Updated: April 2025  |  bremo.io financial guides

Canada's Big 5 Banks Compared 2025 — RBC, TD, Scotiabank, BMO & CIBC

Canada's banking sector is dominated by five major institutions known collectively as the Big 5: Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). Together, they hold over 80% of Canadian banking assets and serve the vast majority of Canadians. This comparison breaks down how each bank stacks up in 2025 across the categories that matter most.

Monthly Fees Comparison

Monthly fees are remarkably similar across the Big 5, reflecting the oligopolistic nature of Canadian banking. For a standard unlimited chequing account:

Yes, all five banks charge exactly $16.95/month for their comparable unlimited accounts with the same $4,000 minimum balance waiver. This price alignment is not coincidental — Canadian banking regulation and the concentrated market structure have produced nearly identical fee schedules across the Big 5.

Important: The $16.95/month average Big 5 fee adds up to roughly $203/year. Over a 10-year period, that's over $2,000 in banking fees — before factoring in transaction fees, NSF charges, or other add-on costs. No-fee banking alternatives exist for Canadians who want to keep that money.

Branch and ATM Network

RBC has the largest physical network, which matters in smaller communities and towns. TD compensates for fewer locations with longer operating hours. Scotiabank and BMO have the smallest Canadian footprints among the Big 5, though both have strong coverage in major urban centres.

Best For Students

Student banking is one area where the banks differ meaningfully:

Rewards Programs

Best Travel Credit Cards

Mortgages

All five Big 5 banks offer competitive mortgage rates. Key differentiators:

For any fixed-rate mortgage, be aware that all Big 5 banks charge significant break penalties calculated using the Interest Rate Differential method. If there's any likelihood of breaking your mortgage early, the break penalty structure should be a key part of your mortgage decision.

Self-Directed Investing

Digital Banking Ratings

Based on user reviews and industry assessments:

International and Cross-Border Banking

Big 5 Banks Ranked by Category

Best for Everyday Banking

TD — Extended hours make everyday banking most accessible

Best for Travel Rewards

TD — Best credit card lineup for most Canadian spending profiles

Best for Students

Scotiabank or CIBC — Both offer unlimited free student accounts

Best for Investors

CIBC — Lowest per-trade commissions at $6.95

Best Branch Network

RBC — Largest network in Canada, especially outside major cities

Best Digital Experience

RBC — NOMI AI tool and consistently high app ratings

Best for Newcomers to Canada

BMO — NewStart Program with one year free banking

Best Mortgage Product

TD or Scotiabank — FlexLine and STEP are both well-regarded

Tired of Bank Fees? Try KOHO Free

KOHO offers free banking with no monthly fees and no minimum balance — available to all Canadians. Use code 45ET55JSYA for a bonus when you sign up.

Open KOHO Free — No Fees — Code 45ET55JSYA

The Real Question: Do You Need a Big 5 Bank?

For basic daily banking — depositing paycheques, paying bills, making purchases, and transferring money — no-fee digital banks like KOHO, Simplii Financial, Tangerine, or EQ Bank offer comparable functionality at zero monthly cost. The Big 5 offer real advantages in areas like in-person service, full mortgage products, comprehensive investing platforms, and complex financial planning — but these advantages don't require paying $16.95/month for a chequing account.

Many savvy Canadians maintain a minimal big bank presence for their mortgage or investing while using a no-fee digital bank for everyday transactions. This hybrid approach captures the best of both worlds.

Overall Winner: TD for Most Canadians

If forced to rank one Big 5 bank for the average Canadian in 2025, TD narrowly wins. Extended banking hours, the best credit card lineup, and US banking access give TD enough differentiation to stand above the pack. But the honest truth is that the differences among the Big 5 are relatively small compared to the differences between any Big 5 bank and the best no-fee alternatives available to Canadians today.