Best Small Business Bank Account Canada – With so many options, finding the right bank can be a daunting task. We outline the best banks in Canada for different banking needs.
Most Canadians are familiar with the Big Five banks: RBC, TD, Scotiabank, BMO and CIBC. Some may even know that the National Bank of Canada sneaks in and expands the list to six. But apart from these, there are dozens of banks in the country, including many financial and new banks, each offering their own unique personal banking products and services. Finding the best one can be difficult, especially since it depends on your specific needs, from your daily banking habits to your savings goals, if you need or need a mortgage, as well as investments and more. In this article, we’ll take a look at the prominent banks so you can decide which one is right for your personal banking needs. We also report if these banks are covered by the Canadian Deposit Insurance Corporation (CDIC), which means that deposits held at these banks are insured for up to CAD 100,000 in the event of a bank failure. Here are the best banks in Canada for 2022.
Best Small Business Bank Account Canada
All of Canada’s Big Five banks offer customers stability, a wide range of financial products and the convenience of thousands of physical bank branches and ATMs. That said, Scotiabank savings are rare, which is why we’ve chosen them as the best large banks for Canadians.
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In terms of everyday banking options, Scotiabank has five different accounts. Each has pros and cons, designed for Canadians at any stage of life. Customers under the age of 18 and students enrolled in junior high school can apply for a free account. For adults, Scotiabank offers four options that balance needs and benefits, from as low as $3.95 per month with a Scotiabank Basic Bank Account*, all the way up to giving you rewards and credit card discounts. Among other benefits, $30.95 per month.
Individually, these accounts are the same as the other Big Five offerings, but Scotiabank lowers or completely waives fees with bundled services. The Ultimate Package includes, for example, daily banking with unlimited transactions, the ability to earn Scene+ points, improved deposit rates, annual fee waivers for select credit cards, free transactions on Scotia iTrade, and up to $350 in bonuses. Cash. That’s a lot of banking risk, but it gets better. Those who save a minimum of $5,000 in Chew or $30,000 combined with a Momentum Plus Savings Account pay no monthly fees.
Scotiabank carries 16 credit cards, including some of the highest earning rewards cards in Canada. Like their bank accounts, Scotiabank has cards to suit any Canadian, from those looking for a free card to travelers to cash hoarders. Notably, Scotiabank is the only Big Five bank to offer a card with no foreign transaction fees.
In addition to everyday bank accounts and credit cards, Scotland offers mortgages, loans and credit cards. They even have their own investment platform, Scotia iTrade, which offers investment accounts such as Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs).
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One of the main benefits of banking with the Big Five is that you can keep all of your financial products with one trusted institution. With that in mind, Scotiabank offers the widest variety with the best losses and returns, and options to help you save.
Checking and savings accounts mortgage insurance lines of credit RRSPs, TFSAs and other types of investment accounts; Scotia iTrade platform
In the past few years, online-only banking has grown in popularity, attracting 76% of Canadians who do most of their banking digitally. Online banks offer their services through websites, telephones and mobile apps so that customers don’t have to speak to a teller or visit a branch.
Our pick for the best Canadian online bank is Tangerine, an online bank (mostly) owned by Scotiabank. Although Tangerine is virtual, it does operate a Tangerine Cafe across the street in North York (although that location is currently closed to the public until further notice).
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Mandarin’s Daily Charge account gives you all the features you need for everyday banking for free. When you open an account, you must link it to an external account so that you can transfer money to it. You will then receive a debit card in the mail, which you can use to make purchases or withdraw cash. Transactions can be made online, over the phone or at any of the more than 3,600 national Scotiabank ATMs (and 44,000 associated international ATMs), so you don’t need to visit a physical bank. With a no-fee account, you’ll receive unlimited credit transactions and mutual electronic transfers, as well as pre-authorized withdrawals and bill payments.
Tangerine also offers investment accounts including savings accounts (including RRSPs, TFSAs, USD and Registered Retirement Income Funds (RRIFs)) and Guaranteed Investment Certificates (GICs). Although it’s an online bank, it offers mortgages, loans and credit, so you can have all your accounts under one financial provider. You can even open a business account with Tangerine – the bank has four accounts suitable for businesses.
Finally, Tangerine offers the best cash back credit card in Canada. The Mandarin Cashback Card earns you 2% cash back on food, restaurants, hotel-motel, furniture, gas, recurring payments, home improvement, entertainment, drugstore or public transportation and up to three spending categories. Parking. For those earning at least $60,000 per year (or $100,000 for a family), the World MasterCard adds free Boingo Wi-Fi access, car rental and mobile device insurance, and Mastercard Airport Experience. The card also has no annual fee.
Again, Tangerine takes the crown in this category because it charges $0 for services that many other banks charge. For example, there are no monthly or annual fees, unlimited credit transactions, pre-authorized payments and email transfers. Although it doesn’t have a physical branch, you can get free access to 3,500 Scotiabank ABMs and 44,000 ABMs worldwide through Scotiabank’s global network of ATMs.
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EQ Bank, the ninth largest bank in Canada and the only online bank owned by EQ Bank, is the absolute vision for saving money. Since it doesn’t offer credit cards or checking accounts, it knows its focus is on saving money (its Everyday Savings account is just like its checking account).
It also offers USD savings accounts, but the standout for general purposes is the EQ Savings Account Plus. With an interest rate of 2.50%, this account has a higher yield compared to other banks – exciting news for those who want to keep their money safe and secure without limit. EQ Savings Accounts have no minimum deposit, no daily bank fees and free Interac e-transfers, electronic fund transfers and withdrawals. Each client has up to $200,000 in savings, which can be used as a joint account with a partner. In addition, EQ Bank has partnered with Wise to offer you low-cost international money transfers. Like most depository banks, up to $100,000 is federally insured. If you are looking for safety and security, without high speed and volatility, EQ Bank Savings Account is the best choice.
EQ also offers GICs, which are essentially term deposits that allow you to take advantage of higher interest rates while maintaining your principal rate. GICs can be held in registered (for RRSP or TFSA investments) or non-registered accounts, and the interest you earn depends on how long you give. EQ Bank is very competitive.
EQ also stands out in this category. If you need to access and manage money with someone else, a joint account is for you. Our top pick is EQ Bank’s United Savings Account, a free account that gives you unlimited transactions, no minimum balance and a high interest rate of 2.50%. Protected by balance
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Students have specific banking needs, and we’ve chosen the Scotiabank Student Banking Advantage Plan* as the best banking product to meet them. The package includes unlimited credit and Interac e-Transfer deals, the ability to earn points in the Scene+ program, and extra protection with no monthly fees. In addition, new account holders can earn a $75 bonus when they create and clear automatic and recurring direct deposits like paychecks within the first two months.
The best bank for budget tools may not be a bank at all. Koho is a sophisticated company that offers prepaid cards that can be used as payment cards, rewards cards, and credit cards. Koho’s RoundUp feature helps you save money every time you use your card. The budget tool in the app lets you see where your money is going. and