Choosing the right bank in Canada can significantly impact your financial health. In this article, we compare the five largest Canadian banks: Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD Canada Trust), Scotiabank, Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). We'll evaluate them based on savings account interest rates, monthly fees, overdraft charges, app store ratings, Trustpilot reviews, and more.
Overview of the Top 5 Canadian Banks
- Royal Bank of Canada (RBC) – Canada's largest bank by market capitalization.
- TD Canada Trust – A subsidiary of Toronto-Dominion Bank, known for its customer service.
- Scotiabank – A global bank with a strong presence in Latin America.
- Bank of Montreal (BMO) – The oldest bank in Canada, known for its digital innovation.
- Canadian Imperial Bank of Commerce (CIBC) – Known for competitive credit cards and investment services.
Savings Account Interest Rates
Interest rates on savings accounts are crucial for customers looking to grow their money. Here's a comparison of regular and Tax-Free Savings Account (TFSA) rates as of Q1 2025:
| Bank | Regular Savings Account Rate | TFSA Savings Account Rate |
|---|---|---|
| RBC | 0.10% | 0.20% |
| TD | 0.05% | 0.15% |
| Scotiabank | 0.05% | 0.10% |
| BMO | 0.10% | 0.20% |
| CIBC | 0.05% | 0.10% |
Monthly Account Fees
Monthly fees can add up quickly. Here's a comparison of the average monthly fees for basic chequing accounts:
| Bank | Monthly Chequing Account Fee | Fee Waiver Conditions |
|---|---|---|
| RBC | $13.95 | Minimum balance of $4,000 or e-Statement |
| TD | $14.95 | Minimum balance of $4,000 or e-Statement |
| Scotiabank | $14.95 | Minimum balance of $4,000 or e-Statement |
| BMO | $14.95 | Minimum balance of $5,000 or e-Statement |
| CIBC | $15.00 | Minimum balance of $4,000 or e-Statement |
Overdraft Fees
Overdraft fees can be costly. Here's a breakdown of each bank's standard overdraft fee:
| Bank | Overdraft Fee (per occurrence) | Daily Cap |
|---|---|---|
| RBC | $4.50 | $13.50 |
| TD | $5.00 | $15.00 |
| Scotiabank | $4.50 | $13.50 |
| BMO | $4.50 | $13.50 |
| CIBC | $4.50 | $13.50 |
App Store Ratings
Mobile banking apps are essential for modern banking. Here's how each bank’s app ranks:
| Bank | iOS Rating (out of 5) | Android Rating (out of 5) |
|---|---|---|
| RBC | 4.8 | 4.6 |
| TD | 4.9 | 4.7 |
| Scotiabank | 4.7 | 4.5 |
| BMO | 4.7 | 4.6 |
| CIBC | 4.6 | 4.5 |
Trustpilot Customer Reviews
Customer satisfaction is a key indicator of service quality. Here's a summary of Trustpilot ratings as of April 2025:
| Bank | Trustpilot Rating (out of 5) | Number of Reviews |
|---|---|---|
| RBC | 4.1 | 14,000+ |
| TD | 4.2 | 16,000+ |
| Scotiabank | 4.0 | 13,500+ |
| BMO | 4.1 | 12,000+ |
| CIBC | 4.0 | 11,500+ |
Choosing the right bank isn't just about numbers — it's about finding the one that fits your lifestyle, habits, and long-term financial goals. Whether you're looking for the best rates, lowest fees, or top-rated app, there's a bank that's perfect for you.
Market Share and Assets
Let's look at the market share and total assets under management for each bank:
Conclusion and Recommendations
If you're not a finance expert, choosing a bank can feel overwhelming. Let’s break it down simply:
- Best for high savings rates: RBC and BMO offer the best rates on regular and TFSA savings accounts.
- Best mobile experience: TD Canada Trust has the highest-rated apps on both iOS and Android.
- Best customer satisfaction: TD and RBC lead in Trustpilot ratings.
- Best for avoiding monthly fees: All banks waive fees if you maintain the minimum balance — RBC has the lowest requirement at $4,000.
- Best for international banking: Scotiabank has a strong global presence, especially in Latin America.
So, what should you choose? If you want a well-rounded experience with great apps, solid rates, and good reviews, TD Canada Trust is a safe bet. If you care most about savings growth, RBC or BMO will serve you better. And if you travel or work internationally, Scotiabank might be your best match.
Remember: switching banks is easier than ever. Take advantage of free trials, mobile banking demos, and online reviews to find the one that works best for you.
Sources: RBC.com, TD.ca, Scotiabank.com, BMO.com, CIBC.com, Trustpilot.com, App Store, Google Play Store
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