How many banks are in Canada?

Canada has approximately 80+ federally chartered banks as of 2026, plus hundreds of provincially regulated credit unions and caisses populaires. The vast majority of Canadians bank with one of the Big 6: RBC, TD, Scotiabank, BMO, CIBC, and National Bank. Together, these six banks hold over 85% of Canadian banking assets. Federal banks are regulated by the Office of the Superintendent of Financial Institutions (OSFI) and deposits are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor per category.

Which is the biggest bank in Canada?

Royal Bank of Canada (RBC) is Canada's largest bank by assets and market capitalization. As of 2026, RBC has approximately $2 trillion+ in assets. TD Bank Group is the second largest by assets and has a significant US banking presence through TD Bank NA. In terms of retail banking customers, RBC and TD are roughly neck and neck. National Bank, while 6th by assets, is the dominant bank in Quebec.

Are Canadian banks safe?

Canadian banks are among the most stable in the world. Canada's banking system did not fail or require taxpayer bailouts during the 2008 global financial crisis. Key protections: (1) CDIC deposit insurance covers eligible deposits up to $100,000 per depositor per category (e.g., savings accounts, RRSPs, TFSAs each have separate $100,000 coverage). (2) Banks are regulated by OSFI, which enforces strict capital adequacy rules. (3) Canada's concentrated banking oligopoly means systemic risk is more tightly managed than in fragmented systems like the US.

What is the difference between a bank and a credit union in Canada?

A bank is a federally chartered for-profit institution owned by shareholders, regulated by OSFI, and insured by CDIC. A credit union is a member-owned non-profit cooperative, regulated provincially, and insured by provincial deposit insurance (e.g., DICO in Ontario, CUDIC in BC, DGFQ in Quebec). Credit unions often offer better rates and lower fees, but have fewer branches and ATMs. Provincial deposit insurance limits vary — some provinces offer unlimited coverage, others offer $100,000–$250,000 per category.

What are digital banks in Canada?

Digital banks (also called online banks or neobanks) are banks or banking services that operate primarily or entirely online without physical branches. Examples: EQ Bank (a Schedule I bank), Wealthsimple Cash (banking services via Wealthsimple), Tangerine (owned by Scotiabank), Simplii Financial (owned by CIBC), and KOHO (a fintech with prepaid Visa). Digital banks typically offer higher interest rates on savings and lower or no fees on chequing. Trade-off: no in-person service and cash deposits can be difficult.

Is my money safe at a digital bank in Canada?

If the digital bank is CDIC-insured, yes — up to $100,000 per category, same as a Big 6 bank. EQ Bank, Tangerine, and Simplii are all CDIC members. KOHO is not a bank and is not CDIC-insured; instead, funds are held in trust at a CDIC-insured institution. Always verify CDIC membership before depositing large sums at any institution. A full list of CDIC members is at cdic.ca.

Canadian Banks: Complete Guide to Canada's Banking System (2026)

Canada’s banking system is one of the most stable and concentrated in the world — dominated by six major banks that collectively hold over 85% of the country’s banking assets. Understanding who the key players are, how they differ, and what alternatives exist helps you make better decisions about where to keep your money.

The Big 6 Canadian Banks

Bank	Founded	Assets (approx.)	Headquarters	Strengths
Royal Bank of Canada (RBC)	1864	~$2.0T+	Toronto, ON	Largest by assets; strong wealth management and US presence
Toronto-Dominion Bank (TD)	1855	~$1.9T+	Toronto, ON	#2 bank in Canada; major US retail banking (TD Bank NA)
Bank of Nova Scotia (Scotiabank)	1832	~$1.4T+	Toronto, ON	Strong Latin America / Pacific Alliance presence
Bank of Montreal (BMO)	1817	~$1.3T+	Montreal, QC	Canada’s oldest bank; large US presence via BMO Harris
Canadian Imperial Bank of Commerce (CIBC)	1867	~$960B+	Toronto, ON	Strong personal and small business banking
National Bank of Canada	1859	~$430B+	Montreal, QC	Dominant in Quebec; growing nationally

All Big 6 banks are:

