Choosing a bank is one of the most important financial decisions you’ll ever make. But from the Big Five to smaller banks, credit unions and online-only banks, how do you know which one is right for you?
To help you decide, we’ve put together this guide to the best banks in Ontario — no matter what your day-to-day banking needs may be.
After looking at hundreds of data points for financial institutions operating in Ontario, we’ve narrowed down our top picks for the best banks and fintechs in Ontario to the following:
| Bank | Popular account | Account fee | Perks for Ontarians | Get started |
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Personal Account | $0 |
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Performance Chequing Account | $17.95 (can be waived) |
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Coast Capital Unlimited Chequing Account | $8.50 |
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No-Fee Daily Chequing Account | $0 |
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Chequing Account | $0 |
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Preferred Package | $16.95 (can be waived) |
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Smart Account | $16.95 (can be waived) |
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From Toronto to Thunder Bay, the best bank in Ontario for you depends on what you want in a bank. Maybe no-fee daily banking is your top priority? Perhaps a large branch and ATM network? Or maybe you want a user-friendly online or mobile banking experience?
Whatever the case may be, there’s no single bank that is the best choice for everyone. That’s why we’ve broken down the best banks in Ontario in separate categories below.
EQ Bank is our top pick as the best overall bank for Ontarians for several reasons.
First things first, we should mention that EQ Bank is a digital bank, so it doesn’t have any branches. But what it does offer is a very user-friendly online and mobile banking experience, making it easy to manage your day-to-day spending and savings.
Its main account is the Personal Account, which combines the unlimited transactions of a chequing account with the competitive rate of a high-interest savings account. There are no fees to worry about, and you can also get rewarded with cash back on your spending. You also get free ATM withdrawals across Canada, so an ATM is never too far away, regardless of whether you’re in Ottawa, Toronto, Hamilton, Milton or somewhere more remote.
But EQ also offers the high-interest Notice Savings Account, a US Dollar Account, registered accounts and GICs. So for anyone with relatively simple banking needs, this digital bank is a top pick.
| Monthly Account Fee | $0 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| NSF Fee | $0 |
| Foreign Transaction Fee | 0% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn 2.75% |
If you love deals, discounts and special offers, BMO just might be the perfect bank for you. This Big Five bank regularly runs juicy offers designed to entice and reward new customers, so you can get more bang for your buck when you sign up for a new account or product.
As of March 2026, for example, Ontarians can get up to $900 in cash, plus a Walmart Delivery Pass Subscription for up to 12 months, when you sign up for a Performance or Premium Chequing Account.
Alternatively, you might like to sign up for a BMO eclipse Visa Infinite Card and get rewarded with up to 70,000 points rewards points and a waived first-year annual fee. Or if you apply for an eligible BMO credit card, you can get up to 6 months of Instacart+ free.
Other offers are available for mortgages, investing and more, so it’s worth checking BMO’s Promotions page any time you need a new banking product. And with BMO boasting dozens of branches in Toronto, 20+ in Ottawa, 15 in Hamilton and 10+ in the Milton area, it offers convenient banking for plenty of Ontarians.
| Monthly Account Fee | $17.95 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| Foreign Transaction Fee | 2.5% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn up to $900 |
Coast Capital is a federal credit union, so while it may have its roots in BC, its products are available in Ontario and right across the country. So if you’re searching for low fees, competitive rates and more personalized service, we think Coast Capital is the best credit union in Ontario.
Become a Coast Capital member and you can access many of the same products and services you could get from a big bank. There are chequing accounts (including a no-fee option), savings accounts, credit cards, mortgages and a wide range of investment products. Special packages are available for students, newcomers and seniors, and it’s easy to manage your money online or via the Coast Capital mobile app.
Over 600,000 Canadians bank with Coast Capital, and there are plenty of good reasons why you should consider becoming one of them.
New members can get $450 when they open and use a Coast Capital Unlimited Chequing Account. Offer ends July 6, 2026.
| Monthly Account Fee | $8.50 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| Foreign Transaction Fee | 2% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn $450 |
No one likes the idea of bank fees nibbling away at your hard-earned money, and with Tangerine, this is something you don’t have to worry about.
From Ottawa to Etobicoke, the digital bank’s No-Fee Daily Chequing Account is one of those products that does exactly what it says on the label. You get unlimited daily transactions, no minimum balance requirement, no monthly fee and a free first chequebook. You also get fee-free Scotiabank ABM withdrawals—there are 90+ Scotia ABMs in the heart of Toronto alone—making this account convenient for daily transactions.
Tangerine’s Savings Account has no monthly fee either, nor does its USD Savings account. And as for its two credit cards, you won’t be surprised to learn that they also have no annual fees.
