Ranking the Best Banks and Credit Unions for Rates and Fees Experiences in Canada

Alterna Bank provides the Best Banking Rates and Fees Experience in Canada.

Finding the best rates and fees in consumer banking is no easy task. Most firms make them difficult to locate, burying key details in small print, watered-down products, and endless disclaimers. Promotional offers are often misleading, requiring specific conditions to qualify, while higher rates frequently come with restrictive lock-in periods. Smaller firms attempt to gain traction with flashy websites and bold announcements, while larger institutions focus on selling an overall banking experience - often using add-ons to divert attention from their less competitive rates.

At Surviscor, we analyze rates and fees beyond marketing gimmicks and bundled deals, focusing on posted rates and transparent comparison to provide a clearer picture of true cost and value. While interest rates can fluctuate, affecting rankings year over year, fees tend to remain stable. Based on our latest analysis, Alterna Bank offers the most well-rounded rates and fees across key banking products, with affordable chequing and savings accounts, competitive registered account rates, and average mortgage rates - though their non-registered investment products remain uncompetitive. Our goal is to help consumers cut through the noise and make informed financial choices.

Review Headlines

ALTERNA BANK: Competitive Across the Board, but Not the Best in Any Category

Alterna Bank secures the top spot for its strong deposit-based account rates and competitive mortgage rates.

NEO BANKS: Continuing to Dominate

Building on their 2024 success, Neo/branchless banks claim the top three rankings and five of the top six positions.

MOTUSBANK: Best Chequing Accounts

motusbank stands out with ultra-competitive chequing account offerings.

EQ BANK: Best Registered and Non-Registered Interest Rates

EQ Bank delivers strong interest rates for non-registered savings accounts, as well as TFSA and RRSP accounts.

TANGERINE: Best GIC/Term Deposit Rates

Tangerine leads the way in GIC rates, thanks to its industry-best long-term interest offerings.

COAST CAPITAL SAVINGS: Best Mortgage Rates

Coast Capital Savings provides market-leading mortgage rates.

NATIONAL BANK: From Worst to First Among Big Banks

National Bank makes a remarkable leap from being the lowest-ranked big bank in 2024 to the top-ranked big bank in 2025.

CIBC: The Worst of the Big Banks

The title of the worst big bank for rates and fees changes hands each year. In 2025, CIBC takes the bottom spot, with TD Canada Trust not far ahead.

VANCITY: Best Credit Union

Vancity is the top ranked credit union, driven by its competitive mortgage rates.

PC FINANCIAL: Barely Registers a Score

PC Financial remains a niche player, offering only a basic savings account that functions more like an affinity program, rewarding consumers with points rather than competitive interest rates.

2025 Rates and Fees Experience Rankings

The 2025 results continue to highlight less competitive rates and higher fees at major banks, a wide disparity in performance among credit unions, and more favorable rates and fees offered by Neo/branchless firms. Consumers should actively explore all available products in the marketplace, carefully assess rankings to evaluate their current financial relationships, and take the time to identify the opportunities they may be overlooking.

The overall narrative around rates and fees remains unchanged. Big banks rely on bundled packages to divert attention from their less competitive offerings. Credit unions promote ownership and collective goals but often fall behind in digital innovation. Neo banks position themselves as disruptors, claiming to have reinvented banking - though these claims are often overstated. Meanwhile, discount banks prioritize simplicity, delivering competitive rates and lower fees in exchange for a no-frills experience. Consumers should cut through the noise and focus on the options that best meet their financial needs.

For more information on the categories reviewed and the depth of review in each category, click Rates and Fees Process and Methodology

Key Findings by Product

Go to Lessons Learned

Go to The Bottom Line

KEY FINDINGS

The 2025 Consumer Banking Rates and Fees Experience review revealed key insights, identifying the best and worst firms for rates and fees by directly comparing them using standardized products and analytics. The evaluation covered five core banking products in Canada: chequing accounts, savings accounts, registered savings accounts, GICs/term deposits, and mortgages.

Here is a quick look at the Best and Worst firm for each product:

CHEQUING ACCOUNTS

This category evaluates transaction-based monthly account fees and interest rates for each firm's lowest-priced chequing account.

• MOTUSBANK
• TANGERINE
• ALTERNA BANK
• SIMPLII FINANCIAL
• VANCITY


• LAURENTIAN BANK
• RBC ROYAL BANK
• CIBC
• BMO BANK of MONTREAL
• TD CANADA TRUST

The following firms do not offer Chequing Accounts:

• EQ BANK
• PC FINANCIAL

SAVINGS ACCOUNTS - NON-REGISTERED

This category assesses the transactional fees and interest rates of each firm's standard non-registered savings account. Notably, it is the only category where all firms offer a product.

• EQ BANK
• LAURENTIAN BANK
• MERIDIAN CREDIT UNION
• ALTERNA BANK
• SIMPLII FINANCIAL


• TD CANADA TRUST
• CIBC
• CONEXUS CREDIT UNION
• ATB FINANCIAL
• MANULIFE BANK

REGISTERED ACCOUNTS

The category audits the amount of interest earned on both an average TFSA and RRSP deposit account based upon an average account balance.

• EQ BANK
• ALTERNA BANK
• NATIONAL BANK
• MANULIFE BANK
• MOTUSBANK


• SCOTIABANK
• LAURENTIAN BANK
• BLUESHORE FINANCIAL
• BMO BANK of MONTREAL
• CIBC

The following firm does not offer Registered Accounts:

• PC FINANCIAL

GICs/TERM DEPOSITS INVESTMENTS

This category evaluates the interest earned on GICs/Term Deposits, considering both short-term and long-term maturities across various investment amounts.

