In this article, we’ve compiled a list of our favorite top-best banks in Canada across various categories so that you can find out which bank is best suited for you!
Canada is one of the most developed countries in the world. It has a highly developed financial services industry and many people choose to live there because of this.
There are many great choices when it comes to banking institutions in Canada but some stand out above others based on their size and reputation among Canadians.
In Canada, there is a highly concentrated financial services industry. This means that some banks are larger than others and have more power over the economy.
For example, BMO Financial Group has over $260 billion in assets and deposits as of 2018 while CIBC has over $190 billion in assets and deposits.
Do you want to know the top best banks in Canada for everyone? Now, let’s get started.
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How to choose the best Canadian bank
You ask “how to choose the best Canadian bank”? Read the distinctions of different top best banks in Canada discussed here and do your research before deciding which bank is the best for you.
To choose the best bank in Canada for yourself, first find out what is important to you, such as:
- How long have they been around?
- What services do they offer?
- What are their hours of operation and customer service?
It is also ideal to look at the fees that will be charged by this financial institution (e.g., monthly fee).
If these fees are not included in their advertised rates, ask them why they aren’t being included or contact them directly if necessary.
You may also want to look into other banks’ offers online or through an independent comparison site like Bankrate or MoneyRates Canada so that you can compare apples-to-apples without wasting any time on unnecessary research tools!
Here are some of best biggest banks in Canada:
- Toronto-Dominion Bank (TD) has over $200 billion in assets and deposits;
- Scotiabank has around $100 billion;
- Royal Bank of Canada (RBC) owns about 40% of RBC Capital Markets LP which manages hedge funds for wealthy investors;
- National Bank Of Canada owns a 31% interest in National Bank Financial Corp., which provides retail banking services through its subsidiaries such as National Trust Co Ltd.;
- Canadian Imperial Bank Of Commerce (CIBC);
- Bank Of Montreal (BMO); TD Bank Financial Group Inc.;
- Wells Fargo & Company
- And lots more.
Top best banks in Canada for personal banking
- CIBC
- RBC
- BMO
- Scotiabank
- TD Bank
#1. Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce is one of the big five banks in Canada. It is a Canadian multinational bank and financial services company headquartered in Toronto, Ontario, Canada.
CIBC is the fifth largest bank in Canada by market capitalization and deposits.
The Bank was founded by Scottish immigrants from Glasgow who settled on its current location at the corner of King Street North and Yonge Street (which would later become home to CN Tower).
Today it has more than 1,100 branches across all provinces except Quebec – where it operates as BMO Financial Group – Alberta and British Columbia.[1]
#2. Royal Bank of Canada
Royal Bank of Canada is the largest bank in Canada by market capitalization and deposits. The bank was founded in 1864 when it was granted a Royal Charter by Queen Victoria.
It has been listed on the Toronto Stock Exchange since 1998, with its stock symbol being RY on the TSX Venture Exchange.
In addition to being Canada’s largest bank, Royal Bank also offers investment products such as mutual funds (including RRSPs), insurance products (including life insurance), and credit cards.
#3. Toronto-Dominion Bank
Toronto-Dominion Bank (TD Bank Group) is the second-largest bank in Canada by market capitalization and deposits.
The company offers a wide range of financial products and services that include personal banking, commercial banking, wealth management, private client services, and trust services.
TD Bank Group has been ranked as one of the Big Three Canadian banks with more than $300 billion in assets under management (AUM).
#4. Scotiabank
- The third largest bank in Canada by assets.
- Ranked by deposits and market capitalization.
- One of the Big Three banks in Canada, ranked by deposits and market capitalization.
#5. Bank of Montreal
Bank of Montreal is one of the Big Five banks in Canada, ranked by deposits and market capitalization.
It is also one of the Big Three banks in Canada, ranking third behind the Royal Bank of Canada and Toronto-Dominion Bank.
The bank has over 1 million employees worldwide with headquarters located in Toronto, Ontario; Montreal, Quebec; Vancouver (British Columbia); Winnipeg (Manitoba), and Calgary (Alberta).
#6. Tangerine
Tangerine is a direct bank, meaning that it does not have any physical branches.
