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Best Canadian bank stocks

These are the best bank stocks to buy in Canada right now.


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Canada’s banking and finance sector is a robust industry. If you’re not sure where to start, you’ll want to keep an eye on this list of the 10 best bank stocks to buy in Canada right now. Plus, this list features Canadian bank stocks that pay dividends, as well as their annual dividend payout, which you can factor into your decision when choosing the best Canadian bank stock to invest in.

What you should know before buying bank stocks

These 10 Canadian bank stocks are meant to help you conduct your own research in finding the best oil stocks to buy right now. This list is not investment advice. No single stock or list of stocks will suit all investors, and we all have different goals and needs.

Whether you care more about short-term capital gains or long-term dividend growth, it’s important to know whether a stock is performing well, making a profit, paying dividends or going backwards. Always remember that past performance does not guarantee future results. Investments can go up and down in value.

Investing in financial stocks

How did we pick the best Canadian bank stocks?

We used Finder’s proprietary algorithm to rate stocks listed on the TSX based on price, performance, profit, revenue and dividends. Our fundamental analysis filters stocks by taking into account historical prices, dividends, revenue growth, (low) price volatility and profit margins.

To avoid smaller, more speculative stocks, we only include companies with a market cap of more than CAD $200 million. In order to better compare historical data, we filtered out stocks that have been listed for less than five years.

We do not guarantee the performance or returns of any investment. Our methodology might filter out some good stocks, so our decision to include or exclude a stock from this list does not indicate whether it’s a good or bad investment. For more info about our algorithm, check out our stock ranking page.

The algorithm was last updated 27 January 2021. This list and data was compiled June 16, 2021.

Canadian Bank Stocks to watch in September 2021

BMO Logo

Bank of Montreal (BMO.TO)

Bank of Montreal provides diversified financial services primarily in North America. For individuals, the company offers chequing and savings accounts, credit cards, mortgages, financial and investment advising, wealth management services. It’s commercial offerings include business deposit accounts, commercial credit cards, business loans and commercial mortgages, cash management solutions, foreign exchange, specialized banking programs, treasury and payment solutions, and risk management products.

  • Market cap: C$83.11 billion
  • YTD performance: 32.62%
  • 1 Year performance: 68.57%
  • 5 Year performance: 119%
  • P/E Ratio: 14.09
  • Headquarters: Canada
  • Annual dividend: C$4.24 per share
Buy BMO.TO on Scotia iTRADE

TD Bank logo

The Toronto-Dominion Bank (TD.TO)

The Toronto-Dominion Bank, together with its subsidiaries, provides personal and commercial banking products and services in Canada and the United States. It operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. The company offers chequing and savings products; investment products; commercial banking, financing, investment and cash management services; and auto financing. It also provides credit cards, mortgages, point-of-sale payment solutions, wealth management products, trust services, and insurance products.

  • Market cap: C$158.92 billion
  • YTD performance: 21.54%
  • 1 Year performance: 41.12%
  • 5 Year performance: 88%
  • P/E Ratio: 13.91
  • Headquarters: Canada
  • Annual dividend: C$3.16 per share
Buy TD.TO on Scotia iTRADE

Equitable Bank logo

Equitable Group Inc. (EQB.TO)

Equitable Group Inc., through its subsidiary, Equitable Bank, provides financial services to retail and commercial customers in Canada. The company accepts term deposits and guaranteed investment certificates, high interest savings accounts, tax-free savings accounts, and institutional deposit notes, as well as specialized financing solutions. Its loan products include residential mortgages such as fixed rate and adjustable rate mortgages; equipment loans; home equity, cash surrender value, and commercial equity lines of credit; and business enterprise mortgage solutions.

  • Market cap: C$2.27 billion
  • YTD performance: 21.50%
  • 1 Year performance: 41.07%
  • 5 Year performance: 1.59%
  • P/E Ratio: 8.65
  • Headquarters: Canada
  • Annual dividend: C$1.48 per share
Buy EQB.TO on Scotia iTRADE

National Bank Logo

National Bank of Canada (NA.TO)

National Bank of Canada provides various financial products and services to retail, commercial, corporate, and institutional clients in Canada and internationally. It operates through four segments: Personal and Commercial, Wealth Management, Financial Markets, and U.S. Specialty Finance and International. The Personal and Commercial segment offers transaction solutions; mortgage loans and home equity lines of credit; consumer loans; payment solutions; savings and investment solutions; insurance products; commercial credit; deposit and investment solutions; and other products.

  • Market cap: C$31.16 billion
  • YTD performance: 29.00%
  • 1 Year performance: 49.30%
  • 5 Year performance: 113%
  • P/E Ratio: 12.44
  • Headquarters: Canada
  • Annual dividend: C$2.84 per share
Buy NA.TO on Scotia iTRADE

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Royal Bank of Canada (RY.TO)

Royal Bank of Canada operates as a diversified financial service company worldwide. The company’s Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.

  • Market cap: C$178.081 billion
  • 1 Year performance: 39.39%
  • 5 Year performance: 66.53%
  • P/E Ratio: 12.6966
  • Headquarters: Canada
  • Annual dividend: C$4.32 per share
Buy RY.TO on Scotia iTRADE

VersaBank logo

VersaBank (VB.TO)

VersaBank, a schedule I chartered bank, provides banking products and services in Canada. The company offers deposit products, such as guaranteed investment certificates, registered retirement savings plans, daily interest savings accounts, and tax-free savings accounts, as well as deposit insurance; and commercial lending services, including short-term construction financing, long-term financing, and loan refinance and lease buy out to real estate developers and condominium corporations in selective niche markets.

