Canada features brand-new banks that provide many opportunities for credit card and savings accounts.
Currently, some of these banks are devoted to providing their customers with credit cards at a low discount and no price and are ideal for anybody who intends to bring down the cost of their monthly credit card balance.
The top tier banks in Canada include; CIBC, TD, Scotia, BMO, and RBC
Plenty of Canadian banks are game to reduce the cost of chequing accounts. New banks in Canada do not charge any fee for this. Additionally, it is unusual to find a savings account with a monthly fee attached to it, including the ones that provide high-interest levels.
Most bank saving accounts charge no fees for activities like bank transfers, and in this article, we are going to be explaining the best banks that are in Canada.
Conditions For Choosing the Right Banks in Canada
When looking for the best bank for your needs in Canada, there are a variety of factors to consider for each province and territory.
These may include the types of services offered, customer service, fees, and other factors. It can be difficult to determine which bank is better than the other, as there are many factors and constraints that banks must comply with.
However, by researching the different options available in each province or territory, you can make an informed decision on the best bank for your needs.
- The bank’s popularity
- The number of branches.
- The available product of the bank
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Best Banks in Canada
Here is a list of the best banks in Canada:
1. Scotiabank
Scotiabank, Canada‘s third largest bank, is renowned for its innovative and advanced ideas. It offers four different chequing accounts with the option of a cash–back debit card or regular debit card.
Additionally, customers have the option of signing up for the savings plan and not being charged for the first three months. For seniors, special discounted rates are available on all accounts, as well as youth savings and student chequing accounts.
Finally, their credit cards include a wide range of options, featuring Visa, American Express, low–interest rates, cashback and more.
2. Tangerine
This bank specializes in online banking, offering its customers access to five savings accounts, one chequing account and one credit card with real–time services.
Its popularity is based on the lack of fees associated with chequing accounts, credit cards and savings accounts, as well as its tax–free savings, regular savings and retirement accounts.
To access additional banking services, customers can use the bank‘s online portal, mobile app or customer care 24/7.
3. Motusbank
Motus bank, a relatively new online bank in Canada, is managed and controlled by the Meridian Credit Union. This bank is ideal for those who prefer to manage their finances through their Smartphones.
It offers its customers high–interest rates due to the reduced cost of running an online bank. Physical interactions with bank staff are not necessary as all banking activities can be done remotely.
4. BMO Bank of Montreal
The Bank of Montreal is one of the premier banking services in Canada. With eight different credit cards available, three offer customers low–interest rates, cashback, and BMO rewards.
Their chequing accounts provide customers with a range of credits and benefits, making them an attractive option for anyone seeking banking services.
Additionally, their bundle discounts on chequing accounts and credit cards make them a great choice for those looking to save money on banking products and services.
5. RBC Royal Bank
The RBC Royal Bank, the most prominent financial banking institution in Canada, offers a wide range of products and services.
Their US dollar savings account is free of charge, and they offer three different savings accounts.
Furthermore, they have four chequing accounts, as well as over a dozen credit cards, so you can find an option that best suits your banking needs. Moreover, if you have two or more Royal Bank of Canada products, you can get discounted rates.
6. Rogers
In 2013, Rogers Bank was founded and has since been highly praised by the people of Canada. With its sole focus on credit cards, the bank is renowned for its cash–back rewards for temporary residents and those who purchase items from overseas using foreign currency.
7. TD Canada Trust Bank
TD Canada Trust Banks offers a variety of credit card features, such as travel and cashback offers, as well as three savings accounts with no monthly fee for any, including senior, student, youth and United States dollar accounts for savings chequing accounts. Additionally, its accounts comprise of unlimited, premium and basic options.
8. National Bank of Canada
The National Bank of Canada, headquartered in Montreal, provides exceptional financial services to millions of Canadians. It specializes in banking operations, products, and services tailored to newcomers to Canada. There are four different chequing accounts to choose from – Basic, Enhanced, Premium, and a United States Dollar account.
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9. PC Financial
President‘s Choice Financial (PC Financial) is the banking service brand of the Canadian supermarket chain Loblaw Companies.
PC Financial offers services including Mastercard credit and personal banking services, which are provided by President‘s Choice Bank for quick transactions.