Canadian Bank of Commerce, which was founded in 1867, and the Imperial Bank of Canada, which was founded in 1873. The bank has more than 1,000 branches. It has a market capitalization of CAD $42.1 Billion.

Chequing:

The CIBC Smart Account lets you pay for the transactions that you use. Depending on the number of transactions per month the fee starts at $6.95 for up to 12 transactions, then they charge $1.25 each, with a maximum fee of $16.95 per month. The fee is waived if a balance of $4,000 is maintained at all times. Interact e-transfers count toward your monthly transactions.

Savings:

The CIBC eAdvantage Savings Account is an ok savings account. There is no minimum balance, and interest is paid on the whole balance of the account. A note of caution with this account: It is free to transfer to another CIBC account of yours, otherwise they charge $5 for each transaction! Don’t take money out of this account at the ATM.

The Royal Bank of Canada was founded in Halifax, Nova Scotia in 1864. They have merged with multiple banks over the years and they were the first Canadian bank to install a computer in 1962. The bank as more than 1,300 branches. It has a market capitalization of CAD $130.1 Billion. RBC has a Value Program. If you have a bank account PLUS 2 other product categories (credit card, mortgage, investment account, business account) you save up to $6 per month. That discount increases to $11.95 per month with a 3rd product category.

Chequing:

The RBC Day to Day Banking account is only $4 per month. The value program can drop this to free. There are only 12 debit transactions per month included for that price. Each additional debit transaction is $1.25. There are free Interact e-transfers with this account. No minimum account balance.

There is also the RBC Advantage Banking account with a monthly fee of $11.95. For those who need to do more with a bank account, and will have more product categories with the bank, this can be a great option. You get unlimited debit transactions, free Interact e-transfers, and there is no fee to use other bank ATMs in Canada. Also, there is no minimum account balance.

Savings:

Here is an interesting savings account. The NOMI Find & Save does not have a monthly fee and you get unlimited transactions. AI built into the account will learn your spending patterns and automatically transfer extra money from your chequing account into your savings account. The account can only be used with the RBC mobile app and you must have an RBC chequing account. It pays the same interest rate as the “High Interest” savings account.

Toronto Dominion Bank is the result of the 1955 merger of the Bank of Toronto (est. 1855) and The Dominion Bank (est. 1869). Depending on whether you look at assets or market capitalization, TD is either the largest or second largest bank in Canada. The bank has over 1,100 branches. It has a market capitalization of CAD $118.1 Billion.

Chequing:

The TD Every Day Chequing Account has a monthly fee of $10.95, although that is waived with a minimum balance of $3,000 in the account. Although there are only 25 transactions included per month, you do get free Interact e-transfers.

For more robust account there is the TD Unlimited Chequing Account. The monthly fee is $16.95 and it is waived with a minimum account balance of $4,000. This account gives unlimited transactions, fee rebate for first year on a TD credit card, and no fee at any ATM in Canada.

Savings:

The TD Every Day Savings Account pays interest with no minimum balance. You are allowed 1 free debit per month, each additional is $3.00. Transfers to other TD accounts are free!

This is on online subsidiary of CIBC, founded in 2017. Simplii allows customers to use CIBC ATMs at no cost. This bank is online ONLY – you can bank online, with their mobile app, or by telephone. They offer a referral bonus of $50 for both you and your friend & $500 for you / $100 for your friend when they get a mortgage.

Chequing

The name No Fee Chequing Account says it all! No monthly fees, no minimum balance. The reason they are able to offer such a good deal is because they don’t have any physical locations. If you are comfortable with online and mobile banking this could be a excellent choice for you.

Savings

They have a High Interest Savings Account. Like with the chequing account, no monthly fees, no minimum balance.

Tangerine Bank’s story started back in 1997 with ING Direct Canada. When the bank was purchased by Scotiabank in 2012 and the bank was renamed as Tangerine in 2013. While this is an online bank, they offer “Digital Banking”, Scotiabank ATMs, and what they call cafes. When you used the Orange Key 51120101S1 to sign up, you will receive a $50 bonus!

Checking

They call it a No-Fee Daily Chequing Account. It has no monthly fees, no minimum balance, and it earns interest! The mobile banking app and their website are easy to use and they also offer free Interact e-transfers.

Savings

It’s like they forgot to name the account. The bland sounding Savings Account has no monthly fees, no minimum balance, and pays interest.