Top 10 Banks in Canada 2026

Canada has some seriously large banks.

Canada’s five biggest banks had combined total assets of more than C$8.4 trillion at the end of fiscal 2025. Two of them, Royal Bank of Canada and TD Bank Group, each reported net income of more than C$20 billion for the year.

It’s not just about size, though. Scotiabank’s digital bank was named the best bank in Canada by Forbes for the second year in a row. A Crown corporation in Alberta had its best year ever. And a cooperative in Quebec manages more than C$510 billion on behalf of over 10 million members and clients.

Below are the top 10 banks in Canada for 2026. We look at each bank’s most recent fiscal results and explain why it made the list. The list includes all of the Big Six, the country’s largest cooperative, a Crown corporation and two digital banks that consistently rank high on customer satisfaction.

Why Canada’s Banking System Matters to Businesses and Households

Strong Capital Buffers

The big banks maintain healthy capital ratios. At October 31, 2025, the Big Five reported CET1 ratios between 13.2% and 14.7%. This allows them to keep lending during slower economic periods.

National Reach With Local Choice

With thousands of branches across Canada, customers have plenty of options. They can choose a Big Six bank with a national network or a credit union, cooperative or provincial lender that knows their local economy.

Deposit Protection

All federally regulated banks, including the Big Six, EQ Bank and Tangerine, are members of the Canada Deposit Insurance Corporation (CDIC), which protects eligible deposits. Provincial institutions have their own guarantees. Alberta, for example, guarantees deposits at ATB Financial.

Fast-Growing Digital Options

Digital banks have started offering lower fees, better savings rates and strong apps. This has pushed traditional banks to compete and improve their own online services.

Top 10 Banks in Canada at a Glance

Top 10 Banks in Canada (2026)

Here are the top 10 banks in Canada for 2026. Most are ranked by size, and we also include digital banks that stand out for customer satisfaction.

1. Royal Bank of Canada (RBC)

Royal Bank of Canada was started in Halifax in 1864 by a group of eight merchants, who called it the Merchants’ Bank. Today it is the largest of the top 10 banks in Canada by total assets, which reached C$2.33 trillion at October 31, 2025. With more than 19 million clients across Canada, the U.S. and 27 other countries, RBC is one of only two Canadian banks deemed globally systemically important.

RBC had a record year in fiscal 2025. Net income rose 25% to C$20.4 billion on revenue of C$66.6 billion, helped by a full year of HSBC Bank Canada, which RBC bought in March 2024 and has now fully integrated. The momentum continued in 2026, with third-quarter net income reaching a record C$6 billion, up 11% from a year earlier, and a CET1 ratio of 13.5%.

Key Banking Solutions
✔ Personal banking, mortgages and credit cards
✔ Commercial and business banking
✔ Wealth management and insurance
✔ Capital markets and investment banking

Best for: Customers who want the largest branch and ABM network in Canada.

2. TD Bank Group

TD Bank Group was created in 1955 and is headquartered at TD Bank Tower in Toronto. It has over 28 million clients and 2,151 retail locations across North America, and it employs more than 100,000 people. With total assets of C$2.09 trillion at October 31, 2025, TD is the sixth-largest bank in North America.

TD reported net income of C$20.5 billion for fiscal 2025, boosted by an C$8.6 billion gain from selling its remaining shares in Charles Schwab. Adjusted net income was C$15.0 billion. Its CET1 ratio of 14.7% is the highest of the Big Five. TD is still fixing its U.S. anti-money-laundering program under the resolution it reached in October 2024, and it expects to spend about US$500 million on related work in fiscal 2026.

Key Banking Solutions
✔ Everyday banking and mortgages in Canada
✔ U.S. retail banking
✔ Wealth management and TD Insurance
✔ Wholesale banking through TD Securities

Best for: Cross-border customers who bank in both Canada and the U.S.

3. BMO Financial Group

Bank of Montreal was founded in Montreal in 1817 by nine merchants, making it Canada’s first permanent bank. Now based in Toronto, BMO serves about 13 million customers across personal and business banking, commercial lending, wealth management and capital markets. Its total assets reached C$1.48 trillion at October 31, 2025.

For fiscal 2025, BMO reported net income of C$8.7 billion, or C$9.2 billion after adjustments. Revenue was C$36.3 billion, and its CET1 ratio was 13.3%. The 2023 purchase of Bank of the West made BMO a major U.S. commercial lender. In October 2025, it agreed to sell 138 U.S. branches to First Citizens, and it plans to open 150 new branches over the next five years, mainly in California.

