Top Banks in Canada
Choosing the right bank in Canada can feel overwhelming with dozens of options ranging from century-old institutions to digital platforms, each offering different fees, services, and benefits that directly impact your financial well-being. Whether you’re a newcomer to Canada, switching banks, or simply seeking better rates and features, finding the perfect banking partner requires navigating through complex fee structures, digital capabilities, and service quality differences. This article solves that challenge by analyzing Canada’s top 13 banks, providing clear comparisons of their strengths, weaknesses, and ideal customer profiles. You’ll discover which banks suit your financial needs while learning about Canada’s legendary “Big Five” banks. By the end of this article, you’ll have the insights needed to select a Canadian bank that aligns with your financial goals, lifestyle, and banking preferences. Snapshot: The state of Canadian banking in 2025 The Canadian banking landscape in 2025 reflects a sector in transformation, balancing traditional strength with digital innovation. Almost half (48%) of Canadian financial services CEOs who responded to PwC’s 28th Global CEO survey are very or extremely confident about their prospects for revenue growth in the next 12 months, demonstrating optimism despite economic uncertainties. Digital adoption has accelerated dramatically, with 87 per cent of Canadians having banked online in the last year, while 70 per cent have used an app to do their banking, up from 65 per cent in 2021. Mobile banking usage averages 7.4 times per month, indicating strong customer engagement with digital platforms. The sector’s stability remains a hallmark, with The Bank of Montreal paying dividends to shareholders every year since 1829 (196 years), Scotiabank since 1833 (192 years), and other Big Five banks maintaining similar long-term dividend records. Looking ahead, 41% of Canadians expect to increase their use of mobile banking apps in the next five years, 40% for Interac e-Transfer, and 32% for Tap & Pay, while 16% of Canadians (almost 5 million people) are expected to have an online bank account by 2026. Tabular Roundup: Top 12 Banks in Canada The table below presents Canada’s leading banks ranked by market capitalization, assets, and customer base. It showcases the dominance of the Big Five alongside emerging digital players and regional banks. This ranking reflects both traditional banks with century-long dividend histories and innovative digital banks responding to changing consumer preferences in 2025. S/N Bank Headquarters Specialization 1 Royal Bank of Canada (RBC) Toronto Universal banking, capital markets, wealth 2 Toronto-Dominion Bank Toronto Universal banking; strong U.S. footprint 3 Bank of Nova Scotia (Scotiabank) Toronto Universal banking; Latin America focus 4 Bank of Montreal (BMO) Montreal/Toronto Universal banking; North America platform 5 Canadian Imperial Bank of Commerce (CIBC) Toronto Universal banking; retail & SME 6 National Bank of Canada Montreal Universal banking; Québec leader 7 Desjardins Group Lévis, QC Cooperative financial group; retail, insurance, wealth 8 Equitable Bank (EQ Bank) Toronto Challenger bank; digital savings & mortgages 9 Tangerine Bank (Scotiabank) Toronto Digital-only retail bank 10 motusbank Toronto Direct bank; high-interest savings & mortgages 11 Simplii financial Toronto Digital-only bank (CIBC subsidiary); no-fee banking 12 Neo financial Calgary Fintech, high-yield savings & credit cards 1. Royal Bank of Canada (RBC) RBC maintains its position as Canada’s largest bank with strong performance across all business lines. The bank reported solid Q1 2025 results with net income growth driven by its diversified revenue streams spanning personal banking, wealth management, and capital markets. RBC’s digital platform serves millions of active users, while its U.S. operations provide geographic diversification. The bank continues investing in AI technology and sustainable finance initiatives. With robust capital ratios and consistent dividend growth, RBC remains the market leader in Canadian banking. 2. Toronto-Dominion Bank (TD) This bank stands out with its extensive North American footprint, operating over 1,100 U.S. branches alongside its strong Canadian base. The bank delivered a strong Q1 2025 performance with gains across divisions, including $264 million for US Commercial Banking and Wealth Management. Despite regulatory challenges in the U.S., TD maintains excellent customer satisfaction ratings and operational efficiency. The bank is focusing on digital transformation and enhancing its wealth management services while managing through its current regulatory remediation process. 3. Bank of Nova Scotia (Scotiabank) Scotiabank differentiates itself through international diversification, with significant operations across Latin America and the Caribbean. This global presence in Mexico, Peru, Chile, and Colombia provides exposure to growing economies and different market cycles. The bank combines strong Canadian retail operations with international commercial banking expertise. Scotiabank’s Pacific Alliance focus creates unique growth opportunities while its digital investments span all markets to improve customer experience. 4. Bank of Montreal (BMO) As Canada’s oldest bank, founded in 1817, BMO has built a strong North American platform through strategic acquisitions and organic growth. The bank excels in commercial banking and wealth management, serving middle-market and large corporate clients effectively. BMO’s recent U.S. acquisitions have expanded its market reach and created new revenue opportunities. The bank continues modernizing through digital inclusions while maintaining its focus on sustainable finance and ESG leadership. 5. Canadian Imperial Bank of Commerce (CIBC) CIBC topped analysts’ profit expectations in recent quarters, demonstrating its successful transformation into a client-focused organization. The bank has strengthened its Canadian retail banking position while expanding wealth management and private banking services. CIBC’s operational excellence initiatives have improved efficiency and cost management. The bank’s investments in digital banking platforms ensure competitive positioning while maintaining strong customer relationships in personal and small business banking. 6. National Bank of Canada They leverage their dominant Quebec market position to build national capabilities while preserving their francophone culture and local expertise. The bank’s deep community relationships in Quebec create strong customer loyalty and market barriers for competitors. Beyond Quebec, National Bank has expanded its wealth management and commercial banking services across Canada. The bank’s relationship-focused approach and cultural sensitivity provide differentiation in serving middle-market businesses and high-net-worth clients. 7. Desjardins Group This bank operates as Canada’s largest federation of credit unions and North America’s biggest financial cooperative. They serve members rather than shareholders since theit founding in