Add in Tangerine’s streamlined online banking portal and highly rated mobile app and it’s easy to see why Tangerine is the best online bank in Ontario for no-fee banking.
| Monthly Account Fee | $0 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| NSF Fee | $10 |
| Foreign Transaction Fee | 2.5% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn $250 |
No matter whether you’re in Toronto, Ottawa, London or Sudbury, if you do most of your banking on your mobile, Wealthsimple makes it easy to manage your money.
The Wealthsimple mobile app offers a clean and intuitive user interface. Everything you need is just a tap or two away, and it’s simple to check the balance and transaction history of your Wealthsimple Chequing Account. You can pay bills, transfer money and deposit cheques in the app too, plus check cashback earnings on your Wealthsimple Credit Card.
Even better, you can use the Wealthsimple app for investing too, and it’s quick and easy to buy stocks, ETFs, gold and crypto from your mobile. So if you want the flexibility and convenience of being able to bank and invest on the go, be sure to check out what Wealthsimple has to offer.
| Monthly Account Fee | $0 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| NSF Fee | $0 |
| Foreign Transaction Fee | 0% |
| CDIC Deposit Insurance | $1,000,000 |
| Bonus Offer | Earn up to 2.25% interest |
Do you want to keep your chequing account, savings, personal loan, credit card and more all with a single bank? It’s well worth checking out what Scotiabank has to offer.
While it can trace its history back to NS, Scotiabank is now headquartered in Toronto. And it offers a huge range of financial products and services to Ontarians too—chequing and savings accounts, senior and student accounts, credit cards, mortgages, personal loans, lines of credit and more are all on offer.
Scotiabank has sizeable branch and ABM networks in Ontario too. It offers multiple branch locations close to the heart of both Hamilton and Milton, for example, along with plenty of branch and ABM options in the GTA and Ottawa
Add the perks of the Scene+ rewards program into your calculations and there’s a lot to like about what Scotiabank has to offer.
| Monthly Account Fee | $16.95 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $2 |
| NSF Fee | $10 |
| Foreign Transaction Fee | 2.5% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn up to $700 |
Many major banks in Ontario also offer their own trading platforms for self-directed investors. And if you want to trade stocks, ETFs, bonds, options and more online, CIBC has got you covered with its Investor’s Edge platform.
Once you’ve created an Investor’s Edge account and funded it from your linked CIBC bank account, it’s simple to start investing straight away. The platform excels with its wide range of research and analysis tools, including exclusive access to research reports from CIBC Capital Markets, charting tools and stock screeners.
Brokerage fees apply, but there are discounts available for young, student and active traders. You can also choose cash or margin trading as well as a wide range of registered accounts, all of which help make CIBC Investor’s Edge a solid choice for investors in Ontario.
| Asset Types | Stocks Bonds Options Mutual Funds ETFs GICs Precious Metals IPOs |
|---|---|
| Minimum Age | 18 |
| Stock Trading Fee | $6.95 |
| Option Trading Fee | $6.95 (+$1.25 per contract) |
| Account Fee | $0 if conditions met, or $100 |
| ETF Transaction Cost | $6.95 |
To determine this best list, we analyzed over 100 chequing and savings accounts across 30+ financial institutions. Our team compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list to the top banks in Ontario.
In addition, we added extra points for the number of different products a financial institution offers. This included products such as chequing accounts, savings accounts, credit cards and loans. No single bank or fintech will be the best choice for everyone, so thoroughly compare your options before picking your new bank.
There are over 50 credit unions that currently operate in Ontario. Some are federal credit unions that operate across Canada, while most are Ontario-based credit unions with a strong provincial focus.
The following credit unions are categorized as federal credit unions, which means they are legally allowed to service all of Canada (sometimes with the exception of Québec), including Ontario:
Check out the full list of Ontario credit unions below:
What’s the difference between the three?
Traditional banks are made up of the Big Five and other major banks. They operate physical branches and ATM networks, and they offer a full range of banking products and services. From chequing accounts to savings accounts, personal loans to mortgages, credit cards to investment products, traditional banks have got you covered.
Credit unions offer many of the same products and services, including branch and ATM networks, and you need to become a member to open an account with a credit union. But there’s one key difference between credit unions and banks: credit unions are non-profit financial cooperatives that are owned by their members. So rather than distributing profits to shareholders, they put their profits towards better banking services for members and supporting local communities.
Digital banks take the traditional banking model and turn it on its head. These banks are online-only operations that do not run their own branches or ATMs.
Instead, digital banks focus on providing a user-friendly online and mobile banking experience for their customers. They don’t offer as many products and services as banks and credit unions, but they do offer competitive features like no-fee chequing accounts and high interest rates on savings accounts.
