The top 5 biggest banks in Canada are known as “The Big Five Banks”. All of these banks have common headquarters located on Toronto’s Financial Street – The Bay Street, Toronto. The Top 5 Banks are TD, Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce. These five banks dominate the banking sector and have the biggest and strongest presence across the whole of Canada.
“Banks are to the economy what the heart is to the human body. They cycle necessary capital through the whole, and they are barely noticed until pressure, necessity, or crises.“-Hendrith Smith
All of these banks combined hold over $100 Bn assets. Though they dominate Canada, their operations are spread globally. All these banks provide retail and commercial services to the customers.
Commonly known as “The Big 5” Canadian banks, these have various branches in different cities, ATMs and offer a variety of banking services.
Best Banks in Canada – The Big 5
Let’s dig into the key details of the 5 big banks of Canada with the latest statistics.
1. Toronto Dominion Bank (TD)
Toronto Dominion Bank in short TD is the largest bank out of The Big Five Banks in Canada. It holds over $1.917 Tn assets and made a revenue of $49.03 Bn in 2022. Based on these two factors alone, it holds the largest position. But when it comes to the market share, it is in second place.
|Net Income||$17 Bn|
The bank has over 25Mn customers across the globe. There are more than 1900 ATMs and branches worldwide. It is the only Canadian bank to be featured on the Dow Jones Sustainability World Index. This index measures the top-class companies that have performed most efficiently in the sustainability segment.
With over 90,000 plus employees, the biggest strength of this bank is in retail operations. Even in the US market, this bank is recognized to be in the Top 10 Banks in Canada.
TD Chequing Accounts
TD brings the following chequing accounts bank accounts to cater to the needs of students, professionals and business customers.
- TD All-Inclusive Banking Plan
- TD Every Day Chequing Account
- TD Unlimited Chequing Account
- TD Minimum Chequing Account
- TD Student Chequing Account
- TD Youth Account
TD Savings Accounts
You can choose from the following savings account packages:
- TD ePremium Savings
- TD Every Day Savings
- TD High-Interest Savings account
You can also enjoy having a TD cash back, Aeroplan Miles, low or no annual fees, and TD travel rewards credit card.
2. Royal Bank of Canada (RBC)
The Royal Bank of Canada is traced to 1864 wherein it offered financial services to mere fishermen and timber industries. From there it has become the second largest bank in Canada. Its assets are over $1.917 Tn. In the 2022 fiscal year the bank made a revenue of $48Bn.
|CEO||David Ian McKay|
The bank has over 17Mn customers out of which the majority are from Canada itself. The bank has a very strong network with over 1200 branches globally. The employee count of RBC is approximately 86000 and it has a huge retail channel.
In 2022, the bank announced that it has made an agreement with HSBC Bank in Canada. The bank works in multiple segments like commercial banking, wealth management, Insurance & Corporate support.
RBC Chequing Accounts
You can open the following chequing bank accounts with RBC:
- RBC Day to Day Banking
- RBC No Limit Banking
- RBC Signature No Limit Banking
- RBC VIP Banking
RBC Savings Accounts
RBC offers savings accounts which include:
- RBC High Interest eSavings
- RBC Enhanced Savings
- RBC Day to Day Savings
- RBC U.S. High Interest eSavings
In its credit card bucket, RBC has low-interest, travel, and cash-back credit cards.
3. Bank of Nova Scotia (Scotiabank)
The Bank of Nova Scotia is the third number in The Big Five Banks. The net income of this bank is $10.174 billion. Being in the third position, the assets value of BNS is $1.349 trillion. The valuation of this bank is less than TD and RY but still, it ranks in the Top 10s in Northern America.
|CEO||Brian J Porter|
|Net Income||$10.174 Bn|
It has over 10Mn customers that include both small retail customers and big commercial banks. The network of BNS is pretty strong with 953+ branches and a strong international presence.
The bank employs over 92000 employees. There is a popular subsidiary of the BNS i.e. Tangerine Bank that has online operations. You can easily get a free cheque book from it.
Scotiabank’s personal banking channel offers a set of different chequing, savings, and credit card options.
