Banking & credit

Banking and Credit in Canada

You need a Canadian bank account to get paid by your employer, pay rent, receive government benefits, and manage your daily finances. This guide explains how banking works in Canada, how to open a bank account, build credit, and manage cryptocurrency.

Understanding the Canadian banking system helps you choose the right bank, avoid unnecessary fees, and build a strong financial foundation.

💳 Quick Facts:

Deposits insured up to $100,000 • Credit scores matter • E-transfer is king • Many free accounts available

Bank accounts in Canada

Why you need a Canadian bank account

You need a bank account to:

Receive your salary (employers pay by direct deposit)
Pay rent (e-transfer or pre-authorized debit)
Pay bills (utilities, phone, internet)
Receive government benefits (GST/HST credit, Canada Child Benefit, EI)
Build Canadian credit history
Send and receive money (e-transfer)
Shop online

Open a bank account as soon as you arrive in Canada. Many banks have "newcomer packages" specifically for immigrants.

Types of bank accounts

Chequing account (current account):

Your main daily banking account
Use for deposits, withdrawals, bill payments, e-transfers
Usually pays 0% interest
May have monthly fees ($4-$16) unless you maintain minimum balance
Free accounts available (see "Choosing a bank" section)

Savings account:

For money you don't need immediately
Earns interest (0.5-5% depending on account type)
Limited transactions per month (usually 1-6)
High-interest savings accounts (HISA) offer up to 5% interest

Tax-Free Savings Account (TFSA):

Special savings/investment account
Investment gains are 100% tax-free
Annual contribution limit: $7,000 (2024)
Can hold cash, stocks, bonds, ETFs, mutual funds
Withdraw anytime without penalty

Registered Retirement Savings Plan (RRSP):

Retirement savings account
Contributions are tax-deductible
Annual contribution limit: 18% of previous year's income (max ~$31,000)
Investments grow tax-free
Pay tax when you withdraw (usually in retirement at lower tax rate)

Investment/trading account:

For buying stocks, ETFs, bonds, mutual funds
Can be TFSA, RRSP, or non-registered
Popular platforms: Wealthsimple Trade, Questrade, TD Direct Investing

Deposit insurance

Your money is protected by deposit insurance:

CDIC (Canada Deposit Insurance Corporation): Insures deposits up to $100,000 per account category per institution
Coverage includes: Chequing accounts, savings accounts, GICs, term deposits
Not covered: Stocks, bonds, mutual funds, ETFs, crypto
Even if your bank fails, you get your money back (up to $100,000)

All major Canadian banks are CDIC members. Check: www.cdic.ca

Choosing a bank

Best banks for newcomers

When you first arrive, choose a newcomer-friendly bank:

Big 5 banks (traditional banks with newcomer packages):

TD Bank – Newcomer Banking Package
- Free chequing for 1 year
- Credit card with no credit history required
- Can open account from abroad
- Multilingual staff
RBC Royal Bank – Welcome to Canada Banking Package
- Free chequing for 1 year
- Credit card with no credit history
- Foreign exchange services
Scotiabank – StartRight Program
- Free chequing for 1 year
- Credit card with no credit history
- International money transfers
CIBC – Welcome to Canada Banking Package
- Free chequing for 1 year
- Credit card options
BMO – NewStart Banking Plan
- Free chequing for 1 year
- Credit card options

Why Big 5 banks are good for newcomers:

Newcomer packages designed for immigrants
Accept foreign ID and documents
No credit history required
Multilingual staff and services
Physical branches everywhere
Help with credit building

Free online banks (no monthly fees):

Tangerine (owned by Scotiabank)
- No monthly fees ever
- No minimum balance
- Free unlimited transactions
- High-interest savings account
- Limited branch access (Scotiabank ATMs)
Simplii Financial (owned by CIBC)
- No monthly fees
- No minimum balance
- Free unlimited transactions
- CIBC ATM access
EQ Bank
- High-interest savings account (up to 3%)
- No fees
- Online only (no physical branches)

For newcomers, I recommend:

Start with a Big 5 bank newcomer package (TD, RBC, Scotiabank) to build credit history and get a credit card
After 6-12 months, add a free online bank (Tangerine, Simplii) for daily banking to avoid fees
Keep Big 5 account for credit card and occasional branch visits

What to look for in a bank

Monthly fees:

Many banks charge $10-$30/month unless you maintain minimum balance ($3,000-$5,000)
Free banks: Tangerine, Simplii, EQ Bank
Student accounts: Usually free
Senior accounts: Usually free or discounted

ATM access:

Big banks have extensive ATM networks
Online banks partner with big banks for ATM access
Using another bank's ATM: $2-$5 fee per withdrawal
Always use your own bank's ATMs to avoid fees

E-transfer limits:

Most banks: $3,000 per transaction, $10,000-$30,000 per day
Important for paying rent or receiving money

Branch access:

Do you need to visit branches? Choose Big 5
Comfortable with online-only? Choose free online banks
Most banking is done online in Canada

Multilingual services:

Big banks offer services in multiple languages
Especially in major cities (Toronto, Vancouver, Montreal)
Online banks: Usually English and French only

💡 My recommendation for newcomers

First bank account: Open a newcomer package with TD, RBC, or Scotiabank

Get free banking for first year
Get credit card immediately (builds credit history)
Learn Canadian banking with support
Access to branches if you need help

After 6-12 months: Open Tangerine or Simplii for daily banking (free forever)

Move most banking to free account
Keep Big 5 account for credit card and occasional branch visits
Avoid monthly fees while maintaining credit history

Credit unions

Credit unions are member-owned financial cooperatives. They offer similar services to banks but are often more community-focused.

Pros:

Lower fees than big banks
Better customer service (community-focused)
Competitive interest rates
Profits returned to members

Cons:

Fewer branches and ATMs
Less advanced online banking
May not have newcomer packages

Major credit unions:

Meridian (Ontario)
Coast Capital Savings (BC)
Vancity (BC)
Desjardins (Quebec - largest in Canada)

How to open a bank account

What you need

Required documents (2 pieces of ID):

Primary ID (1 required):

Valid passport
Canadian driver's license
Canadian citizenship card or certificate
Permanent Resident (PR) card
Certificate of Indian Status

Secondary ID (1 required):

Work permit or study permit
Credit card or debit card (from any country)
Foreign driver's license
Employee ID card
Birth certificate

Additional for newcomers:

Confirmation of Permanent Residence (COPR) document
Visa or work/study permit
Letter from your employer (helpful but not always required)

You do NOT need:

Social Insurance Number (SIN) - helpful but not required
Canadian address - can use hotel or temporary address
Canadian credit history
Job in Canada

Opening an account in person

Choose a bank – Research and pick the best option for you
Book an appointment – Call or book online (walk-ins possible but slower)
Bring documents – Two pieces of ID as listed above
Meet with advisor – They'll help you choose the right account
Sign paperwork – Paper or digital signature
Receive debit card – Usually get temporary card immediately, permanent card in mail within 1-2 weeks
Set up online banking – Create username and password

Time required: 30-60 minutes

Opening an account online (before arrival)

Some banks let you open an account before arriving in Canada:

TD Bank – Can open online from abroad
RBC – Can open online from abroad
Scotiabank – StartRight can be opened online

Process:

Visit bank's website and select newcomer account
Fill out online application
Upload documents (passport, visa, proof of address)
Video verification call
Account opened within 3-5 business days
Receive debit card when you arrive in Canada

First deposit

Most banks require an initial deposit:

Typical minimum: $0-$100
How to make it: Cash, international wire transfer, foreign cheque
Wire transfer fees: $10-$30 receiving fee from your bank

Alternative: Use Wise to transfer money from your home country to Canadian bank account (lower fees than wire transfer)

Getting your cards

Debit card:

Receive temporary card at branch immediately
Permanent card mailed within 5-10 business days
Activate card online or by phone
Set up PIN

Credit card:

Apply separately (see Credit Cards section)
Newcomers can get secured credit card or newcomer credit card
Arrives in mail within 10-15 business days

⚠️ Opening multiple accounts

Opening too many bank accounts at once can hurt your credit score. Each application creates a "hard inquiry" on your credit report.