The best bank in Ontario for you comes down to your needs and preferences:
EQ Bank is the best overall bank in Ontario for a wide range of people. The bank’s Personal Account offers a simple and affordable way to manage your day-to-day banking needs with solid perks.
It has no fees, supports unlimited transactions and offers user-friendly online and mobile banking. Plus, you also get perks like earning up to 2.75% interest on your balance and 0.5% cash back on your EQ Bank Card spending.
We also like the competitive rates on the Notice Savings Account and EQ Bank GICs, its convenient US Dollar Account, and the security of CDIC protection.
Sure, you’ll need to look elsewhere for things like personal loans and credit cards. But for day-to-day spending and saving, we think EQ Bank is the best bank in Ontario.
Branch numbers have declined across the country in recent years, so figures are constantly fluctuating.
With networks of over 1,100 branches nationwide, RBC and TD both have a strong branch presence across Ontario. They have locations across major cities like Toronto, Ottawa, Hamilton and Milton, as well as in smaller cities like Barrie and Sudbury. But you can’t go wrong with any of the Big Six, as CIBC, BMO, Scotiabank and National Bank all operate extensive networks.
You’re also spoilt for choice if you’re looking for credit union branches in Ontario. For example, Meridian has over 80 branches in Ontario, while Alterna Savings also boasts dozens of locations.
While there are no hard statistics available online about which bank has Ontario’s largest ATM network, as you’d expect, the Big Banks (BMO, TD, RBC, Scotiabank, CIBC and National Bank) have the most extensive ATM networks in Ontario and across the country.
Whether you’re in the GTA, Ottawa, Hamilton, Milton or further afield, a Big Bank ATM won’t be too far away. You can either use your bank’s online or mobile app ATM locator to find your nearest machine, or simply use Google Maps.
Some digital banks also offer extensive Ontario ATM networks. Tangerine is a subsidiary of Scotiabank, so Tangerine customers get fee-free withdrawals from Scotiabank ABMs. It’s a similar story for Simplii Financial customers, who can withdraw for free from CIBC ATMs.
But it could actually be argued that providers like EQ Bank and Wealthsimple have the largest ATM networks in Ontario. That might sound surprising since neither has its own native ATM network. But both providers don’t charge ATM fees to use any ATM in Canada and will actually reimburse fees charged by other ATM operators—essentially giving you access to every ATM in Ontario for free.
Many Ontario banks provide customers with support in French as well as English. This includes the Big Five and National Bank, digital banks like EQ Bank and Tangerine, and other providers such as Desjardins. It’s typically easy to access French-language support by phoning the bank’s call centre and requesting to talk to a French-speaking representative.
Check with your bank to find out if bilingual support is available. Please note that, depending on the institution, if you’re visiting a branch in-person, bilingual support may only be available in selected branches.
Yes, all of the banks, fintechs and credit unions featured in our list above are covered by deposit insurance.
There are two types of deposit insurance you need to be aware of in Canada:
No, there is no requirement to keep all your banking products with a single bank. In fact, doing so could cost you a lot of money.
By comparing offers between banks and credit unions, you can shop around for the lowest fees, the highest savings interest rates, and the best sign-up bonuses. You can also find better rates and terms for your mortgage or personal loan, or simply better customer service at your local Ontario branch.
The one downside of spreading your products across different banks is the lack of convenience. Managing accounts, credit cards, loans and investments across multiple banks can be difficult and time-consuming, and it’s certainly much easier to have all your financial products easily accessible through a single app or website.
But given the potential financial benefits of using multiple banks, it’s well worth spreading the love around.
Before you can find the best Ontario bank, you need to know exactly what you need in a bank.
Is low-fee daily banking your top priority, or would you prefer a high interest rate on your savings? Are you happy doing all your banking online/via mobile, or would you like to be able to visit a branch in-person? Do you just want a chequing account, or do you need access to a much wider range of products?
Once you have a clear understanding of your requirements, consider the following factors when comparing banks:
So you’ve chosen a bank and you’re ready to open an account. Here’s what you need to do next.
You will need to fill out an online application with your name, contact information, date of birth and SIN. Your bank will give you a list of the info and paperwork you need before you start, so check it first to make sure you’re prepared.
These days, many banks allow you to use photo ID, such as your driver’s licence, to verify your identity online. However, in some cases, you may need to visit a branch in person to confirm your identity and activate your account.
Once your account has been opened, you can transfer funds into your account or arrange to have your paycheque directly deposited into your new account. Your bank will also provide instructions on how to sign up for online and mobile banking, and how to activate the debit or prepaid card that will be mailed to you.
EQ Bank is our number-one pick as the best bank in Ontario, but it’s up to you to work out which bank is best for you. Compare products, features, fees, customer support and more to decide where to spend, save, manage and invest your money.
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