Looking for the best Canadian banks? Check out our list of the top 10 banks in Canada, including their features, services, and benefits. Compare and choose the right bank for you
In this article, we’ll dive into the top 10 Canadian banks, exploring their histories, the services they offer, and their market presence. These banks have shaped the financial landscape of Canada, and they continue to play a vital role in the country’s economy.
1. Royal Bank of Canada (RBC)
Founded in 1864, the Royal Bank of Canada has grown to become the largest bank in the country. It started as the Merchants Bank of Halifax in Nova Scotia and has since expanded its operations across the globe.
RBC offers a wide range of financial services, including retail banking, wealth management, insurance, and investment banking. It has a vast network of branches and ATMs throughout Canada and serves millions of customers.
RBC is the largest bank in Canada by market capitalization, and it has a strong international presence with operations in the United States, Europe, Asia, and the Caribbean.
2. Toronto-Dominion Bank (TD)
Toronto-Dominion Bank, or TD, was established in 1855 as the Bank of Toronto. In 1955, it merged with the Dominion Bank, resulting in the bank we know today.
TD provides a comprehensive suite of banking services, such as personal and commercial banking, credit cards, wealth management, and insurance. It also operates TD Ameritrade, an online brokerage platform in the United States.
As the second-largest bank in Canada, TD boasts a significant presence in the country and the United States, with more than 1,200 branches and 3,500 ATMs.
3. Bank of Nova Scotia (Scotiabank)
Scotiabank was founded in 1832 in Halifax, Nova Scotia. Over the years, it has evolved into a multinational bank with operations in more than 50 countries.
Scotiabank offers a wide array of financial products and services, including retail, commercial, and corporate banking, wealth management, and capital markets. The bank is also known for its strong focus on international banking, particularly in Latin America and the Caribbean.
As the third-largest bank in Canada, Scotiabank has a substantial domestic presence and a well-established international footprint. Its operations span North America, Latin America, the Caribbean, Europe, and Asia-Pacific.
4. Bank of Montreal (BMO)
Established in 1817, the Bank of Montreal is the oldest bank in Canada. It has played a significant role in the country’s financial history and has continued to grow and expand its services over the years.
BMO offers a diverse range of financial services, such as personal and commercial banking, investment banking, wealth management, and insurance. BMO Capital Markets, its investment and corporate banking division, is a leading player in the North American market.
Bank of Montreal is the fourth-largest bank in Canada, with a strong presence in both domestic and international markets. BMO has over 900 branches and more than 2,000 ATMs in Canada, as well as operations in the United States, Europe, and Asia.
5. Canadian Imperial Bank of Commerce (CIBC)
CIBC was founded in 1867 through the merger of the Bank of Canada and the Imperial Bank of Canada. Since then, it has become a leading financial institution in the country.
CIBC offers various financial products and services, including retail and business banking, wealth management, and capital markets. Its extensive network of branches and ATMs provides excellent accessibility to customers across Canada.
CIBC is the fifth-largest bank in Canada and has a strong presence in the country’s financial landscape. It also has international operations, primarily in the United States, Europe, and Asia.
6. National Bank of Canada
Founded in 1859, the National Bank of Canada has grown to become one of the leading financial institutions in the country. Initially focused on Quebec, it has since expanded across Canada and internationally.
National Bank offers a comprehensive range of financial services, such as personal and commercial banking, wealth management, and investment banking. Its subsidiary, National Bank Financial, is a prominent player in the Canadian capital markets.
As the sixth-largest bank in Canada, National Bank has a robust presence across the country, with over 450 branches and 900 ATMs. It also has international operations in Europe, the United States, and other regions.
7. HSBC Bank Canada
HSBC Bank Canada, a subsidiary of the UK-based HSBC Group, was established in 1981. It has since become a significant player in the Canadian banking sector, leveraging its parent company’s global expertise and resources.
HSBC Bank Canada offers a wide range of financial services, including retail, commercial, and corporate banking, wealth management, and capital markets. Its strong focus on international banking makes it a go-to choice for customers with global financial needs.
As the largest foreign bank in Canada, HSBC Bank Canada has a substantial presence across the country, with more than 120 branches and a strong focus on major metropolitan areas.
8. Laurentian Bank of Canada
Laurentian Bank of Canada was founded in 1846 and is headquartered in Montreal, Quebec. Over the years, it has developed a strong reputation for its personalized approach to banking.
Laurentian Bank offers a variety of financial services, including retail and commercial banking, real estate financing, and capital markets. It is particularly well-known for its expertise in providing financing solutions for small and medium-sized businesses.
Laurentian Bank is one of the smaller major banks in Canada, with a strong presence in Quebec and a growing footprint in other provinces. It operates more than 100 branches and has an expanding network of ATMs.
9. Canadian Western Bank
Established in 1984, Canadian Western Bank is based in Edmonton, Alberta, and focuses primarily on serving clients in Western Canada.
Canadian Western Bank offers a range of financial services, including personal and commercial banking, wealth management, and equipment financing. It is particularly well-regarded for its expertise in providing financing for small and medium-sized businesses in Western Canada.
As a regional bank, Canadian Western Bank has a strong presence in Western Canada, with over 40 branches and a growing network of ATMs. While smaller than the national banks, it remains an influential player in its region.
10. ATB Financial
ATB Financial, originally known as Alberta Treasury Branches, was founded in 1938 as a provincial crown corporation. It has since evolved into a full-service financial institution serving Alberta’s residents and businesses.