Recommended approach:

Open 1 bank account + 1 credit card to start
Wait 3-6 months before opening additional accounts
This protects your credit score while building history

Common payment methods in Canada

Interac e-Transfer

The most popular way to send money in Canada. Used for everything:

Paying rent to landlord
Splitting bills with friends
Paying contractors or freelancers
Buying things on Facebook Marketplace or Kijiji

How it works:

Log into online banking or mobile app
Select "Send Money" or "Interac e-Transfer"
Enter recipient's email or phone number
Enter amount and security question/answer
Recipient gets notification
They answer security question and money is deposited
Usually instant or within 30 minutes

Fees:

Free with most accounts
Some banks charge $1-$1.50 per transfer
Free to receive

Limits:

$3,000 per transaction (typical)
$10,000-$30,000 per day
Varies by bank

Autodeposit: Enable this feature to receive e-transfers instantly without security question

Debit cards (Interac)

Your bank debit card works at:

Point-of-sale terminals (stores, restaurants)
ATMs (your bank's ATMs = free, other banks = $2-$5 fee)
Online purchases (less common, most prefer credit cards)

How to pay:

Tap: Under $250, just tap your card (contactless)
Insert + PIN: Over $250, insert card and enter PIN
Apple Pay/Google Pay: Add card to mobile wallet, tap phone

Interac Flash (contactless): Standard in Canada, works everywhere

Credit cards (Visa, Mastercard, Amex)

Most common payment method for:

Online shopping
Travel and hotels
Restaurants
Building credit history

Acceptance:

Visa and Mastercard: Accepted everywhere
American Express: Accepted at most major retailers (some small businesses don't accept)
Discover: Rarely accepted

Cash

Less common than in many countries, but still used:

Small purchases (coffee, snacks)
Tipping service workers
Small businesses (some cafes, food trucks)
Farmers markets
Vending machines

Cash is declining: Many Canadians rarely carry cash. Some businesses are cashless.

ATM fees:

Your bank's ATM: Free
Other bank's ATM: $2-$5 per withdrawal
Private ATMs (convenience stores): $3-$6 per withdrawal

Tip: Only use your own bank's ATMs to avoid fees

Pre-authorized debit (PAD)

Automatic payments from your bank account for:

Rent (landlord takes rent automatically each month)
Utilities (electricity, gas, water)
Phone and internet bills
Insurance payments
Gym memberships

How it works:

You give company your bank information and sign PAD agreement
Company automatically withdraws payment on scheduled date
You get notification after withdrawal
Can cancel authorization anytime

Cheques (checks)

Rarely used but still relevant for:

Rent (some landlords prefer post-dated cheques)
Security deposits
Large transactions
Business payments

Void cheque: Often needed to set up direct deposit (payroll) or pre-authorized debit

Most banks charge $10-$30 for a book of cheques. Online banks may not offer cheques.

What Canadians DON'T use

Cash App, Venmo, Zelle: Not available in Canada (we use e-transfer instead)
Cheques: Declining rapidly except for rent
Wire transfers: Only for international transfers or large amounts
Money orders: Rare

Credit cards and building credit

Why credit cards are important in Canada

Credit cards are essential for:

Building credit history: Most important reason
Renting apartments: Landlords check credit scores
Getting loans: Car loans, mortgages require good credit
Online shopping: Safer than debit cards
Rewards: Cash back, travel points, insurance
Consumer protection: Better fraud protection than debit

In Canada, you need a credit card to build credit history. Having a debit card and paying bills on time does NOT build credit.

Types of credit cards

Regular credit card:

Requires credit history
Typical limit: $500-$10,000
Interest rate: 19-30% APR if you don't pay in full
Rewards: Cash back, travel points

Secured credit card (for newcomers):

No credit history required
You deposit $500-$5,000 as security
Credit limit = your deposit amount
Works exactly like regular credit card
Builds credit history
Get deposit back when you close card or upgrade
Best option for newcomers

Newcomer credit card:

Designed for new immigrants
No Canadian credit history required
Based on your income and foreign credit (if available)
Typical limit: $500-$2,000 to start
Offered by TD, RBC, Scotiabank as part of newcomer packages

Student credit card:

For students
Low or no credit history required
Low limit: $500-$1,000
No annual fee

Best credit cards for newcomers

Secured credit cards (recommended to start):

Home Trust Secured Visa
- Deposit: $500-$10,000
- No credit check
- Builds credit history
- Annual fee: $0-$59 depending on deposit
Neo Secured Mastercard
- Deposit: $500-$10,000
- No annual fee
- 5% cash back on eligible purchases
- Easy approval

Newcomer credit cards (no deposit required):

