Which banks are headquartered in Ontario?

With Toronto being the financial capital of Canada, it's no surprise that many banks have their headquarters in Ontario. Among the Big Six, TD, RBC, CIBC and Scotiabank are all headquartered in Toronto, while BMO and National Bank have their home bases in Montreal, Québec.

What is the largest credit union in Ontario?

Meridian is the largest credit union in Ontario. It has over 360,000 members and operates 87 branches and 15 Business Banking Centres across Ontario. According to its most recent corporate report available at the time of writing, Meridian had $26.8 billion in on-balance sheet assets as of September 30, 2024.

Can I use an online-only bank if I live in Northern Ontario?

Yes, you can use an online-only bank if you live in Northern Ontario. These digital banks make it easy to manage your money through online and mobile banking, which you can use to check your balance, pay bills or transfer funds. You will also get a linked debit card or prepaid card that you can use to make ATM withdrawals as well as pay for in-store and online purchases. The downside of digital banks is that they don't have any physical branches, so you'll need to consider a traditional bank or credit union if you prefer in-person banking.

How do I deposit cheques with a digital bank?

Most digital banks and fintechs offer a feature called mobile cheque deposit. This allows you to deposit a cheque through the bank's mobile app by uploading photos of the front and back of the cheque. Learn how it works in our guide to mobile cheque deposits .

What is the best bank in Ontario for newcomers?

In our guide to the best bank for newcomers to Canada , we chose National Bank's newcomer program as the best overall option. But it's worth shopping around to see which bank offers the best service and value for you. All of the Big Five have their own newcomer offers, as do credit unions like Coast Capital and Meridian, so take your time hunting down the best deal.

How long does it take to open a bank account in Ontario?

You can apply for a bank account in Ontario in around 5-10 minutes. In most cases, it's quick and easy to apply and verify your identity online. However, it may take longer for the bank to process your application and open your account.

Thea Glassman, Writer at Finder

Thea Glassman

Writer

Thea Glassman was a shopping writer at Finder, helping readers find the best deals. Her bylines have appeared in The New York Times, Vanity Fair, VICE and The Hollywood Reporter. She's a graduate of University of Kansas, a native New Yorker and only somewhat ashamed that her all-time favorite movie is Mamma Mia 2.