Canada's best bank accounts for 2026 were revealed and so many Big Five banks didn't make it
You might want to rethink where you're keeping your money. 🏦 👀
Ratehub crowned the best bank accounts in Canada for 2026, and smaller, digital-first direct banks stole the show.
If you're thinking about switching up your chequing account, opening a new TFSA, shopping around for the best GIC rates or just curious about where your money could be doing more for you, the latest Canadian bank rankings for 2026 are here to help.
Ratehub just dropped its 2026 Personal Finance Awards, naming the best bank accounts in Canada across 13 categories — from high-interest savings accounts and GICs to the best bank accounts for students and newcomers.
And this year, only a couple of Canada's "Big Five" banking giants — RBC, TD Bank, BMO, Scotiabank and CIBC — made the list, while the rest were left in the dust.
According to Ratehub, winners were chosen based on a detailed scoring system designed by their finance experts. They looked at everything from fees and interest rates to perks like credit card options, deposit insurance and how easy it is to manage your money online.
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While a few of the winners are smaller banks connected to one of the Big Five, three of the country's largest players didn't make the cut at all — not even through their digital offshoots.
Let's break down the best bank accounts in Canada for 2026, according to Ratehub — and see which banks are actually helping Canadians make the most of their money right now.
Best chequing account
EQ Bank took the top spot for the best chequing account in Canada this year, offering the kind of perks most banks usually save for savings accounts.
According to Ratehub, the EQ Bank Personal Account works as both a chequing and a savings account. It gives customers unlimited transactions, free Interac e-Transfers, no monthly fees and a solid 2.75% interest rate on their everyday balance.
It also comes with a bank card that acts as a prepaid Mastercard, letting you earn cash back, skip foreign exchange fees and take out money at ATMs without charges.
Best student bank account
Scotiabank Student Advantage Plan
For students trying to stretch every dollar, Scotiabank once again delivered with its Student Advantage Plan (now called the Preferred Package for Students and Youth).
This account offers unlimited debit transactions and free Interac e-Transfers, all with zero monthly fees. Students also earn Scene+ points on everyday purchases and get their first year's annual fee waived on select Scotiabank credit cards.
As one of just two Big Five banks on this year's list, Scotiabank has been dominating this category since Ratehub's awards began in 2018. Ratehub says this account continues to stand out for making student banking easy and reward-friendly.
Best banking offer for newcomers
Simplii Financial No Fee Chequing Account
Simplii Financial is Ratehub's top pick for newcomers to Canada, thanks to its no-fee chequing account that's super easy to set up online — up to a year before you've even arrived in Canada.
New clients get free access to CIBC ATMs, no monthly banking fees and even a welcome cash bonus if they meet certain conditions. Plus, you can earn up to 2.75% interest by setting up direct deposit, combining flexibility with a solid return on your money.
While Simplii itself isn't one of the Big Five names in Canadian banking, it's the digital banking division of CIBC — giving customers the backing of a major bank with the ease of online-only access.
Best high-interest savings account
EQ Bank shows up again, winning best high-interest savings account for the second year in a row and sixth time overall since 2018.
Ratehub says this account is perfect for Canadians who want to grow their savings without sacrificing access to their money. There are no monthly fees, no minimum balance requirements, and transfers are free. You can even boost your interest rate just by adding direct deposit.
It's not just about the rate — although 2.75% is pretty competitive — but also about how EQ Bank makes it easy to manage everything online.
Best RRSP
Tangerine scored Ratehub's win for best RRSP savings account in 2026, beating out longtime category leader EQ Bank.
This one's all about simplicity. There are no transaction fees, no minimum balance and unlimited transfers, making it a straightforward way to stash away retirement savings with no extra headaches.
Tangerine is a Canadian direct bank and a subsidiary of Scotiabank — and while it's fully owned by its parent company, it operates as a separate legal entity with its own branding and services.
Best TFSA
Tangerine Tax-Free Savings Account
Tangerine also picked up the win for best TFSA, with a product that keeps things flexible and fee-free.
Much like Tangerine's RRSP, this account gives you full access to your money without surprise charges, so your interest is tax-free and your balance is always within reach.
Ratehub says the lack of minimum balance requirements and easy online access are key reasons why Tangerine topped the list this year.
Best 1-year and 5-year non-registered GICs
MCAN Wealth swept both non-registered GIC categories with strong short- and long-term rates.
The 1-year GIC offers an interest rate of 3.65%, while the 5-year comes in a bit higher at 3.95% — both of which are among the highest in Canada right now, according to Ratehub.
Both accounts come with a minimum deposit of just $100 and full CDIC insurance coverage.
It's a solid pick for anyone looking for guaranteed returns with little fuss.
Best 1-year and 5-year registered GICs
If you're in it for the long haul, Oaken Financial is Ratehub's winner for both the 1-year and 5-year registered GIC categories for the third consecutive year.
Offering 3.40% and 3.80% interest respectively, Oaken stands out for combining top-tier rates with a user-friendly digital app and CDIC insurance protection. Ratehub says it's been a consistent leader for savers who want peace of mind and dependable growth.
Best big-bank GIC
CIBC gets a nod this year for offering the best big-bank GIC in Canada — though to be fair, this was one of the only categories where the Big Five weren't up against the little guys. It's almost like they had to carve out a separate category just to get one of the majors on the board.
CIBC currently offers a rate of 2.45% for a 1-year term or 2.75% for a 5-year term, making it one of the more competitive options among Canada's major banks — although still a far cry from the MCAN and Oaken options above.
Ratehub highlights CIBC's strong rates, CDIC insurance and $1,000 minimum deposit — all available with an easy online setup (for existing CIBC customers, that is).
Best online brokerage
For Canadians who want to trade stocks, ETFs and more without racking up fees, Questrade earned the title of best online brokerage for 2026.
You can start investing with no minimum deposit, enjoy $0 trading fees on Canadian and U.S. stocks, and even choose a managed portfolio option through Questwealth. Ratehub says it's the most well-rounded choice for both beginner and experienced investors.
Best robo-advisor
Rounding out the list is JustWealth, named the best robo-advisor in Canada for 2026.
Unlike some competitors, JustWealth is fully independent and only focused on automated investing. It offers over 80 portfolio options, low fees and direct access to a personal portfolio manager. Ratehub says it continues to outperform other robo-advisors with some of the strongest returns across the board.
So, which Big Five banks were left off the list?
Out of Canada's Big Five banks, three — RBC, TD and BMO — didn't make the list at all. Not even through affiliate brands.
That means CIBC and Scotiabank — along with their direct banking brands Simplii and Tangerine — were the only Big Five players that managed to land spots on this year's list.
According to Ratehub, digital-first and fee-free banking options are where Canadians are seeing the most value. So if you're still paying monthly account fees at one of the big banks, it might be time to take a closer look at where your money is going — and what you could be getting instead.
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