The 10 Best Banks & Credit Unions in Alberta
By Trevor O'Hagan | 08 Sep 2023 |
When selecting the right bank to partner with, making the right choice can be a daunting task. If you’re in search of an all-inclusive banking solution covering chequing, savings, investments, and credit cards, the decision-making process can become even more difficult. That’s where our review comes in.
Hardbacon has thoroughly examined most of the available banks in Alberta, meticulously evaluating them using a combination of factors, including their product offerings, rates, and customer service. In our pursuit of finding the best bank in Alberta for July 2023, we have featured three of Canada’s Big Banks, along with several intriguing options that might be unfamiliar to you.
Our Top 10 Choices at a Glance
| Institution | Best For |
|---|---|
| Servus Credit Union | Ideal for those seeking a member-owned institution with an extensive branch network and diverse financial product offerings. |
| ATB Financial | Great for Albertans looking for a reliable banking and investment partner with unique unlimited deposit insurance due to its special status as a Crown corporation. |
| EQ Bank | A good choice for individuals seeking a leading digital bank with no-fee accounts and competitive interest rates on savings and GICs. |
| KOHO | Best for budget-conscious individuals wanting a prepaid card service with cashback rewards and spending control features. |
| Tangerine | Great for residents seeking a flexible and fee-free digital banking solution with a wide range of account options. |
| TD Canada Trust | Ideal for customers valuing a well-established financial institution offering a comprehensive range of banking products and services, both in-person and online. |
| Scotiabank | An excellent choice for those looking for a prominent bank with an extensive branch network and strong digital presence, offering diverse account options and investment products. |
| RBC | A solid option for customers seeking diverse banking solutions from Canada’s largest bank, but with lower interest rates on savings accounts and GICs. |
| Neo Financial | Best for individuals interested in an innovative platform with cashback rewards and a high-interest savings account. |
| Simplii Financial | Ideal for those prioritizing no-fee banking and digital convenience, but with comparatively lower interest rates on savings accounts. |
Factors to consider when choosing a credit union or bank in Alberta
Finding a great bank to partner with can be a challenge, so we’ve provided a framework of four key factors that you can use to make an informed decision. The first thing you should do is consider their reputation and track record of providing reliable service to their customers. It’s important to look for institutions with a trusted name in the industry, as this indicates their integrity and reliability. Ensure that you consider how convenient it is to bank with them by evaluating their accessibility and digital banking capabilities. A user-friendly online and mobile banking platform can make or break your banking experience.
Always explore their product offerings beyond basic banking services, such as interest on savings accounts, loans, mortgages, and investment options. A comprehensive suite of financial products and services will ensure that the bank can meet your present and future needs. Lastly, reliable customer service and support are essential, so seek institutions known for their responsiveness and knowledgeable assistance.
The best credit unions and banks in Alberta
1. Servus Credit Union
Servus Credit Union, headquartered in Edmonton, stands as one of Canada’s largest credit unions with over $16 billion in assets and more than 385,000 members. As a member-owned institution, it offers a unique profit-sharing program that rewards its members annually. With over 100 branches spread across Alberta, including regional offices in Lloydminster and Red Deer, Servus ensures accessibility and convenience for its customers.
The credit union features an array of chequing account options, each designed to suit different preferences and needs, from no-fee pay-as-you-go accounts to premium unlimited plans. For savings, members can choose from various accounts, including high-yield savings and U.S. dollar savings options.
Servus Credit Union offers a selection of Mastercard credit cards, each tailored to different lifestyles and financial goals, from no-fee options to premium rewards cards. For investments, they have partnered with Credential Securities and Qtrade, providing customers with a diverse range of investment options. Overall, Servus Credit Union’s extensive product offerings, wide branch network, and dedication to its members make it one of the top financial service providers in Alberta.
2. ATB Financial
ATB Financial is a top contender when looking for a solid bank or credit union in Alberta. With over 80 years of operation, ATB offers a comprehensive range of services, including loans, mortgages, credit cards, and other convenient financial products. Boasting an extensive network of 174 branches spread across 244 communities throughout the province, they ensure accessibility and convenience for their customers.
One distinct feature of ATB Financial is its unique status as a Crown corporation, making it wholly owned by the province of Alberta. This special status grants them the ability to offer unlimited deposit insurance, akin to the federal government’s CDIC deposit insurance, enhancing financial security for their clients.
As a financial institution with deep roots in the province, ATB Financial holds significant experience in the lending industry, making it a reliable choice for Albertans seeking banking and investment solutions. Overall, ATB Financial is a good choice for Albertans looking for a bank or credit union thanks to their wide range of services, numerous locations, and their special status as a Crown corporation.
