What are some good banks in Canada?


Quick Answer

The five largest banks dominating the Canadian industry, also known as the "Big Five," include Toronto-Dominion Bank, Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce.

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Full Answer

Canada has a large number of financial institutions, including both domestic banks and subsidiaries of foreign banks. The domestic banks are called Schedule I banks, while the foreign subsidiaries are called Schedule II banks. Most of these foreign subsidiaries, however, specialize in corporate and investment banking and have only a few offices or branches. The only exception to the rule is HSBC Bank, which is strong across the whole Canadian Territory.

Although the Big Five all display extremely high assets, Toronto-Dominion Royal Bank and the Bank of Nova Scotia have separated themselves from the Bank of Montreal and Canadian Imperial Bank of Commerce. In July of 2014, Bloomberg Business suggested a new banking landscape with the "Big Three" at the top.

All these banks offer a full range of banking, investment and financial services for individuals and businesses. Aside from Canada, these banks are active in the United States, Latin America, the Caribbean, Asia and other parts of the world. As Schedule I banks, these top banking institutions are authorized under the Bank Act to accept deposits, which may be eligible for deposit insurance.

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