The "big 6 banks" in Canada are, in order of net worth size, are:
- Royal Bank of Canada (RBC) – $178.01 billion
- Toronto Dominion Bank (TD) – $92.96 billion
- Bank of Montreal (BMO) – $73.5 billion
- Bank of Nova Scotia (Scotiabank) – $69.48 billion
- Canadian Imperial Bank of Commerce (CIBC) – $62.8 billion
- National Bank of Canada (NBC) – $47.2 billion
Sometimes, these banks are referred to as "the big 5 banks," in which case, the National Bank of Canada (the bank with the lowest net worth) is left out.
The big 6 banks serve millions of customers with banking products and services. Despite recent competition from online banks, the big 6 still retain the largest net worth in the country.
Let’s compare the big banks, explore alternative options, and look at the pros and cons of working with big financial establishments.
Key Takeaways
- The big 5 banks in Canada are RBC, TD, BMO, Scotiabank, and CIBC.
- National Bank is sometimes included and the group is referred to as the big 6 banks.
- The largest bank by net worth and number of customers is RBC.
- Smaller banks, online banks, and credit unions are the alternatives to banking with these large institutions.
- Big banks offer convenience and a broad range of products but tend to have lower rates and higher fees.
Is it the big 5 or the big 6 banks?
The five biggest banks are RBC, TD, BMO, Scotiabank, and CIBC. RBC is the biggest, with 17 million customers and a $178.01 billion net worth.
It’s 6 if you include the National Bank of Canada
The National Bank of Canada doesn’t have the same nationwide presence, as it primarily serves Quebec and New Brunswick. However, NBC’s net worth does earn it a spot as the sixth largest bank in the country at $47.2 billion.
The big 6 banks in Canada
Each of the big 6 banks in Canada offers a range of products and services, including bank accounts, mortgages, insurance, and more. However, they differ slightly in a few key ways, like net worth, number of branch locations, and unique offerings.
Take a look at the details and numbers of each of these institutions.
RBC (Royal Bank of Canada)
Net worth: $178.01 billion
Number of customers: 17 million
Awards: Best Life Insurance 2024
What you should know about RBC: RBC has the largest net worth and the most customers and branch locations of all banks in Canada. It was founded in 1864 in Halifax, incorporated in 1869. It's come a long way since its inception and now provides clients with a seamless online banking platform and a highly-rated mobile app.
Currently, it's on Forbes' list of the World's Best Employers for 2023, and won several titles in our own Best of Money Awards in 2024, including the top spot for best life insurance – which is the RBC Life Insurance.
Here are some of RBC’s best products:
| Type of product | Example products |
|---|---|
| Popular accounts | * RBC Signature No Limit Banking Account * RBC High Interest eSavings account |
| Best credit cards | * RBC Avion Visa Infinite * RBC WestJet World Elite Mastercard |
| Other noteworthy products | * RBC Auto Insurance |
TD (Toronto Dominion Bank)
Net worth: $92.96 billion
Number of customers: 27.5 million
Awards: Best Mutual Funds 2024
What you should know about TD: TD is the second biggest bank in Canada in terms of market share and assets. The Bank of Toronto was established in 1855 and amalgamated with the Dominion Bank in 1955 to create the Toronto Dominion Bank – or TD.
TD was one of the first Canadian banks to offer Sunday hours for its branch locations and the first in the world to offer customer service through Facebook Messenger – proof and point TD values customer service and satisfaction.
Not only does TD offer several highly-rated credit cards of its own, but it also owns MBNA, an issuer of some of the best credit card options in Canada like the MBNA True Line® Mastercard® and the MBNA Rewards World Elite® Mastercard®. Here are some more of TD’s great products:
| Type of product | Example products |
|---|---|
| Popular accounts | * TD Unlimited Chequing Account * TD ePremium Savings Account |
| Best credit cards | * TD First Class Travel Visa Infinite * TD Aeroplan Visa Infinite |
| Other noteworthy products | * TD Home Insurance |
Bank of Montreal (BMO)
Net worth: $73.5 billion
Number of customers: 13 million
Awards: Best GICs, Best Airmiles Credit Card, Best Student Credit Card
What you should know about BMO: BMO is the oldest bank in Canada and the third largest in terms of market capitalization. It has a storied history of acquisitions, mergers, supporting war efforts, government financing, and more.
Now, BMO has a presence in many cities and countries across the world. Here in Canada, it's known for its many excellent financial products and services, including our top-rated student credit card, the BMO CashBack® Mastercard®* For Students. It's also been recognized as one of the world's most ethical companies by the Ethisphere Institute for the last 6 years.
Here are some more of BMO’s best products:
| Type of product | Example products |
|---|---|
| Popular accounts | * BMO Premium Chequing Account * BMO Performance Chequing Account * BMO Savings Amplifier Account |
| Best credit cards | * BMO CashBack® World Elite®* Mastercard®* * BMO AIR MILES®† World Elite®* Mastercard®* |
| Other noteworthy products | * BMO Homeowner ReadiLine |
Scotiabank (The Bank of Nova Scotia)
Net worth: $69.48 billion
Number of customers: 10 million
Awards: Best Chequing Account 2024, Best ETF 2024, Best Line of Credit
What you should know about Scotiabank: Scotiabank is the fourth largest bank in terms of market share and the third largest in terms of assets. It was founded in Halifax in 1832.
Scotiabank has earned awards for equality and diversity in the workplace for several years, including recognition from Mediacorp Canada Inc. and Bloomberg.
Currently, Scotiabank is known for its excellent credit card products, including the best no foreign transaction fee card.
