The majority of Canadians continue to bank with one of these sizable Canadian banks with good Canadian trading, whether it is one of the big five or the big six.
More than 1,850 Canadians were questioned in a recent study about their banking preferences for 2023, and more than half (55%) of respondents said they planned to use online banking.
The Big Five Banks: What Are They?
The Royal Bank, The Bank of Montreal, the Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, and the Toronto-Dominion Bank are the five biggest banks in Canada.
Royal Bank RBC
RBC Royal Bank, which was founded in 1869, presently has 17 million customers worldwide. By market share and assets, it is the second-largest bank in Canada as of 2020. In order to serve customers in Canada, the US, and 34 other nations around the world, RBC employs nearly 86,000 people. It has more than 2,600 branches and ATMs.
RBC was recognized by Retailer Banker International in 2020 as the North American Retail Bank of the Year for the third consecutive year. Compare RBC credit cards, RBC savings accounts, and checking accounts for additional information.
BMO
BMO, the third-largest bank in Canada, provides services to 12 million customers worldwide, including 8 million in only Canada. It employs over 45,000 people and operates over 3,000 ATMs and branches.
As of 2020, BMO has been acknowledged as the North American brand that is most sustainable. BMO holds the distinction of being the oldest of Canada’s main five banks due to its 1817 founding. Compare BMO credit cards, BMO savings accounts, and BMO checking accounts for additional information.
Bank of Nova Scotia
With assets assessed at C$1.1 trillion at year’s end 2020, revenue of C$31 billion in 2020, and capitalization of C$67 billion, The Bank of Nova Scotia, also known as Scotiabank, is Canada’s second-largest bank.
The bank has more than 900 locations around the country, over 11 million customers in Canada, 10 million customers outside of Canada, and 92,000 full-time employees. This bank offers trading on the Toronto and New York Stock Exchanges.
CIBC
Despite being the smallest of the big five banks, CIBC employs over 40,000 people to serve its more than 10 million clients both domestically and abroad. Over 1,000 bank branches are operated by CIBC.
It is the second-oldest of Canada’s major five banks, having been founded in 1867. Among the biggest banks in Canada, CIBC’s banking app received the highest customer satisfaction rating from J.D. Power. For more information, compare CIBC credit cards and CIBC checking accounts.
TD Bank
The second-largest bank in Canada by market share and the largest by assets as of 2020 is TD Canada Trust (commonly known as TD or TD Bank). Over 25 million people are served by TD Bank worldwide since it was established in 1855 in Toronto, Ontario.
There are more than 1,900 branch and ATM locations. Since 2014, TD is the only Canadian bank that is included in the Dow Jones Sustainability World Index. For more information, compare TD credit cards, TD savings accounts, and TD checking accounts.
Canadian Big 5 Banks in Order of market capitalization
RBC is ahead of TD Bank in terms of market capitalization in Canada as of February 2023 (when compared to the other big five banks). Both companies were far ahead of third-place BMO, despite the fact that RBC and TD frequently appear to exchange the top two positions (the most recent change occurred in March 2023).
No matter which of the big five banks you choose, all qualifying deposits up to $100,000 are protected by CDIC deposit insurance, which applies to all licensed banking and fintech companies operating in Canada.
Which Canadian bank offers the finest personal banking services?
Since what is ideal for you will depend on your financial circumstances and ambitions, there is no one bank that is the finest bank in Canada generally. Here are a few distinctions between the big five banks, though, that might help you make a decision.
RBC. Canada’s largest bank in terms of market share, number of locations, and ATMs.
TD bank. the best bank for safety in North America.
Scotiabank. With a presence in 55 countries, the largest banks in Canada are the most worldwide.
BMO. The oldest bank in Canada is BMO (institution number: 001).
CIBC:The best-rated mobile banking app is CIBC.
Bottom line
If financial stability is your number one priority when choosing a bank, then opening an account with one of the big five banks could be right for you.
These powerhouses aren’t likely to fail any time soon, especially for legal trading and offer a wide range of financial products to meet your personal and business banking needs.