Top 20 Banks in Canada

top banks in canada

Last Updated on February 1, 2023 by admin

This article will explain Top 20 Banks in Canada  this include the three types of banks, namely: Domestic banks, subsidiaries of foreign banks, and branches of foreign banks.

We’ve put together a comprehensive guide on Canada’s best banks, so that you can find the best fit for you and your money. So, if you are looking for the top banks in Canada we got you in this article  as we set to  provide you answers to your questions you seek.

Related: Top 20 Banks in The United Kingdom

Top 20 Banks in Canada: Domestic Banks in Canada

1. Coast Capital Savings

It was established in 1940 and has its main office in Surrey, British Columbia. Owned by the Federal Credit Union and governed by its members.

Members had the opportunity to vote on whether or not Coast Capital Savings should become a federal credit union from October 17 to November 28, 2016.

2. Bank of Montreal

It was established in 1817 with its headquarters in Montreal. Owned by the Public company, part of the Big Five.

3. ADS Canadian Bank

It was founded in 1998 and has its headquarters in Toronto. Scotiabank owns it. Previously known as the Dundee Bank of Canada. Hollis Canadian Bank was later called ADS Canadian Bank.

4. Bank of Nova Scotia

It was founded in 1832, and its headquarters are in Toronto. Bank of Nova Scotia is a public firm and a member of the Big Five. It operates under the name “Scotiabank.”

Also Read: How to Activate Sterling Bank Transfer USSD Code

5. Canadian Imperial Bank of Commerce

It was established in 1946 and has its headquarters in Toronto. It is a public company and a member of the Big Five. In truth, it was formed by merging two banks established in 1867 and 1873.

Also, the Simplii Financial direct banking branch business began in the late 1990s as a strategic alliance between PC Financial and CIBC and was renamed Simplii Financial in 2017.

6. EQ Bank

In 1970, The Equitable Trust Corporation was established in Hamilton, Ontario as a trusted company.

Equitable Trust Company is awarded a Schedule I Canadian chartered bank license in 2013 and is renamed Equitable Bank.

On January 14, 2016, Equitable Bank began a direct banking operation branded EQ Bank, becoming Canada’s first digital bank born in the mobile age.

7. Toronto-Dominion Bank

More often known as TD Bank, Toronto Dominion Bank has over 22 million clients.

As a result, it has 1,091 locations across Canada that require various professions such as financial specialists, bank tellers, and actuaries.

Its headquarters are in Toronto, Ontario, where most of its corporate operations are based.

Read: How to Open Domiciliary Account With Zenith Bank | 2022

8. Royal Bank of Canada (RBC)

Royal Bank of Canada has 17 million clients in Canada and the United States.

It has 1,210 branches in Canada and another 450 that operate as a subsidiary retail company. RBC offers clients a wide range of financial services throughout all provinces and territories.

According to Indeed, the corporation employs 86,000 people globally, with its principal headquarters in Toronto and several satellite offices around the country.

9. National Bank of Canada

The National Bank of Canada aims to become the country’s sixth-largest bank. Its headquarters are in Montreal, with branches in practically every province.

In fact, it serves 2.4 million personal clients and offers bank accounts, insurance, credit cards, and internet banking.

Also, this bank seeks employees with experience in wealth management, customer service, and information technology to support its operations.

10.  HSBC Bank Canada

While HSBC is a well-known banking institution in Canada, it is a British global corporation and a holding company.

However, this organization, established in Hong Kong in 1865, has 130 sites around the country. Its national headquarters are in Vancouver, and it provides digital banking services.

Also Read: How to Open Domiciliary Account With Heritage Bank | 2022

11. Desjardins Group

Desjardins Group is a Canadian financial business that promotes a North American credit union cooperative. The company’s headquarters remain in Levis, Quebec, although its operating base is in Montreal.

Also, the corporation includes 20 companies that specialize in life insurance, venture capital, asset management, and securities brokerage.

It also serves as a credit union but operates as a typical bank, providing checking and savings accounts.

12. Canadian Western Bank

Canadian Western Bank (CWB) is a federally regulated financial institution based in Edmonton, Alberta.

So, it employs roughly 2,600 people and delivers services to clients across Canada.

In fact, the bank manages upwards of 37 billion assets and is made up of ten lending, trust, and wealth firms that offer clients a broad portfolio of monetary services.

13. Provincial and Territorial Credit Unions

Banks and credit unions both employ a large number of professionals. 

In other words, these businesses can operate on their own, however, many provinces have Crown companies. 

14. HomeEquity Bank

The Canadian Home Income Plan Corporation was established in 1986. HomeEquity Bank is the first Canadian bank to provide reverse mortgages to Canadians 55 and older. So, HomeEquity Bank was designated as a Schedule 1 Canadian bank on October 13, 2009.

15. General Bank of Canada

The General Bank of Canada is a Schedule 1 bank that primarily provides individuals with indirect car finance through its retail portfolio and significant commercial loans and aviation financing.

Also Read: How to Open Domiciliary Account With Unity Bank

16. First Nations Bank of Canada

The First Canadian chartered bank will be owned and operated by Indigenous shareholders, with headquarters in Saskatoon.

17. Wealth One Bank of Canada

This bank specializes in serving Chinese Canadians. It offers banking services both online and at retail locations in Toronto, Ontario, and Vancouver, British Columbia.

Read: How to Activate the Stanbic IBTC Bank USSD Transfer Code

18. VersaBank

In 1980, Pacific & Western Trust Corporation was established in Saskatoon, Saskatchewan as a trusted business.

It eventually relocated its headquarters to London, Ontario. It was given a Schedule I Canadian chartered bank license on August 1, 2002, and was renamed Pacific & Western Trust Bank of Canada before changing its name to VersaBank in 2016.

19. Tangerine Bank

Tangerine, formerly ING Direct Canada, was bought by Scotiabank in November 2012 and changed to Tangerine in early 2014.

20. RFA Bank of Canada

The RFA Bank of Canada, formerly the Street Capital Bank of Canada. A schedule 1 classification was granted in December 2016. Operations began on February 1, 2017.

Frequently Asked Questions

What are the top ten banks in Canada?

  • Toronto-Dominion Bank (TD)
  • Royal Bank of Canada (RBC)
  • Bank of Montreal (BMO)
  • Canadian Imperial Bank of Commerce (CIBC)
  • Scotiabank.
  • National Bank of Canada.
  • HSBC Bank Canada.
  • Desjardins Group
  • Provincial and Territorial Credit Unions
  • Canadian Western Bank

What is the number 1 bank in Canada?

Royal Bank of Canada (RBC) — $49.69 billion.

What are the Big 3 banks in Canada?

  • Canadian Banks.
  • Royal Bank of Canada.
  • Toronto Dominion Bank.

What is the most stable bank in Canada?

Canada boasts one of the world’s safest financial systems. So, the Royal Bank of Canada, TD Bank, the Bank of Nova Scotia (Scotiabank), the Bank of Montreal, and the Canadian Imperial Bank of Commerce are among the world’s top 35 most stable banks.


Canada is home to various financial institutions, including government banks, large corporations, and local credit unions.

So, to maintain their security, performance, and infrastructure, banks require a substantial quantity of human resources, ranging from technicians to financial specialists and other professions.

Top 20 Banks in Canada
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Top 20 Banks in Canada
Top banks in Canada include 1. Coast Capital Savings 2. Bank of Montreal 3. ADS Canadian Bank 4. Bank of Nova Scotia 5. Canadian...
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