Here are a few more of Scotiabank’s excellent products:
| Type of product | Example products |
|---|---|
| Popular accounts | * Scotiabank Preferred Package * Scotiabank MomentumPLUS Savings Account |
| Best credit cards | * Scotiabank Gold American Express® Card * Scotiabank American Express® Platinum Card |
| Other noteworthy products | * Scotiabank Personal Line Of Credit |
CIBC (Canadian Imperial Bank of Commerce)
Net worth: $62.8 billion
Number of customers: 14 million
Awards: Best Mortgage 2024
What you should know about CIBC: CIBC is the smallest of the big 5 banks in Canada, but with 17,000 employees that serve 14 million customers, it’s hardly a small operation.
The Canadian Bank of Commerce was established in 1867 and the Imperial Bank of Canada in 1875 – but when the 2 entities merged in 1961, the Canadian Imperial Bank of Commerce was born.
These days, CIBC is well-known as a full-service banking institution that offers innovative digital banking solutions. It earned recognition from The Digital Banker's World Digital Bank Awards in both 2022 and 2023.
With quality, popular products like the CIBC Closed Fixed Rate Mortgage, it's no surprise that CIBC is consistently included in our Best of Money Awards.
Here are a few more of CIBC’s excellent products:
| Type of product | Example products |
|---|---|
| Popular accounts | * CIBC Smart Plus Account * CIBC eAdvantage Savings Account |
| Best credit cards | * CIBC Dividend Visa Infinite Card * CIBC Aventura Visa Infinite |
| Other noteworthy products | * CIBC Investor's Edge |
NBC (National Bank of Canada)
Net worth: $47.2 billion
Number of customers: 2.6 million
What you should know about NBC: The National Bank of Canada was founded in 1859. It has grown to over 600 branch locations, which are primarily in Quebec. However, it has over 705 across Canada.
Customers appreciate the discounted rates for seniors and students and the 24/7 virtual assistance banking support.
Here are a handful of NBC’s great products:
| Type of product | Example products |
|---|---|
| Popular accounts | * National Bank High Interest Savings Account * National Bank The Minimalist Chequing Account |
| Best credit cards | * National Bank mycredit Mastercard * National Bank Platinum Mastercard * National Bank World Elite Mastercard * National Bank Syncro Mastercard |
| Other noteworthy products | * National Bank Direct Brokerage * First Home Savings Account (FHSA) |
Pros and cons of banking with the 5 big banks
While some people may prefer to work with smaller local banks, there are certainly benefits to banking with one of the top big 5 banks in Canada.
Here are some upsides and downsides to big banks:
| Pros | Cons |
|---|---|
| Easier access to your money | Low interest rates |
| 24/7 customer service | High fees |
| Broad range of products and services | Not the most competitive |
| Valuable credit card choices | r |
| Financial stability | r |
In conclusion: Big banks offer superior convenience and reliability with all your services in one place, more branches, ATMs, customer service providers, round-the-clock online support, and CDIC insurance backing.
However, big banks usually can’t match the high interest rates and low fees of smaller institutions and online banks.
Big 5 bank alternatives
Despite the value and convenience that the big 5 banks in Canada provide, there are still other options.
Online banks, credit unions, and smaller local banks all have plenty to offer for your everyday financial needs.
Here's a look at the main alternatives to using a big bank in Canada:
Online banks
Online banks operate exclusively through digital platforms, either via online portals or mobile apps. These banks offer a wide range of services, and they usually have highly competitive rates and fewer fees.
Examples include Tangerine, Simplii, EQ Bank, and Alterna Bank.
Credit unions
A credit union is a cooperative financial institution owned and controlled by its members. In many cases, the members have the same community affiliation or employer.
A credit union offers traditional banking services with potentially better customer service and lower fees. Plus, as a not-for-profit, the credit union returns its earnings to members in the form of dividends or improved services. Branch locations can be limited.
Examples include Vancity, Meridian, and Coast Capital Savings.
Smaller/local banks
Smaller banks can provide more personalized service, competitive rates, and a focus on community involvement. However, they may have fewer branches, limited product offerings, and less advanced technology.
Examples include Canadian Western Bank and People’s Bank.
In conclusion: Online and smaller banks can offer better rates because they don’t have as much overhead as the big 6 banks do with tons of offices and branches to maintain across the country.
FAQ
What are the big 5 banks in Canada?
Canada's big 5 banks include the Royal Bank of Canada (RBC), the Bank of Nova Scotia (Scotiabank), the Bank of Montreal (BMO), the Canadian Imperial Bank of Commerce (CIBC), and the Toronto Dominion Bank (TD).
What is the largest bank in Canada by assets?
RBC is the largest bank in Canada by assets, with about $2 trillion.
Are there 5 or 6 big banks in Canada?
The big 5 banks sometimes include a 6th, making it the big 6 banks. This 6th bank is National Bank, with a net worth of $47.2 billion. It has a significant presence in Quebec but has limited locations elsewhere.
Is TD a Big 5 bank?
TD is one of the Big 5 banks in Canada. It is the second largest bank in Canada in terms of net worth and number of customers served.
Is BMO better or RBC?
Some RBC customers report high fees compared to BMO, whereas BMO allows you to keep less in your account with no fee. However, both banks offer high-interest savings accounts, everyday banking, loans, and online banking.
How are the big 5 banks in Canada ranked?
Net worth and number of locations are the two most common ranking factors. When ranked by net worth, RBC is the largest, followed by TD, BMO, Scotiabank, and CIBC. When ranked by the number of locations, RBC is still first, then CIBC, TD, Scotiabank, and BMO.
What's the biggest bank in Canada?
The biggest bank in Canada is the Royal Bank of Canada, otherwise known as RBC. It has a higher net worth, more nationwide locations, and serves a larger number of clients than any other financial institution in the country.
What are the 5 major banks in Canada?
The 5 major banks in Canada are RBC, TD Bank, BMO, Scotiabank, and CIBC.
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