Side by side
Big-bank mortgage comparison: RBC, TD, Scotiabank, BMO, CIBC and National Bank
Short answer: The big six advertise similar 5-year rates, but their fine print differs. Annual lump sums run from 10% (RBC, National Bank) to 20% (BMO, and CIBC or Scotiabank by product); each picks its penalty comparison rate differently; and early renewal ranges from about 120 days to 6 months. The tables line up each term, sourced and dated.
The terms that actually differ between Canada’s six largest banks, each in the bank’s own words, with a link to the page we read it on.
Bank pages checked November 2, 2026
Worked example: one mortgage, six banks’ fine print
$480,000 owing on a $500,000 5-year fixed at 5.29%, signed at a 6.89% posted rate, 30 months left. The rate is the same at every bank; the exit and the prepayment room are not:
| Bank | Penalty to break now | Compares with | Largest lump sum a year |
|---|---|---|---|
| RBC | $7,680 | 3-yr posted | $50,000 |
| TD | $8,880 | 3-yr posted | $75,000 |
| Scotiabank | $10,080 | 3-yr posted | $100,000 |
| BMO | $10,080 | 3-yr posted | $100,000 |
| National Bank | $15,200 | 2- and 3-yr rates, interpolated for 30 months | $50,000 |
| CIBC | $19,800 | 2-yr posted | $100,000 |
Computed by this site’s engine from each bank’s published rates (November 2, 2026). An example, not a quote.
Prepayment privileges
| Bank | Prepayment privileges |
|---|---|
| RBC Royal Bank | 10% lump sum a year, 10% payment increase every 12 months, plus Double-Up payments. |
| TD Canada Trust | 15% lump sum a year and payment increases up to 100%, once per calendar year. |
| Scotiabank | 10%, 15% or 20% of the original principal a year, depending on the options chosen. |
| BMO Bank of Montreal | 20% lump sum and 20% payment increase a year on closed mortgages; Smart Fixed 10% / 10%. |
| CIBC | 10%, 15% or 20% a year depending on product; payment increases up to 100%. |
| National Bank | 10% of the principal a calendar year, plus an extra payment up to your regular payment on each payment date. |
Fixed-rate penalty
| Bank | Fixed-rate penalty |
|---|---|
| RBC Royal Bank | Greater of 3 months’ interest or IRD vs RBC’s posted rate for a similar term, less your rate reduction. Variable: 3 months’ interest. |
| TD Canada Trust | Higher of 3 months’ interest or IRD using TD’s posted rate for a similar mortgage minus your discount. Variable: 3 months’ interest. |
| Scotiabank | Greater of 3 months’ interest or IRD vs Scotiabank’s posted rate for the closest term, less your discount. Variable: 3 months’ interest. |
| BMO Bank of Montreal | Higher of 3 months’ interest or IRD vs BMO’s posted rate for the closest term, taking your discount into account. Variable: 3 months’ interest. |
| CIBC | Greater of 3 months’ interest (at your rate + discount) or IRD vs CIBC’s current posted rate. Variable: 3 months’ interest at CIBC Prime. |
| National Bank | Higher of 3 months’ interest or 1 month’s interest (max $500) plus the interest differential. Variable: 3 months’ interest. |
Portability
| Bank | Portability |
|---|---|
| RBC Royal Bank | Port when buying and selling at the same time; extra money can be blended at the current rate. |
| TD Canada Trust | Port a fixed-rate mortgage (rate, balance, term and amortization) with no prepayment charge, on an approved new application; no window stated. |
| Scotiabank | Listed as a way to avoid charges; not available on every mortgage solution. |
| BMO Bank of Montreal | Port a fixed closed mortgage; extra money blended at the current fixed posted rate. |
| CIBC | All CIBC mortgages except Variable Flex can be ported; the charge may be waived or reimbursed in full or in part, and a delayed port allows up to 120 days. |
| National Bank | Rollover Mortgage: balance, rate and term move to a new National Bank mortgage for your next home, and the prepayment charge is recovered; no window stated. |
HELOC / readvanceable
| Bank | HELOC / readvanceable |
|---|---|
| RBC Royal Bank | RBC Homeline Plan: up to 80% in total; Royal Credit Line up to 65%, growing as you repay. |
| TD Canada Trust | TD Home Equity FlexLine: up to 80% with a Term Portion; revolving portion at TD Prime. |
| Scotiabank | STEP: up to 80% (65% revolving); the 80% global limit steps down to 65% over 25 years. |
| BMO Bank of Montreal | Homeowner ReadiLine: up to 80% in total; revolving line capped at 65%. |
| CIBC | CIBC Home Power Plan: up to 80% of appraised value; line priced off CIBC Prime. |
| National Bank | All-In-One: line of credit up to 65%, up to 80% with a mortgage; $7/month per account. |
Early renewal
| Bank | Early renewal |
|---|---|
| RBC Royal Bank | Up to 120 days early, no penalty. |
| TD Canada Trust | TD says start 120 days before maturity (renew online through EasyWeb or the app). |
| Scotiabank | Up to 6 months early, no prepayment charge. |
| BMO Bank of Montreal | Up to 180 days early, no penalty. |
| CIBC | CIBC suggests starting 5 months before expiry; early-renewal window not stated. |
| National Bank | Renew up to 4 months early with no penalty; protect a rate from 6 months out. |
HELOC product names
RBC Homeline Plan
RBC Homeline Plan: up to 80% in total; Royal Credit Line up to 65%, growing as you repay.
