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Compare the Big Five Canadian banks

Unlock a range of personal and business financial products from the largest banks in Canada.

Ryan Brinks

Chelsey Hurst

Updated Feb 1, 2021. What changed?

Fact checked

The 5 largest banks in the Canada, dubbed the Big Five, include TD Bank, RBC, Bank of Montreal, CIBC, and Scotiabank. Banking with these heavy-hitters gives you access to a variety of chequing and savings accounts and other financial products.

What are the Big Five banks?

RBC (Royal Bank of Canada)
TD Bank (Toronto-Dominion Bank)
Scotiabank (Bank of Nova Scotia)
BMO (Bank of Montreal)
CIBC (Canadian Imperial Bank of Commerce)

The Big Five banks in Canada serve millions of customers each year, and are the largest banking institutions by assets held. These powerhouses offer a wide range of personal and business financial products and together own the largest ATM networks in Canada.

RBC

First incorporated in 1869, RBC now has 17 million clients worldwide. It is Canada’s largest bank by market share, and second largest by assets, as of 2020. RBC has over 86,000 employees who serve customers in Canada, the US and in 34 other countries around the world. It has over 2,600 ATM and branch locations. In 2020 RBC was named the North American Retail Bank of the Year for the third year in a row by Retailer Banker International.

TD Bank

TD is the second biggest bank in Canada by market share and the largest by assets as of 2020. Since its founding in 1855 in Toronto, Ontario TD Bank has grown to serve over 25 million customers around the world. It has over 1,900 ATM and branch locations. TD is the only Canadian bank since 2014 to be listed on the Dow Jones Sustainability World Index.

Scotiabank

Scotiabank is Canada’s third largest bank by both market share and assets as of 2020. Scotiabank has over 90,000 employees, and serves more than 10 million small business and commercial banking customers across Canada. It has 953 branches and over 3,632 ATMs. Since beginning in 1832, Scotiabank has primarily focused on serving countries in North America and parts of South America, but still operates in over 55 countries around the world.

BMO

As Canada’s fourth largest bank, BMO serves 12 million customers globally, including 8 million in Canada alone. It has over 45,000 employees, and over 3,000 ATM and branch locations. BMO has been recognized as the most sustainable ban in North America, as of 2020. Because it was founded in 1817, BMO has the distinction of being Canada’s oldest of the Big Five banks.

CIBC

Even though CIBC is the smallest of the Big Five banks, it still has over 40,000 employees who serve more than 10 million customers across Canada and globally. CIBC has over 1,000 bank branches and 3,000 ATMs. With its founding in 1867, it’s Canada’s second oldest of the Big Five banks. CIBC’s banking app has been ranked 1st by J.D. Power for Customer Satisfaction among Canada’s largest banks’ Mobile Banking Apps.

As of December, 2020, RBC has the largest market capitalization out of the Big Five banks, with TD Bank coming in at a second, well ahead of third-place Scotiabank. Regardless of which bank you choose, all of the Big Five banks, and most other Canadian financial institutions, are backed by CDIC deposit insurance, which protects eligible deposits up to $100,000.

Bank	Market capitalization (2020)
RBC	$116.8 billion (USD)
TD Bank	$102.5 billion (USD)
Scotiabank	$65.5 billion (USD)
BMO	$49.2 billion (USD)
CIBC	$38.2 billion (USD)

Which is the best bank in Canada for personal banking?

There’s no one bank that is “best” overall, as what’s best for you will depend on your financial situation and goals. However, here are a few differences between the Big Five that may help sway you one way or another.

RBC. Largest bank in terms of market share, most branches and ATMs.
TD Bank. Awarded safest bank in North America.
Scotiabank. Most international with a presence in 55 countries.
BMO. Canada’s oldest bank (institution number is 001).
CIBC. Number 1 rated mobile banking app.

