With a population of over 1.7 million people, Montreal is the largest city in Quebec and the second largest in Canada.
In this article, we cover the best banks in Montreal.
The city has a prosperous banking sector that plays a crucial role in its economy. Large financial institutions such as the Bank of Montreal (BMO), the National Bank of Canada, the Royal Bank of Canada (RBC), and the Canadian Imperial Bank of Commerce (CIBC) dominate the industry, offering a broad range of financial services to individuals, businesses, and other organizations across Montreal and Canada.
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Apart from these national banks, several regional and community banks in Montreal provide personalized services to their customers, adding to the city’s financial ecosystem. Due to technological advancements and changes in consumer behavior, Montreal’s banking sector has undergone significant changes.
Many banks have invested in digital banking and mobile banking services to meet the needs of their customers who prefer online or mobile banking. The Bank of Canada and other regulatory bodies regulate Montreal’s banking sector, maintaining financial stability and ensuring the safety and soundness of the banking system.
Overall, Montreal’s banking sector plays a vital role in supporting the city’s businesses and individuals, and with a focus on innovation and customer service, it is well-positioned for continued growth in the future.
Best Banks in Montreal
Montreal is a vibrant city that is home to a diverse and thriving economy. As such, it is no surprise that there are many banks operating in the city, offering a wide range of financial services to Montrealers.
However, not all banks are created equal, and some stand out from the rest in terms of their quality of service, range of products, and customer satisfaction. In this article, we will take a closer look at some of the best banks in Montreal, highlighting their unique features and what sets them apart from the competition.
Royal Bank of Canada (RBC):
The Royal Bank of Canada (RBC) is one of the largest banks in Canada with a strong presence in Montreal. RBC has been consistently recognized for its excellence in banking services, and it was named the Best Bank in Canada by Global Finance magazine for 2021. It was also recognized by Euromoney as the Best Bank in Canada for Sustainable Finance in 2020. RBC has a wide range of financial services, including banking, investment, and insurance.
Toronto-Dominion Bank (TD Bank):
TD Bank is another major Canadian bank that has a significant presence in Montreal. The bank has been recognized for its exceptional customer service, receiving the highest score among Canadian banks in the 2021 J.D. Power Canada Retail Banking Satisfaction Study. TD Bank has also received recognition for its mobile banking app, winning the Best Mobile Banking Experience award in 2020 from Surviscor.
Bank of Montreal (BMO):
The Bank of Montreal (BMO) is one of the oldest banks in Canada and has a strong presence in Montreal. BMO has been recognized for its innovation in banking, receiving the Best Innovation Award at the 2020 Canadian FinTech & AI Awards. The bank has also been recognized for its corporate social responsibility, receiving the Best Corporate Social Responsibility Program Award from Global Finance in 2020.
Scotiabank:
Scotiabank is a leading bank in Canada with a strong presence in Montreal. The bank has been recognized for its commitment to diversity and inclusion, receiving the Best Corporate Social Responsibility Award from the Canadian Club of Toronto in 2020. Scotiabank has also been recognized for its excellence in digital banking, winning the Best Digital Bank in Canada award from Global Finance in 2020.
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Canadian Imperial Bank of Commerce (CIBC):
The Canadian Imperial Bank of Commerce (CIBC) is another major bank in Canada with a significant presence in Montreal. CIBC has been recognized for its innovative approach to banking, winning the Best Digital Mortgage Experience award in 2021 from Ratehub.ca. The bank has also been recognized for its commitment to diversity and inclusion, receiving the Catalyst Award in 2020 for its efforts to advance women in the workplace.
HSBC Bank Canada:
HSBC Bank Canada is a subsidiary of HSBC Holdings Plc, one of the largest banking and financial services organizations in the world. HSBC Bank Canada has been serving Canadians for over 35 years and has built a reputation for providing superior banking services to its clients. In 2021, HSBC Bank Canada was named the Best Consumer Digital Bank in Canada by Global Finance magazine. This award recognizes the bank’s commitment to providing customers with innovative digital banking solutions.
Laurentian Bank of Canada:
Laurentian Bank of Canada is a diversified financial services provider that has been serving Canadians since 1846. The bank is known for its personalized approach to banking and its focus on meeting the unique needs of its clients. In 2021, Laurentian Bank of Canada was recognized as one of Canada’s Best Employers by Forbes. This recognition highlights the bank’s commitment to providing a positive work environment for its employees.
Desjardins Group:
Desjardins Group is the largest cooperative financial group in Canada, with over 7 million members and clients. The group offers a wide range of financial products and services, including banking, insurance, and wealth management. In 2021, Desjardins Group was named one of the World’s Most Ethical Companies by Ethisphere. This recognition demonstrates the group’s commitment to ethical business practices and social responsibility.
Canadian Western Bank:
Canadian Western Bank is a full-service bank that has been serving Western Canada for over 35 years. The bank is known for its strong relationships with its clients and its focus on providing personalized service. In 2020, Canadian Western Bank was recognized as one of Canada’s Best Managed Companies by Deloitte. This award recognizes the bank’s commitment to innovation, leadership, and sustained growth.
Manulife Bank of Canada:
Manulife Bank of Canada is a subsidiary of Manulife Financial Corporation, one of the largest insurance and financial services companies in the world. The bank is known for its innovative digital banking solutions and its commitment to providing clients with personalized service. In 2021, Manulife Bank of Canada was named the Best Digital Bank in Canada by World Finance magazine. This award recognizes the bank’s innovative approach to digital banking and its commitment to providing clients with an exceptional banking experience.