• TANGERINE
• EQ BANK
• MERIDIAN CREDIT UNION
• COAST CAPITAL SAVINGS
• BLUESHORE FINANCIAL


• CIBC
• CONEXUS CREDIT UNION
• SIMPLII FINANCIAL
• MOTUSBANK
• ALTERNA BANK

The following firm does not offer GICs/Term Deposits:

• PC FINANCIAL

MORTGAGES

This category evaluates the interest paid on both fixed and variable rate mortgages with amortizations under 25 years, based on posted rates and various principal amounts.

• COAST CAPITAL SAVINGS
• VANCITY
• TANGERINE
• BLUESHORE FINANCIAL
• EQ BANK


• SERVUS CREDIT UNION
• ATB FINANCIAL
• MOTUSBANK
• MANULIFE BANK
• TD CANADA TRUST

The following firms do not offer Mortgages:

• PC FINANCIAL

LESSONS LEARNED

Consumer banking is a maze of information overload, where advertised rates and fees often don't reflect reality. Our analysis focuses on posted rates, cutting through promotional offers and bundled deals that can make research overwhelming. Big banks use package deals to distract from less competitive rates and higher fees, credit unions promote ownership but often lag in digital innovation, and Neo banks position themselves as disruptors - though their claims can sometimes be overstated. Meanwhile, discount banks prioritize simplicity, offering no-frills relationships in exchange for better rates and lower fees.

These key takeaways highlight notable trends - many of which have remained consistent since 2024.

Rates and Fees: An Organized Mess

Finding a firm's full suite of products, services, and associated rates and fees is often a daunting task. If a rate is easy to find, it's usually because of a marketing hook designed to capture attention. The real challenge is uncovering standard rates, which often require deeper digging. Clear and specific internet searches can sometimes be more effective than navigating banking platforms.

Higher Interest Rates Don't Benefit Chequing or Savings Accounts

Rising interest rates impact mortgages, loans, and lines of credit - but deposit and day-to-day transactional accounts tell a different story. Research consistently shows that consumers earn next to nothing on their cash balances, especially compared to the high borrowing rates banks charge.

Chequing Accounts Exist for Transactions - Not Savings

Despite ongoing claims about the decline of cheques, a chequing account remains essential for day-to-day banking. While cheque usage has dropped, these accounts are still the primary tool for transactions. However, if you're holding a substantial cash balance, don't expect meaningful interest - banks simply don't reward liquidity in chequing accounts.

What Counts as a Chargeable Transaction?

Understanding transactional fees is critical, as some can be as high as $5 per transaction. Chargeable transactions generally include ATM/ABM withdrawals, debit card purchases, internal fund transfers, bill payments, Interac e-Transfers, international money transfers, and mobile wallet payments. Knowing where fees apply helps avoid unnecessary charges.

Traditional vs. Registered Savings Accounts: Know the Difference

One of the most frustrating clarity gaps in online banking is how firms present savings account rates. Banks highlight the highest numbers possible, often showcasing investment-based rates from TFSA, RRSP, and FHSA accounts. These registered accounts come with tax advantages but offer no flexibility for transactions or easy money movement once invested. Traditional savings accounts, meanwhile, rarely come close to matching registered account rates.

Non-Registered Savings Accounts Have Hidden Costs

Non-registered savings accounts may be advertised as free, but that doesn't mean they're cost-effective. Outside of a few Neo banks, no-fee savings accounts are not designed for day-to-day transactions without incurring substantial charges. Many firms charge between $1 - $5 for debit purchases and bill payments, and $1 - $1.50 for Interac e-Transfers. What starts as a $0-fee account can quickly become an expensive choice for everyday banking.

Marketing Highlights the Smallest Differences, Not the Biggest Gaps

Banking firms - big and small - aggressively market minor advantages while glossing over significant shortcomings. Consumers must be wary of flashy promotions, limited-time offers, and "freebies" designed to attract new customers. Instead of chasing short-term perks, choose a financial partner (or multiple) that aligns with your long-term digital banking needs.

BMO Bank of Montreal: 100+ Small Print Notices

Why does any firm need over 100 small-print disclaimers to explain its products? While some may call it full disclosure, it more likely signals a deeper issue - overlapping products, excessive complexity, and consumer confusion. If the fine print outweighs the benefits, it's worth questioning the transparency of the offering.

EQ Bank: Mortgage Rates Stay Hidden

EQ Bank makes mortgage rate shopping difficult, offering little transparency on its pricing. A firm that claims to provide the best rates should have no issue displaying them upfront. Without clear information, it's hard to take the "best rate" promise seriously.

Go back to the 2025 Rates & Fees Experience Rankings

Go back to Key Findings

THE BOTTOM LINE

In a landscape of fluctuating and unpredictable interest rates, even minor differences can stand out - but they don't always tell the full story. Our "Between the Lines" analysis does exactly what its name suggests: it helps consumers navigate the complexities of product marketing while highlighting the true value of each firm's offerings. Not all comparisons between firms are straightforward, and posted rates alone may not paint an accurate picture.

The Surviscor DISCLAIMER

At Surviscor, we take pride in recognizing - and calling out - firms for both exceptional and poor digital banking experiences. Canadians work hard for their money, and they deserve a financial partner that delivers both top-tier customer experience and cost-effectiveness. The power lies with consumers, not the banks. From posted rates to exclusive promotions targeting new customers, there are always options to explore. Don't settle - #FindTheRightFirm.