Canada's banking landscape is increasingly described as the "Big 6" rather than the Big 5, as National Bank of Canada has grown to become a significant and innovative competitor alongside the traditional giants. This guide covers all six major Canadian banks — RBC, TD, Scotiabank, BMO, CIBC, and National Bank — explaining what each offers and how they compare in 2025.
National Bank has long been Canada's sixth-largest bank by assets, but its inclusion in the "Big 6" conversation has accelerated in recent years due to several factors: strong earnings growth, digital innovation that often exceeds the Big 5, an increasingly national presence beyond Quebec, and a World Elite Mastercard credit card that consistently ranks among Canada's best travel cards. Analysts and financial media increasingly group National Bank with the Big 5 when discussing Canada's dominant banking institutions.
| Bank | Founded | HQ | Known For |
|---|---|---|---|
| RBC | 1864 | Toronto | Largest by market cap, NOMI AI, Avion rewards |
| TD | 1855 | Toronto | Extended hours, Aeroplan, U.S. presence |
| Scotiabank | 1832 | Toronto | Scene+, Latin America banking, MomentumPLUS |
| BMO | 1817 | Montreal | Oldest bank, U.S. retail banking, AIR MILES |
| CIBC | 1867 | Toronto | Smart Account pricing, Aventura, digital app |
| National Bank | 1859 | Montreal | Quebec leader, World Elite Mastercard, direct deposit free account |
National Bank is headquartered in Montreal and has historically been dominant in Quebec, where it competes head-to-head with Desjardins (a credit union co-op, not a bank) and the Toronto-based Big 5. Its Connected Chequing Account — free with direct deposit — is arguably the most practical fee waiver structure of any big bank in Canada. Rather than requiring $4,000–$6,000 to sit idle, it simply asks that your paycheque arrive there. For working Canadians, that's a genuinely accessible path to free big-bank chequing.
National Bank's mobile app consistently rates highly for design and ease of use, often outranking larger competitors. Its bilingual French/English interface reflects its Quebec roots and serves francophone Canadians particularly well. The NBC World Elite Mastercard is a standout product — offering premium travel insurance, lounge access, and high everyday earning rates that rival the best cards in Canada.
| Bank | Premium Plan | Monthly Fee | Fee Waiver Balance |
|---|---|---|---|
| RBC | VIP Banking | $30.00 | $6,000 |
| TD | All-Inclusive | $29.95 | $5,000 |
| Scotiabank | Ultimate Package | $30.95 | $6,000 |
| BMO | Premium Plan | $30.00 | $6,000 |
| CIBC | Smart Plus | $29.95 | $6,000 |
| National Bank | Ultimate Account | $28.95 | $6,000 |
National Bank's Ultimate Account at $28.95 is the cheapest premium account of the six, and its direct deposit waiver on the Connected Account is the most practically accessible free-banking path among all six banks.
All six banks offer free chequing for full-time post-secondary students. Notable distinctions:
Quebec residents have a distinct advantage: National Bank is headquartered there with deep roots and a large branch network. The Connected Account's direct deposit waiver is practical for working Quebecers, the app is bilingual, and the World Elite Mastercard is an elite travel card. Many Quebec residents also bank with Desjardins — Canada's largest credit union co-op — for its community roots and profit-sharing model. The National Bank + Desjardins combination is popular in Quebec for covering both banking and local community finance needs.
Despite offering better value than many assume, all six big banks charge monthly fees ranging from $10–$31 unless balance or activity conditions are met. Canadian neo-banks and online-only alternatives offer no-fee accounts that cover most everyday banking needs. A growing number of Canadians use a hybrid approach: maintaining a Big 6 account for mortgages, credit cards, and branch access, while using a no-fee account as their primary spending account to avoid monthly charges.
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