The company was founded in 1974 as Canada’s first fully-owned banking subsidiary of Scotiabank, a large Canadian financial institution based out of Toronto.
Tangerine offers personal and small business banking products and services through its online platform, including mortgages and home equity lines of credit (HELOCs).
It also provides various investment options for its customers’ portfolios, including mutual funds managed by Tangerine’s own team of professionals who are experts in their field — they’ve been with the company since before it was even called “Tangerine”!
#7. Simplii
Simplii is a division of CIBC and offers full-service banking to Canadians. If you’re looking for an online bank that caters to the needs of your millennial generation, Simplii should be one of your first stops.
With 10 million customers in Canada and over 1 million across Europe and the Asia Pacific, this company has been around since 1995 when it started out as an online investment firm called Invest.
Since then, they’ve become more than just an investment firm—they’re now one of Canada’s biggest banks with over $50 billion in assets under management!
Simplii makes it easy for people who have never had any experience with financial services before (like millennials) by providing them with easy access to information through their mobile apps or websites on how best to manage their money while saving time so they can spend more time doing other things like going out with friends or cooking dinner for their partner/kids/parents etcetera.
And not having any worries about whether or not these things will cost too much money later down the line because at least now when buying groceries at Whole Foods there’s no need to worry about overdraft fees anymore because everything is paid off beforehand via debit card usage instead!
#8. EQ Bank
EQ Bank is a direct bank, with no branches. It also falls under the Equitable Bank umbrella and is a full-service direct bank.
The EQ Bank name was introduced in 2008 when it was founded as an online saving account for Canadians who wanted to save money without having to physically visit their local branch.
The EQ Bank website offers a variety of services like cash deposits and withdrawals, online bill pay and mortgage payments (including home equity loans), personal loans, and mortgages through joint ownership with other people or corporations while they’re still active members of the program.
They also provide credit cards that allow you to use them anywhere MasterCard is accepted worldwide except Japan
Best Canadian banks for:
A. New immigrant
If you’re a new immigrant, you’ll need a bank account. The good news is that there are many options available to help you open one.
You can open an account with a credit union or savings and loan institution (S&L).
These institutions typically have lower fees than their commercial counterparts, which means they may be cheaper for people who don’t make much money or have high balances in their accounts.
You can also choose to go with a large retail bank; these banks usually charge higher interest rates than smaller institutions do, but they offer a wider selection of services and products at competitive prices.
And since they’re public companies, they’re required by law to give back part of any profits made through predatory practices such as usury charges on loans made over long periods without regard for repayment ability
B. Student
If you’re a student, it’s worth considering the student bank options available to you.
Student banking accounts are designed specifically for students and offer a number of features that make them ideal for students. They often include:
- Free Checking
- No minimum balance requirements (but some require monthly statements)
- No fees or charges on ATM withdrawals
C. International student
For international students, it is important to find a bank that offers a variety of accounts and services that are tailored to their needs.
Some banks offer student accounts with no monthly fees, while others may have lower minimum balances than the national average.
D. Personal banking
Every bank in Canada enables you to open a personal banking.
You can also open a students: You can open a Plus, Tangerine, or PC Financial account and earn reward points on purchases.
You’ll also get free access to your money in 2 days when you use the ATB mobile app.
For international students: From time to time, Canadian banks offer special offers for students with an international credit card from one of our partners.
Visit their website for more information and sign up today!
New immigrant: If you’re new to Canada, it’s easy to apply online at any time of day or night with just a few clicks—we understand that life is busy so we don’t want you waiting around for anything!
Apply now and receive access to your cash within two business days by using the ATB Mobile App (available on iOS devices).
Small business owner: Open an account today by providing some basic information about yourself such as your name, address, and telephone number; once approved you’ll be sent over cheques worth $1 000 per month starting 3 months after the opening date (solely applicable if deposit exceeds $500).
Your liability limit will be determined based on factors such as type of business structure used by firm memberships available upon request through financial institutions handling securities/debt issues nationwide.”
The Big Five banks account for approximately 90 percent of all banking assets in Canada.
These five large institutions were founded through mergers and acquisitions over the last century, and have since become leaders in their respective industries:
Bank of Montreal (BMO) was formed through a series of mergers between three smaller banks in 1864; it became Canada’s first national bank when it was established by an Act of Parliament on July 20th, 1864.