TD Cash Back Visa Card for Newcomers
- No credit history required
- Cash back rewards
- Part of TD newcomer package
RBC Cash Back Mastercard
- Part of RBC Welcome to Canada package
- Cash back on purchases
Scotiabank Momentum VISA
- Part of StartRight program
- No annual fee first year

How to build credit with a credit card

The golden rule: Pay in full every month

Get a credit card (secured card if you're new)
Use it regularly (put small purchases on it)
Pay statement balance in FULL every month (never carry a balance)
Never miss a payment (set up automatic payments)
Keep balance low (use less than 30% of your limit)
Wait 6-12 months for credit score to build

Example:

Credit limit: $1,000
Monthly spending: $200-$300
Pay off $200-$300 in full when statement arrives
Never pay interest (0% interest if paid in full)
After 6-12 months, you'll have good credit history

⚠️ Credit card mistakes to avoid

Carrying a balance: You'll pay 20-30% interest (expensive!)
Making only minimum payment: Debt grows, takes years to pay off
Missing payments: Destroys your credit score
Maxing out your card: Hurts credit score even if you pay on time
Applying for too many cards at once: Hurts credit score
Closing your first credit card: Shortens credit history

Remember: Use credit cards as a payment tool, not a loan. Pay in full every month = no interest charges.

Credit card fees and costs

Annual fee:

No-fee cards: $0
Basic rewards cards: $0-$99
Premium cards: $120-$599

Interest rate (APR):

19-30% if you don't pay in full
Doesn't matter if you always pay in full (you pay 0% interest)

Foreign transaction fee:

2.5% on purchases in foreign currency
Some cards have no foreign transaction fee

Cash advance fee:

Don't use credit cards to withdraw cash (expensive)
3-5% fee + immediate interest charges

Credit card rewards

Cash back:

1-2% on all purchases
Up to 5% on specific categories (groceries, gas)
Paid as statement credit or direct deposit

Travel points:

Earn points for flights, hotels, travel
Popular: Aeroplan (Air Canada), Amex Membership Rewards
Usually require annual fee

For newcomers: Start with simple cash back card, upgrade later once you have good credit.

Understanding your credit score

What is a credit score?

A credit score is a number (300-900) that represents how trustworthy you are with borrowed money. Landlords, lenders, and some employers check your credit score.

Credit score ranges:

800-900: Excellent (easy to get best rates)
720-799: Very good
650-719: Good (can get approved for most things)
600-649: Fair (harder to get approved, higher rates)
300-599: Poor (very difficult to get credit)

What affects your credit score

Payment history (35%):

Most important factor
Paying all bills on time = good
Late or missed payments = bad
Stays on report for 6 years in Canada

Credit utilization (30%):

How much of your available credit you use
Keep under 30% of your limit
Example: $1,000 limit → use max $300
Lower is better

Length of credit history (15%):

Longer credit history = better score
Average age of all your accounts
Don't close your oldest credit card

Credit mix (10%):

Having different types of credit (credit card, loan, line of credit)
Not critical, but helpful

New credit inquiries (10%):

Hard inquiries hurt your score temporarily
Applying for credit = hard inquiry
Too many inquiries = red flag
Multiple inquiries for same type (mortgage shopping) = counted as one

How to check your credit score

Free credit score:

Borrowell: Free credit score, updates monthly
Credit Karma: Free credit score, updates weekly
Both are 100% free (make money from recommendations, not from you)

Full credit report:

Equifax: consumer.equifax.ca
TransUnion: transunion.ca
Free once per year (by mail)
Shows all your accounts, payment history, inquiries

How to build credit as a newcomer

Step-by-step credit building:

Open bank account (Day 1)
- Creates your banking history
- Doesn't directly affect credit, but necessary first step
Get secured credit card (Month 1)
- Easiest way to start building credit
- Use for small purchases
- Pay in full every month
Get cell phone plan in your name (Month 1-2)
- Postpaid plans (monthly contract) report to credit bureaus
- Paying on time builds credit
Wait 3-6 months
- Use credit card regularly
- Pay in full every month
- Never miss payments
Check your credit score (Month 6)
- Use Borrowell or Credit Karma
- You should have a score by now (usually 650-700 range)
Apply for regular credit card (Month 6-12)
- Upgrade to unsecured credit card
- Get your secured card deposit back
- Higher limit, better rewards

