Biggest Banks in Canada

Canada’s banking system involves a group of long-standing institutions that most of us interact with every day. These banks handle everything from your salary deposits to your mortgage payments, and they play a major role in keeping the Canadian financial system stable. And that stability matters.

In this guide, we will discuss the biggest banks in Canada, how they compare and what each one offers. This should help you get a clearer idea of which institutions lead the industry and how any of them might fit into your financial plan.

Canada’s Banking Landscape

Before we can begin comparing the country’s banks, it helps to understand how Canadian banking systems work. Each of the federally regulated financial institutions in Canada operates under the Bank Act. These banks have supervision from the Office of the Superintendent of Financial Institutions (OSFI) and have CDIC insurance to protect eligible deposits. This framework forms a stable foundation and is one of the major reasons why Canadians continue to trust their banks.

Within the sector, there are two main categories:

• Schedule I banks. These institutions have domestic ownership and have the ability to offer a full suite of financial services. The Big Six, as well as several smaller Canadian banks, fall into this category.
• Schedule II banks. Institutions in this category are subsidiaries of foreign banks. They are legally permitted to operate in Canada and can even offer similar services to those of Schedule I banks. With foreign ownership, though, come different specializations.

The Big Six Canadian Banks

Canada’s banking sector has a high concentration with the Big Six holding the majority of national deposits. The largest banks in Canada include Schedule I institutions: RBC, TD, Scotiabank, BMO, CIBC, and National Bank. Together, these institutions are what we call the “Big Six”. They hold the majority of deposits in Canada and play a significant role in the stability of the overall financial system.

The concentration of assets within the Big Six means strong balance sheets, national networks and significant investment in technology. The downside, though, is that products and features can look quite alike from one institution to the next.

Ranking the Biggest Banks in Canada by Size

While the Big Six banks may seem the same at first glance, they are definitely not identical. Each one has its own strengths and areas of specialization. Some are more international. Others focus on digital banking. Then there are the ones who shine for their variety of lending options. Let’s take a closer look at each of the banks, ranking them by total assets.

1. Royal Bank of Canada (RBC)

RBC is the largest bank in Canada and one of the biggest in North America. It offers personal banking, commercial lending, wealth management and capital markets investing.

Total assets: USD 1,485.3 billion as of 2024.

Assets under management: USD 805.2 billion as of 2024.

Strengths:

• Market-leading wealth management
• Strong cross-border banking services with the US through the RBC Bank brand
• Highly rated digital tools, including the RBC Mobile app

2. TD Bank

As Canada’s second largest bank, TD has a sizable footprint south of the border, which is an added benefit for frequent travelers to the US. The bank also has a strong reputation for customer service and mobile banking performance.

Total assets: USD 1,449.7 billion as of 2024.

Assets under management: USD 340.2 billion as of 2024.

Strengths:

• Wide range of lending and credit products
• Large US retail network
• Highly rated mobile app and digital features
• Quality customer service

3. Bank of Nova Scotia (Scotiabank)

Known as Canada’s most international bank, Scotiabank has ties across Latin America and the Caribbean. Its global presence supports a unique set of rewards and travel benefits.

Total assets: USD 1,045.1 billion as of 2024.

Assets under management: USD 238.8 billion as of 2024.

Strengths:

• Global ATM Alliance access
• International banking availability
• Strong offering of travel-focused rewards

4. BMO Financial Group

Founded in 1817, BMO is Canada’s oldest bank. BMO is well-regarded for its commercial banking and its integrated tools for business owners, as well as its expanding presence in the United States due to recent acquisitions.

Total assets: USD 958 billion as of 2024.

Assets under management: USD 251.1 billion as of 2024.

Strengths:

• Commercial lending expertise
• Full-service banking with competitive mortgage options
• Growing US presence

5. Canadian Imperial Bank of Commerce (CIBC)

CIBC has a focus on personal banking, mortgages and digital innovation. Over the past few years, it has modernized its mobile and online platforms, making it a competitor in the digital space while at the same time maintaining in-branch support.

Total assets: USD 722.8 billion as of 2024.

Assets under management: USD 226.4 billion as of 2024.

Strengths:

• Flexible mortgage products
• User-friendly online and mobile banking interface

6. National Bank of Canada

While it is one of the “Big Six,” National Bank is the smallest in terms of size. Currently, the bank is a major player in Quebec, though it continues to expand across the country. National is an appealing option for bilingual clients and entrepreneurs, especially those based in the French-speaking areas of Canada.

Total assets: USD 313.8 billion as of 2024.

Assets under management: USD 91.2 billion as of 2024.

Strengths:

• Strong business banking tools
• Competitive digital platform
• Highly-rated Wealth Management customer service

Does the Size of the Bank Matter in Canada?

When we compare the Big Six banks, their size gives them certain advantages. For example, larger banks have the ability to invest heavily in digital tools. They can also afford to expand their branch networks and offer specialized terms on lending products like mortgages and loans.

Scale also offers stability. Big institutions tend to have diversified revenue streams, which can help them weather periods of economic uncertainty. For Canadians utilizing these banks, that sense of security matters, though CDIC coverage helps to level the field for federally regulated banks.

It’s important to remember that size isn’t everything, though. Smaller institutions and credit unions can compete with the Big Six by offering personalized in-branch service. Not to mention lower fees.

How the Big Canadian Banks Compare

If we look beyond the size of the Canadian banks, each one stands apart for different reasons. Even though these institutions have many similar products, the banking experience isn’t identical. Not even close. Each bank has its own advantages and while it may seem subtle at first, they can have a noticeable impact on your daily banking experience.

The Big Six might operate in the same space, but they each have a different area of expertise.

Takeaway

Choosing between the largest banks in Canada isn’t just about their size or even brand recognition. It’s about finding the institution that supports the way that you want to manage your money.

While we went through the process of ranking Canada’s biggest banks by size, their true strengths differ depending on your personal priorities. Size may offer benefits in the form of resources and broader access to services, but choosing what bank is best for you will depend on your spending and saving habits as well as your financial priorities.