When it comes to the best bank in Canada, finding the perfect match involves careful consideration of various factors. Some factors to consider are the fees, interest rates, rewards, customer service, and convenience of the bank. Each aspect plays a pivotal role in shaping your banking experience. Here are some possible options for the best bank in Canada based on different categories:
1. Best Overall Bank: Motusbank
Motusbank is a digital bank that offers a range of financial products and services to Canadians. It was launched in 2019 by Meridian Credit Union, the largest credit union in Ontario. Motusbank aims to provide a simple, convenient, and secure banking experience to its customers, who can access their accounts online, on mobile, or through ATMs. Motusbank also offers competitive rates on savings, investments, mortgages, and loans, as well as a unique Friends and Family mortgage that allows multiple borrowers to share a home purchase. Motusbank is a member of the Canada Deposit Insurance Corporation (CDIC), which means that eligible deposits are protected up to $100,000 per category. It also has a network of over 3,300 free ATMs in Canada and 40,000 in the United States.
2. Best Product Selection: Canadian Imperial Bank of Commerce (CIBC)
CIBC is a major Canadian bank that offers a comprehensive range of banking services to individuals, small businesses, and large corporations. It provides personal and commercial banking, wealth management, and investment banking solutions. It is recognized for its digital banking capabilities and has a user-friendly online and mobile banking platform.
This traditional bank has a wide range of products and services, including chequing accounts, savings accounts, GICs, business bank accounts, prepaid cards, credit cards, mortgages, home equity lines of credit, investments, travel insurance, and creditor insurance. It also has over 3,400 ATMs across Canada.
3. Best Cross-Border Banking: Toronto-Dominion Bank (TD Bank)
This bank has a strong presence in both Canada and the United States, making it easy for customers who travel or do business across the border. It offers chequing accounts, savings accounts, GICs, business bank accounts, credit cards, mortgages, home equity lines of credit, investments, travel insurance, and creditor insurance. It also has over 2,800 ATMs in Canada and over 1,900 in the United States. TD Bank is known for its customer-centric approach, convenient banking hours (including evenings and weekends), and a widespread network of branches and ATMs.
4. Best Big Bank: Bank of Nova Scotia (Scotiabank)
This bank is the third-largest in Canada and has a global reach. It offers chequing accounts, savings accounts, GICs, business bank accounts, credit cards, mortgages, home equity lines of credit, investments, and registered plans. It also has a rewards program that lets customers earn points for free movies, food, travel, and gift cards. It also has over 3,600 ATMs in Canada and over 50 countries.
Scotiabank offers a wide range of financial services, such as personal and commercial banking, wealth management, and investment banking. It also has a focus on serving international customers and offers specialized services for customers with cross-border banking needs.
5. Royal Bank of Canada (RBC)
RBC is the largest bank in Canada by market capitalization and assets. It was founded in 1864 in Halifax, Nova Scotia, and has grown to serve more than 17 million clients in over 40 countries. RBC offers a wide range of financial products and services, including personal and commercial banking, wealth management, insurance, capital markets, and investor services. RBC is also one of the leading corporate citizens in Canada, contributing to various social and environmental causes through its RBC Foundation and RBC Blue Water Project. RBC is committed to creating value for its shareholders, customers, employees, and communities.
6. Bank of Montreal (BMO)
BMO is one of the largest banks in Canada and North America. It was founded in 1817 as the first bank in Canada and has since grown to serve more than 12 million customers across personal, commercial, corporate, and institutional segments. BMO offers a wide range of financial products and services, including banking, wealth management, capital markets, and insurance. BMO is also committed to social responsibility and environmental sustainability, supporting various initiatives and causes that align with its values and vision.
Choosing the best bank in Canada to meet your unique financial needs careful consideration of several key factors. Accessibility, convenience, product offerings, fees, customer service, and digital banking capabilities all come into play when making this important decision. It's a good idea to compare the specific features and benefits offered by different banks to find the one that aligns with your financial goals and preferences.
See more: Best bank account in Canada