So, you seem to be interested in knowing about the different banks in Canada. You have come to the right place. In this article, you will get all the information you need to know about the various banks in Canada, and also we will conclude by disclosing about the best one.
Check the list of the different banks in Canada:
Scotiabank
However, Scotiabank is the third biggest bank in Canada but is a trailblazer in innovative offerings in finances. With Scotiabank, each chequing account has a choice of having rewards in debit cards along with a cashback on the debit card. Scotiabank has three no monthly fee savings plans and four chequing accounts. All the seniors are offered exclusive discounts on the rates on the accounts.
Youth savings account and student chequing are also offered. Several credit cards on offer by the Scotiabank covers almost all the credit card users such as American Express and Visa, cashback, rewards, lifestyle, no fee on cards, and low interest.
Motusbank
Motusbank is a new entry into the financial market; it is operated by none other the Meridian Credit Union. It is an online-only option for the ones who consider banking via a smartphone or computer only. A lot of the bank accounts offer slightly higher interest rates on an average as a result of the lower overheads.
Similar to the online institutions like HQ or Alterna, motusbank provides RRSP, GIC, and TFSA for the customers and alternatives for chequing purpose. It offers no credit cards and has a lesser variety than many well-established banks.
Tangerine
An online operated bank, Tangerine offers a complete fleet of financial services. It includes one chequing account, a credit card, and five savings accounts. You won’t find a branch of the bank, but you will discover banking service via an online website, round the clock phone service, mobile app, and ABMs.
A customer is offered a credit card and no-fee chequing account and most attractive no-fee or low savings accounts including tax-free plans, a regular saving account, and retirement savings plans. There is no yearly fee with Tangerine and has flexibility on cash back and rewards category and has no caps on the cashback rewards accrual.
RBC Royal Bank
RBC or the Royal Bank of Canada can be rightfully said to be the largest financial institution in Canada and displays a wide variety of products. The Royal Bank provides three no-fee savings accounts, including US dollar savings, account at no fee. The customer can choose from one of the four chequing accounts as per the banking requirements and through a dozen credit cards over six card categories.
Products offered by RBC are best as they offer a discount on the fees when you have 2 or more than two right RBC products. RBC Cashback Mastercard with no-fee cashback card is among the leaders in this field and has a unique cash back structure making it stand out.
Rogers
Rogers Bank was established in 2013 but has gained a reputation among the Canadians. It focuses on credit cards only and provides 2 of them, yet is useful due to its robust cashback offers for the travelers, including those buying in foreign currency.
With Rogers Platinum Mastercard, the users can earn 3% cash back on the purchases on more than $20 buying in other currencies. It has no caps or limits and has 1.25% cash back on buyouts in CAD. The welcome bonus of $25 is applicable when the first purchase is made in 3 months. There is no annual fee on the card.
Bank of Montreal
Do you want to get Air Miles? Then there is no bank better than BMO (Bank of Montreal). Amid the eight credit cards, the customer receives 3, and these can gain Air Miles, including the cards that provide low interest, BMO Rewards, and cash back. They can also gain Air Miles with two of the BMO’s five chequing alternatives (though not the savings accounts).
Bank of Montreal ensures that it is all worth to have more products than just one along with discounts on premium cards and unlimited transaction on chequing account. BMO MasterCard is the best way to win Air miles faster.
Summing Up
Scotiabank is undoubtedly the best bank in Canada. However, these banks may over a higher currency exchange rate. Therefore, convert currency in Toronto at a reliable place only.