Having a local bank account can make it easy for you to protect and manage your money, as well as plan your finances. Banks are also helpful when you are looking at obtaining credit, investing your money, or getting a mortgage to buy a home. You can also have your paycheques direct deposited into your account.
To open a bank account, you will be required to present at least two pieces of original identification (ID).
The five largest banks in Canada are:
- Bank of Nova Scotia (Scotiabank)
- Bank of Montreal (BMO Financial Group)
- Canadian Imperial Bank of Commerce (CIBC)
- Royal Bank of Canada (RBC)
- Toronto-Dominion Bank (TD Bank Financial Group)
There are a number of banks available in London. We encourage you to work with your settlement organization to determine the right one for you.