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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.
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 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 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.
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.
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) |
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.
Deciding on the best bank for you depends on your personal 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.
 RBC |  TD Bank |  Scotiabank |  BMO |  CIBC | |
|---|---|---|---|---|---|
| Accounts | |||||
| Popular accounts | RBC Signature No Limit Banking Account | TD Unlimited Chequing Account | Scotiabank Preferred Package | BMO Performance Chequing Account | CIBC Smart Account |
| Lending |
| ||||
| Popular credit cards | RBC Avion Visa Infinite card | TD Cash Back Visa Infinite Card | Scotia Momentum Visa Infinite CardGo to site | BMO Preferred Rate MastercardGo to site | CIBC Dividend Visa Infinite Card |
| Investing |
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.
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.
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.
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 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.
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.
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.
When you’re looking at savings accounts offered by the Big Five, consider the following features:
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.
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.
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. Since you’re most likely opening a savings account to save money, it’s important to consider how fees might affect your savings goals.
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 savings. 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.
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 savings.
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 — unless you prefer an online savings account.
Although the Big Five banks have the biggest financial footholds in Canada, they are not the only banking options. In fact, depending on your financial needs, other banks may be a better fit for you. A popular alternative to the Big Five are credit unions and online banks like Tangerine or EQ Bank. Online banks and credit unions often offer fee-free account options and some of the most competitive interest rates on the market.
The downside to Big Five alternatives is that they may not offer a full suite of financial products. For example, you may not be able to get a mortgage from an online bank. However, you could save a lot of money on your everyday banking by switching to a no-fee chequing account or high interest savings account at an online bank for example.
Interested in opening your first online bank account? Compare the products below from some of the best online banks in Canada.
If financial stability is your number one priority when choosing a bank, then opening an account with one of the Big Five could be right for you. These powerhouses aren’t likely to fail any time soon and offer a wide range of financial products to meet your personal and business banking needs. However, these institutions aren’t known to have the most competitive interest rates or fees.
Compare the Big Five banks with smaller providers and credit unions to find the savings account that best fits your needs.
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