TD Home Equity FlexLine
TD Home Equity FlexLine: up to 80% with a Term Portion; revolving portion at TD Prime.
Scotia Total Equity Plan (STEP)
STEP: up to 80% (65% revolving); the 80% global limit steps down to 65% over 25 years.
BMO Homeowner ReadiLine
Homeowner ReadiLine: up to 80% in total; revolving line capped at 65%.
CIBC Home Power Plan
CIBC Home Power Plan: up to 80% of appraised value; line priced off CIBC Prime.
National Bank All-In-One
All-In-One: line of credit up to 65%, up to 80% with a mortgage; $7/month per account.
Shortlist on the terms you are most likely to use. Planning to pay down fast? Look at prepayment. Might move? Portability. Want to re-borrow equity? The HELOC row. Then get quotes and price them in the bank vs broker calculator.
Frequently asked questions
Which big bank has the most generous prepayment privileges?
It depends on whether you value lump sums or payment increases, and whether the bank lets unused room carry forward. Read the prepayment row in the table, and check the conditions on each profile: some banks offer more than one closed product with different privileges.
Do all big banks use the same penalty formula?
No. RBC, TD, Scotiabank, BMO and CIBC describe the greater of 3 months’ interest and a posted-rate IRD for fixed, and 3 months’ interest for variable, but each picks the comparison term its own way: RBC, TD and Scotiabank the closest term (ties round up), BMO the closest term (ties to the higher rate), CIBC by a months-left chart. National Bank states the higher of 3 months’ interest or 1 month’s interest (max. $500) plus a differential it interpolates between terms. For a term over five years broken after year five, the Interest Act caps any of them at 3 months’ interest. Get each bank’s written payout quote.
Why don’t you rank the banks?
A ranking needs a published methodology and your own priorities. Instead we lay out the terms that differ and give you calculators to price them for your situation.
Sources
- Understanding mortgage prepayment charges — RBC Royal Bank, checked Oct 31, 2026
- Pay down your mortgage faster (Double-Up, lump sums, skip a payment) — RBC Royal Bank, checked Oct 31, 2026
- Increasing your mortgage payments — RBC Royal Bank, checked Oct 31, 2026
- Porting a mortgage — RBC Royal Bank, checked Oct 31, 2026
- RBC Homeline Plan — RBC Royal Bank, checked Oct 31, 2026
- Mortgage prepayment calculator — TD Canada Trust, checked Oct 31, 2026
- TD mortgages and rates (products) — TD Canada Trust, checked Oct 31, 2026
- What happens if you break your mortgage (porting) — TD Canada Trust, checked Nov 3, 2026
- Standard charge terms (Ontario), s.5.07 If You Move (Portability) — TD Canada Trust, checked Nov 3, 2026
- TD Home Equity FlexLine — TD Canada Trust, checked Oct 31, 2026
- What you need to know: mortgages and mortgage prepayment charges (PDF) — Scotiabank, checked Oct 31, 2026
- Understanding mortgage prepayments and charges — Scotiabank, checked Oct 31, 2026
- Scotia Total Equity Plan (STEP) — Scotiabank, checked Oct 31, 2026
- Paying off your mortgage faster (prepayment privileges, prepayment charges, portability) — BMO, checked Nov 2, 2026
- Homeowner ReadiLine — BMO, checked Oct 31, 2026
- Mortgage prepayment (privileges and prepayment charges) — CIBC, checked Oct 31, 2026
- Port or replace your mortgage — CIBC, checked Nov 3, 2026
- CIBC Home Power Plan — CIBC, checked Oct 31, 2026
- Pay off your mortgage faster (prepayment and charges) — National Bank, checked Oct 31, 2026
- Mortgage prepayment and prepayment charges guide (PDF) — National Bank, checked Nov 2, 2026
- All-In-One — National Bank, checked Oct 31, 2026
Keep exploring
Educational information only, not financial, legal or tax advice. BankMortgages.ca is independent and is not affiliated with, endorsed by or paid by any bank named on this site. Bank terms change: confirm every rate and term with the lender and the official sources linked on each page before you act. Read the full disclaimer.
