Best for
Branch-first banking; newcomers needing in-person support
TD Everyday Chequing (newcomer promo): Branch network across Canada; instant debit card
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Compare monthly fees, account types, digital tools, savings rates, and branch access.
Updated May 26, 2026
Fact-checked by MoneyMapCanada Editorial TeamUpdated May 26, 2026
MoneyMapCanada Editorial Team
Editorial review and fact-check team
The MoneyMapCanada Editorial Team reviews every article and calculator for factual accuracy, source integrity, and consistency with current Canadian government guidance. Each piece is cross-checked against CRA publications, FCAC consumer guidance, CMHC rules, or CDIC coverage definitions before publication. The team also monitors for rate and rule changes and flags outdated content for revision.
Fact-check process: each article cross-referenced against the named government source before publication
Rate and rule monitoring: content flagged and updated when CRA, FCAC, CMHC, or CDIC guidance changes
Sample total value score
TD Everyday Chequing (newcomer promo)92/100
Simplii Financial No-Fee Chequing84/100
Scotiabank Student Banking Advantage76/100
RBC Signature No Limit Banking68/100
How this comparison works
Scores and table rows are educational examples, not paid rankings or personalized recommendations. Compare the full cost, eligibility rules, flexibility, support access, and current provider terms before choosing a financial product.
Comparison table
Fees, APR, ratings, pros and cons
| Product | Rating | Monthly / Annual Fee | APR / Rate | Best For | Pros | Cons |
|---|---|---|---|---|---|---|
TD Everyday Chequing (newcomer promo) Branch network across Canada; instant debit card | 4.2 | $10.95 after promo | 0.01% savings | Branch-first banking; newcomers needing in-person support | 1,200+ branches; wide ATM network; easy newcomer account opening | Monthly fee after promo; minimum balance requirement to avoid fee |
Simplii Financial No-Fee Chequing No monthly fee; unlimited debit transactions | 4.8 | $0 | Up to 4.00% on savings promos | Digital-first banking; fee-sensitive users | Truly no monthly fee; free e-transfers; high-interest savings option | No branches; cash deposits require CIBC ATM; support is phone/chat only |
Scotiabank Student Banking Advantage No fee while enrolled; Scene+ points on debit | 4.3 | $0 with student eligibility | 0.01% savings | Post-secondary students wanting a Big 5 bank | Free while studying; earns Scene+ points; easy to keep after graduation | Fee applies if eligibility lapses; few perks vs digital-only competitors |
RBC Signature No Limit Banking Unlimited transactions; broad RBC product bundle | 4.0 | $16.95 (waivable) | 0.01% savings | High-balance users who want all banking in one place | Fee waiver with balance; premium card discounts; full RBC product access | High waiver threshold; fee is costly if balance dips below $4k |
Best for
Digital-first banking; fee-sensitive users
Simplii Financial No-Fee Chequing: No monthly fee; unlimited debit transactions
Best for
Post-secondary students wanting a Big 5 bank
Scotiabank Student Banking Advantage: No fee while enrolled; Scene+ points on debit
Check current offers
Compare live banking rates from Canadian providers
The table above uses planning examples. Actual fees, rates, and offers change — verify directly with providers before applying.
Compare bank accounts — Ratehub
Monthly fees, e-transfer limits, and digital features
No-fee chequing — Savvy
Top zero-fee accounts including EQ Bank and Simplii
High-interest savings — Wealthsimple
Check current HISA and cash account rates
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Sources used
Official references checked for this page
Updated May 26, 2026
Each claim on this page is traceable to one of the government authorities or regulators below. Rates, tax rules, eligibility requirements, and product terms can change — verify current details directly with the linked source before making any financial decision.
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