Best Banks In Canada 2020
Navigating Canadian banks can be complicated. Whether you are looking for a simple account or a whole suite of banking services, there are many options.
Not all bank accounts are created equal. We are here to help guide you to find the best bank in Canada for personal banking. The bank and account, best for you. Finding the best bank account is a constant moving target during your life.
A bank account that was ideal for you during your student days may not be the best for you in your golden years.
COMPARE THE BEST BANK ACCOUNTS FOR CANADIANS
The chequing account is the workhorse of Canadian banks. These accounts allow you to pay bills, pay rent and write cheques if needed. They are the most common account on the market, and almost every bank offers them. From part-time workers to retirees, everyone needs a chequing account.
Savings accounts are the savings vehicles for most of the population. These accounts are often the second account someone opens up, and there are three main types. The general savings account has an average interest rate and offers excellent flexibility. Otherwise, savings accounts can come in the form of an RRSP or TFSA. Everyone needs a savings account, and there are plenty of options on the market.
A high interest savings account is ideal for people looking to stash their cash and let it grow. Most of the top interest rate banks are smaller institutions or online arms of bigger banks.
Small business accounts are the perfect way for businesses to bank with confidence. These accounts are classified as either low or high volume. For the low volume accounts, the ability to grow is vital, and these accounts let you do that. For the high-volume accounts, the accounts enable you to enjoy unlimited banking for a fee.
No annual fee accounts are the ideal match for banking clients who need an account, and that is it. Most no annual fee bank accounts do not offer much for perks, or any other services. There are a few institutions that excel in this niche, but they are online or small banks.
Online banks have seen a recent upswing in popularity. It seems every bank has an online arm. These banks vary in services, but most offer at least a chequing account and a savings account. Many offer full banking services all from your couch. For those who are good with technology, these online options can be a great deal!
Student’s banking needs are pretty simple. They need to be able to access their money and save some money. This is why student bank accounts exist. These accounts are simple and offer what students need, a simple bank account. Most accounts are no-fee, and have unlimited transactions, a perfect combination for students!
THE BOTTOM LINE
We have provided you with the information. It is now up to you to find the best bank account in Canada for you. You now know what to look for in bank accounts. What Canadian banks are leading the way in your specific situation, and what type of account fits your needs.
As you age and change your lifestyle, you may need to adjust your bank accounts to suit. You do not need to stay at your bank, and in fact, you can find a new account with ease. Make regular financial check-ins part of your taxes or year-end routine. This will allow you to see if you need to make a change and allows you time to do your research.
As we type this, deals and changes are happening in every bank on this list. Specific promotions will come and go. When trying to find that perfect bank, you need to pay attention. Keep an eye out during back to school and end of fiscal. You will have the best chance to grab a promotion offer during these times!
All in all, the best bank account in Canada is whatever one suits you at this point in your life. It does not matter if it is a small online bank or a member of the big five. If you find an account that helps you meet your needs, you found yourself the best bank account in Canada.