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Find a Better Bank Account in Canada

Stop paying fees for daily banking and start earning real interest. Compare high-yield savings, no-fee chequing, and top GIC rates instantly.

Savings Accounts

Grow your money faster with the best high-interest rates in the country.

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Chequing Accounts

Stop paying fees for daily banking. Find unlimited transaction accounts.

Find No-Fee Accounts

Guaranteed (GICs)

Lock in a guaranteed return with the top risk-free GIC rates in Canada.

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Everyday Value

Featured Chequing Accounts

Featured
BMO Bank of Montreal logo

BMO Bank of Montreal

Account Details

Monthly Fee: None

Interest Rate: 0.01%

Key Features
  • CDIC Insured
  • Online and Mobile Banking
View Offer
Featured
KOHO Financial Inc logo

KOHO Financial Inc

Account Details

Monthly Fee: $22.00

Interest Rate: 3.50%

Special Offer
Save with annual billing: Pay $177/yr (equals $14.75/mo) instead of $22/mo. Earn 3.50% interest.
Key Features
  • CDIC Insured
  • Unlimited Transactions
  • Free Interac e-Transfers
View Offer
Featured
EQ Bank logo

EQ Bank

Account Details

Monthly Fee: None

Interest Rate: 1.00%

Special Offer
Earn a total of 2.75% interest when you direct deposit at least $2,000/month. Includes 0.5% cash back on card purchases.
Key Features
  • CDIC Insured
  • No Monthly Fees
  • Unlimited Transactions
  • Free Interac e-Transfers
View Offer
Featured
ATB Financial logo

ATB Financial

Account Details

Monthly Fee: $15.95

Special Offer
Monthly fee waived if you are a post-secondary student aged 26 or older with proof of enrollment.
Key Features
  • Unlimited Transactions
  • Free Interac e-Transfers
  • Overdraft Protection Available
View Offer
High Yield Picks

Featured Savings Accounts

Featured
BMO Bank of Montreal logo

BMO Bank of Montreal

Account Details

Monthly Fee: None

Interest Rate: 0.05%

Key Features
  • CDIC Insured
  • Online and Mobile Banking
  • US Dollar Account
View Offer
Featured
Scotiabank logo

Scotiabank

Account Details

Monthly Fee: None

Special Offer
Save automatically with pre-authorized contributions and receive free quarterly personal portfolio statements.
Key Features
  • No Monthly Fees
  • No minimum balance
View Offer
Featured
Wealthsimple logo

Wealthsimple

Account Details

Monthly Fee: None

Interest Rate: 3.25%

Special Offer
Earn 2.25% to 3.25% interest. Unlock a +0.5% boost with CAD direct deposit. No minimums.
Key Features
  • No Monthly Fees
  • Self-Directed Investment Options
  • No minimum balance
  • Online and Mobile Banking
View Offer
Featured
TD Canada Trust logo

TD Canada Trust

Account Details

Monthly Fee: None

Interest Rate: 0.45%

Special Offer
Welcome Bonus: $750
Key Features
  • No Monthly Fees
  • Unlimited Transactions
View Offer

Know Your TFSA Room

Your contribution room is more than just this year's limit. It's a cumulative total that grows every year you're eligible.

Use this tool for a clear, personalized breakdown and find out exactly how much you can contribute today, tax-free.

Your Details
You must be 18 or older to open a TFSA.
$
$
Your Contribution Room
Total Unused Room (as of Jan 1)
$0
Year-by-Year Breakdown
YearLimitCumulative

Supercharge Your Savings

Use government-registered plans to grow your money tax-free or tax-deferred.

Tax-Free Savings Account

Grow your money completely tax-free. Perfect for almost any savings goal.

Best TFSA Accounts →

Registered Retirement Savings Plan

Save for retirement with tax-deductible contributions to grow your nest egg tax-deferred.

Explore RRSP Accounts →

First Home Savings Account

The ultimate tool for first-time home buyers, combining a tax deduction with tax-free growth.

Discover FHSA Accounts →

Find the Right Account for Your Needs

From daily chequing to long-term savings, explore all your banking options.

