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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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14 thoughts on “A Guide To Canada’s Best Banks in 2024: Read Before Applying”

  1. Gravatar for Charlie

    Hi Enoch,
    Very comprehensive piece, thank you. What would be some options for keeping US cash that would be needed in a 4-5 year period?

    • Gravatar for Enoch Omololu

      @Charlie: The options for a short timeframe are very limited. You could try a USD savings account or GIC.

      Examples of USD savings for business are in the link below:


      For personal USD savings, the banks on the list also have decent personal USD rates. Some of the accounts are a pain to open though. For example, it took me more than 6 months to open a Tangerine USD account for business…it should be easier for a personal account.

      There are also some Cash ETFs, however, I’m not familiar with any that is denominated in USD.

  2. Gravatar for Lindas

    We have dealt with BNS for about 30 years and until recently have been happy with the service. In the past two years however we’ve been increasingly disappointed with the financial advice and frequent changeover of advisors. Since covid hit the management and atmosphere there have become disagreeable and we’ve talked about changing banks. What do you suggest?

  3. Gravatar for Ashley Holloway

    CHANGE ->Been with bns since 1995 but the time has come…

  4. Gravatar for Mohammed Salim

    I hold personal bank account in TD since 2002 and I was quite happy with their service until the beginning of 2020. But now I see a lot of changes in their performance. Customer service has become utterly hopeless since the beginning of covid pandemic. They screwed up my RESP investments in September 2020 and I incurred losses because of that. I had requested for mutual fund investment of my RESP for maturing GIC but they kept my fund in GIC after maturity without my consent. Since the beginning of 2021, I realize that they have hidden discriminatory policy for people with certain names when they attempt to conduct global transfer of funds. There were more than one instance in 2021 when my attempt for global transfer of fund to my relative or service provider were blocked citing security reasons. I never faced this problem when I made similar transactions through Scotiabank. I suspect they even blocked wire transfer to my account from US because of this discriminatory policy in the month of August. Finally I received money through check after several days. I’m now actively considering to close all my TD accounts because I don’t want to support institutions who promote hidden discrimination of this sort. Could you suggest any other banking institution?

    • Gravatar for Enoch Omololu

      @Mohammed: Sorry to hear about your concerns. I think any of the financial institutions on this list could work. That said, customer service appears to have taken a hit across the board since the start of the pandemic. It appears that many banks haven’t increased their customer service support capacity to the level required for the surge in online banking needs.

  5. Gravatar for steve

    I went to open an account with CIBC twice the same day at different branches. The first one was almost empty, but the response I received was to come over another day cause there was nobody who could provide information or assist me that time, it was a Friday around 11 am. I decided to skip it and try later. In the second attempt I received all the information and good attention until the lady was unable to open my account since I was a newcomer and there was some kind of problem with the system. She promised to make a follow-up call by the end of the day up to Monday, the whole week passed and never received a call. To me it’s a no-no for this bank as they seem careless for new customers.

  6. Gravatar for Payncarry

    Being a customer of TD bank since 2006. 2020 there service went down hill and so annoying including dealing with everyday banking at the till, insurance claim, TD Autoclub tow service, they made it very hard even you cannot win the claims.

    Recently my car was stalled and TD autoclub told me they cannot send help u till 4 hours and it was -35C. They told me to tow by your own and they will reimburse me upto 250 dollars and they only need a receipt from tow company.
    I towed it for nearly 200 dollars and they refuse to reimburse and asking me to submit mechanic repair bill.
    For hail damage they did not covered anything destroyed by the hail in my back yard.
    Like TD Autoclub there service inside the bank is worse too.
    I wish I couldn’t stay that muchlonger with Home and Auto insurance.
    BMO bank also deny me credit and for no reason being customer for more than 12 years.
    Don’t know which bank to choose and trust as I’m still with TD bank.

  7. Gravatar for Patrick Lemay

    Good morning!

    I didn’t find Koho in your list. I’ve been using it for a few months now and I’m really happy with what it has to offer. Is there a reason why you didn’t talk about it?

    Thank you

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Patrick: KOHO is not a “bank” in the strict sense of the word, which is why it is not on this list. We have several other content about KOHO, including those relating to cash back rewards, high interest savings, and more.

  8. Gravatar for Caroline Nyamnjoh

    Which of the above banks assist international students with grants or scholarships towards their tuition?

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Caroline: I’m not aware of any grants or scholarships from any of the banks on this list.

  9. Gravatar for Patrick R

    Given events of this year in the U.S., from a safety perspective, I wonder if you have thoughts on this somewhat contrarian article by Safer Banking Research (SBR), which argues that the big Canadian banks have become over-leveraged and at risk, notably due to heavy investments in fossil fuels and real estate.
    Full disclosure, their actual detailed research and recommendations for safe Canadian banks are behind a paywall, but the author Avi Gilburt, is quite credible in my experience over several years of following his writing online, and SBR actually *predicted* weakness in US banks before this year’s major collapses when it wasn’t really on anyone’s radar.

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Patrick: Compared to the rest of the world, Ièd say Canadian banks are much safer using many of the important metrics. If we see widespread failure here (very unlikely), the banking system will be the least of our worries.

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