How Do You Compare Canadian Banks?


Quick Answer

Comparing Canadian banks involves an assessment of their account packages in accordance to your banking needs, according to the Canadian Bankers Association. There are a variety of account types for those seeking little or no fees, or for those who desire numerous banking tools.

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Full Answer

As of 2015, there are more than 20 banks within Canada from which to choose, and those banks offer nearly 100 consumer account packages, according to the Canadian Bankers Association. These include basic checking and savings accounts, full-service and no-fee accounts, and accounts for youth, students and seniors.

Carefully consider your needs as you shop around for the account that best suits your lifestyle. If you are cost conscious, look for an account that offers a limited number of transactions for a low fee. These accounts sometimes waive fees altogether if you maintain a specific minimum balance, which the Canadian Bankers Association reports is usually between $1500 and $5000. Those looking for more services should seek an account that offers features such as certified checks, overdraft protection and debits using the U.S. dollar.

The Financial Consumer Agency of Canada has an Account Selector Tool that simplifies the process. Fill in the form on the left-hand side of the Account Selector Tool page. A table of accounts meeting your needs appears on the right-hand, allowing you to conveniently compare the options.

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