Scotiabank Savings Account
You can select from the following Scotiabank savings accounts
- MomentumPLUS Savings Account
- Savings Accelerator Account
- Money Master Savings Account
- Scotia U.S. Dollar Daily Interest Account
- Scotia Euro Daily Interest Account
Not only this, Scotiabank provides its clients with Visa, Mastercard, and American Express and newcomer credit cards options.
4. Bank of Montreal (BMO)
The Bank of Montreal is the 4th number in The Big Five Banks and also in the Top 10s of the largest Financial Institutions in Northern America. The asset size and revenues of the bank by the end of fiscal year 2022, were $1,139 Tn and $26.9 Bn.
|Net Income||$13.5 Bn|
BMO has more than 12 Mn customers and from it, 8 Mn+ are from Canada itself. The network of this bank is also strong enough with 900+ branches and more than 3000 ATMs. It has over 43000 people catering to all the 12 Mn customers.
BMO has majorly 3 potential areas of revenue which include retail banking, wealth management, and capital markets. It even operates in the South of the Border with its subsidiary Harris Bank. The newest agreement of BMO with BNP Paribas was done in 2023.
Bank of Montreal offers the following chequing accounts:
- Premium chequing Account
- Performance chequing account (Get up to a $400 welcome bonus when you open an account)
- Plus chequing account
- AIR MILES chequing account
- Practical chequing account
BMO Savings Accounts
Do you wish to open a savings account with BMO? Here’s the list of savings accounts it offers:
- BMO Smart Saver
- BMO Savings Builder
- BMO Premium Rate Savings
- BMO U.S. Dollar Premium Rate
In the list of credit cards, BMO offers cash back rewards, AIR Miles, travel, low-interest, no-fee and low fee credit cards as well.
5. Canadian Imperial Bank of Commerce (CIBC)
The last one in The Big Five Banks list is The Canadian Imperial Bank of Commerce. The asset value and the revenues of 2022 were $943 billion and $22.2 billion. CIBC was formed after the Canadian Bank of Commerce and Imperial Bank of Canada merged.
|Net Income||$6.2 billion|
The bank has almost 40,000 employees that look after the 10 Mn customers. It has 1000+ branches and only 3000 ATMs. In the 1990s, the bank was in second place but due to multiple mergers, it shifted from its position.
The most interesting part is that the mobile app of CM is very popular among Canadians. The international operations of this bank are in Europe, Asia, The US, and the Caribbean.
CIBC Savings Accounts
CIBC offers you these savings accounts, including:
- CIBC Bonus Savings Account
- CIBC eAdvantage Savings Account
- CIBC Premium Growth Account
- CIBC US$ Personal Account
CIBC has a long list of credit cards that give numerous benefits and rewards on your transactions.
Which is the Best Bank in Canada?
You can enjoy a full-suite of banking and financial services plus savings, chequing, business accounts, brokerage accounts, insurance, mortgage, and much more! There are both pros and cons of opening a bank account with different banks, you simply need to weigh in the advantages of one over the other!
Best Banks in Canada – Factors to Consider
- One-stop Banking
- Local Branches
- ATM Coverage
- Online Banking
- International Reach
Are you looking for a money management app? Do scroll through the list of Best Budgeting Apps in Canada.
Top Banks in Canada – Which One is Best for You?
These five banks are the largest financial institutions in Canada. There are endless pros of doing business with these banks because of their network. Low interest rates on savings/ chequing account and very high fees to maintain the accounts are few drawbacks to look for! But, you cannot ignore the fast mobile banking services and internet banking they offer. It is totally top notch.
For a customer of the top 5 Canadian banks or anyone thinking to be their future customer, remember to avail their online services and enjoy all the free new account holder facilities like a cheque book, high interest on savings account, low-interest credit cards, etc. Hence, having an account with the Big Five Banks or being their customer is totally worth it as far as it fulfills your financial goals.
And, there’s “no one-fit solution” for different objectives! So, do analyze your needs and priorities of opening an account with any of the banks.
The functioning of top banks is just like normal banks. Your money gets in the account and you use debit cards and cheques to withdraw it. But, selecting the right bank account is not that simple. Not to forget, important factors like fees, accessibility, interest rates and new member benefits while choosing the best bank for your savings in Canada.
Which is your favourite bank? Do you have any experiences to share with the Top 5 Banks in Canada or any of the Best Canadian banking institutions. Feel free to share your feedback!