Banking in Canada

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bank account.

Compare chequing accounts, savings and GICs. Explore banking offers and available RateBuddy rebates.

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RateBuddyOFFERS AT A GLANCE

Featured Banking Offers of October 2026.

  • No-Fee Everyday Banking with Unlimited Transactions + Get a $40 Welcome Bonus

    KOHO Core Account

    Featured

    $0 monthly fee | No direct-deposit or minimum-balance requirement | Unlimited transactions | Free e-Transfers | 2% annual interest on your full eligible balance | 1% cash back on groceries, transit, and food & drink | Up to 6.5% extra cash back at selected merchants | Free credit-score monitoring | Terms apply

    View Offer Learn more
  • Ratebuddy Cash Rebate $75 RateBuddy rebate

    Preferred Package

    Featured

    Earn Up to $1,000 in Welcome Bonuses with a Preferred Package Bundle. Conditions Apply.*. Welcome offer ends

    Welcome bonus(up to)
    $1,000
    RateBuddy rebate
    $75

    Get from RateBuddy$75

    Rebate ends

    Get this offer View Offer Learn more

  • KOHO Extra Plan

    Featured
    Details

    RateBuddy Exclusive Offer: New KOHO members can earn 5% interest for 3 months with promo code RB5S26. Up to $100 interest earned; eligible transactions only. After the promo period, continue earning 2.50% interest, plus 1.5% unlimited cash back on groceries, transportation, food & drinks. Terms apply.

    View Offer Learn more

  • CIBC Smart® Account for Foreign Workers

    Send money to over 130 countries with $0 transfer fees via CIBC Global Money Transfer.

    Details

    Get $500 cash when you open a CIBC Smart Account and set up a recurring direct deposit plus 2 pre-authorized debits. Bundle to earn up to $600 with an eligible credit card.

    View Offer Learn more
See all offers

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.

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 →

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