The top five banks in Canada, dubbed the Big Five Banks (or Big 5 Banks), include TD Bank, RBC Royal Bank, BMO Bank of Montreal, CIBC, and Scotiabank. Banking with these biggest banks in Canada gives you access to a variety of chequing and savings accounts and other financial products. However, over the years the size and growth of one other major bank — National Bank — prompted many to adjust the catch-all term from big five banks to big six banks.
Whether it’s big five or big six, most Canadians continue to bank with one of these large 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 five bank in 2023.(1) To learn the pros and cons of banking at a big five bank (or big six bank), check out this comparison of the biggest and maybe best banks in Canada.
What are the Big 5 Banks in Canada?
To make it to the big five — or big six — banks list, these financial institutions are assessed and compared based on their market capitalization. (Market capitalization — or market cap — refers to the total value of all holdings owned and managed by the bank. It is similar to the market cap evaluation used in to assess stocks.(2)) As result, the biggest six banks in Canada are:
- RBC (Royal Bank of Canada)
- TD Bank (Toronto-Dominion Bank)
- Scotiabank (Bank of Nova Scotia)
- BMO (Bank of Montreal)
- CIBC (Canadian Imperial Bank of Commerce)
- National Bank (National Bank of Canada)
These top five banks (or big six banks, if you include National Bank), serve millions of customers each year. These top banks in Canada offer a wide range of personal and business financial products and together own the largest ATM networks in Canada.
BMO
As Canada’s third largest bank, BMO serves 12 million customers globally, including eight million in Canada alone. It has over 45,000 employees, and over 3,000 ATM and branch locations. BMO has been recognized as the most sustainable bran in North America, as of 2020. Because it was founded in 1817, BMO has the distinction of being Canada’s oldest of the big five banks. For more, compare BMO chequing accounts , BMO savings accounts and BMO credit cards. Earn a $450 welcome bonus and enjoy unlimited free transactions and e-Transfers. 
BMO Performance Chequing Account BMO Performance Chequing Account
RBC Royal Bank
First incorporated in 1869, RBC Royal Bank now has 17 million clients worldwide. It is the biggest bank in Canada by market share, and second largest by assets, as of 2020. RBC has over 86,000 employees who serve customers in Canada, the US and in 34 other countries around the world. It has over 2,600 ATM and branch locations. In 2020 RBC was named the North American Retail Bank of the Year for the third year in a row by Retailer Banker International. For more, compare RBC chequing accounts , RBC Savings accounts and RBC credit cards. Get a new iPad Pro when you open a Signature No Limit Banking account. Valid until July 31, 2023. 
RBC Signature No Limit Banking Account RBC Signature No Limit Banking Account
Scotiabank
Scotiabank is Canada’s fourth biggest bank in Canada by both market share and assets as of 2020. Scotiabank has over 90,000 employees, and serves more than 10 million small business and commercial banking customers across Canada. It has 953 branches and over 3,632 ATMs. Since beginning in 1832, Scotiabank has primarily focused on serving countries in North America and parts of South America, but still operates in over 55 countries around the world. For more, compare Scotiabank chequing accounts, Scotiabank savings accounts and Scotiabank credit cards. Get a welcome bonus of $350. Conditions apply. Valid until July 31, 2023. Plus, earn up to 5.15% interest for 5 months on your MomentumPLUS Savings Account. 
Scotiabank Ultimate Package Scotiabank Ultimate Package
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 the largest by assets as of 2020. Since its founding in 1855 in Toronto, Ontario, TD Bank has grown to serve over 25 million customers around the world. It has over 1,900 ATM and branch locations. TD is the only Canadian bank since 2014 to be listed on the Dow Jones Sustainability World Index. For more, compare TD chequing accounts, TD savings accounts and TD credit cards.
CIBC
Even though CIBC is the smallest of the big five banks, it still has over 40,000 employees who serve more than 10 million customers across Canada and globally. CIBC has over 1,000 bank branches and 3,000 ATMs. With its founding in 1867, it’s Canada’s second oldest of the big five banks. CIBC’s banking app has been ranked 1st by J.D. Power for Customer Satisfaction among Canada’s largest banks’ Mobile Banking Apps. For more, compare CIBC chequing accounts , CIBC savings accounts and CIBC credit cards.
