Top Five Banks in Canada

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Choosing a bank is not easy. A lot of people ask how many banks in Canada there are. In this article, we will provide you with names of the best top five banks in Canada. in addition, all Canadians and residents of the country rely on these big banks in Canada conducting their financial transactions.

It is where you will keep your money, but not all banks have the same advantages, and when choosing a bank, you should consider some factors such as:

  • Fees
  • Accessibility
  • Competitive interest rates for saving accounts
  • Benefits for new members
  • Account withdrawal protection

And other benefits in saving money and time that’s why we have put together a comprehensive guide on the best banks in Canada, so you can find the one that suits you best.

The best banks in Canada

Canadians depend in their financial transactions on banking. So the presence of the bank is very necessary in the country.

The following is a breakdown of the five largest banks in Canada, which are as follows:

Toronto- Dominion Bank. (TD Bank)

Toronto- Dominion Bank. (TD Bank)

Royal Bank of Canada is the largest bank in Canada. It was established in 1864 AD in Halifax- Nova Scotia,
serving more than 16 million customers around the world. It offers checking accounts, saving accounts, student accounts, and other accounts for immigrants in a variety of currencies.
The fees for residents of Canada are nominal, ranging from 4 to 30 US dollars for checking accounts.
The number of Royal Bank of Canada branches about 1,300 branches around the world. It employs more than 86,000 full-time employees.
As for ATMs, there are approximately 50,000 tellers available for customers to withdraw and deposit their money.

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Toronto- Dominion Bank. (TD Bank)

Toronto- Dominion Bank. (TD Bank)


Toronto Dominion Bank is the second largest bank in Canada. TD BANK has more than 25 million workers, the date of establishment dates back to 1855 AD in Toronto.

It is considered among the list of the best banks in Canada. It has more than 1,10 branches in Canada and more than 25,000 employees.

The bank also has a network of approximately 2,800 ATMs across Canada.

The monthly checking account fee at Toronto Dominio Bank ranges from approximately $3.95 to $29.95

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Scotiabank


The Bank of Nova Scotia is also among the best banks in Canada. It was founded in Halifax in 1832. Then, it moved to Toronto in 1900 with the purpose of improving trade across the Atlantic.

About 25 million customers around the world are registered with the bank. In addition to the presence of nearly 900 branches of the bank in Canada.

The bank employs approximately 92,000 full-time employees, in addition to a network of 3,500 ATMs.

The bank offers different types of accounts such as checking, savings, student, senior and others.

There are also 18 types of credit cards provided by the bank, including those without fees.

Bank of Montreal

Bank of Montreal


The Bank of Montreal is the fourth largest and also the oldest bank in Canada. It was founded in Montreal in 1817.

The bank has more than 7 million customers in Canada. In addition, it has 950 branches. As well as a network of more than 2,000 ATMs and more than 42,000 employees worldwide.

It also offers a variety of checking and savings accounts. For example, student accounts, accounts for newcomers to Canada, and personal banking for indigenous peoples.

The bank’s current account fees range from $0 per month to $ 15.95 per month for checking accounts.

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Canadian Imperial Bank of Commerce

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The Canadian Imperial Bank of Commerce is the fifth largest bank in Canada and was established in 1961.

The bank serves more than 11 million customers worldwide and has than 1,100 branches in Canada.

It also employs more than 44,000 full-time employees, in addition to a network of more than 3,700 ATMs.

The Canadian Imperial Bank of Commerce offers many checking and savings accounts. For instance, student and seniors accounts, as well as US dollar accounts for foreign workers.

Checking account fees start at $3.90 per month to $29.95 per month.

For more information about Banks in Canada, watch the following video

Facts You Need to Know About Banking in Canada

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