Top List of Banks in Canada
When it comes to banking, Canadians have a lot of options. Not only do you have banks from all over the world, but there are also regional and online banks. For example, if you live in Montreal, there are more than 15 Canadian banks in that area alone! With so many different choices for banking institutions, how can you tell which bank is the best for you? This article will help you identify the top five Canadian banks in terms of customer satisfaction and quality of services.
Bank of Montreal
Bank of Montreal (BMO) is the fourth-largest bank in Canada by market capitalization and the eighth largest bank in North America. BMO offers a full range of retail banking, wealth management, and investment banking products and services to more than 12 million customers. It has over 900 branches in Canada and serves close to 10 million customers in the United States through its BMO Harris subsidiary.
The bank employs roughly 30,000 people and has $706 billion in assets as of 2020.
Bank of Nova Scotia
Bank of Nova Scotia is the third-largest bank in Canada by deposits and market capitalization. It is a financial services provider in North America and Latin America, where it does business under the Scotiabank name.
The bank has total assets of $1.1 Trillion CAD and a market cap of $73 billion as of January 2021.
Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce offers a wide range of banking, investing, wealth management, and other financial products and services to more than eleven million clients, including individuals, small businesses, middle-market companies, corporations, governments, and institutions. The bank operates through three business segments: Retail and Business Banking; Wealth Management; and Capital Markets. With more than $837 billion CAD in assets, CIBC ranks as one of Canada’s largest banks by assets.
Toronto Dominion Bank
Toronto Dominion Bank is the second-largest bank in Canada and the third-largest in North America. It has more than 89,464 employees worldwide and more than 22 million customers across Canada, the United States, and around the world. In 2021, the bank’s total assets were 1.73 trillion CAD.
RBC Royal Bank
RBC Royal Bank is one of the four biggest banks in Canada and one of the 10 largest banks in North America. It has more than have 86,000 full- and part-time employees who serve 17 million clients in Canada, the U.S., and 27 other countries. The bank had a total of 1.71 trillion CAD in assets as of 2021.
National Bank of Canada
National Bank of Canada (National Bank) is a diversified financial institution. The bank offers a range of financial services, including corporate and investment banking, wealth management and financial planning, as well as securities brokerage. It also offers various personal banking products and services that include commercial loans, residential mortgage loans, collateralized commercial loans, and consumer loans to clients. National Bank of Canada has more than $355.8 billion CAD in assets, more than 26,920 employees across the country, and serves over 10 million customers.
Desjardins Group, the largest association of credit unions in North America, has assets under administration of $277.7 billion, liabilities of $250.1 billion, total deposits of $175.9 billion, and a net income of $2.4 billion as of December 31, 2017. It is home to a wealth of expertise in property and casualty insurance, life and health insurance, wealth management, services for businesses of all sizes, securities brokerage, and asset management. Desjardins Group is also one of the most profitable financial institutions in Canada and one of the country's top employers.
HSBC Bank of Canada
HSBC Bank of Canada is a subsidiary of London-based multinational banking and financial services company HSBC Holdings Plc. It offers a range of personal and commercial banking products, including credit cards, mortgages, loans, insurance, and investments. As one of the biggest banks in Canada, it's primarily focused on serving retail customers and small businesses. The bank has over 130 branches across Canada with more than 6,000 employees serving over 41 million customers. Total assets at 31 December 2020 were $117.3bn, an increase of $10.8bn, or 10%, from 31 December 2019.
Canadian Western Bank
Canadian Western Bank is a regional bank that operates exclusively in Western Canada. It offers commercial banking, insurance, and investment services to businesses and individuals. It's the sixth-largest chartered bank in Canada by assets and deposits, with about $37.32 billion CAD of assets as of 2021.
Laurentian Bank of Canada
Laurentian Bank of Canada is a diversified financial institution with some $45 billion CAD in assets and more than 2871 employees across the country. Its subsidiary B2B Trust provides custodial and trust services to financial advisors and to employer-sponsored registered retirement savings plans, pension plans, and employee stock option plans. Its subsidiary LBC Capital is a merchant bank that offers venture capital solutions to businesses. Laurentian Bank's services are offered at its many branches across Canada.
EQ Bank is the latest online bank to hit the market in Canada. Launched by Equitable Bank, a subsidiary of Equitable Group, EQ Bank is a digital-only bank that features a high-interest savings account.
Operating without a physical footprint, EQ Bank is able to keep its overhead costs low and offer Canadians attractive rates on savings products and GICs. Equitable Bank, which owns EQ bank manages over $42 billion in assets as of 2020.
B2B Bank is a Canadian Schedule I bank owned by the Canadian Imperial Bank of Commerce (CIBC) which serves more than 200,000 clients with investment funds, mortgages, and other financial products in Canada and abroad. B2B Bank has assets of more than CAD 2.5 billion as of June 30, 2018.
Bridgewater Bank is a Canadian Schedule I chartered bank that offers banking products and services. The company offers personal and business banking, car loans, mortgages, ATMs, and other financial services. Bridgewater Bank operates as a subsidiary of Bridgewater Financial Corp. Bridgewater Bank is the largest online bank in the country with a whopping $2.9 billion in assets. It has been in business for over 10 years and is headquartered in Calgary, Alberta.
Canadian Tire Bank
The Ontario-based bank is one of the most popular banks in Canada. It offers a wide array of financial services such as credit cards, insurance, mortgages, chequing accounts, and savings accounts.
It also has a very generous rewards program that allows clients to collect Canadian Tire money by using the bank's credit card or opening a Canadian Tire Bank account. As of June 30, 2021, CTB reported C$7.6 billion in total assets.
Concentra Bank is a full-service financial institution that offers competitive interest rates on deposits, loans, and mortgages. It’s a subsidiary of the Concentra Financial Group, which currently has over $6 billion in assets under management.