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nesto
Rate: 4.09%
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Pathwise Credit Union
Rate: 4.39%
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CIBC
Rate: 4.64%
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BMO
Rate: 4.74%
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TD
Rate: 4.84%
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Canadian Banks Market Overview
This Page's Content Was Last Updated: June 1, 2026
This Page's Data Was Last Updated: June 9, 2026 at 3:59 PM EDT
The Big 6 Banks heavily dominate the Canadian banking market, accounting for approximately 93% of total assets held by banks, federally-regulated credit unions, and Desjardins. For comparison, Desjardins, the largest credit union in Canada, only holds approximately 4.9% of the total assets.
Market Share of Total Assets of Canadian Banks
| Bank | Market Share |
|---|---|
| RBC | 25.54% |
| TD | 20.13% |
| BMO | 14.87% |
| Scotiabank | 14.74% |
| CIBC | 11.23% |
| National Bank | 6.18% |
| Desjardins | 4.93% |
| Other Banks* | 2% |
*Includes the three federal credit unions (Coast Capital, UNI Financial, and Innovation Federal Credit Union)
Select Financial Information for Canadian Banks as of March 2026 (In Millions)
| Bank | Assets | Total Loans | Deposits | Securities |
|---|---|---|---|---|
| RBC | $2,645,098 | $1,576,335 | $1,574,070 | $643,365 |
| TD | $2,084,500 | $1,218,589 | $1,513,154 | $550,033 |
| BMO | $1,539,876 | $811,742 | $1,010,100 | $454,994 |
| Scotiabank | $1,526,823 | $1,003,330 | $1,012,546 | $321,465 |
| CIBC | $1,163,498 | $711,723 | $809,897 | $307,404 |
| National Bank | $639,810 | $345,518 | $466,203 | $222,143 |
| Equitable Bank | $52,079 | $46,629 | $36,724 | $2,468 |
| Laurentian Bank | $49,271 | $38,180 | $23,978 | $8,498 |
| Manulife Bank | $33,542 | $30,456 | $23,682 | $313 |
| Fairstone Bank | $32,105 | $29,156 | $24,351 | $991 |
| Coast Capital Savings** | $22,755 | $19,443 | $18,890 | $2,391 |
| HomeEquity Bank | $10,951 | $8,265 | $8,423 | $0 |
| Canadian Tire Bank | $7,366 | $6,652 | $3,570 | $164 |
| Versabank | $6,272 | $5,378 | $5,278 | $257 |
| PC Bank | $5,495 | $4,017 | $2,085 | $911 |
| UNI Financial Cooperation** | $5,308 | $4,314 | $4,332 | $503 |
| Innovation Federal Credit Union** | $4,647 | $3,915 | $3,771 | $281 |
| Haventree Bank | $4,399 | $4,010 | $3,477 | $53 |
| General Bank | $3,620 | $3,155 | $2,905 | $10 |
| RFA Bank | $2,790 | $2,441 | $2,480 | $204 |
| Bridgewater Bank | $2,079 | $1,808 | $1,666 | $57 |
| First Nations Bank | $1,530 | $784 | $1,367 | $0 |
| Rogers Bank | $1,304 | $999 | $0 | $89 |
| WealthONE | $678 | $525 | $591 | $20 |
| Digital Commerce Bank | $424 | $0 | $383 | $0 |
| Peoples Bank | $278 | $48 | $245 | $75 |
| Motus Bank | $65 | $0 | $0 | $31 |
| Exchange Bank | $7 | $0 | $0 | $0 |
** This is a Federally Regulated Credit Union.
Financial data is sourced from OSFI and reflects the latest available reporting period: March 2026. Other public financial disclosures are used where OSFI data is unavailable. Values are shown in millions of Canadian dollars unless otherwise noted.
Big Six Banks in Canada
The Big Six Banks refer to Canada’s six largest banks, which are much larger than all other banks. For example, the National Bank, the smallest of the Big Six, is approximately 159% larger than all other smaller banks combined.
Products and Services of Big Six Banks
- Royal Bank of Canada (RBC): Wide range of personal & commercial banking, wealth management, capital markets, insurance, and other investor services.
- Toronto-Dominion Bank (TD): Offers similar products as RBC, with a strong emphasis on personal and commercial banking and wealth management.
- Bank of Nova Scotia (Scotiabank): Provides personal & commercial banking and international banking services.
- Bank of Montreal (BMO): Personal & commercial banking, wealth management, and capital markets services.
- Canadian Imperial Bank of Commerce (CIBC): Comprehensive banking services including wealth management and capital markets.
- National Bank of Canada (NBC): Focuses on personal & commercial banking along with wealth management and capital markets.
Other Banks in Canada
Digital Banks
Digital banks or “neobanks”, operate online without physical locations, offering competitive interest rates on savings and lower fees compared to traditional banks. Examples include Neo Financial and KOHO.
Regional Banks
Regional banks, like ATB Bank, focus primarily on specific provinces, emphasizing community service and local business lending.
Foreign Banks
Foreign banks serve cross-border needs, particularly for international finance, and include major institutions from the U.S. and Europe.
Alternative Financial Institutions
Fintech Companies
Fintech provides specialized financial services not necessarily linked with traditional banking.
Credit Unions
Credit unions are member-owned entities providing community-focused banking services.