What Are Some Well-Known Financial Institutions in Canada?


Quick Answer

Some well-known financial institutions in Canada include Toronto-Dominion Bank, the Royal Bank of Canada and the Bank of Nova Scotia. These three banks join the Bank of Montreal and Canadian Imperial Bank of Commerce to form the "Big Five" banks of Canada, though the latter two banks are markedly smaller than the rest as of 2016.

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Full Answer

Toronto-Dominion Bank combines with its subsidiaries to form the TD Group Bank and offers Canadian customers business and personal banking options. The TD Canada Trust offers personal banking services and small business banking services; larger commercial services work with TD Commercial. The bank also offers investing, insurance, auto financing, asset management and wholesale banking. Toronto-Dominion Bank offers services in the United States and internationally.

The Royal Bank of Canada features personal banking services such as checking and savings accounts, borrowing options, investment options such as stocks and mutual funds, and online banking through its website RBCRoyalBank.com. The bank offers a mobile app for banking via smartphones and tablets.

The Bank of Nova Scotia, also known as Scotiabank, features personal banking with checking and savings accounts. Borrowing options include mortgages, personal lines of credit and personal loans. The bank provides its financial services worldwide and provides online banking services through its website Scotiabank.com.

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