The best bank account in Canada, for those that need an advanced banking package with a ton of features is the TD Canada Trust Select Service Account.
The Cost of the Bank Account
The usual monthly fee for this account is $24.95/month, but if you keep a minimum of $5000 deposited in the account throughout the month, this gets waived. Now, this is a lot of money for most people, but this is an advanced bank account with a tonne of services included. And the forgone interest on those $5000 isn't very much today given interest rates these days, especially when you consider that interest is rather unfavourably taxed in Canada.
Given that ING's current savings account interest rate is 2.3% as of March 3 2008, you're losing $115/year on $5000, and if you're in a high income bracket (and I'd assume that most people that can get this account are), that's about $60/year you're really losing out on. Of course, if you feel like you can earn more with the money in the market, your own business, your mortgage, etc, then feel free to change up the numbers.
The Benefits/Features of the Bank Account
With this account, you get unlimited transactions (in-branch or automated), free cheques, free cheque image return, annual fee waived for some of their $100+ annual fee credit cards (some of which are pretty rewarding if you don't have to pay the annual fee), free drafts+certified cheques, free small safe deposit box and US$ Bank account with Borderless* and a TD US$ Credit Card with the $25 annual fee waived. There are a few more features, but these are the most interesting. Some of the premium credit cards they offer include TD Auto Club (which is comparable to CAA, which costs how much per year on its own?), while others have decent travel insurance plans that you might otherwise have to pay for out of pocket.
Sure BMO can give you a US$ Credit card for no annual fee, and RBC can give you a half-decent US$ Savings account, and you can usually buy convenience store money orders for less than bank ones, while some currency brokers can give you better rates than the banks, but this account nicely consolidates everything you might need in ONE PLACE.
But the one thing that it doesn't include is a US-based US$ bank account, even though TD owns 100% of one. So, if you need such a thing, RBC is the way to go, or just open one yourself on a trip to the USA.
* The Borderless banking plan lets you get about 1% extra when converting US$ to Canadians, and the other way too I think. This makes it one of the best bank retail exchange rate in Canada, take a look here for reviews on the exchange rates for other Canadian banks.
Conclusion on the Best/Top Bank Account in Canada
If I had the money, I'd get this account, especially if I did a lot of travelling, US$ stuff and had a need for the free certified cheques and drafts. So far, I'm riding out the free Canadian student account deals, but I won't be able to do that for too much longer.