Choosing between the Big Five banks

Deciding on the best bank in Canada for personal banking depends on your unique financial needs. The Big Five banks all offer a similar range of products and services, but there are a few key differences. First, consider the accounts and services you wish to use. For example, you might be interested in a high-yield savings account and a low-fee chequing account. Once you have this in mind, compare what each bank has to offer in terms of interest rates, fees, customer support and more.

Compare products offered by the Big Five banks

	RBC	TD Bank	Scotiabank	BMO	CIBC
Accounts	Chequing Savings	Chequing Savings	Chequing Savings	Chequing Savings	Chequing Savings
Popular accounts	RBC Signature No Limit Banking Account Read review	TD Unlimited Chequing Account Read review	Scotiabank Preferred Package Read review Go to site	BMO Performance Chequing Account Read review Go to site	CIBC Smart Account Read review
Lending	Credit cards Car loans Mortgages Personal loans	Credit cards Car loans Mortgages Personal loans	Credit cards Car loans Mortgages Personal loans	Credit cards Car loans Mortgages Personal loans	Credit cards Car loans Mortgages Personal loans
Popular credit cards	RBC Avion Visa Infinite Read review Go to site	TD Cash Back Visa Infinite Card Read review	Scotia Momentum Visa Infinite Card Read review Go to site	BMO Preferred Rate Mastercard Read review Go to site	CIBC Dividend Visa Infinite Card Read review
Investing	GICs RBC Direct Investing RBC InvestEase	GICs TD Direct Investing	GICs Scotia iTRADE	GICs BMO SmartFolio BMO InvestorLine	GICs CIBC Investor's Edge

How to compare bank accounts from the Big Five

Chequing accounts
Savings accounts

When you’re looking at chequing accounts offered by the Big Five, consider the following features:

Fees

From monthly fees to overdraft charges and everything in between, be sure to compare fee schedules between accounts. Some banks will waive your monthly fee if certain conditions are met, whereas others may charge you regardless. Be sure to consider how you will be using your account when considering the importance of fees. For instance, if you plan to frequently withdraw cash from ATMs, look into the fees associated with ATM transactions.

ATM access

Convenient access to the money in your chequing account is another key factor in choosing the right product for your needs. Check out whether the account provides free access to ATMs, how many ATMs are in the bank’s network and where those ATMs are located. Also consider whether the bank will reimburse you for out-of-network ATM charges.

Online banking

The Big Five banks all have Internet and mobile banking access, so it comes down to which offers the best customer experience. CIBC’s mobile banking app has a great reputation, but you may want to compare mobile banking apps to find out which would be best for your needs. Make sure that the bank and app you choose is compatible with your mobile device if you like banking on the go.

Interest rates

Although extremely rare, an interest-bearing chequing account can put your money to work when it’s not being used. Interest rates on chequing accounts at Big Five banks may not be much, but it can still grow your account balance. Interest rates may also be higher on balances that are above a certain threshold.

Minimum deposit and balance requirements

Minimum deposits and balance requirements may vary depending on which bank you choose. Plus, if you don’t meet the balance requirements, you might be charged a fee, which could eat into your balance. Shop around to find an account with a minimum deposit in your budget and balance requirements you can easily meet each month to avoid unnecessary charges.

Perks

Some banks offer incentives and perks to attract customers, including signup bonuses, free linked accounts, rewards programs and fee-free ATMs. Compare the features and signup bonuses of each account in order to make the most of your money.

Branch locations

If you prefer to do your banking in person, you might want to think about how many branches are in your area. There’s no point in opening an account with a bank if most of its branches are on the other side of town.

