FAQ
Canadian banking questions, answered
Short answers with links to the full guides and official sources. The questions people ask most: whether their money is insured (CDIC covers eligible deposits up to $100,000 per member and category), which account is cheapest for them, and how to switch banks without missing a payment.
Accounts, fees and rates — with today’s figures
What is the cheapest bank account in Canada right now?
For a typical household (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), 3 chequing accounts offered nationwide cost $0 a year, including Personal Account (EQ Bank). The median account costs $359. Fees as listed with FCAC on November 1, 2026; your own usage can change the order in the finder.
Which Big Six bank account is cheapest?
For the same everyday usage, RBC Advantage Banking at Royal Bank of Canada costs $155 a year, the lowest of the six largest banks. See the Big Six comparison in the rankings.
Which savings account pays the most interest?
Among nationwide savings accounts open to anyone, 30 Day Notice Savings Account (EQ Bank) posts 3% on $10,000, about $300 a year after fees. Promotional rates are left out. The full list is the savings ranking.
What are the best GIC rates today?
On November 2, 2026, the highest posted 1-year rate we read on institutions’ own pages was 3.75% (Oaken Financial) and the highest 5-year rate was 4.5% (Oaken Financial). The rate tracker lists every institution we checked, with the big banks’ posted rates since 2016.
Banks, protection and rules
How many banks are there in Canada?
OSFI’s list dated October 1, 2026 shows 34 domestic banks (including 4 federal credit unions), 15 foreign bank subsidiaries and 29 foreign bank branches.
Who regulates banks in Canada?
OSFI supervises safety and soundness; FCAC supervises consumer protection; CDIC insures deposits; OBSI handles unresolved complaints. See how banks are regulated.
How much does CDIC insure?
Up to $100,000 per insured category, per member institution, for eligible deposits. There are nine categories.
Are credit unions insured?
Yes, by provincial insurers — unlimited in BC, Alberta, Saskatchewan and Manitoba; up to $250,000 for non-registered deposits in Ontario and most of Atlantic Canada; $100,000 per category in Quebec. Federal credit unions are CDIC members.
What is the cheapest bank account in Canada?
There is no single answer, but 14 banks must offer a low-cost account of no more than $4 a month with 18 debit transactions, and a no-cost version for eligible groups.
Does Canada have open banking?
Not yet for consumers. The law is passed and the Bank of Canada oversees it, but final regulations were pending as of October 30, 2026.
How do I complain about my bank?
Complain to the bank first; it has 56 days to respond in writing. Then take it to OBSI for free. See the steps.
What happened to HSBC Canada?
RBC acquired HSBC Bank Canada on March 28, 2024; its branches opened as RBC locations on April 1, 2024.
Is Tangerine covered separately from Scotiabank?
Yes. Tangerine Bank is a separate CDIC member. Simplii Financial, by contrast, is a CIBC division and shares CIBC’s limits.
Are fintech apps like KOHO or Wealthsimple banks?
No. They hold customer money at partner institutions; coverage depends on those arrangements. See fintechs vs banks.
How long can a bank hold my cheque?
For cheques up to $1,500: up to 4 business days in person or 5 another way; over $1,500: 7 or 8. The first $100 is available right away in person.
Is CanadianBanks.ca a bank?
No. It is an independent educational reference in the MITEY Network.