Forbes ranked Canada's top banks for 2025 and some big names didn't make the cut

If you're considering a new bank or wondering whether your current one measures up, a new ranking of Canada's best banks for 2025 offers some unexpected insights that could influence your decision.

Forbes partnered with market research firm Statista to survey customers worldwide for their 2025 World's Best Banks list. While several of Canada's "Big Five" banks performed well, others failed to make the list entirely, and the top position was claimed by an unlikely contender.

Whether you bank with RBC, TD, Scotiabank, BMO, CIBC, or a smaller institution, this ranking may challenge your assumptions about which banks excel in trust, service, and digital offerings. The survey gathered responses from over 50,000 people across 34 countries between October and December 2024.

Canadians evaluated financial institutions they currently use or recently used, scoring them on trustworthiness, fairness of terms and conditions, customer service, digital functionality, and the quality of financial advice. Trustworthiness stood out as the most critical factor, particularly in today's uncertain economy.

The top bank? Not one of the traditional powerhouses. Tangerine, an online-only bank owned by Scotiabank, earned first place, reflecting a growing preference among Canadians for digital-first banking solutions that prioritize convenience and innovation. Simplii Financial, CIBC's online bank, secured second place, meaning two digital banks surpassed RBC, Canada's largest bank, in overall customer satisfaction.

Of the 11 Canadian banks included in Forbes' global ranking, only three of the Big Five — RBC, TD, and Scotiabank — appeared. BMO and CIBC were notably absent.

Here's the full rundown of Canada's best banks for 2025, per Forbes:

1. Tangerine
2. Simplii Financial
3. RBC
4. PC Financial
5. Vancity
6. EQ Bank
7. TD
8. Scotiabank
9. National Bank
10. Desjardins
11. ATB Financial

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