If you’re new to banking in Canada—or simply reviewing your options—you might be wondering what banks are available to you. Canada has a secure and well-regulated banking system, and clients can choose between traditional banks, credit unions, and digital banks. Here’s what you need to know.
The Largest Banks (The “Big Five”)
The five biggest banks are the most recognized across the country:
- RBC (Royal Bank of Canada)
- TD (Toronto-Dominion Bank / TD Canada Trust)
- Scotiabank (Bank of Nova Scotia)
- BMO (Bank of Montreal)
- CIBC (Canadian Imperial Bank of Commerce)
👉 Why choose them?
- Strong national presence with thousands of branches and ATMs
- Wide range of accounts, credit cards, mortgages, and investment products
- Trusted for stability and customer support
Other Major Banks
In addition to the Big Five, clients also have access to:
- National Bank of Canada (a leader in Quebec with nationwide services)
- Laurentian Bank (mainly in Quebec and Ontario)
- HSBC Bank Canada (specializes in international banking)
Credit Unions and Caisses Populaires
Credit unions are member-owned, which means profits are reinvested to benefit members. Popular examples include:
- Desjardins Group (the largest cooperative financial group in Canada)
- Meridian Credit Union
- Vancity
👉 Why choose them?
- Community focus
- Competitive interest rates on savings and loans
- Often lower fees than large banks
Online and Digital Banks
For clients who prefer convenience and low fees, online banks are a strong option:
- Tangerine (owned by Scotiabank)
- Simplii Financial (backed by CIBC)
- EQ Bank
- Motusbank
👉 Why choose them?
- No monthly fees on most accounts
- High interest rates on savings
- Mobile-first, easy to manage anywhere
FAQs
Can I open more than one bank account?
Yes. Many clients use a mix—for example, a traditional bank for full services and an online bank for high-interest savings.
Do I need to be a resident to open a bank account?
Not always. Non-residents, newcomers, and temporary residents (like students or workers) may also qualify. Requirements vary by bank.
Are credit unions as safe as banks?
Yes. Just like banks, deposits at credit unions are protected by provincial deposit insurance.
Key Takeaway
You have a wide range of options when it comes to opening a bank account in Canada. From the convenience of digital banks to the security of traditional banks and the community focus of credit unions, you can choose what best suits your lifestyle and financial goals.