Chequing Accounts

For your daily spending, bills, and payroll.
High-Interest Savings

Grow your emergency fund and short-term savings.
GIC Rates

Earn a guaranteed, fixed return on your savings.
TFSA Savings

Grow your savings 100% tax-free for any goal.
RRSP Savings

Get a tax refund today and save for retirement.
FHSA Savings

The "super" account for first-time home buyers.
Student Accounts

No-fee banking designed for post-secondary students.
Seniors Accounts

Special benefits and discounts for Canadians 60+.
Newcomer Accounts

Bank accounts for new immigrants and residents.
US Dollar Accounts

Save and spend in USD to avoid conversion fees.
Business Accounts

Manage your company's cash flow, payroll, and expenses.
Best Bank Accounts

Our "super pro" picks for the best accounts in Canada.

Frequently Asked Questions

Your top banking questions, answered by the Ratebuddy team.

Think of it like your wallet vs. your piggy bank. A **chequing account** is your digital wallet, designed for daily transactions like paying bills and debit purchases. A **savings account** is your piggy bank, designed to hold and grow your money by earning interest. For the best results, keep your daily spending money in a chequing account and move the rest to a high-interest savings account to maximize your earnings.

For daily banking, yes! Most no-fee accounts offered by digital banks and credit unions have no monthly maintenance fee and offer unlimited free transactions and e-Transfers. However, they may still charge for non-standard transactions like wire transfers, bank drafts, or using another bank's ATM. Always check the account's fee schedule for these specific services.

It's all about when you pay the tax. With an **RRSP**, you get a tax deduction now (pay less tax today) but pay tax on withdrawals in retirement. It's for long-term retirement savings. With a **TFSA**, you contribute with after-tax money, but all the growth and withdrawals are completely tax-free. It's a flexible account for any savings goal.

In a **GIC**, your principal investment is guaranteed and typically insured by the CDIC (Canada Deposit Insurance Corporation) up to $100,000. You cannot lose your initial investment. A **TFSA** is just a tax-free "container." If you hold a GIC or a savings account inside it, your money is safe. If you hold stocks inside it, you can absolutely lose money if the market goes down.

It's easier than ever! Many banks, especially digital banks, have streamlined online applications. The biggest task is updating your pre-authorized payments (like your gym membership or car insurance) and your direct deposit with your employer. While it takes an hour or two of work, switching to a no-fee, high-interest account can save you hundreds or even thousands of dollars per year.

Digital banks have very low overhead costs because they don't operate expensive physical branches. They pass these savings directly on to you in the form of no monthly fees and higher interest rates on savings accounts.

A First Home Savings Account (FHSA) is the most powerful savings tool for aspiring Canadian homeowners. It's a "super account" that combines the best of both an RRSP (your contributions are tax-deductible) and a TFSA (your investment growth and withdrawals for a home purchase are tax-free). If you are saving for your first home, this should be your number one savings vehicle. Explore FHSA accounts.

Yes. All federally regulated banks in Canada, including digital banks like Tangerine and Simplii, are members of the CDIC, which insures your deposits up to $100,000 per category. Provincial credit unions, like ATB Financial here in Calgary, have similar deposit insurance guarantees, which are often unlimited. Your money is just as safe as it would be at a major bank.

Generally, no. Standard chequing and savings accounts are not credit products, so opening or closing them does not impact your credit score. However, applying for an overdraft protection feature on your chequing account often involves a "hard inquiry" on your credit report, which can cause a small, temporary dip in your score.

A RRIF (Registered Retirement Income Fund) is the "income phase" of your RRSP. By the end of the year you turn 71, you must convert your RRSP into a RRIF. You can no longer contribute to it; instead, you must begin withdrawing a minimum amount each year as retirement income. The investments inside, like GICs, continue to grow tax-deferred.

A Tip from Buddy

My best tip for effortless saving? Pay yourself first, automatically.

Set up an automatic transfer from your chequing to your High-Interest TFSA for the day after you get paid. Even a small amount grows into a mighty stash over time thanks to the power of compounding.

Free Expert Guide

Master Your Bank Accounts

From your first no-fee chequing account to advanced TFSA and RRSP strategies, our comprehensive 2025 guide is the only resource you need to navigate Canadian banking with confidence.

Read the Ultimate Guide