A bank is a financial institution where you save money and perform other financial transactions. Hence, it is very important to carefully select a reputable bank that caters to your financial need. However, know that every bank is different and don’t have the same financial requirements for their customers. You should also consider some factors before trusting any financial institution with your money. This includes accessibility, charges, interest rate, and many more. For this reason, this article will talk about some of the best banks in Canada for those living in Canada.
Online banks versus physical banks
There are reasons why people prefer physical banks, while there are reasons why some prefer online banks. Those who chose online banks do so for their convenience and easy banking method. And those who go to physical banks do so because it is easier to lodge their complaints and queries. Besides, they can physically interact with people in the bank and resolve any issues they have with the bank. Additionally, going to the bank is beneficial to customers who need complex financial services like mortgage and retirement plans. Some businessmen and investors even use the opportunity to secure investment deals.
Local banks in Canada
Royal Bank of Canada
This Canadian bank is a very large and popular bank that is over a century old. Established in 1864, Royal Bank has millions of clients globally, including foreign and Canadian customers. Furthermore, it is renowned for its size, excellent customer care, and banking stability. Royal Bank has thousands of ATMs in various Canadian regions available for use at any time.
Services offered by this bank
- Insurance packages
- United States dollar accounts
- Accounts for students, including foreign students studying in Canada
- Chequing accounts
- Accounts for new residents in Canada
- Investment services
- Savings
- And lastly, Royal bank helps customers to manage their wealth if they want.
Charges
- Chequing: customers are charged a monthly rate of 30 dollars or 4 dollars. In addition, new accounts enjoy other perks.
- ATM charges: No withdrawal fees when customers use their ATMs in Canada
Scotiabank
This is another Canadian bank that has millions of global customers and is over a century old. Its history of financial stability has endeared this bank to its customers. It also has several financial packages for its clients, physical banking halls, and several ATMs across Canada.
Services offered
- Loans
- Accounts for seniors
- Savings
- Chequing
- Students
- Credit cards: Customers can choose any credit card services that suit their needs.
- Credit lines
- Investment options like TFSA and RRSP
- Mortgage services
Banking charges
- Chequing: There is a monthly charge of 30.95 dollars for ultimate chequing accounts. Account holders of this type enjoy heavy financial perks. Then there is a normal monthly chequing fee of 3.95 dollars.
Bank of Montreal (BoM)
This bank is older than any other bank in Canada. Established in Montreal, it is a large bank that caters to millions of customers. BoM has thousands of ATMs and banking halls scattered across Canada. Furthermore, BoM is a unique bank because it offers personalized financial services to indigenous customers.
Financial services offered by BoM
- Accounts for new immigrants
- Accounts for students
- Chequing and savings
- Dollar account (United States)
- Loan packages
- Credit cards
- Investment packages like TFSA
- Insurance
- Housing plan
- Lastly, BoM also helps you plan your finances
Banking charges
- United States dollar account: No charges for those who pay a monthly fee for their chequing account.
- Chequing: It can be free, but there is a monthly payment option of $15.95 for customers who want extra features. Customers that choose to pay enjoy an opening bonus of 350 dollars. In addition, they can open a United States savings account-type for free.
Toronto Dominion (TD)
TD is also a large banking organization in Canada, but its size is smaller than the Royal Bank of Canada. Similarly, it also has millions of clients living in different parts of the world. This bank founded more than a century ago has grown and is recognized locally and internationally. It has thousands of ATMs in different Canadian regions. Additionally, it has numerous banking units in Canada. Each branch offers a wide range of services to clients who patronizes the bank.
What TD offers
- Mortgage
- Insurance
- Loan packages
- Different credit card options
- Investment opportunities
- United States account
- Accounts for new residents
- Accounts for those who are studying
- Savings
- Chequing
Banking Charges
- Chequing account: Customers are either charged a monthly fee of 29.95 dollars or 3.95 dollars.
Conclusion
In a nutshell, Canadian citizens and immigrants in Canada can enjoy many banking and financial services in Canada. It all depends on their banking needs and financial resources. Even businessmen in Canada go to a bank that offers business account services to open a business account. Just ensure the bank you choose is a trusted one and very reliable.