Key Banking Solutions
✔ Personal and business banking
✔ Commercial lending in Canada and the U.S.
✔ BMO Wealth Management
✔ BMO Capital Markets

Best for: Businesses with commercial banking needs on both sides of the border.

4. Scotiabank

Scotiabank, the Bank of Nova Scotia, was founded in Halifax in 1832 and is headquartered in Toronto. It has the broadest international footprint of the Big Six, especially in Latin America and the Caribbean. Scotiabank has over 11 million clients in Canadian Banking and over 8 million in International Banking, with total assets of about C$1.5 trillion at July 31, 2026.

Scotiabank reported net income of C$7.8 billion for fiscal 2025, or C$9.5 billion adjusted, on revenue of C$37.7 billion. During the year, it also completed its investment in U.S. lender KeyCorp. The bank earned C$3.0 billion in the third quarter of 2026, and it owns Tangerine, which Forbes ranked as the best bank in Canada.

Key Banking Solutions
✔ Personal and commercial banking in Canada
✔ International banking across the Americas
✔ Global Wealth Management
✔ Global Banking and Markets

Best for: Customers and businesses with ties to Latin America and the Caribbean.

5. CIBC

Canadian Imperial Bank of Commerce took its current form through a 1961 merger and traces its history back to the Canadian Bank of Commerce, founded in 1867. Based in Toronto, CIBC has about 14 million clients and roughly 48,000 employees. Its total assets reached C$1.12 trillion at October 31, 2025.

CIBC had a record fiscal 2025, with reported net income of C$8.45 billion, revenue of C$29.1 billion and a CET1 ratio of 13.3%. Harry Culham took over from Victor Dodig as president and CEO in November 2025. CIBC also owns Simplii Financial, its direct bank, which ranked second in Canada on Forbes’ World’s Best Banks 2026 list.

Key Banking Solutions
✔ Personal banking, mortgages and credit cards
✔ Commercial banking and wealth management
✔ U.S. commercial banking and private wealth
✔ Simplii Financial no-fee direct banking

Best for: Customers who want a big bank with a strong digital alternative under the same roof.

Also Read: Top 10 Automobile Companies in Canada

6. National Bank of Canada

National Bank of Canada was established in 1859 by businesspeople from Quebec City and has its headquarters in Montreal. The bank describes itself as Canada’s sixth-largest bank and the leading bank in Quebec. Its total assets increased to C$635 billion at July 31, 2026, up 10% from C$577 billion at the end of fiscal 2025, and it has 34,816 employees.

National Bank made the largest acquisition in its history in 2025 when it took over Canadian Western Bank. Adjusted net income rose 21% to C$4.48 billion for fiscal 2025, and third-quarter 2026 adjusted net income was up 23% to C$1.36 billion. The bank will also take over Laurentian Bank’s retail and SME portfolios, with closing expected on November 1, 2026. It is one of only two Big Six banks on Forbes’ list of the best banks in Canada for 2026.

Key Banking Solutions
✔ Personal and commercial banking
✔ Wealth management
✔ Financial markets
✔ U.S. specialty finance and international

Best for: Quebec households and businesses, and now western Canadian commercial clients.

7. Desjardins Group

Desjardins Group was founded in 1900 in Lévis, Quebec, and is a financial cooperative rather than a chartered bank. It has more than 10 million members and clients and 57,530 employees. Its total assets were C$510.2 billion at December 31, 2025, an increase of 8.3% year over year.

Desjardins reported record surplus earnings before member dividends of C$3.81 billion in 2025, up 13.6% from the previous year, on revenue of C$16.31 billion. Because members own the institution, it set aside C$505 million for member dividends and gave back C$638 million in total to members and their communities. Its Tier 1A capital ratio stood at 23.7%.

Key Banking Solutions
✔ Personal and business banking through caisses
✔ Property, casualty and life insurance
✔ Wealth management and brokerage
✔ Business financing and capital markets

Best for: Quebec customers who want cooperative ownership and member dividends.

8. ATB Financial

ATB Financial opened its first location in Rocky Mountain House, Alberta, in 1938 as Alberta Treasury Branches. It is based at ATB Place in Edmonton and is a Crown corporation wholly owned by the Government of Alberta, which also guarantees its deposits. ATB serves more than 855,000 clients with over 5,400 team members.

ATB had a record fiscal 2026, which ended on March 31, 2026. Net income was up 56.2% to C$542.9 million, and revenue reached an all-time high of C$2.5 billion. ATB now has more than C$115 billion in total assets and assets under management, and ATB Wealth has grown to C$40.2 billion in assets under administration. It also acquired Cormark Securities to form ATB Cormark Capital Markets and was ranked among Canada’s best banks on Forbes’ 2026 list.