Federally chartered under the Bank Act
Regulated by the Office of the Superintendent of Financial Institutions (OSFI)
Insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor per category

Schedule I, II, and III Banks

Canada’s Bank Act classifies banks into three schedules:

Schedule	Description	Examples
Schedule I	Domestically controlled, widely held	RBC, TD, BMO, CIBC, Scotiabank, National Bank, EQ Bank
Schedule II	Foreign bank subsidiaries operating in Canada	HSBC Bank Canada (now RBC), Citibank Canada, Bank of China Canada
Schedule III	Foreign bank branches (limited services)	Various international bank branches

Most Canadians deal exclusively with Schedule I banks.

Digital Banks and Online-Only Options

Digital banks offer higher savings rates and lower fees by eliminating branch overhead:

Institution	Type	CDIC insured	Key feature
EQ Bank	Schedule I bank	Yes	High-interest savings (no-fee); GICs; US dollar accounts
Tangerine	Scotiabank subsidiary	Yes	No-fee chequing; cash back credit card
Simplii Financial	CIBC subsidiary	Yes	No-fee chequing; high-interest savings
Wealthsimple Cash	Fintech (banking via partners)	Indirectly	4%+ savings rate; USD account; no FX fees
KOHO	Fintech prepaid Visa	Indirectly	Budgeting features; cash back; credit building
Neo Financial	Fintech (banking via Concentra)	Yes (via Concentra)	Cash back on everyday spending
Motusbank	Meridian Credit Union subsidiary	Provincial (DICO)	Mortgage-focused; competitive rates

Credit Unions and Caisses Populaires

Credit unions are member-owned cooperatives that often offer better rates and fees than the Big 6, but operate regionally:

Province	Largest credit union	Deposit insurance
British Columbia	Vancity, Coast Capital	CUDIC (unlimited for some categories)
Alberta	Servus Credit Union	DICO (up to $250,000)
Ontario	Meridian, DUCA	DICO ($250,000 per category)
Quebec	Desjardins	AMF / DGFQ (unlimited)
Saskatchewan	Conexus, Affinity	CUDIC equivalent
Manitoba	Assiniboine Credit Union	MDIPC

Key difference from banks: Credit unions are provincially regulated, so deposit insurance is province-specific — not CDIC. Some provinces (BC, Manitoba) offer unlimited deposit protection; Ontario’s DICO caps at $250,000 per category.

See: Desjardins Review

How to Choose: Bank vs Credit Union vs Digital Bank

Priority	Best option
Convenience: most ATMs, branches	Big 6 bank
Lowest monthly fees	Digital bank (EQ Bank, Simplii, Tangerine)
Best savings interest rate	EQ Bank, Wealthsimple Cash
Best mortgage rates	Shop credit unions + digital banks + monolines
Community banking, profit-sharing	Credit union
Cross-border US banking	TD (via TD Bank USA) or RBC (via RBC Bank USA)
Business banking	RBC, TD, BMO, or Scotiabank (most business product depth)

How Canadian Deposit Insurance Works

CDIC insures eligible deposits at member institutions up to $100,000 per depositor per coverage category:

Category	Coverage
Deposits in your name	$100,000
RRSP deposits	$100,000
RRIF deposits	$100,000
TFSA deposits	$100,000
RESP deposits	$100,000
FHSA deposits	$100,000
Joint deposits	$100,000

A person with $100,000 in savings + $100,000 in RRSP + $100,000 in TFSA at the same CDIC-member bank is fully insured for all $300,000, because each category is separate.

Note: CDIC covers deposits (savings accounts, GICs under 5 years, chequing accounts) — not investments like stocks, ETFs, or mutual funds.

See: CDIC Deposit Insurance Guide | What Happens If a Canadian Bank Fails?

Sources

Office of the Superintendent of Financial Institutions. “List of federally regulated financial institutions.” osfi-bsif.gc.ca
Canada Deposit Insurance Corporation. “CDIC member institutions.” cdic.ca
Bank of Canada. “Canada’s financial system.” bankofcanada.ca
Financial Consumer Agency of Canada. “Choosing a bank or financial institution.” canada.ca/en/financial-consumer-agency