The Big Five Canadian banks (TD, RBC, Scotiabank, BMO, CIBC) dominate mortgage and business banking — but for savings and investing, several newer institutions consistently offer dramatically better rates and lower fees.
Platform comparison for Canadian savers and investors
| Platform | Savings rate | Investing fee | Best for |
|---|---|---|---|
| Wealthsimple Cash | 4-5% (TFSA/RRSP) | $0 (ETFs) | Savings + commission-free investing |
| EQ Bank | 4-5% TFSA/RRSP | No investing | High-interest savings only |
| Questrade | Variable | $0 (ETF buys) | More active investors |
| Tangerine (Scotiabank) | 2-3.5% | No investing | Simple banking, fee-free |
| Big Five savings accounts | 0.01-1% | $4.95-$9.95/trade | Mortgage, existing relationships |
The Big Five are still useful for
- Mortgages — still best accessed through major banks or brokers
- Business banking and corporate accounts
- In-branch services (notarials, certified cheques)
- International wire transfers (Wealthsimple is improving here)
The optimal Canadian setup in 2026
- Day-to-day: Tangerine (free) or a Big Five bank's no-fee chequing account
- Emergency fund: EQ Bank TFSA Savings or Wealthsimple Cash TFSA
- Investing: Wealthsimple Trade or Questrade (TFSA + RRSP + FHSA)
- Mortgage: Big Five or a mortgage broker
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About the author
Enrique 'Kike' Faúndez is an Information Systems and Management Control Engineer from Universidad de Chile, with master’s degrees in Finance from Universidad de Chile and Industrial Engineering from Pontificia Universidad Católica de Chile. He has 15+ years of experience in regulated financial services across finance, operations, and digital product development. He founded CashControlly in Santiago, Chile, with the conviction that personal financial control should not be a privilege, but an accessible and well-designed tool.
- Master's in Finance, Universidad de Chile
- Master's in Industrial Engineering, Pontificia Universidad Católica de Chile
- Information Systems and Management Control Engineer, Universidad de Chile
- AI and ITIL certifications
- 15+ years in regulated financial services
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