Compare the biggest banks in Canada

Banking with the biggest banks in Canada comes with a lot of perks and some drawbacks, including access to a comprehensive range of financial products. When comparing the Big 5 Banks, Canadians can look at their financial offerings, market cap and presence across the country to decide which is the right fit for you.

Whether it’s Big 5 or Big 6, most Canadians continue to bank with one of the largest Canadian banks. In a recent survey from Finder, where more than 1,850 Canadians were asked about their plans for banking in 2023, more than half of Canadians (55%) planned to open an account at a Big 5 Bank in 2023.

To learn the pros and cons of banking at a Big 5 Bank (or Big 6 Bank), check out this comparison of the biggest and maybe best banks in Canada.

What are the Big 5 Banks (and Big 6 Banks) in Canada?

The five biggest banks in Canada, dubbed the Big 5 Banks are RBC, TD Bank, BMO, Scotiabank and CIBC. However, over the years, the size and growth of National Bank prompted many to adjust the term from Big 5 Banks to Big 6 Banks.

To make it onto the list of the Big 5 — or Big 6 — these financial institutions are assessed based on their market capitalization.more info button As result, the biggest six banks in Canada are:

1. RBC (Royal Bank of Canada)
2. TD Bank (Toronto-Dominion Bank)
3. BMO (Bank of Montreal)
4. Scotiabank (Bank of Nova Scotia)
5. CIBC (Canadian Imperial Bank of Commerce)
6. National Bank (National Bank of Canada)

These Big 5 Banks (or Big 6, if you include National Bank), serve millions of customers each year. The biggest banks in Canada offer a wide range of personal and business financial products and together own the largest ATM networks in the country.

RBC

First incorporated in 1869, RBC Royal Bank now has 17 million clients worldwide. It is the biggest bank in Canada by market share and largest by assets. RBC has over 97,000 employees who serve customers in Canada, the US and in 27 other countries around the world. It has over 4,000 ATM and branch locations.

RBC ranked first among the Big 5 Banks in the J.D. Power 2024 Canada Retail Banking Satisfaction Study, and first in banking mobile app satisfaction from the J.D. Power 2024 Canada Banking Mobile App Satisfaction Study.

Want to learn more? Compare RBC chequing accounts, RBC Savings accounts and RBC credit cards.

RBC Signature No Limit Banking Account

RBC Signature No Limit Banking Account

Get an Apple Watch when you open your first RBC Signature No Limit Banking Account. Open an account by June 2, 2025. Complete two of the following criteria by August 11, 2025 and keep the criteria in place until June 2, 2026: Direct deposit for your payroll or pension, two pre-authorized monthly payments or two bill payments to a service provider.

TD Bank

TD Canada Trust (commonly referred to as TD or TD Bank), is the second of the biggest banks in Canada by market share and assets. Since its founding in 1855 in Toronto, Ontario, TD Bank has grown to serve over 27.5 million customers around the world. It has over 2,500 ATM and branch locations. TD has been listed on the Dow Jones Sustainability World Index for 12 consecutive years as of 2023.

Want to learn more? Compare TD chequing accounts, TD savings accounts and TD credit cards.

BMO

As Canada’s third largest bank by market capitalization, BMO serves 13 million customers globally, including eight million in Canada alone. It has over 55,000 employees, and over 3,300 ATMs nationwide. BMO was named the Best Private Bank in Canada for the fourteenth consecutive year by the World Finance Magazine. Plus, because it was founded in 1817, BMO has the distinction of being Canada’s oldest of the Big 5 Banks.

Want to learn more? Compare BMO chequing accounts, BMO savings accounts and BMO credit cards.

BMO Performance Chequing Account

BMO Performance Chequing Account

Earn a $700 welcome bonus and enjoy unlimited free transactions and e-Transfers.

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Scotiabank

Scotiabank is the third biggest bank in Canada by assets and fourth biggest by market share. Scotiabank has over 88,000 employees, and serves more than 10 million small business, commercial banking and wealth management customers across Canada. It has over 900 branches and nearly 3,600 ATMs in Canada, along with over 44,000 partner ATMs worldwide. Since beginning in 1832, Scotiabank has primarily focused on serving countries in North America and parts of South America, but also has a presence in Europe and Asia Pacific.

Want to learn more? Compare Scotiabank chequing accounts, Scotiabank savings accounts and Scotiabank credit cards.

Scotiabank Preferred Package

Scotiabank Preferred Package

Earn up to $700 with a Scotiabank Preferred package and a registered account. Valid until July 31, 2025. Plus, earn up to 4.95% interest for 3 months on your MomentumPLUS Savings Account.

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CIBC

Even though CIBC is the smallest of the Big 5 Banks, it still has 48,000 employees who serve more than 14 million customers across Canada and globally. CIBC has over 1,000 bank branches and over 2,900 ATMs throughout Canada. With its founding in 1867, it’s Canada’s second oldest of the Big 5 Banks. CIBC ranked second among in banking mobile app satisfaction from the J.D. Power 2024 Canada Banking Mobile App Satisfaction Study.

