Retirement 101 eBook - 3D

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

7 thoughts on “A Guide To Canada’s Best Banks in 2021”

  1. 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?
    Thanks

    • @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:

      https://www.savvynewcanadians.com/best-us-dollar-business-savings-account-canada/

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

  4. 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?

    • @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. 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.

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