What Are Some Highly Rated Banks in Canada?


Quick Answer

In 2014, three Canadian banks, including the Desjardins Group, Canadian Imperial Bank of Commerce and the Royal Bank of Canada, were ranked as three of the strongest in the world, according to data from Bloomberg Markets. The Desjardins Group tied for second place with the Noringchukin Bank of Japan, while the Canadian Imperial Bank of Commerce reached 15th place and the Royal Bank of Canada achieved 18th place.

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Full Answer

In customer satisfaction from retail banks, the 2015 J.D. Power 2015 Canadian Retail Banking Satisfaction Study found that out of the big-five banks in Canada, TD Canada Trust achieved the highest score. For mid-size banks in Canada, Tangerine, which was once ING Direct Canada, achieved top marks for customer satisfaction. The study also found that people who choose a big-five bank have more problems with their banking accounts but are more pleased with the resolution when compared to mid-size banking customers. Overall, satisfaction with banks declined as users reported higher fees and fewer services.

In 2013, the five Canadian banks with the best credit ratings were Toronto-Dominion Bank, the Caisse centrale Desjardins, the Bank of Nova Scotia, the Royal Bank of Canada and the Bank of Montreal. All five banks achieved strong or very strong ratings from Standard and Poor's.

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