If you’re considering switching banks or opening a new account, there are several Canadian banks to choose from. One factor that will likely influence your decision, whether you realize it or not, is a bank’s reputation. In this article, we’ll list the 11 most reputable banks in Canada, according to 2023 consumer data from the Leger Reputation Study.
What is the Leger Reputation Study?
The Leger Reputation Study is an annual survey conducted by the market research firm Leger. In 2023, Leger measured the reputation of 299 companies and organizations in Canada, including 11 banks. The survey measures public perception of a company or organization based on several factors, including financial strength, social responsibility, honesty and transparency, quality, attachment, and innovation. Leger analyzes the results and assigns each company a reputation score from 1 to 100.
Leger collects survey responses from a large sample of French and English-speaking Canadians, aged 18 and over. Participants are randomly selected from Leger’s Internet Panel and asked to complete an online survey. Approximately 2,1000 respondents evaluate each company, with over 38,000 respondents in total. The Leger Reputation Study has been in practice for over 25 years. It is considered one of Canada’s most comprehensive surveys of corporate reputation, so let’s see what the survey reveals about the most reputable banks in Canada.
Canada’s most reputable banks
Unsurprisingly, Canada’s Big 5 Banks take the top spots for most reputable banks. Taking the number one spot, with a reputation score of 36, is RBC, or Royal Bank of Canada. RBC offers a variety of banking services for individuals and businesses. For personal banking, RBC provides options for chequing and savings accounts, credit cards, mortgages, loans, investments, and insurance. It also offers online and mobile banking services. RBC also has a range of credit cards, including rewards cards and cards with low interest rates. Additionally, RBC has a team of financial advisors available to provide personalized advice and guidance. RBC’s reputation score went down by two points this year.
RBC Reputation Score: 36
2. TD Bank
TD Bank is the second most reputable bank on the list, with a reputation score of 35. TD’s score dropped 3 points from 2022, when it tied for first place with RBC. TD is a full-service financial institution offering a range of banking services for personal and business customers. The bank provides chequing and savings accounts, credit cards, loans, mortgages, and investment products such as mutual funds and retirement planning. TD Bank also offers online and mobile banking services. The bank has a large network of branches and ATMs across the United States and Canada and ranks as one of the largest banks in the world for market capitalization. TD Bank has received numerous awards for customer satisfaction.
TD Bank Reputation Score: 35
3. Bank of Montreal (BMO)
Established in 1917, BMO is a leading Canadian bank that offers a wide range of services. According to the survey, BMO is the third most reputable bank, but unlike RBC and TD, BMO’s reputation score has stayed the same from 2022 to 2023. BMO’s services include personal banking, business banking, wealth management, and investment banking. For personal banking, BMO offers checking and savings accounts, credit cards, mortgages, loans, and insurance. Customers can access their accounts through online banking, mobile banking, and ATMs.
BMO Reputation Score: 33
Canadian Imperial Bank of Commerce (CIBC) offers a wide range of financial services to individuals and businesses. The bank has a long history dating back to 1867 and has grown to become one of Canada’s largest banks, with a strong presence both domestically and internationally. CIBC’s services include personal and business banking, wealth management, investment banking, and credit cards. CIBC is a prominent player in the Canadian banking industry with a reputation for innovation and customer service. CIBC’s reputation score has also stayed consistent this year, remaining at 32.
CIBC Reputation Score: 32
Scotiabank was founded in 1832 in Halifax, Nova Scotia and has since expanded to become one of the largest banks in Canada. Scotiabank offers a range of personal and commercial banking services, wealth management, and investment services through its network of branches and online platforms. Scotiabank has one of the largest score decreases this year, going from 37 in 2022 to 32 in 2023. The Leger survey only measures Canadian reputation, but Scotiabank also operates in many other countries, including the United States, Mexico, and several countries in Latin America and the Caribbean.
Scotiabank Reputation Score: 32
6. President’s Choice Financial
President’s Choice Financial (PC Financial) is a banking brand established in 1996 by Loblaw Companies Limited, Canada’s largest grocery retailer. The brand was launched in 1998 as a joint venture between Loblaw and CIBC, but the partnership has since ended. After a series of organizational changes, PC Financial relaunched its services in 2020.
One of the distinctive features of PC Financial is its connection to Loblaw’s President’s Choice brand, which allows customers to earn PC Optimum points for their banking transactions, which can then be redeemed for groceries, merchandise, and other rewards. PC Financial is known for its popular PC Mastercard, with which customers can maximize their PC Point collection.