Key Banking Solutions
✔ Personal and business banking in Alberta
✔ Business and commercial lending
✔ ATB Wealth
✔ ATB Cormark Capital Markets

Best for: Alberta businesses, farmers and households that want a lender rooted in the province.

9. EQ Bank (EQB Inc.)

EQ Bank is the digital banking arm of Equitable Bank, which started out as The Equitable Trust Company in Hamilton, Ontario, in 1970. Its parent, Toronto-based EQB Inc., is listed on the TSX. EQ Bank launched in 2016 as an online-only bank and had 607,000 customers at October 31, 2025, an 18% increase from the prior year.

EQB had total assets of C$53.5 billion and C$138 billion in assets under management and administration at the end of fiscal 2025. Adjusted net income was C$354.2 million, and reported net income was C$266.6 million. EQ Bank has been on Forbes’ World’s Best Banks list for Canada since 2021 and was named the top banking brand in Canada and North America by The Banker.

Key Banking Solutions
✔ High-interest personal accounts
✔ GICs and registered savings accounts
✔ Residential mortgage lending
✔ Commercial lending through Equitable Bank

Best for: Savers who want a strong rate and an app-first experience.

10. Tangerine Bank

Tangerine began operating in 1997 as ING DIRECT Canada. Scotiabank bought it in 2012, and today it operates independently as a wholly owned Scotiabank subsidiary. It serves more than two million clients, who can also use Scotiabank’s network of more than 3,500 ABMs.

Tangerine ranked first in Canada on Forbes’ World’s Best Banks 2026 list, the second year running it has taken the top spot. It has also been the most awarded midsize bank in the J.D. Power Canada Retail Banking Satisfaction Study for 14 straight years as of 2025, and it posted the highest satisfaction score in that segment.

Key Banking Solutions
✔ No-fee chequing and savings accounts
✔ Cash-back credit cards
✔ Mortgages and GICs
✔ Investment funds

Best for: Everyday customers who want low fees and top-rated service.

How to Choose the Right Bank in Canada

Check Deposit Protection

Make sure the bank is a CDIC member or has a provincial guarantee. Some fintech brands are not CDIC members under their own name, so make sure you know where your money is actually held.

Compare Fees and Rates

Monthly account fees at the big banks can add up quickly. Digital banks such as EQ Bank and Tangerine often pay higher savings rates and charge fewer fees, so compare the full cost over a year.

Think About Branch Access

If you like to deposit cash or talk to someone face to face, you will want a bank with plenty of branches. RBC, TD and the other Big Six banks offer the widest coverage across Canada, while ATB and Desjardins are strongest in their home provinces.

Look at Digital Tools

Try the bank’s mobile app before you switch. A good app makes transfers, bill payments and budgeting easier, and customer satisfaction surveys such as J.D. Power’s are a useful guide.

Match the Bank to Your Business Needs

If you’re opening a business account, make sure the bank meets your needs for commercial lending, cash management and cross-border services. A company that sells into the United States may benefit from TD or BMO, while an Alberta firm may prefer ATB’s local focus.

Review Customer Service Records

Rankings from Forbes and J.D. Power reflect how real customers rate their banks. Among the top 10 banks in Canada, the smaller and digital institutions often score higher on service than the big names.

Frequently Asked Questions About Banks in Canada

What is the largest bank in Canada in 2026?

Royal Bank of Canada is the largest bank by total assets, with C$2.33 trillion at October 31, 2025. TD Bank Group is next at C$2.09 trillion.

Which are the Big Six banks in Canada?

The Big Six are RBC, TD, BMO, Scotiabank, CIBC and National Bank of Canada. All six make our list of the top 10 banks in Canada, and together they hold most of the country’s banking assets.

Which bank in Canada has the best customer satisfaction?

There is no single best bank for everyone. Tangerine was ranked the top bank in Canada by Forbes for 2026, and RBC had the highest score among the Big Five in J.D. Power’s study, but the right fit depends on your needs.

Are digital banks in Canada safe?

Federally regulated digital banks such as EQ Bank and Tangerine are CDIC members, which means eligible deposits are protected up to CDIC coverage limits. Always confirm coverage before opening an account.

Conclusion

Each of the top 10 banks in Canada has something different to offer, whether that is sheer scale, strong capital or digital strength. The Big Six continue to post record profits, while Desjardins, ATB, EQ Bank and Tangerine show that cooperative, regional and online models can compete on service.

The right choice depends on what you’re looking for: easy branch access, cross-border banking, low fees or local expertise. Use this list of the top 10 banks in Canada as a starting point, then compare accounts and rates before you commit.