The best banks in Canada were ranked and some of the 'Big Five' didn't even make the list
If you're thinking about switching your bank account or just want to know if you're getting the best bang for your buck, you might want to check out which Canadian banks are actually topping the charts right now.
A fresh ranking of the best banks in Canada just dropped — and the results are a little surprising.
Every year, Forbes partners with market research firm Statista to figure out which financial institutions are winning over customers around the world. Their 2025 World's Best Banks list is out, and while some of the big five Canadian banks ranked pretty high, a few of them didn't make the list at all.
Whether you're with RBC, TD, Scotiabank, BMO, CIBC or one of the little guys, this list might just shake up what you thought you knew about who's really delivering when it comes to trust, customer service and digital tools.
According to Forbes, more than 50,000 people across 34 countries took part in the survey between October and December 2024. Canadians were asked to rate the banks they use (or used recently) based on how much they trust them, how fair their terms and conditions are, how good the customer service is, how slick the digital tools are and whether the financial advice actually helps.
Trustworthiness was ranked the most important factor — especially in this shaky economy.
And guess what? The best Canadian bank for 2025 isn't one of the traditional giants at all. Tangerine, a digital-first bank owned by Scotiabank, took the top spot, showing that Canadians are leaning into convenience and innovation when it comes to managing their money.
Simplii Financial — another online-only bank backed by CIBC — landed in second place. That means both of these digital players beat out even RBC — the biggest bank in the country — when it comes to overall customer satisfaction.
Meanwhile, out of the 11 Canadian financial institutions that made Forbes' list of the world's best banks, three of Canada's big five — RBC, TD and Scotiabank — made a showing, while the other two — CIBC and BMO — didn't even make the cut.
Here's the full list of Canada's best banks for 2025, according to Forbes:
- Tangerine
- Simplii Financial
- RBC
- PC Financial
- Vancity
- EQ Bank
- TD
- Scotiabank
- National Bank
- Desjardins
- ATB Financial
So what happened to BMO and CIBC? They didn't make the list at all — meaning two of the big five banks in Canada got left behind this year. Maybe it's time to start rethinking which bank you call home.
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