BMO has its headquarters located at 100 King Street West Suite 2400 Toronto ON M5H 2Y7 Canada.
Top best banks in Canada for students
1. Scotiabank
Scotiabank is one of the Big Three banks in Canada, ranked by deposits and market capitalization. It’s headquartered in Toronto, Ontario, and presently has more than 78 million customers worldwide.
The bank has been around since 1832 as a retail and commercial bank that offered services to Canadians before it became a wholesale lender to businesses across Canada through its subsidiaries:
- Tangerine Bank
- Bluewater Funds Management Corp., which offers investment products like mutual funds and segregated funds (or ETFs)
- Hamilton Insurance Group Inc., which provides insurance products such as life insurance or health care coverage
2. TD Bank
TD Bank Group is the second largest bank in Canada by market capitalization and deposits. It provides banking, investment management, insurance, and trust services to approximately 14 million customers across Canada.
The company was founded in 1819 as The Toronto Savings Bank by George Robinson and has since evolved into a financial institution with more than $1 trillion in assets under management as of December 31, 2017.
The TD Bank Group’s core business includes retail banking through its branches throughout Ontario & Quebec; you can bank with them online via their website or mobile app available on iOS devices only).
Their corporate banking offerings including advice services such as wealth management products available through licensed advisors across Canada; private client solutions including investments & trust services provided through independent sales agents located throughout Ontario & Quebec.
3. Royal Bank of Canada (RBC)
Royal Bank of Canada (RBC) is the largest bank in Canada as measured by assets and market capitalization. It operates through several subsidiaries, including RBC Capital Markets, which offers corporate finance services.
Royal Bank Investments Inc., which provides banking and investment products to high-net-worth individuals; MLV Asset Management Inc., a mutual fund company; and Home Trust Company of Canada.
RBC’s deposits were $632 billion at year-end 2018 (USD), making it the largest deposit holder among all banks in North America.
The bank also has one of the lowest cost structures among Canadian banks because its low-interest rate loans are offset by lower profitability than other lenders.
4. CIBC
CIBC is one of the big five banks in Canada. It is the fourth largest bank in Canada by market capitalization and deposits, third-largest by assets, and second largest by branches.
Its acquisition of Vancity in 2015 gave it access to 20 million non-banking customers across Western Canada.
5. BMO
BMO Financial Group is one of the big five banks in Canada. It has a strong presence in Canada, the United States, and Mexico.
It offers banking products such as personal loans and mortgages as well as investment products like mutual funds and ETFs.
The company was founded by Robert Campbell Hall in 1816 after he left an apprenticeship with Lloyds Bank to start his own bank with $3 million worth of capital at a time when there were only four other banks operating across all three countries that make up what we now know as North America (excluding Mexico).
Today, BMO Financial Group has more than 15 million customers worldwide who have been served by over 1,300 employees across some 400 branches across Canada alone!
6. Alberta Treasury Branches (ATB)
Alberta Treasury Branches (ATB) Financial is not one of the big five banks in Canada but it can still be considered one of the best banks in Canada.
ATB is a Crown corporation owned by the Province of Alberta, which means that it is publicly owned and operated.
The company was founded in 1909 as an agricultural bank but has since expanded into offering financial services for consumers, businesses, and governments across Western Canada.
This bank is a Crown corporation owned by the Province of Alberta.
ATB is one of Canada’s largest banks, with more than 3,000 employees and an online banking presence that serves customers nationwide.
It’s also Alberta’s only bank that is owned by its province, making it an important part of our community.
The financial institution was founded in 1905 as The Bank of Athabasca—originally known as “The Government Bank” because it operated under a government charter for most of its history until becoming an independent entity in 1997.
There are many great choices when it comes to banking institutions in Canada. The following banks have been selected because they offer high-quality products and services, great customer service, and are well known for their financial stability.
Conclusion
There are many great choices when it comes to banking institutions in Canada. The Canadian Imperial Bank of Commerce (CIBC) is one of the big five banks in Canada and has been ranked by deposits and market capitalization.
Scotiabank is another bank that can be considered one of the best banks in Canada because it has strong reputation for being able to help with all types of financial needs.
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