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
💡 Wealthsimple Premium: worth it?
Wealthsimple Premium costs $3/month (for balances under $100k). It provides 4.5-5% on cash balances. The $36/year cost is easily covered by the interest rate difference vs a big bank savings account on balances as low as $1,000.
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