Compare the Best Bank Accounts in Canada

Simply compare options side-by-side and find the account that best suits your financial goals.

Comparing the Best
Bank Accounts

Comparing bank accounts isn’t always easy. Rates and features vary widely and comparing 
options between websites can take hours.

That’s why Insurdinary has pulled together this guide on the Best Bank Accounts in Canada.
Manulife Bank offers the Advantage Account – one of our top favorites on this list. This account combines chequing and savings into one account; the convenient access of a chequing account and the higher interest rate of a savings account.

With the Advantage Account, you can save faster without worrying that your money will be difficult to access in the event of an emergency. Plus, you can earn a higher-than-average interest on your chequing balance while it’s in your account.

Manulife Chequing Account:

Mobile banking, cheque deposit, and bill pay
No monthly fees if you maintain a $1000 balance
One of Canada’s largest ABM networks
Free Canadian bank-to-bank transfers
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Tangerine is all about the convenience of mobile banking. Tangerine has Cafes rather than traditional bank branches, but it’s the mobile app that makes Tangerine one of the best bank accounts in Canada.

The mobile app not only allows you to manage your account and deposit cheques from your mobile device, it also helps you manage your spending by categorizing your transactions. You can see your spending habits at a glance.

Tangerine Chequing Account:

Earn interest
Mobile banking and cheque deposit
No monthly fees
Access to Scotiabank ABM network
Track and categorize your spending habits
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Tangerine Savings Account:

Earn interest 1.15%
Earn 2.15% for the first 5 months as a new client
No monthly fees
RSP, RIF, and tax-free accounts available
Create a savings plan and schedule automatic savings transfers from chequing
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EQ Bank offers one of the best bank accounts in Canada when it comes to savings. The EQ Bank Savings Plus Account lets you earn 2.30% everyday interest* with no fees while also allowing bill pay and transfers from the same account.

You can also set up Savings Goals and track your progress to help keep you motivated and on top of your savings plan.

EQ Bank Savings Plus Account

Interest rate: 2.00%*
No monthly fees or minimum balance
Unlimited transfers to linked accounts and other EQ accounts
Unlimited Interac e-transfers®
Free day-to-day transactions
GICs available to earn more on longer-term savings
* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
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Meridian offers a full range of chequing, savings, mortgage, and investment options. Make your savings grow even faster with our High Interest Savings Account (HISA). Earn 0.50% on every dollar, calculated daily, and paid monthly.

Meridian also offers a Sweep account. The smartest way to help maximize your earnings. By monitoring your chequing and saving activity, Sweep ensures your money’s earning as much as possible in your High Interest Savings Account, while maintaining a balance in your Chequing Account for day-to-day transactions. It’s two bank accounts, working as one. You set the limits, which puts you in complete control.

High Interest Savings Account (HISA)

Earn 0.50% on every dollar, calculated daily, and paid monthly
Unlimited free transactions
No monthly fees
Interac e-Transfers® are available for an additional fee
Surcharge-free access to Meridian and EXCHANGE network ABMs
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Scotiabank offers a full range of financial services, including chequing, savings, investments, mortgages, and insurance. They also offer one of the top bank chequing account options in Canada.

The Scotiabank Ultimate Package chequing account. Through this exceptional product, you can do a bank from the comfort of home with its all-in-one package. The top features are irresistible such as unlimited transactions (debit, Interac e-Transfer, and new Scotia International Money Transfers), and unlimited free Global non-Scotiabank ABM withdrawals. For a limited time, you can earn up to 2.70% on your Momentum PLUS Savings Account. You can enjoy up to $139 annual fee waiver each year on select credit cards. Lastly, you have a chance to earn $300 cash by simply opening this account.

Ultimate Package Chequing Account

For a limited time, earn up to 2.70% on your Momentum PLUS Savings Account
Unlimited debit transactions, Interac e-Transfer transactions, and new Scotia International Money Transfers
Unlimited free Global non-Scotiabank ABM withdrawals
Up to $139 annual fee waiver each year on select credit cards
APPLY NOWAPPLY NOW
Motusbank is a streamlined new option in banking. They offer a single chequing account option, plus savings and mortgage. Their chequing is one of the few fee-free interest bearing accounts available.

Motusbank No-Fee Chequing Account

Interest rate: 0.50%
Mobile banking, cheque deposit, and bill pay
No monthly fees
No minimum balance
Free, unlimited Interac e-Transfers®
Free access to THE EXCHANGE network ABMs
APPLY NOWAPPLY NOW

What Type of  Account
Do You Need?

Not sure which bank account is best for you? Checking and savings accounts have specific purposes, while other accounts have pros and cons you need to weigh.

Chequing Account

In general, chequing accounts are the best place to keep money you’ll need for daily spending. They offer easy access to your money and often have convenient methods to transfer money between accounts or pay bills online.

Savings Account

Savings accounts typically offer less accessibility but higher interest rates which allow your money to grow over time. The fact that your money is less accessible is a positive, because you’re more likely to not touch it.

What to Know Before
Choosing a Bank Account

The fees and benefits to each account will determine which is best for you. Know what you’re comparing and choose the one that fits your needs best.

Here are some tips to get you started!

Fees

There are two types of fees common to most bank accounts: monthly fees and transaction fees.

Monthly fees are flat fees charged for your account each month. Transaction fees may be charged per on purchases, transfers or other transactions, depending on your account.

Account Benefits

Many fee-free accounts have fewer benefits, while accounts that give you more options may charge a monthly fee. If you want these additional features, a monthly fee could save you on transaction fees. If you won’t use them, go for the fee-free account.

Online Banking

Access to online banking is important to many people. Online banking allows you to monitor your accounts, make transfers, pay bills, and often even deposit cheques through the banks mobile app or website. This is especially helpful if you’re not located near a local branch.

Sign Up Process

Signing up for an account is usually very simple. Most can be set up online, but if you prefer to speak to someone in person, make sure the bank you choose has a local branch. You’ll need your SIN number and employment information to open most accounts.

Bank Accounts
Frequently Asked Questions (FAQ)

You have a lot of things to consider when it comes to choosing the right bank account for you. Get some of your most burning questions answered in our FAQ section below.

Are fee-free accounts always best?

Most fee-free accounts offer fewer features than premium accounts. If you won’t be using these features, the fee-free account may be the best fit for you. However, if you need more transactions, transfers, or other features, the flat monthly fee may cost you far less than accumulating transaction fees.

What is a “minimum balance”?

Some accounts have a minimum amount that needs to be maintained. Often, you can go below this balance but will be charged a monthly fee if you do. Like account fees, accounts with a minimum balance may offer you more features and benefits and possibly better interest rates. Make sure you read the fine print to see how minimum balances are calculated, as it could be daily balances, average balances for the month, etc.

Do I need online banking?

Online banking can be a great benefit, depending on your use. If you’re located far from a local branch, online banking can save a lot of time and trouble. If you need to make transfers or deposits at odd hours, online banking gives you 24/7 access to your accounts. Also, if you shop online or pay bills online, you can use your online banking app to handle these transactions conveniently.
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