There are several banking institutions in the world. With over 30 banks in Canada, only a few have secured top positions like the top 7 banks in the USA. Interestingly, the top 7 banks in Canada are among the largest banks in the world. These banks are competitive and do their best to make customers satisfied. These customers in turn – through constant patronage, app ratings and reviews make them rank among the top banks in Canada. Owing to the growing population in Canada, the top 7 banks have developed strategies to keep their customer base at a high-performance level. These strategies are unique to each bank.

In this article, you will find out the top 7 banks in Canada, the total assets of the top banks and their various locations. You will also find out their interest rates and their customer base.

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Top 7 Banks In Canada

After careful research, these 7 banks top the list of banks in Canada. However, the locations listed here are where these banks are headquartered.

1.  Toronto-Dominion Bank: Toronto, Ontario.
2. Royal Bank of Canada: 200 Bay Street, Toronto.
3. Bank of Nova Scotia:  Toronto, Ontario.
4. Bank of Montreal: Toronto, Ontario.
5. CIBC: 81 Bay Street, Toronto.
6. Desjardins Group: Lévis, Quebec.
7. National Bank: Montreal Quebec.

Total Assets Of The Top Banks 7 In Canada

Total assets refer to the total value or worth of the company. These assets may include; inventories, cash and cash equivalents, properties and equipment. See the total assets of the top 7 banks in UK.

1. Toronto-Dominion Bank: Toronto-Dominion Bank was created through the merging of the Bank of Toronto and The Dominion Bank in 1955. This bank is a multi-national bank that offers banking and financial services to its consumers. These services are offered to over 2.75 customers worldwide. It is not surprising that this bank has about 1.96 trillion dollars in assets alone.
2. Royal Bank Of Canada: This is another multinational bank that offers financial services. It is the largest bank in Canada by market capitalization. The bank serves over 20 million customers as it employs more than 100,000 staff. It has a total assets of 2 Trillion Canadian dollars.
3. Bank of Nova Scotia: This bank is one of the biggest banks in Canada. It ranks third of the largest Canadian banks by deposits and market capitalization. It also serves more than 25 Million customers worldwide. As of 31st October 2023, the total assets of Bank of Nova Scotia totalled 1.411 Trillion dollars. Comparatively, in  2023 alone the bank’s value was 1045.959 Billion dollars. This is a 0.22% decline from the previous year.
4. Bank of Montreal: This bank is one of Canada’s top financial service-providing banks. They operate through these groups; Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets. As the oldest bank in Canada, it has been in existence for over 190 years with 46,722 staff who attend to more than 8 Million customers across Canada and 13 Million globally. According to their recent financial reports, the company’s total assets are 935.21 Billion dollars.
5. CIBC: The Canadian Imperial Bank Of Commerce was formed after the merging of the Canadian Bank Of Commerce and The Imperial Bank Of Commerce. It is the second-biggest bank in Toronto. Hence, it has four business units; Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. Operating in major continents, CIBC has 11 Million customers and 40,000 employees. Undeniably, the bank is valued at 975.7 billion Canadian Dollars.
6. Desjardins Group: This bank also offers financial services. Being the largest federation of credit unions, the Desjardin Group has over 290 credit unions operating in various points of service. Desjardin Group has various branches in over 30 countries serving more than 7 Million customers worldwide. Last reviewed on 30th September 2023, Desjardin Group is worth 414.1 billion dollars. Compared to the previous year, there has been an obvious increase in value.
7. National Bank: Unlike other banks, National Bank operates as an integrated financial group. It has four business units;  Personal and Commercial, Wealth Management, Financial Markets, and U.S. Specialty Finance and International (USSF&I). As seen in their recent financial report which was released in October 2023 was 306.30 billion dollars.

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Interest Rates of The Top 7 Banks In Canada

An interest rate is the amount of interest that grows over time. It could be as a proportion of the amount lent, deposited, or borrowed.

1. Toronto-Dominion Bank; This bank offers customers two savings accounts. A customer can choose either  TD Simple Savings (the basic option) or TD Signature Savings. TD signature savings have more advantages as the customer is prone to earn higher interest. Their rates range from  0.01% to  4.00% APY depending on your choice of savings account and the money you saved. However, these rates may differ according to one’s zipcode.
2. Royal Bank Of Canada: The Royal Bank of Canada has 3 savings accounts. A 2-year fixed savings will attract 6.450% APY. A 5-year fixed savings will attract 5.620% APY. A 5-year variable savings will attract 6.920% APy.
3. Bank Of Nova Scotia: The Bank of Scotia has 2 primary savings accounts. These accounts are; Momentum (plus) savings account and Money Master Savings Account.  For momentum savers the regular interest rate is 1.300%. Similarly, for Money Master savers the interest rate is 0.10% whether 5,000 dollars below or above.
4. Bank Of Montreal: This bank operates with 3 savings accounts; Savings builder account, Relationship plus money market and Certificate of deposit. The savings account has an interest rate of 0.10%. Relationship plus money market will generate a profit of 1.00%. Finally, the certificate of deposit has an interest rate of 1.75% with no monthly maintenance fees.
5. CIBC: CIBC  deals with eAdvantage Savings Account. Below are the various amounts you can save with as well as their interest rates.

   Daily Closing Balance	Regular Interest1 Rate
   Balance $10,000 to $24,999.99	0.85%
   Balance $25,000 to $99,999.99	1.50%
   Balance $100,000 to $499,999.99	1.70%
   Balance $500,000 and over	1.90%

6. Desjardins Group: This bank offers popular rates as seen below.
   Most popular rates

   Term	Rate
   1 year	4.65%
   2 years	4.25%
   3 years	4.00%
   4 years	4.00%

7. National Bank: As of at 02-07-2024, these are the interest rates of the National Bank of Canada.
   

   Term	Open	Closed
   6 months	9.75%	7.94%
   1 year	9.75%	7.84%
   2 years	—	7.39%
   3 years	—	6.99%

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