Compare products offered by the Big 5 Banks in Canada
 RBC |  TD Bank |  Scotiabank |  BMO |  CIBC | |
|---|---|---|---|---|---|
| Accounts | |||||
| Popular accounts | RBC Signature No Limit Banking AccountGo to site | TD Unlimited Chequing Account | Scotiabank Preferred Package | BMO Performance Chequing AccountGo to site | CIBC Smart Account |
| Lending |
| ||||
| Popular credit cards | RBC Avion Visa InfiniteGo to site | TD Cash Back Visa Infinite Card | Scotia Momentum Visa Infinite CardGo to site | BMO Preferred Rate MastercardGo to site | CIBC Dividend Visa Infinite Card |
| Investing |
Ranking of Big 5 Banks in Canada, by market cap
As of February, 2023, RBC has the largest market capitalization in Canada (compared to the remaining banks on the big five list), followed by TD Bank. While RBC and TD appear to switch the top two spots — the most recent was a flip in March 2023 — both brands were well ahead of third-place BMO. Regardless of which bank you choose, all the big five banks — and, indeed, all regulated banking and fintech companies operating in Canada — are backed by CDIC deposit insurance,(3) which protects eligible deposits up to $100,000.
Big 5 banks becomes the big 6 banks in Canada
Over the last decade, one more bank has made its way into Canada’s big bank list: National Bank. The term big six (or big 6 banks) refers to the inclusion of National Bank in the big five bank list. When it comes to market cap, this is how the big six banks rank:(4)
| Bank | Market capitalization (As of March 1, 2023) |
|---|---|
| RBC | $186.10 billion (CAD) |
| TD Bank | $166.00 billion (CAD) |
| BMO | $88.97 billion (CAD) |
| Scotiabank | $81.54 billion (CAD) |
| CIBC | $56.086 billion (CAD) |
| National Bank | $34.53 billion (CAD) |
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 five banks.
Which is the best bank 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 five banks that may help sway you one way or another.
- RBC. Biggest bank in Canada in terms of market share, most branches and ATMs.
- TD Bank. Awarded safest bank in North America.
- Scotiabank. Most international of the biggest banks in Canada with a presence in 55 countries.
- BMO. BMO is Canada’s oldest bank (institution number is 001).
- CIBC. Number 1 rated mobile banking app.
Dive deeper Best Chequing Accounts in Canada
Choosing between the Big Five banks
Deciding on the best bank in Canada for personal banking depends on your unique financial needs. The Big Five 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
When you’re looking at chequing accounts offered by the Big 5, consider the following features:
Fees at the Big 5 Banks
From monthly fees to overdraft charges and everything in between, be sure to compare fee schedules between accounts. Some banks will waive your monthly fee if certain conditions are met, whereas others may charge you regardless. Be sure to consider how you will be using your account when considering the importance of fees. For instance, if you plan to frequently withdraw cash from ATMs, look into the fees associated with ATM transactions.
ATM access for the Big 5 Banks
Convenient access to the money in your chequing account is another key factor in choosing the right product for your needs. Check out whether the account provides free access to ATMs, how many ATMs are in the bank’s network and where those ATMs are located. Also consider whether the bank will reimburse you for out-of-network ATM charges.
Online banking for the Big 5 Banks
The big five banks all have Internet and mobile banking access, so it comes down to which offers the best customer experience. CIBC’s mobile banking app has a great reputation, but you may want to compare mobile banking apps to find out which would be best for your needs. Make sure that the bank and app you choose is compatible with your mobile device if you like banking on the go.
Interest rates at the Big 5 Banks
Although extremely rare, an interest-bearing chequing account can put your money to work when it’s not being used. Interest rates on chequing accounts at big five banks may not be much, but it can still grow your account balance. Interest rates may also be higher on balances that are above a certain threshold.