Timeline: 6-12 months to establish decent credit score

💡 Quick tips to build credit fast

Become an authorized user: Ask a family member/friend with good credit to add you to their credit card (you don't need the physical card, just being listed helps)
Set up automatic payments: Never miss a payment (most important factor)
Use your credit card for recurring bills: Netflix, Spotify, phone bill (then pay off monthly)
Keep credit utilization under 30%: If you have $1,000 limit, don't spend more than $300
Don't close your first credit card: Even when you upgrade, keep it open (average age of accounts matters)

What hurts your credit score

Late or missed payments: Even 1 day late can hurt
Collections: Unpaid bills sent to collections agency
Bankruptcy: Stays on report for 6-7 years
Too many credit inquiries: Applying for lots of credit at once
High credit utilization: Using more than 30-50% of your limit
Closing old accounts: Reduces average age of accounts
Defaulting on loans: Not paying back loans

Using and moving cryptocurrency

Cryptocurrency in Canada

Cryptocurrency is legal and regulated in Canada. The Canada Revenue Agency (CRA) treats crypto as property for tax purposes.

Popular uses:

Investment (buy and hold Bitcoin, Ethereum, etc.)
International money transfers (cheaper than wire transfers)
Sending money home to family
Trading and speculation

Buying cryptocurrency in Canada

Canadian crypto exchanges:

Newton
- Most popular in Canada
- Free deposits and withdrawals
- No trading fees
- E-transfer funding
- CRA-compliant tax reporting
Shakepay
- Simple interface (Bitcoin and Ethereum only)
- Free e-transfer deposits
- Cash back rewards
- Beginner-friendly
NDAX
- Low fees
- Advanced trading features
- Good for active traders
Bitbuy
- Established Canadian exchange
- Good customer support
- Regulated by FINTRAC

International exchanges (also available in Canada):

Coinbase
Kraken
Binance (limited in some provinces)

How to buy crypto

Create account on exchange (Newton, Shakepay, etc.)
Verify identity (photo ID + selfie)
Add funds via e-transfer from your bank
Buy cryptocurrency (Bitcoin, Ethereum, etc.)
Store in exchange or transfer to personal wallet

Funding methods:

E-transfer: Most common, instant, free
Bank wire: For large amounts ($10,000+)
Debit card: Instant but higher fees (not recommended)

Sending crypto internationally

Cryptocurrency is excellent for international transfers:

Advantages over wire transfers:

Much cheaper: $2-20 in fees vs $30-80 for wire transfer
Much faster: Minutes to hours vs 3-5 business days
No bank involvement: Direct wallet-to-wallet
Works 24/7: No bank hours
Global: Send to any country

How to send money home using crypto:

Buy crypto in Canada (e.g., USDT, USDC, Bitcoin)
- Use Newton or Shakepay
- Fund with e-transfer from your bank
Send crypto to recipient's wallet
- Get their wallet address
- Send crypto (takes 10-60 minutes)
- Fee: $2-20 depending on cryptocurrency
Recipient converts to local currency
- Use local exchange in their country
- Withdraw to local bank account

Best cryptocurrencies for transfers:

USDT (Tether): Stable coin, always worth $1 USD
USDC (USD Coin): Stable coin, always worth $1 USD
XRP (Ripple): Very fast, very cheap fees
Bitcoin: Slower and more expensive, but most widely accepted

Avoid for transfers: Ethereum (high gas fees), Bitcoin (slow and expensive)

Cryptocurrency taxes in Canada

The CRA treats cryptocurrency as property, not currency.

Taxable events:

Selling crypto for CAD: Capital gains tax on profits
Trading one crypto for another: Capital gains tax on profits
Using crypto to buy goods/services: Capital gains tax on profits
Receiving crypto as payment: Income tax on full amount

NOT taxable:

Buying crypto with CAD (just holding)
Transferring crypto between your own wallets
Receiving gifts of crypto (under $10,000)

Capital gains tax:

Only 50% of your profit is taxable
Example: Buy Bitcoin for $1,000, sell for $2,000 = $1,000 profit
- Taxable amount: $1,000 × 50% = $500
- If your tax rate is 30%, you pay: $500 × 30% = $150 in taxes

Record keeping:

Track all transactions (buy, sell, trade)
Note date, amount, price, purpose
Canadian exchanges provide tax reports
Use crypto tax software: Koinly, CoinTracker, CoinTracking
Report on your annual tax return

⚠️ Important crypto warnings

Volatility: Crypto prices can drop 50%+ in days
Not CDIC insured: If exchange is hacked or fails, you may lose everything
Scams: Many crypto scams exist (fake exchanges, phishing, ponzi schemes)
Tax compliance: CRA is tracking crypto transactions, report everything
Keep records: You'll need them for taxes
Self-custody risks: If you lose your wallet keys, your crypto is gone forever

Only invest what you can afford to lose.

