| Bank | Type | Monthly Fee | Min Balance (waive fee) | Savings Rate | ATM Access | Branches | e-Transfers |
|---|---|---|---|---|---|---|---|
| Tangerine | Online | $0 | None | 2.75% | Scotiabank ATMs | None | Free unlimited |
| EQ Bank | Online | $0 | None | 3% | None (savings only) | None | Free unlimited |
| Simplii | Online | $0 | None | 2.5% | CIBC ATMs | None | Free unlimited |
| RBC | Big Bank | $15.95 | $4,000 | 0.05% | RBC ATMs everywhere | 1,200+ | Included |
| TD | Big Bank | $16.95 | $5,000 | 0.05% | TD ATMs everywhere | 1,100+ | Included |
| Scotiabank | Big Bank | $15.95 | $4,000 | 0.05% | Scotiabank ATMs | 1,000+ | Included |
| BMO | Big Bank | $16.95 | $5,000 | 0.05% | BMO ATMs | 900+ | Included |
| CIBC | Big Bank | $14.95 | $4,000 | 0.05% | CIBC ATMs | 1,000+ | Included |
How to Read This Table
- Monthly Fee: What you pay per month (often waived with minimum balance)
- Min Balance: Keep this amount in your account to avoid the monthly fee
- Savings Rate: Annual interest earned on savings (higher is better)
- ATM Access: Which ATMs you can use without fees
- Branches: Physical locations for in-person service
- e-Transfers: Cost to send money via Interac e-Transfer
Key Takeaways
- ✓ Online banks have no fees and higher savings rates (2.5-3%)
- ✓ Big banks charge $15-17/month unless you keep $4,000-$5,000 minimum balance
- ✓ Savings rates: Online banks pay 10-50x more interest than big banks
- ✓ Annual cost: Big banks = $180-$200/year, online banks = $0
- ✓ Best strategy: Use online bank for chequing/savings, big bank for mortgage/investments