Side by side
Big-bank mortgage comparison: RBC, TD, Scotiabank, BMO, CIBC and National Bank
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 October 31, 2026
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 | Up to 20% payment increase or lump sum (product-dependent); Smart Fixed is 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 | See BMO’s prepayment calculator and prepayment-options PDF (formula not on the pages we could read). |
| 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 | Not stated on the TD pages we could read; ask TD. |
| Scotiabank | Listed as a way to avoid charges; not available on every mortgage solution. |
| BMO Bank of Montreal | Not stated on the BMO pages we could read; ask BMO. |
| CIBC | May have a portability option (term, balance and maturity move to the new home). |
| National Bank | Not stated on the National Bank pages we could read; ask the bank. |
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 and CIBC describe the greater of 3 months’ interest and a posted-rate IRD for fixed, and 3 months’ interest for variable. National Bank states the higher of 3 months’ interest or 1 month’s interest (max. $500) plus the interest differential. BMO’s formula was not on the pages we could read. 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
- 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
- Mortgage prepayment calculator — BMO, checked Oct 31, 2026
- How to renew your mortgage — BMO, checked Oct 31, 2026
- The Smart Fixed Mortgage — BMO, checked Oct 31, 2026
- Homeowner ReadiLine — BMO, checked Oct 31, 2026
- Mortgage prepayment (privileges and prepayment charges) — CIBC, checked Oct 31, 2026
- CIBC Home Power Plan — CIBC, checked Oct 31, 2026
- Pay off your mortgage faster (prepayment and charges) — National Bank, checked Oct 31, 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.