Pierce Ford
These are physical banks with numerous branches spread throughout numerous cities, ATMs, and a long history of providing excellent customer care. In spite of the prevalence and practicality of online-only banks, there are still many reasons why consumers would want to use one. Having a physical contact with your neighbourhood bank can still be beneficial, and even just talking to someone can frequently help you get better rates, work out payment arrangements, or resolve unique problems. Speaking with a live person can be helpful for people who want to talk about complicated financial issues including retirement planning, refinancing a mortgage, the best way to invest for your child’s future, and more.
1. Royal Bank of Canada
The largest bank in Canada, The Royal Bank of Canada, was established in 1864. The bank serves more than 16 million clients worldwide and provides chequing, savings, student, new immigrant to Canada, and even U.S. dollar accounts. Fees for its chequing accounts range from $4 to $30 per month, with discounts for new clients.
Its size, history of stability, and availability of over 50,000 no-fee ATMs make it one of the most well-liked banks in Canada. This is especially true given that it has the largest branch and ATM network in the nation. In addition to chequing and savings accounts, RBC also provides wealth management services, investment platforms, and insurance products.
2. Bank of Toronto-Dominion
The second-largest bank in Canada, TD Bank serves more than 25 million people worldwide. In addition to having a strong presence abroad, TD has over 1,100 branches and a nationwide network of 2,800 ATMs in Canada. In 1855, TB Bank was founded in Toronto.
There are several different types of accounts offered by TD, such as chequing accounts with monthly fees that range from $3.95 to $29.95 as well as savings accounts, student accounts, youth accounts, accounts in U.S. dollars, and “New to Canada” accounts. Additionally, it provides chances for investment as well as credit cards, mortgages, loans, insurance, and retirement products like RRSPs and TFSAs.
3. Scotiabank
More than 25 million customers worldwide are served by the third-largest bank in Canada, which has been in business since 1832. Numerous physical bank branches and a nationwide network of more than 3,500 ATMs are among its many strengths. It also has a long history of stability.
Chequing, savings, student, and senior accounts are among the six types of bank accounts that Scotiabank provides. The costs for its chequing accounts range from $3.95 per month to $30.95 for the Ultimate Account with the most benefits. Additionally, it provides 18 different varieties of credit cards, including no-fee, cash-back, and travel-rewards cards. Scotiabank offers mortgages, loans, and credit lines in addition to regular banking accounts and credit cards. It provides investment accounts, including as RRSPs and TFSAs, and has its own investing platform.
4. Bank of Montreal
The Bank of Montreal was established in Montreal in 1817, and it ranks as the fourth-largest and oldest bank in Canada. In Canada, the bank has over 7 million customers, 939 locations, and a network of more than 2,000 ATMs.
The Bank of Montreal provides a range of chequing and savings accounts, including ones for students, immigrants to Canada, and those that are specifically tailored to the needs of indigenous people. Chequing account fees at the bank range from $0 per month to $15.95 per month for accounts with more deluxe amenities including a $350 welcome bonus and a cost-free US currency savings account. Mortgages, credit cards, loans, insurance, financial planning services, and investment possibilities through accounts like RRSPs and TFSAs are examples of other financial products.
5. Canadian Imperial Bank of Commerce
Since its founding in 1961, the Canadian Imperial Bank of Commerce has grown to become Canada’s fifth-largest bank. It has more than 1,100 locations across Canada, more than 3,700 ATMs, and serves more than 11 million customers globally.
The Canadian Imperial Bank of Commerce provides a variety of chequing and savings accounts, including accounts for students, seniors, overseas workers, and accounts in U.S. dollars. Fees for chequing accounts range from $3.90 to $29.95 per month. Along with standard financial goods like mortgages, loans, and insurance, CIBC also provides banking accounts and retirement programs like TFSAs and RRSPs.