3. EQ Bank
EQ Bank is a leading digital bank in Canada, redefining traditional banking with its no-fee accounts and competitive interest rates. While they don’t offer a conventional chequing account, their non-registered savings accounts provide the convenience of unlimited transactions, akin to a chequing account. With a commitment to revolutionize banking, EQ Bank presents an array of savings options, including the popular Savings Plus Account with a remarkable 2.5% interest rate and no minimum balance requirement.
The bank caters to diverse needs, offering joint savings accounts, TFSA, and RRSP savings accounts with impressive interest rates, as well as a USD Account for Canadians. Additionally, EQ Bank stands out with its enticing Guaranteed Investment Certificates (GICs) offering returns of up to 5.50% on a one-year term. Their mobile app facilitates seamless account management, enabling easy access to view accounts, purchase GICs, deposit cheques, and transfer funds. Customers can also rely on their accessible customer service, reachable through a virtual assistant or helpline, ensuring a smooth banking experience for Albertans.
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4. KOHO
KOHO offers a refreshing alternative to traditional banking through its prepaid card service. With the KOHO Mastercard Prepaid Card, users can spend only the amount available in their account, promoting financial control and preventing overspending. While functioning like a debit card, KOHO goes beyond by providing cashback rewards typically associated with credit cards. This makes it an attractive option for individuals with bad credit or those aiming to build their credit history.
KOHO offers various plans with different benefits, including cashback on purchases and interest on balances. The Easy plan stands out with 1% cashback on groceries and transportation, and additional perks are available with the Essential, Extra, and Everything plans for a monthly fee. Savings are emphasized through innovative features like RoundUps, enabling users to save the difference by rounding up purchases, and the Vault, which helps set aside money for future use.
The KOHO app complements the prepaid card with real-time spending overviews and purchase categorization. It is an excellent choice for budget-conscious individuals seeking cashback rewards and greater spending control. However, those who already possess bank accounts with premium features or extensive investment and retirement planning needs may find better-suited options elsewhere among the top banks in Alberta.
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5. Tangerine
For residents of Alberta seeking a flexible and fee-free digital banking solution, Tangerine Bank is an excellent choice. Offering a wide range of account options, including no-fee chequing accounts, Tangerine caters to individuals who frequently conduct banking transactions. The bank’s fully digital approach appeals to those who prioritize the convenience of online banking and may not require traditional brick-and-mortar branch services.
Tangerine’s customers benefit from a seamless digital banking experience, providing convenience and flexibility. Tangerine offers a diverse selection of accounts and does not impose fees on daily chequing transactions or when using Scotiabank’s ABM network. However, being an online-only bank means that in-person assistance is not available at branch locations. Nonetheless, Tangerine’s status as a leading digital bank in Canada underscores its reputable history and significant impact on the digital banking landscape.
6. TD Canada Trust
TD Bank, also known as Toronto-Dominion Bank, stands as one of Canada’s leading financial institutions and is one of the Big Five banks. Boasting a vast national customer base of over 13.5 million people, TD Bank offers an extensive array of banking products and services catering to both individuals and businesses. With branches and ATMs spread across Canada, excluding Nunavut, and a user-friendly digital banking platform called EasyWeb, TD Bank ensures seamless accessibility for its clients.
TD Bank’s offerings encompass a diverse range of account options, including high interest savings and chequing accounts, credit cards, investment accounts, mortgages, and loans. Despite being a prominent choice for Canadians seeking the stability of a well-established institution that offers both in-person and online banking services, TD Bank remains equally committed to modern digital solutions, ensuring an exceptional banking experience for all.
7. Scotiabank
Scotiabank is a prominent financial institution in Canada, boasting a vast network of over 900 branches and a strong digital presence. Through its online banking portal and mobile app, customers enjoy convenient access to a wide array of banking functions, including bill payments, money transfers, credit score monitoring, and investment tracking. Following its acquisition of Tangerine in 2012, Scotiabank expanded its digital offerings, appealing to those seeking fully online banking options.
The bank offers a diverse range of account types, including savings accounts with competitive interest rates and chequing accounts with various fee structures and benefits. Among its notable offerings is the eHOME mortgage, which stands out due to its flexible payback rules, including the miss-a-payment and match-a-payment programs. Scotiabank’s extensive reach and diverse product range make it a strong contender among the top 10 banks in Alberta.
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8. RBC
RBC, Canada’s largest bank, offers a comprehensive range of financial products, making it an excellent choice for those seeking diverse banking solutions under one roof. With over 1,200 branches and 4,200 ATMs across the country, RBC provides convenient access to in-person customer service without additional fees. Their chequing accounts stand out with competitive features, making them an attractive option for everyday banking needs.
However, RBC falls short in providing a variety of free chequing account options and offers sub-par interest rates on savings accounts and GICs. Despite these limitations, RBC remains a popular and reputable banking institution in Canada, appealing to customers valuing choice and in-person assistance.