ATB Financial offers a wide array of financial services, including retail and commercial banking, wealth management, and investment services. Its strong focus on serving the local Alberta market sets it apart from the larger national banks.
As the largest Alberta-based financial institution, ATB Financial has a substantial presence in the province, with over 240 branches and 140 ATMs. While its footprint is limited to Alberta, it remains a significant player in the region’s financial landscape.
Comparison Chart of the Top 10 Canadian Banks
|Bank’s name||Founded||Headquarters||Market Capitalization (CAD, billions)||Key Services||Domestic Branches||International Operations|
|Royal Bank of Canada (RBC)||1864||Toronto, ON||170.0||Retail banking, wealth management, insurance, investment banking||Over 1,200||United States, Europe, Asia, Caribbean|
|Toronto-Dominion Bank (TD)||1855||Toronto, ON||155.0||Personal and commercial banking, credit cards, wealth management, insurance||Over 1,100||United States, Europe, Asia-Pacific|
|Bank of Nova Scotia (Scotiabank)||1832||Toronto, ON||96.0||Retail, commercial, and corporate banking, wealth management, capital markets||Over 950||North America, Latin America, Caribbean, Europe, Asia-Pacific|
|Bank of Montreal (BMO)||1817||Montreal, QC||85.0||Personal and commercial banking, investment banking, wealth management, insurance||Over 900||United States, Europe, Asia|
|Canadian Imperial Bank of Commerce (CIBC)||1867||Toronto, ON||64.0||Retail and business banking, wealth management, capital markets||Over 1,000||United States, Europe, Asia|
|National Bank of Canada||1859||Montreal, QC||32.0||Personal and commercial banking, wealth management, investment banking||Over 450||Europe, United States, other regions|
|HSBC Bank Canada||1981||Vancouver, BC||12.0||Retail, commercial, and corporate banking, wealth management, capital markets||Over 120||Subsidiary of UK-based HSBC Group|
|Laurentian Bank of Canada||1846||Montreal, QC||2.2||Retail and commercial banking, real estate financing, capital markets||Over 100||Primarily focused on Quebec|
|Canadian Western Bank||1984||Edmonton, AB||3.0||Personal and commercial banking, wealth management, equipment financing||Over 40||Focused on Western Canada|
|ATB Financial||1938||Edmonton, AB||N/A (Provincial crown corporation)||Retail and commercial banking, wealth management, investment services||Over 240||Focused on Alberta|
This comparison chart provides a concise overview of the top 10 Canadian banks, summarizing their founding year, headquarters, market capitalization, key services, number of domestic branches, and international operations. Each of these banks has a unique market position, catering to various customer needs and offering a diverse range of services. Whether you’re looking for a bank with a strong international presence or one that specializes in serving a specific region within Canada, this chart will help you identify the right institution for your financial needs.
Bank Rate Comparison Chart for Top 10 Banks in Canada
|Bank’s name||Savings Account Rate (%)||Chequing Account Rate (%)||High-Interest Savings Rate (%)||5-Year Fixed Mortgage Rate (%)||5-Year Variable Mortgage Rate (%)||Credit Card Interest Rate (%)|
|Royal Bank of Canada (RBC)||0.05||0.00||1.25||2.84||1.35 + Prime||12.99 – 19.99|
|Toronto-Dominion Bank (TD)||0.05||0.00||1.20||2.79||1.35 + Prime||12.99 – 24.99|
|Bank of Nova Scotia (Scotiabank)||0.05||0.00||1.15||2.84||1.35 + Prime||12.99 – 22.99|
|Bank of Montreal (BMO)||0.05||0.00||1.25||2.84||1.35 + Prime||12.99 – 19.99|
|Canadian Imperial Bank of Commerce (CIBC)||0.05||0.00||1.20||2.79||1.35 + Prime||12.99 – 20.99|
|National Bank of Canada||0.05||0.00||1.15||2.79||1.35 + Prime||12.99 – 19.99|
|HSBC Bank Canada||0.05||0.00||1.20||2.69||1.35 + Prime||11.99 – 19.99|
|Laurentian Bank of Canada||0.05||0.00||1.10||2.84||1.35 + Prime||12.99 – 19.99|
|Canadian Western Bank||0.05||0.00||1.25||2.89||1.35 + Prime||12.99 – 19.99|
|ATB Financial||0.05||0.00||1.15||2.94||1.35 + Prime||12.99 – 19.99|
This bank rate comparison chart provides a summary of the rates offered by the top 10 banks in Canada for their primary financial products, including savings accounts, chequing accounts, high-interest savings accounts, mortgages, and credit cards. The rates presented in this chart are subject to change and may vary based on individual circumstances, such as credit score and account balances.
While comparing the rates is important, it’s also crucial to consider other factors when choosing a bank, such as customer service, branch and ATM accessibility, and the availability of online and mobile banking services. This chart serves as a starting point to help you identify the right financial institution for your needs. Remember, it’s essential to review the specific terms and conditions of each product and bank to make the most informed decision.
Canada’s banking landscape is dominated by a mix of large national banks, regional banks, and foreign subsidiaries. Each of these top 10 Canadian banks has played a crucial role in shaping the country’s financial sector, and they continue to provide a wide range of services to consumers and businesses alike. Whether you’re seeking personal banking services, business financing, or investment opportunities, these banks have something to offer.