Banking in Canada is reliable and convenient, though not always free. With some research, you can find out which is the best bank in Canada for you.
It’s becoming more common to offer free banking for your first year, so shop around and don’t be afraid to say you will bring your business elsewhere.
Before you decide on a preferred bank, take into consideration which branches are convenient to your home and place of work, what their opening hours are, and who offers the best credit cards in Canada for your needs.
Which is the best bank in Canada for me?
The ‘Big Five’ banks in Canada all (RBC, BMO, TD, CIBC, and Scotiabank) have programs for newcomers. These come with special newcomer incentives, so be sure to look into them. The best bank in Canada for you will depend on your specific needs. The banks that’ll be covered in this article are as follows:
- HSBC Canada
- Bank of Montreal (BMO)
- TD Canada Trust
- National Bank of Canada
In 1961, Canadian Bank of Commerce and the Imperial Bank of Canada merged to form the Canadian Imperial Bank of Commerce, or CIBC as it is more commonly known today.
CIBC’s success as one of the best banks in Canada is tied to its continued and sustained investment in the future. They have recently modernized their banking platforms to enhance their clients’ experience. The consistent execution of their client-focused strategy is paving the way for transformation of how banking is carried out in Canada, and it also enables CIBC to bring the best service possible to their clients. For example, CIBC Mobile Banking® App continues to earn top spot (6th year in a row!) in the Forrester ranking for functionality and user experience.
Moreover, CIBC’s chequing account has evolved over time to meet the needs of its customers. This account will allow you to bank just how you want to bank. In addition, with one of the largest ATM networks across Canada and top-ranked online and mobile banking as well as Apple Pay, all choice is yours. This is especially helpful for newcomers to Canada who will have one less thing to worry about.
Find out more about banking with CIBC here.
HSBC Bank Canada is part of the global HSBC network, with a footprint in many countries across the globe. Their 130+ branches are predominantly located in Canada’s major cities. They offer a service called “Global view”, which is a big draw for people who already have HSBC accounts in other countries, and makes accessing and transferring their money between their personal HSBC accounts worldwide simple.
Find out more about banking with HSBC in Canada.
Moving2Canada has also partnered with HSBC Canada on a range of guides, including:
- How to manage your finances as a newcomer to Canada
- How to manage your finances as an international student in Canada
- How to start investing as a newcomer to Canada
- 4 things you need to know about credit scores in Canada
- How to buy your first home in Canada
- New arrival must-haves: an essential checklist for newcomers to Canada
- Schooling in Canada: a guide for new families