PC Financial Reputation Score: 28
Tangerine Bank was originally founded in 1997 as ING Direct Canada but was later purchased by Scotiabank in 2012 and rebranded as Tangerine. Tangerine offers a range of banking and financial services, including savings accounts, chequing accounts, credit cards, loans, mortgages, investment funds, and more. One of the key features of Tangerine is that it is a completely digital bank with no physical branches. Customers can manage their accounts and conduct transactions through the Tangerine mobile app or website. Tangerine’s goal is to provide its customers with a simple and transparent banking experience. It also provides free access to an extensive network of ATMs across Canada, including 3,500 Scotiabank ATMs. Interestingly, Tangerine lost the most reputation points of all the banks this year. It went from 30 in 2022 to 24 in 2023 – a 6-point decrease.
Tangerine Reputation Score: 24
8. National Bank of Canada
The National Bank of Canada, or National Bank, is a Quebec-based financial institution that offers a wide range of banking and financial services to individuals and businesses. Founded in 1859, it is the sixth-largest bank in Canada and the leading bank in Quebec. National Bank operates through a network of over 400 branches and offices across Canada. The bank offers various financial products and services, including personal and commercial banking, wealth management, insurance, and investment banking. The bank’s reputation score has stayed relatively stable, only dropping by one point this year.
National Bank Reputation Score: 18
9. Capital One Canada
Capital One Canada is mainly known for its range of credit cards, including cards with low rates and travel and cash-back rewards programs. It is a subsidiary of Capital One Financial Corporation, a leading financial services company in the United States. The Canadian company is headquartered in Toronto. Capital One customers can manage their accounts and payments through online banking or Capital One’s mobile app. The company’s score is much lower than the previous most reputable banks on this list, possibly due to its smaller presence in Canada.
Capital One Reputation Score: 13
10. American Express Canada
American Express Canada, also known as AMEX Canada, is a financial services company that offers a range of products and services, including credit cards, charge cards, travel services, and insurance. Founded in 1850, American Express is one of the oldest and most reputable financial institutions in the US. In Canada, AMEX operates as a subsidiary of American Express Company, with headquarters in Toronto. The company is well-known for its premium rewards and benefits on its credit cards, including travel rewards and cashback. As another American-based company, AMEX has a rather low reputation score in Canada. Many retailers and other Canadian businesses do not accept AMEX payments, which could affect the company’s reputation. American Express’s score decreased by three points compared to 2022.
American Express Reputation Score: 11
11. Laurentian Bank of Canada
Laurentian Bank of Canada, founded in 1846, is a Quebec-based financial institution that provides personal and commercial banking services. With over 2,800 employees and a network of over 90 branches, Laurentian Bank offers a range of products and services, including savings and chequing accounts, mortgages, loans, credit cards, and investment services. The bank has a strong presence in Quebec and serves clients across Canada. Laurentian Bank of Canada has the lowest reputation score on this list. It’s possible that the bank’s smaller size and concentration in Quebec have affected its reputation.
Laurentian Bank Reputation Score: 5
Bonus: Most reputable payment brands in Canada
The Leger Reputation study also included five payment brands. The most reputable payment brands scored much higher than the most reputable banks. According to the survey, the most reputable payment brands are:
|Payment Brand||Reputation Score|
What affects public perception of the most reputable banks?
The past few years have made it harder for companies to maintain a good reputation. The uncertainty of the pandemic, combined with rising costs of living, has led many Canadians to re-evaluate their opinions and expectations for businesses. Banks and grocery stores have taken the hardest hits for reputation in 2022 and 2023. This is reflected in their reputation scores. Every bank on the list has declined by one or more points this year, excluding BMO and CIBC’s scores, which stayed the same. No banks have increased their reputation scores.
To put things in perspective, the most reputable company, according to the 2023 survey, is Google, with a score of 75. RBC, the most reputable bank, has a score of 36. Despite banks’ generally low reputation scores, the survey presents some enlightening results. For example, PC Financial earned a respectable score, almost catching up to the Big 5 Banks. PC Financial’s score does not appear to have suffered, despite the negative attention that Loblaws has gained due to price hikes in the past year. Payment brands also scored quite well. Notably, Interac scored much higher than Visa and Mastercard, Canada’s most prominent credit card brands.
Each year, the Leger Reputation Study gives us a glimpse into the public’s perception of Canadian companies. Will the most reputable banks score higher next year? Only time will tell.
Suggested for you
The Best Chequing Accounts in Canada
Like many of you, the day my “wealth” began to spill out of my piggy bank, I followed my parents to their branch to open my first account. And I kept it that way for several years, even after finishing my studies, without asking myself too many questions. Until the day I scrutinized my monthly […]
How to choose a savings account in Canada
People generally save because they have a project in mind. For various reasons, many will prefer not to invest their money, either because the project will be completed soon, or because they don’t want to take on any risk. A savings account is a simple and secure way to accumulate money to carry out these […]