  • Market cap: C$270.383 million
  • 1 Year performance: 116.48%
  • 5 Year performance: 194.07%
  • P/E Ratio: 15.13
  • Headquarters: Canada
  • Annual dividend: C$0.10 per share
Buy VB.TO on Scotia iTRADE

Laurentian Bank logo

Laurentian Bank of Canada (LB.TO)

Laurentian Bank of Canada, together with its subsidiaries, provides various financial services to individuals, business, and institutional customers in Canada and the United States. It operates through Personal, Business Services, and Institutional segments. The company offers notice, demand, and term deposits; commercial, residential mortgage, and personal loans; equipment and inventory, and real estate financing; insurance products; investment securities; advisory services; corporate underwriting; foreign exchange; and trustee services.

  • Market cap: C$1.89 billion
  • YTD performance: 39.23%
  • 1 Year performance: 43.60%
  • 5 Year performance: 117%
  • P/E Ratio: 11.84
  • Headquarters: Canada
  • Annual dividend: C$1.60 per share
Buy LB.TO on Scotia iTRADE

CIBC logo

Canadian Imperial Bank of Commerce (CM.TO)

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

  • Market cap: C$64.751 billion
  • YTD performance: 33.51%
  • 1 Year performance: 62.69%
  • 5 Year performance: 103.57%
  • P/E Ratio: 12.1517
  • Headquarters: Canada
  • Annual dividend: C$5.84 per share
Buy CM.TO on Scotia iTRADE

CWB Canadian Western Bank logo

Canadian Western Bank (CWB.TO)

Canadian Western Bank provides personal and business banking products and services primarily in Western Canada. The company offers current, savings, cash management, US dollar, and chequing accounts, as well as organization, strata solution/condo, general trust, trust fund investment accounts and insurance products. It also offers commercial lending and real estate, and equipment financing and leasing products; loans and mortgages; secured and unsecured lines of credit; registered retirement savings plan; consolidation, vehicle, and recreation vehicle loans; and credit cards.

  • Market cap: C$3.09 billion
  • YTD performance: 23.72%
  • 1 Year performance: 43.24%
  • 5 Year performance: 182%
  • P/E Ratio: 11.14
  • Headquarters: Canada
  • Annual dividend: C$1.16 per share
Buy CWB.TO on Scotia iTRADE

Scotiabank logoScotiabank international money transfers

The Bank of Nova Scotia (BNS.TO)

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Banking and Markets, and Global Wealth Management segments.

  • Market cap: C$98.117 billion
  • 1 Year performance: 50.31%
  • 5 Year performance: 65.45%
  • P/E Ratio: 13.0224
  • Headquarters: Canada
  • Annual dividend: C$3.60 per share
Buy BNS.TO on Scotia iTRADE

Buy bank stocks through an online broker

To invest in any of these bank stocks, you’ll need a brokerage account. Compare online stock trading platforms below and click “Go to site” to get started.

Name Product Available Asset Types Stock Fee Option Fee Account Fee ETF Transaction Cost Feature Table description
Wealthsimple Trade
Stocks, ETFs
Get a $50 bonus when you open a Wealthsimple Trade account and deposit and trade at least $150.
Pay no commissions when you trade Canadian stocks and ETFs with Wealthsimple Trade.
BMO InvestorLine
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
$9.95 + $1.25 per options contract
$0 if conditions met, otherwise $25/quarter
$0 - $9.95
Buy and sell a select group of Canada’s most popular ETFs without paying commissions.
An easy-to-use online trading platform with access to research, tools, and the option to access InvestorLine adviceDirect for additional professional support.
Scotia iTRADE
Bonds, Options, Mutual Funds, ETFs, GICs, International Equities
$9.99 + $1.25 contract ($4.99 + $1.25 contract if completed 150 trades or more a quarter)
$9.99 ($4.99 if completed 150 trades or more a quarter)
Pay no annual account fees.
Buy, sell and trade ETFs, Equities, Options and more with competitive commissions.
CIBC Investor's Edge
Stocks, Bonds, Options, Mutual Funds, ETFs
$4.95 - $6.95
$4.95 - $6.95 (+$1.25 per contract)
$0 if conditions met, otherwise $100/year
$4.95 - $6.95 is applicable for online stock, ETF and option trades only. Pay $4.95 when you qualify as an Active Trader (trade 150+ times per quarter).
An intuitive and easy-to-use platform with access to a variety of tools that help you make smart decisions and trade with confidence.
Interactive Brokers
Stocks, Bonds, Options, ETFs, Currencies, Futures
Min. $1.00, Max. 0.5% of trade value
$1.50 min. per order
Min. $1.00, Max. 0.5% of trade value
Extensive trading capabilities and global investment tracking.
Access market data 24 hours a day, six days a week and invest in global stocks, options, futures, currencies, bonds and funds from one single account.
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
$9.95 + $1 per contract
Get $50 in free trades when you fund your account with a minimum of $1,000.
Opt for self-directed investing and save on fees or get a pre-built portfolio and take some of the guesswork out.
Qtrade Direct Investing
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
$6.95 - $8.75
$6.95 - $8.75 + $1.25 per contract
$0 if conditions met, otherwise $25/quarter
$0 - $8.75
Get up to 50 free trades. Be one of the first 100 new Qtrade clients to use the promo code 50FREETRADES and deposit a minimum of $10,000 (or top up to $15,000 to get $150 transfer fees waived). Valid until September 30, 2021.
Qtrade Direct Investing offers low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options. Trade 100 ETFs free of charge and thousands more for $8.75 or lower.

Compare up to 4 providers

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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