What each type actually costs
Computed from FCAC fee data (National Bank from its fee guide), retrieved November 1, 2026
| Group | Light | Everyday | Heavy | Branch and cheques |
|---|---|---|---|---|
| Big Six banks (22 accounts) | $71 — Basic Bank Account (Scotiabank) | $155 — RBC Advantage Banking (Royal Bank of Canada) | $155 — RBC Advantage Banking (Royal Bank of Canada) | $134 — Basic Bank Account (Scotiabank) |
| Online-only accounts (17 accounts) | $0 — PC Money Account (PC Financial) | $0 — Wealthsimple Chequing (Wealthsimple) | $0 — Wealthsimple Chequing (Wealthsimple) | none can serve this |
| Ontario credit unions (46 accounts) | $0 — Infinite Package (The Energy Credit Union) | $0 — Infinite Package (The Energy Credit Union) | $0 — Infinite Package (The Energy Credit Union) | $0 — Infinite Package (The Energy Credit Union) |
| BC credit unions (14 accounts) | $54 — Essentials spending (Beem Credit Union) | $83 — Everyday spending (Beem Credit Union) | $107 — Everyday spending (Beem Credit Union) | $95 — Everyday spending (Beem Credit Union) |
Big Six accounts usually charge a fee unless you hold a minimum balance, so they cost more at these low balances — and less once your balance clears the waiver. Online accounts can’t do branch visits. Run your own numbers →
The four types at a glance
| Big Six banks | Online and direct banks | Credit unions | Fintech apps | |
|---|---|---|---|---|
| Examples | RBC, TD, Scotiabank, BMO, CIBC, National Bank | EQ Bank, Tangerine, Simplii, Alterna Bank | Vancity, Servus, Meridian, Coast Capital (federal) | Neo, KOHO, Wealthsimple |
| Charter | Schedule I banks under the Bank Act | Schedule I banks, or divisions of one | Provincial charter (most) or federal credit union | Not banks |
| Prudential regulator | OSFI | OSFI | Provincial regulator; OSFI for federal credit unions | Varies; often FINTRAC registration as a money services business |
| Deposit protection | CDIC | CDIC (shared with the parent when the brand is a division) | Provincial insurer — up to unlimited — or CDIC if federal | Through partner CDIC members, per each company’s disclosures |
| Branches | National branch networks | Few or none | Local, mostly within one province | None |
| Ownership | Shareholders | Shareholders (often a larger bank) | Members | Private investors |
Which type is “best” depends on how you bank. This guide compares the types; to see which account costs least for your usage, use the true-cost finder or the rankings, which score published fees with weights shown on the methodology page.
Big Six banks
The six largest domestic banks run national branch and ATM networks and offer every product, from chequing to wealth management. All six are Schedule I banks, CDIC members and signatories of the federal low-cost and no-cost account commitment. Their everyday chequing plans often carry a monthly fee that is waived with a minimum balance — worth testing in the account-fee calculator.
Worked example · computed by the fee calculator
Illustrative inputs: $15/month fee, waived at $4,000; usual balance $1,500; 1 month below the minimum; 3.0% alternative rate; 30% tax.
| Option | Cost per year |
|---|---|
| Pay the monthly fee | $180.00 |
| Keep the minimum balance | $67.50 |
| Switch to a no-monthly-fee account | $24.00 |
Break-even rate: 9.43%. Run your own numbers →
Online and direct banks
Direct banks serve customers through apps, websites and phone rather than branches. Some are independent banks; others are divisions or subsidiaries of larger banks. That distinction matters for deposit insurance: Simplii Financial is a CIBC division and shares CIBC’s CDIC limits, while Tangerine Bank is a separate CDIC member from its parent Scotiabank. Check any brand in the CDIC member directory.
Ask how you would deposit cash or paper cheques, and which ATM network is free to use.
Credit unions
Credit unions are member-owned cooperatives. Most are provincially chartered, and their deposits are protected by the province — with no dollar limit in British Columbia, Alberta, Saskatchewan and Manitoba, $250,000 for non-registered deposits in Ontario and most of Atlantic Canada, and $100,000 per category for Quebec’s Desjardins caisses. A growing group of credit unions — Coast Capital, Innovation, UNI and Tru Cooperative Bank — have become federal credit unions, which moves their deposits to CDIC.
Fintech apps
Apps such as Neo, KOHO and Wealthsimple offer spending and savings accounts without being banks. Your money sits at partner institutions, and CDIC coverage depends on those arrangements — read each company’s disclosure. See fintechs vs banks.
How to choose
- Decide how you need to reach your bank: branch, app, or both.
- Count your monthly transactions and typical balance, then compare fee plans.
- Confirm deposit protection: CDIC member, provincial insurer, or a fintech’s partner arrangement.
- Check ATM access and how cash and cheques get deposited.
- Read the complaint route: OBSI for banks and federal credit unions; provincial routes for others.
Many households use two: a branch-based account for cash and complicated things, and an online account for savings.
Frequently asked questions
Who are the Big Six banks in Canada?
Royal Bank of Canada, The Toronto-Dominion Bank, The Bank of Nova Scotia (Scotiabank), Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada.
Are credit unions safer than banks?
Neither is automatically safer. Banks are CDIC-insured up to $100,000 per category; provincial credit unions are insured by their province, sometimes without limit. The protection depends on the institution and province.
Are online banks real banks?
Many are Schedule I banks or divisions of one, and are CDIC members. Some apps are not banks at all, so check the official lists.
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.