Compare Big Five chequing account options

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Name	Product	Interest Rate	Account Fee	Debit Transactions	Interac e-Transfer Transactions
BMO Practical Chequing Account BMO Practical Chequing Account		0%	$4 per month	12 transactions per month	unlimited	A low monthly fee bank account that provides you with the essentials including 12 free transactions a month.	Go to site More Info	Compare	loading Fetching your data...
OFFER Scotiabank Preferred Package Scotiabank Preferred Package	OFFER	0%	$16.95 per month ($0 if requirements met)	unlimited	unlimited	Earn a $300 welcome bonus. Conditions apply. Valid until September 30, 2022. Plus, earn up to 2.35% interest on your MomentumPLUS Savings Account.	Go to site More Info	Compare	loading Fetching your data...
Scotiabank Basic Bank Account Scotiabank Basic Bank Account		0%	$3.95 per month	12 free per month	Free	With a low monthly account fee, you can earn points toward the Scene+ rewards program.	Go to site More Info	Compare	loading Fetching your data...
BMO AIR MILES Chequing Account BMO AIR MILES Chequing Account		0%	$16.95	unlimited	unlimited	Get 1 AIR MILES Reward Mile for every $30 spent using your BMO Debit Card.	Go to site More Info	Compare	loading Fetching your data...
BMO Performance Chequing Account BMO Performance Chequing Account		0%	$16.95 per month ($0 if requirements met)	unlimited	unlimited	Earn $350 with a Performance Chequing Account. Plus an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2022.	Go to site More Info	Compare	loading Fetching your data...
BMO Premium Plan Chequing Account BMO Premium Plan Chequing Account		0%	$30 per month ($0 if requirements met)	unlimited	unlimited	Earn $350 with a Premium Chequing Account. Plus earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2022.	Go to site More Info	Compare	loading Fetching your data...
BMO Plus Chequing Account BMO Plus Chequing Account		0%	$11.95 per month ($0 if requirements met)	25 free per month	unlimited	Earn $100 with a Plus Chequing Account when you open an account and setup recurring deposits and bill payments. Valid until October 31, 2022.	Go to site More Info	Compare	loading Fetching your data...
Scotiabank Ultimate Package Scotiabank Ultimate Package		0%	$30.95 per month ($0 if requirements met)	unlimited	unlimited	Receive a welcome bonus of $300. Conditions apply. Valid until September 30, 2022. Plus, earn up to 2.4% interest on your MomentumPLUS Savings Account.	Go to site More Info	Compare	loading Fetching your data...
Scotiabank Student Banking Advantage Plan Scotiabank Student Banking Advantage Plan		0%	$0	unlimited	unlimited	Earn $75 and up to 7,500 Scene+ points with the Scene+ Student Banking Bundle. Conditions apply. Apply by October 31, 2022.	Go to site More Info	Compare	loading Fetching your data...
BMO Performance Student Chequing Account BMO Performance Student Chequing Account		0%	$0	Unlimited	Unlimited	Earn a $100 cash bonus and enjoy no monthly fees while in school and one year after you graduate. Valid until October 31, 2022.	Go to site More Info	Compare	loading Fetching your data...
Scotiabank Basic Plus Bank Account Scotiabank Basic Plus Bank Account		0%	$11.95 per month ($0 if requirements met)	25 free per month	Free	Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.	Go to site More Info	Compare	loading Fetching your data...
BMO New to Canada Performance Chequing Account BMO New to Canada Performance Chequing Account		0%	$0	Unlimited	Unlimited	Earn $350 when you open an account. Plus an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2022.	Go to site More Info	Compare	loading Fetching your data...
BMO Canadian Defence Community Banking Performance Plan Chequing Account BMO Canadian Defence Community Banking Performance Plan Chequing Account		0%	$0	Unlimited	Unlimited	Save on banking fees with a no fee monthly account and unlimited Interac e-Transfers.	Go to site More Info	Compare	loading Fetching your data...

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When you’re looking at savings accounts offered by the Big Five, consider the following features:

Interest rates

Interest rates determine how quickly your savings can grow. Look at the interest rates of each account to determine which one has the best value. With the Big Five, you may be able to get an introductory rate, which offers higher interest for a set period of time. Interest rates may also be higher on account balances that are above a certain threshold.