Storing cryptocurrency safely

On exchange (hot wallet):

Pros: Easy to trade, easy to cash out
Cons: Exchange could be hacked, you don't control keys
Best for: Small amounts, active trading

Personal wallet (cold wallet):

Hardware wallet: Ledger, Trezor (most secure)
Software wallet: Trust Wallet, MetaMask
Pros: You control keys, more secure
Cons: Can lose keys, less convenient
Best for: Large amounts, long-term holding

Golden rule: "Not your keys, not your crypto" - keep large amounts in personal wallet, not on exchange

Banks and crypto

Canadian banks have mixed policies on crypto:

Generally crypto-friendly:

Most banks allow e-transfers to Canadian crypto exchanges (Newton, Shakepay)
Scotiabank, TD, RBC generally don't block crypto transactions

May block or restrict:

Some banks block international exchange transactions
Some flag frequent crypto activity as suspicious
Binance has been blocked by some banks

Tips:

Use Canadian exchanges (Newton, Shakepay) - banks less likely to block
Don't mention "Bitcoin" or "crypto" in e-transfer messages
Keep bank account separate from crypto trading account
If bank asks, explain it's for legitimate investment purposes

Avoiding bank fees

Common bank fees

Monthly account fees:

Typical: $4-$16/month
Waived if you maintain minimum balance ($3,000-$5,000)
How to avoid: Use free banks (Tangerine, Simplii, EQ Bank) or maintain minimum balance

Transaction fees:

Some accounts charge per transaction (debit, e-transfer, bill payment)
Typical: $0.50-$1.50 per transaction
How to avoid: Get unlimited transaction account or free online bank

ATM fees:

Other bank's ATM: $2-$5 per withdrawal
International ATM: $5+ per withdrawal + currency conversion
How to avoid: Only use your own bank's ATMs

E-transfer fees:

Some banks charge $1-$1.50 per e-transfer
How to avoid: Most accounts include unlimited free e-transfers

Overdraft fees:

If you spend more than your balance: $45-$48 per occurrence
Daily overdraft interest: 19-22% APR
How to avoid: Link overdraft protection, monitor balance, decline overdraft

International transfer fees:

Wire transfer: $15-$80 per transfer
Foreign exchange markup: 2-4% above market rate
How to avoid: Use Wise (much cheaper than banks)

Cheque fees:

Cheque book: $10-$30
Stop payment: $10-$25
How to avoid: Use e-transfer instead of cheques

NSF (Non-sufficient funds) fee:

If cheque bounces or pre-authorized payment fails: $45-$48
How to avoid: Maintain buffer in account, monitor balance

How to minimize fees

Strategy 1: Use only free accounts

Tangerine or Simplii: No fees ever
Save $150-$400/year in fees
99% of Canadians don't need to pay bank fees

Strategy 2: Maintain minimum balance

Keep $3,000-$5,000 in account
Waives monthly fees
Only worth it if you already have this money available

Strategy 3: Use only your bank's ATMs

Never use other banks' ATMs
Plan ahead and withdraw enough cash
Use cashback at grocery stores to get cash

Strategy 4: Use Wise for international transfers

Banks charge $15-$80 per wire transfer
Wise charges $5-$15 (much cheaper)
Real exchange rate (no markup)

Strategy 5: Link accounts for overdraft protection

Link chequing to savings
If you overdraft, money automatically transfers from savings
Small fee ($5) vs large overdraft fee ($45)

💡 My fee-free banking setup

For daily banking:

Tangerine or Simplii chequing account (free)
All debit transactions, bill payments, e-transfers free
No monthly fees, no minimum balance

For savings:

EQ Bank high-interest savings (2-3% interest, free)
Tangerine savings account (linked to chequing)

For credit:

No-fee credit card with cash back rewards
Pay in full every month = no interest

Result: $0 in bank fees per year while earning interest on savings