National Bank of Canada:
The National Bank of Canada is one of the largest banks in Canada and operates in Montreal as well. It has been recognized for its excellent customer service, and it has won several awards for its products and services. The bank has received recognition for its mobile banking app, which has been ranked as one of the best in Canada. It has also been recognized for its innovation in digital banking and for its commitment to sustainability and corporate social responsibility.
Tangerine Bank:
Tangerine Bank is a digital bank that operates in Canada and is a subsidiary of Scotiabank. The bank has been recognized for its outstanding customer service, and it has won several awards for its products and services. It has been recognized for its innovative approach to banking and for its user-friendly mobile app.
ATB Financial:
ATB Financial is a financial institution based in Alberta, but it also operates in Montreal. The bank has been recognized for its commitment to providing innovative and personalized banking services to its customers. It has won awards for its digital banking capabilities, including its mobile app and online banking platform. ATB Financial has also been recognized for its contributions to the community and for its commitment to sustainability.
Motusbank:
Motusbank is a Canadian digital bank that offers a range of banking products and services. The bank has been recognized for its excellent customer service and for its commitment to providing competitive rates and fees. It has also been recognized for its user-friendly mobile app, which allows customers to easily manage their accounts on the go.
Meridian Credit Union:
Meridian Credit Union is a financial institution based in Ontario, but it also operates in Montreal. The credit union has been recognized for its commitment to providing personalized banking services to its members. It has won awards for its excellent customer service and for its innovative approach to banking.
EQ Bank:
EQ Bank is a digital bank that operates in Canada and is a subsidiary of Equitable Bank. The bank has been recognized for its excellent customer service and for its commitment to providing competitive rates and fees. EQ Bank has also been recognized for its innovative approach to banking, including its digital tools and user-friendly mobile app.
Simplii Financial:
Simplii Financial is a digital banking platform that offers a wide range of banking products and services. In 2021, Simplii Financial was recognized as the top bank in Canada for customer satisfaction by J.D. Power. This is a significant achievement, as it demonstrates that Simplii Financial is committed to providing exceptional customer service.
Simplii Financial was also recognized as one of Canada’s Best Managed Companies for 2021. This award recognizes companies that demonstrate excellence in areas such as strategy, capability, commitment, and financial performance.
Alterna Savings and Credit Union:
Alterna Savings and Credit Union is a full-service financial institution that offers banking, investment, and lending products to its members. In 2021, Alterna Savings and Credit Union was recognized as one of Canada’s Best Employers.
This award recognizes companies that provide an exceptional work environment and value their employees. Alterna Savings and Credit Union was also recognized as one of Canada’s Best Managed Companies for 2021.
Coast Capital Savings Credit Union:
Coast Capital Savings Credit Union is one of Canada’s largest credit unions, serving over 600,000 members across British Columbia. In 2020, Coast Capital Savings Credit Union was recognized as one of Canada’s Most Admired Corporate Cultures. This award recognizes companies that have a strong corporate culture and are committed to creating a positive work environment.
Servus Credit Union:
Servus Credit Union is a member-owned financial institution that offers a wide range of banking products and services to its members. In 2020, Servus Credit Union was recognized as one of Canada’s Most Admired Corporate Cultures. This award recognizes companies that have a strong corporate culture and are committed to creating a positive work environment.
Vancity Credit Union:
Vancity Credit Union is Canada’s largest community credit union, serving over 543,000 members across British Columbia. In 2021, Vancity Credit Union was recognized as one of Canada’s Best Employers. This award recognizes companies that provide an exceptional work environment and value their employees. Vancity Credit Union was also recognized as one of Canada’s Best Managed Companies for 2021.
DUCA Financial Services Credit Union:
DUCA Financial Services Credit Union is a Toronto-based credit union with a branch in Montreal. DUCA has been awarded as one of Canada’s Best Managed Companies for 8 consecutive years (2013-2020) and received the Platinum Level Aon Best Employer in Canada award in 2019. They offer a range of banking products and services including personal and business accounts, loans, mortgages, and investments.
FirstOntario Credit Union:
FirstOntario Credit Union is headquartered in Hamilton, Ontario, with branches across Ontario and a branch in Montreal. They have been recognized as a Platinum Level Aon Best Employer in Canada for 5 consecutive years (2016-2020) and have also been awarded the Hamilton Spectator Readers’ Choice Diamond Award for Best Credit Union in Hamilton for 10 consecutive years (2011-2020). FirstOntario offers a variety of personal and business banking solutions, as well as wealth management and insurance products.
Libro Credit Union:
Libro Credit Union is headquartered in London, Ontario, and has a branch in Montreal. Libro has been recognized as a Platinum Level Aon Best Employer in Canada for 6 consecutive years (2015-2020) and has also been named one of Canada’s Most Admired Corporate Cultures by Waterstone Human Capital for 6 consecutive years (2015-2020). They offer a range of personal and business banking solutions, as well as financial planning, insurance, and investment services.
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Westminster Savings Credit Union:
Westminster Savings Credit Union is based in British Columbia and has a branch in Montreal. They have been recognized as one of Canada’s Best Managed Companies for 9 consecutive years (2012-2020) and have also been awarded Canada’s Top Employers for Young People award for 4 consecutive years (2017-2020). Westminster Savings offers personal and business banking solutions, as well as investment and insurance products.
