Canada’s Top Five Banks

Greetings, new friends in Canada! Welcome to this beautiful country of maple leaves. Today, we will give you an overview of Canada’s top five banks and help you choose the one that fits your needs. These banks are ranked based on their market value and asset size. Let’s get started!

We wish you a delightful life in Canada, filled with prosperity!

1. Royal Bank of Canada (RBC)

Royal Bank of Canada (RBC) is the largest bank in Canada with over 150 years of history. RBC offers a wide range of financial services; its relatively higher fees result in a second-place ranking for customer service quality. If you prioritize exceptional customer service and a wide range of financial products, RBC is your top choice.

2. Toronto-Dominion Bank (TD)

Toronto-Dominion Bank (TD) is Canada’s second-largest bank, renowned for its welcoming atmosphere since 1855. With longer daily operating hours, excellent customer service, and innovative financial products, TD caters to cross-border clients with its strong North American presence. TD maintains reasonable fees, earning it the top spot for service quality among the Big Five banks.

3. The Bank of Nova Scotia (Scotiabank)

The Bank of Nova Scotia (Scotiabank), has been a key player in the Canadian financial landscape since 1832. It offers diverse financial products and services, with a focus on international financial services and overseas investments. However, higher fees for certain products and services result in Scotiabank ranking third in service quality among the Big Five banks.

4. Canadian Imperial Bank of Commerce (CIBC)

Canadian Imperial Bank of Commerce (CIBC) has provided professional services to customers since 1867. Its customer service team is both professional and eager to help with various financial issues. Although ranked fifth in service quality, CIBC is an excellent choice for newcomers, providing special support policies tailored to new immigrants.

5. Bank of Montreal (BMO)

Bank of Montreal (BMO), has flourished in the Canadian financial world since 1817. BMO continually invests in technological innovations to enhance customer experiences and is committed to sustainable development and social responsibility, supporting numerous charitable causes and environmental initiatives. In terms of service quality, BMO ranks fourth among the Big Five.