Want to learn more? Compare CIBC chequing accounts , CIBC savings accounts and CIBC credit cards.

National Bank

Following its founding in 1859, National Bank has grown to offer 660 branches in Canada, along with establishing a presence in 20 US cities and 120 foreign countries. It has over 17,000 employees and 2,800 ATMs across Canada. National Bank won four awards in the Ipsos 2024 Financial Service Excellence Awards in categories like Financial Planning & Advice, ATM Banking Excellence and Online Banking Excellence.

Want to learn more? Compare National Bank chequing accounts, savings accounts, personal loans, credit cards and investing options.

Compare products offered by the Big 5 Banks in Canada

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

Ranking of Big 5 Banks in Canada, by market cap

As of October 31, 2024, RBC has the largest market capitalization in Canada (compared to the remaining banks on the Big 5 list), followed by TD Bank.

Bank	Market capitalization (As of March 1, 2023)
RBC	$135.6 billion (CAD)
TD Bank	$107.1 billion (CAD)
BMO	$66.5 billion (CAD)
Scotiabank	$56.2 billion (CAD)
CIBC	$41.8 billion (CAD)

Regardless of which bank you choose, all the Big 5 Banks — and, indeed, all regulated banking and fintech companies operating in Canada — are backed by CDIC deposit insurance, which protects eligible deposits up to $100,000.

Where Canadians plan to open a new bank account in 2023

In a recent Finder survey, where more than 1,850 Canadians were asked about their banking plans in 2023, more than half (55%) said that they planned to open a new bank account at one of Canada’s Big 5 Banks.

Which is bank is best in Canada for personal banking?

There’s no one bank that is best bank in Canada overall, as what’s best for you will depend on your financial situation and goals. However, here are a few differences between the Big 5 Banks that may help sway you one way or another.

• RBC. Biggest bank in Canada in terms of market share and most ATMs
• TD Bank. Recognized as a global sustainability leader
• Scotiabank. Has a large global ATM network of over 44,000 partner ATMs
• BMO. BMO is Canada’s oldest bank (institution number is 001)
• CIBC. Ranked third for customer satisfaction

Dive deeper: Compare the best chequing accounts in Canada

Choosing between the Big 5 banks

Deciding on the best bank in Canada for personal banking depends on your unique financial needs. The Big 5 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.

How to compare bank accounts from the Big 5 Banks

• Chequing accounts
• Savings accounts

Pros and cons of banking with the top 5 banks (or Big 6 Banks) in Canada

What are Canada’s Big 6 Banks?

In the last decade, another bank operating in Canada has made it to the ‘big bank’ list — National Bank. When combined with RBC (Royal Bank of Canada), BMO (Bank of Montreal), TD Bank (Toronto-Dominion Bank), Scotiabank (Bank of Nova Scotia), and CIBC (Canadian Imperial Bank of Commerce) these banks are known as the Big 6 Banks in Canada.

Alternatives to the Big 5 Banks

Although the Big 5 Banks (or even the Big 6 Canadian 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 5 Banks 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 5 Bank 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.

Compare more alternatives to the Big 5 Banks (or Big 6 Banks)

Interested in opening your first online bank account? Compare the products below from some of the best digital banks and credit unions in Canada.

Finder Score for chequing accounts

To make comparing even easier we came up with the Finder Score. Welcome offers, account fees and features across 60+ chequing accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.

Read the full methodology

Bottom line

If financial stability is your number one priority when choosing a bank, then opening an account with one of the Big 5 Banks 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 5 Banks or Big 6 Banks with smaller providers and credit unions to find the savings account that best fits your needs.

Survey methodology – Finder Consumer Sentiment Survey Q1 2023

The results of the Finder: Consumer Sentiment Survey Q1 were collected through an online Pollfish survey conducted between December 2022 and January 2023. In the survey, 1,846 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3%, with a 99% confidence level.

Survey Methodology – Finder: Consumer Sentiment Tracker Q2 2023

The results of the Finder: Consumer Sentiment Tracker Q2 were collected through an online Pollfish survey conducted between April 27 to 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3.08%, 19 out of 20 times.

FAQs about the Big 5 and Big 6 Banks

• If I have a chequing account with one of the Big 5 Banks, will I be able to link my savings account from another bank?

  That depends on the institutions and their policies. Reach out to both banks and ask whether it's possible to link accounts from third-party banks.

• How can I get the best interest rate from a Big 5 Bank?

  As with any major financial decision, it's important to shop around and compare your options to find an account and rate that suits your needs. You might want to keep an eye out for introductory offers, which can provide a higher interest rate when you first open an account.

• What are the Big 6 Banks in Canada?

  The Big 6 Banks in Canada include all the Big 5 Banks (RBC, BMO, TD Bank, Scotiabank, and CIBC ) plus National Bank.