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9. NEO Financial
Neo Financial is an innovative platform collaborating with esteemed institutions like Concentra Bank and OneVest to offer a unique array of financial products. Deposits made into
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10. Simplii Financial
Simplii Financial, an exclusively online bank, offers a diverse array of financial products and services, all under a no-fee structure. While it offers comprehensive banking services, including mortgages, lines of credit, and GICs, its interest rates may not match the competitiveness of other players in the market. The standout advantage of Simplii Financial lies in its no monthly fee policy, allowing customers to enjoy unlimited transactions without any additional costs. Moreover, the bank entices new clients with attractive promotional offers, such as cash bonuses.
One of its conveniences is access to CIBC’s widespread ATM network, enabling seamless withdrawals and deposits. However, the bank’s key drawback lies in its comparatively lower to moderate interest rates on savings accounts compared to other digital banking alternatives. Simplii Financial’s appeal lies in its commitment to no-fee banking and its role as a fully online bank. For individuals valuing the convenience of digital banking without worrying about additional charges, Simplii Financial presents an attractive option.
Wrapping Up
Alberta offers a diverse and competitive banking landscape, catering to the unique financial needs of its residents. Our review of the top 10 banks and credit unions in the province reveals a range of options, each with its distinct strengths. For those seeking a member-owned institution with deep roots in the community, Servus Credit Union stands out with its comprehensive suite of financial products and numerous branches spread across the province. Meanwhile, ATB Financial, as a Crown corporation, holds a special status that grants it the ability to offer unlimited deposit iInsurance, enhancing financial security for its clients.
Digital banking enthusiasts will find attractive options in EQ Bank,
Ultimately, the best bank or credit union for each individual will depend on their specific financial needs, preferences, and long-term goals. By considering factors such as account offerings, fees, accessibility, and customer support, Albertans can make informed decisions to find the perfect banking partner that aligns with their unique financial journey.
FAQs about the Best Banks & Credit Unions in Alberta
Choosing the best bank in Alberta depends on your unique preferences and needs. RBC reigns as the largest big bank in Alberta, managing $1.9T. TD and BMO follow closely. You should research and compare features, services, and fees offered by various banks that align with your specific requirements.
Yes, Servus Credit Union operates exclusively in Alberta, serving members with a range of financial products and services.
The best bank for RRSP will depend on factors like fees, investment options, and customer support. Tangerine currently has a highly aggressive promotional 5.25% RRSP account option that is the highest rate available right now. If you are looking for a traditional bank, CIBC offers RRSP with rates starting at 0.05%.
The best credit card in Alberta will depend on your spending habits and preferences. Some popular credit card providers in Alberta include TD with their TD Aeroplan Visa Infinite and TD First Class Travel Visa Infinite Cards, Scotiabank with their Momentum Visa Infinite, and BMO with its Eclipse Visa Infinite Card. Always be sure to compare each bank’s rewards programs, interest rates, and fees to find the one that suits you best.
Currently, among the Big Five Banks, CIBC offers the lowest five-year fixed mortgage rates in Alberta, starting at 5.54%. They also provide the lowest five-year variable rate at 6.70%. When considering alternative lenders, Pine stands out with the lowest five-year fixed rate, beginning at 5.04%. Keep in mind that mortgage rates can fluctuate based on market conditions and loan structures, and it’s worth it to regularly review rates online before making a decision.
Many banks in Alberta offer specific banking packages and services for students, with TD, Scotiabank and HSBC standing out as three traditional banks with low-cost student accounts. Simplii Financial and Tangerine also offer no-cost accounts with unlimited transfers which are a great solution for students looking for a great place to bank for. In general, look for accounts with low or no fees, perks, and accessibility to find the best fit for students.
The best bank for investing in Alberta will depend on your investment goals, risk tolerance, and preferences. TD Canada Trust stands out for its robust online trading platform, WebBroker. Scotiabank, RBC and BMO all offer in-branch investment advice and access to powerful online brokerages. ATB Financial offers the prosper program, which allows its customers to dollar cost average and invest in an incremental style. Ultimately, you want to evaluate each bank and pick the one that best suits your investment goals and style.
BMO and Scotiabank are two good options that offer services tailored for new immigrants, providing guidance, language support, and financial solutions. BMO offers a service called NewStart, and Scotiabank has their StartRight program. Both aim to offer low-cost banking services in multiple languages to help new Canadians plant their financial roots in Canada.
NEO Financial is a top Canadian online bank that is also based out of Calgary, Alberta. However, many national online banks serve customers in the province. Tangerine, Simplii Financial, and EQ Bank are all popular banks that offer a range of services from credit cards, to investing and everyday banking.
The best high-interest savings account in Alberta will vary based on interest rates, fees, and features. Some banks with competitive high-interest savings accounts include EQ Bank, Tangerine, and Motive Financial. Compare their rates and terms to find the one that suits your needs.
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