Minimum deposit and balance requirements at the Big 5 Banks
Minimum deposits and balance requirements may vary depending on which bank you choose. Plus, if you don’t meet the balance requirements, you might be charged a fee, which could eat into your balance. Shop around to find an account with a minimum deposit in your budget and balance requirements you can easily meet each month to avoid unnecessary charges.
Perks at the Big 5 Banks
Some banks offer incentives and perks to attract customers, including signup bonuses, free linked accounts, rewards programs and fee-free ATMs. Compare the features and signup bonuses of each account in order to make the most of your money.
Branch locations at the Big 5 Banks
If you prefer to do banking in person, you might want to think about how many branches are in your area. There’s no point in opening an account with a bank if most of its branches are on the other side of town.
When you’re looking at savings accounts offered by the big five, consider the following features:
Interest rates
Interest rates determine how quickly your savings can grow. Look at the interest rates of each account to determine which one has the best value. With the big five, you may be able to get an introductory rate, which offers higher interest for a set period of time. Interest rates may also be higher on account balances that are above a certain threshold.
Online banking
The big five banks all have Internet and mobile banking access, so it comes down to which offers the best customer experience. CIBC’s mobile banking app has a great reputation, but you may want to compare mobile banking apps to find out which would be best for your needs. Make sure that the bank and app you choose is compatible with your mobile device if you like banking on the go.
Fees
From monthly fees to overdraft charges and everything in between, be sure to compare fee schedules between accounts. Some banks will waive your monthly fee if certain conditions are met, whereas others may charge you regardless. Since you’re most likely opening a savings account to save money, it’s important to consider how fees might affect your savings goals.
Minimum deposit and balance requirements
Minimum deposits and balance requirements may vary depending on which bank you choose. Plus, if you don’t meet the balance requirements, you might be charged a fee, which could eat into your savings. Shop around to find an account with a minimum deposit in your budget and balance requirements you can easily meet each month to avoid unnecessary charges.
Perks
Some banks offer incentives and perks to attract customers, including signup bonuses, free linked accounts, rewards programs and fee-free ATMs. Compare the features and signup bonuses of each account in order to make the most of your savings.
Branch locations
If you prefer to do your banking in person, you might want to think about how many branches are in your area. There’s no point in opening an account with a bank if most of its branches are on the other side of town — unless you prefer an online savings account.
Pros and cons of banking with the top 5 banks (or big 6 banks) in Canada
Pros
- More access to your money. By choosing one of the big five, you’ll have easy access to your money through a large number of branches, ATM networks and online banking.
- 24/7 customer service. Depending on the big five bank you choose, you’ll likely have access to 24/7 customer service, which can come in handy if you have a financial emergency.
- Easily link your Big Five bank account. If your chequing account is already with one of the big five, you’ll find it easy to link your new savings accounts.
- Financial stability. The big five have the largest market share of all banks, meaning you can trust that your money is safe. And even if any of these banks were to fail, they’re insured by the CDIC, meaning you’re protected for up to $100,000 per eligible deposit.
Cons
- Other brands out there. As some of the best banks in Canada, the big five are all well-known institutions, but you should still look at other banks when making your comparisons. This helps to ensure that your savings are working as hard as possible toward your financial goals.
- Lower interest rates. The big five have a reputation for having the lowest interest rates in the market for their savings accounts. You can compare high-interest savings accounts here.
- Not the most competitive. Due to their popularity, the big five banks aren’t always as competitive with their rates and fees as smaller banks and credit unions.
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 six Canadian banks (or Big 6 Banks). As of February 2023, National Bank had as market cap of $33.8 billion (CAD). National Bank is also the largest bank in Quebec.(5)
Alternatives to the Big 5 Banks
Although the big five banks (or even the big six 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 five 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 five 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 online banks in Canada.
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Bottom line
If financial stability is your number one priority when choosing a bank, then opening an account with one of the big five 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 five banks or big six 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.
Big Five Banks / Big 6 Banks FAQs
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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.
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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.
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The big six banks in Canada include all the big five banks (RBC, BMO, TD Bank, Scotiabank, and CIBC ) plus National Bank.
