Ontario hosts some of the largest banks in Canada, making its banking sector an indispensable component of the national economy. With a population exceeding 14 million people and a diversified economy, Ontario presents a secure and profitable market for banks to operate in.
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The “Big Five” banks – RBC, TD Bank, Scotiabank, BMO, and CIBC – dominate Ontario’s banking sector, holding more than 80% of Canada’s market share. While RBC and TD Bank have their headquarters in Toronto, the remaining three banks have their central offices in adjacent cities.
Moreover, various smaller banks and credit unions, including National Bank of Canada, HSBC Bank Canada, Laurentian Bank of Canada, and Meridian Credit Union, among others, offer financial services to Ontario’s businesses and individuals.
Ontario’s banking sector is synonymous with stability and dependability, as the country’s robust regulatory framework guarantees that banks adhere to high standards of accountability and transparency. The Canadian banking system is widely regarded as one of the world’s most stable and reliable, a reputation shared by the banks that operate in Ontario.
Over the years, the banking sector in Ontario has witnessed significant growth and innovation, mainly in digital banking. The COVID-19 pandemic has expedited the shift toward online and mobile banking, prompting banks to invest in modern technology and digital platforms to enhance customer satisfaction.
To provide customers with innovative and user-friendly banking solutions, some banks have introduced entirely digital subsidiaries like EQ Bank and Tangerine Bank. Despite the pandemic and other economic uncertainties’ obstacles, the banking sector in Ontario has remained sturdy and adaptable, with banks pledging to provide dependable financial services to the province’s businesses and individuals.
The List of Best Banks in Ontario
Ontario is home to some of the most reputable and reliable banks in Canada. These financial institutions offer a wide range of services, from personal banking to business banking, investments, and more.
Whether you’re looking for a bank that provides high-interest savings accounts, low-interest loans, or innovative online banking features, Ontario’s banking industry has something for everyone.
In this article, we’ll take a closer look at some of the best banks in Ontario. We’ll explore the features and benefits that make each bank stand out, as well as their overall reputation for customer service and financial stability.
Whether you’re a seasoned investor or a first-time home buyer, these banks can help you achieve your financial goals and secure your future.
So, let’s dive in and discover the best banks in Ontario!
Royal Bank of Canada (RBC):
The Royal Bank of Canada (RBC) is one of the largest and most respected banks in Canada. It was founded in 1864 and has since grown to become one of the world’s largest banks. RBC has been recognized as one of the World’s Most Ethical Companies by Ethisphere Institute for several years in a row. In addition, RBC has won numerous awards for its innovative banking products and services, including Best Mobile Banking Experience and Best Banking Website by Forrester Research.
Toronto-Dominion Bank (TD Bank):
The TD Bank is a Canadian multinational banking and financial services corporation, and one of the largest banks in Canada. It has been recognized as one of the World’s Most Ethical Companies by Ethisphere Institute for multiple years. TD Bank has also received numerous accolades for its innovative banking products, including Best Bank in Canada by Global Finance Magazine, and Best Customer Experience by Forrester Research.
Bank of Nova Scotia (Scotiabank):
Scotiabank is one of the oldest banks in Canada, founded in 1832. It has a significant presence in Latin America and the Caribbean and is one of the top 10 banks in North America by assets. Scotiabank has received numerous awards for its leadership in sustainable finance, including being named one of the Global 100 Most Sustainable Corporations in the World by Corporate Knights.
Bank of Montreal (BMO):
The Bank of Montreal (BMO) is one of the oldest banks in North America, founded in 1817. It has received numerous accolades for its innovative banking products and services, including being named the Best Bank in Canada by Global Finance Magazine. BMO has also been recognized for its leadership in environmental sustainability, including being named one of Canada’s Greenest Employers.
Canadian Imperial Bank of Commerce (CIBC):
The Canadian Imperial Bank of Commerce (CIBC) is a leading Canadian financial institution founded in 1867. It has been recognized as one of Canada’s Top 100 Employers and one of Canada’s Most Admired Corporate Cultures by Waterstone Human Capital. CIBC has also been recognized for its leadership in digital banking, including winning the Best Innovation in Retail Banking award by Bank Innovation.
National Bank of Canada:
The National Bank of Canada is a well-respected financial institution in Canada, providing a range of banking services to both individuals and businesses. In 2021, the bank was recognized as the “Best Bank in Canada” by Euromoney magazine, a prestigious recognition of the bank’s commitment to customer service and innovation.
HSBC Bank Canada:
As a global bank, HSBC Bank Canada is known for its international reach and strong reputation for providing personalized banking services. The bank was recognized as the “Best Trade Finance Bank in Canada” in 2020 by Global Finance magazine, highlighting its expertise in international trade and financing.
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Laurentian Bank of Canada:
Laurentian Bank of Canada is a Quebec-based bank that has been serving Canadians for over 170 years. In 2020, the bank was recognized as the “Best Small Business Banking Provider in Canada” by World Finance magazine, reflecting its commitment to supporting small businesses and entrepreneurs.
Desjardins Group:
Desjardins Group is a cooperative financial group that offers a range of banking and insurance services to individuals and businesses across Canada. The group was recognized as the “Safest Bank in North America” in 2020 by Global Finance magazine, highlighting its strong financial stability and commitment to risk management.
Manulife Bank of Canada:
Manulife Bank of Canada is a digital bank that offers a range of banking services, including high-interest savings accounts and mortgages. In 2020, the bank was recognized as the “Best Digital Bank in Canada” by World Finance magazine, reflecting its innovative approach to digital banking and commitment to providing a seamless customer experience.
EQ Bank
EQ Bank is an online-only bank that offers high-interest savings accounts, guaranteed investment certificates, and mortgages. As an online bank, EQ Bank is able to offer competitive interest rates and minimal fees. EQ Bank was named the Best Digital Bank in Canada by Ratehub.ca in 2021 and has been recognized for its innovative financial technology solutions.
Tangerine Bank
Tangerine Bank is another online bank that offers savings accounts, chequing accounts, credit cards, and mortgages. Tangerine Bank prides itself on its customer service and has won numerous awards for its user-friendly mobile app. In 2020, Tangerine Bank was named the Best Bank for Customer Service by Ratehub.ca and has also won multiple awards for its credit cards.
Meridian Credit Union
Meridian Credit Union is Ontario’s largest credit union and offers a wide range of financial products, including savings accounts, chequing accounts, mortgages, loans, and investment services. Meridian Credit Union has been recognized for its commitment to customer service and was named the Best Credit Union in Ontario by Ratehub.ca in 2021.
Alterna Savings and Credit Union Limited
Alterna Savings and Credit Union Limited is another credit union that offers a range of financial products, including savings accounts, chequing accounts, mortgages, and loans. Alterna Savings has been recognized for its commitment to social responsibility and was named one of Canada’s Greenest Employers by Mediacorp Canada in 2021.
DUCA Financial Services Credit Union Ltd.
DUCA Financial Services Credit Union Ltd. is a credit union that offers savings accounts, chequing accounts, mortgages, loans, and investment services. DUCA has been recognized for its customer service and was named one of Canada’s Best Managed Companies by Deloitte in 2020. DUCA also has a strong commitment to social responsibility and has been recognized for its charitable contributions.
