Canada has a pretty traditional banking structure that includes some top banks. The country has over 35 domestic banks and 27 full-service foreign bank branches. It also has over 17 foreign bank subsidiaries and four foreign lending branches.
They have a group of banks known as the big five banks. These are the largest banks in the country available to the public for depositing, withdrawing, and seeking loans.
Coastal Capital Savings is one of the leading banks in Canada. This is a credit union bank, which means that all the bank members are its owners. It is operational in British Columbia and has over 52 branches spread across the state. With over 535,000 members, it's one of Canada's largest credit unions and banks.
The bank is well trusted among Canadians and has over $25.2 billion in assets. They offer all the personal banking and investment services that a traditional bank provides to its citizens. When you are a part-owner of the bank, you get access to certain member benefits, like lower service fees.
Tangerine is one of Canada's oldest and most popular digital banks. It was established in 1997. They are not like your typical traditional banks. Even though they do not have a brick-and-mortar store, they are much more than just a website on the internet. They pass down more savings and profits to their clients.
There are two ways to access banking services offered by Tangerine. You can access their digital banking services through desktop or mobile. Or you can get free access to over 3500 ABMs. If you want to bank via your telephone or have a query, you can contact their customer service anytime.
Tangerine helps Canadians live their dream lives and achieve their financial goals. You can lock in your savings and earn over 2.11% for the first nine months. This digital bank offers saving, spending, investing, and borrowing options.
The National Bank of Canada is the sixth-largest bank in the country. This makes it one of the most popular and trustworthy bank brands. The bank was established in 1979 and is headquartered in Montreal. National Bank of Canada has branches in most Canadian provinces and serves over 2.4 million personal clients.
This popular and one of the largest bank brands has 939 automated teller machines and 422 branches in Canada. You can open a checking, high-interest savings, and a USD progress bank account. The National Bank also gives you access to credit cards. These include Mycredit, World Elite, Allure, and MC1 Mastercards.
National Bank of Canada also lets you borrow money in terms of loans or lines of credit. You can also apply for a mortgage or a savings and investment option. The insurance option offered by the bank offers travel, loan and line of credit, credit card, and mortgage insurance.
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The best bank depends on your financial requirements. This includes your average monthly transactions, location, whether you need assistance and require premium benefits.
Currently, the number one bank in Canada is the Royal Bank of Canada. It has the largest market cap and exceeds other banks in asset size. The second-largest bank based on the same metrics is the Toronto-Dominion Bank.
If you want a bank with no monthly fees, you should opt for an online bank. Online banks have no physical branches, making them cut down their operational costs. So if you choose an online bank, you will have to pay a very minimal fee for every banking transaction.
EQ Bank is the best online bank for savings, whereas, for checking accounts, Simplii Financial is the best.
Canadian banks are pretty stable. The CDIC (Canadian Deposit Insurance Corporation) insures the deposit in its member banks for up to $100,000 per account.