The following is a list of the best banks in Canada ranked by long term credit ratings as of October 2017. Canada's banks are still among the most highly rated in the world. In January 2013, Toronto-Dominion Bank (TD) lost its triple-A rating from Moody's, the only Canadian bank that had continued to maintain one. Royal Bank of Canada (RBC) lost its triple-A rating from Moody's in 2010. Currently, no privately owned bank holds an AAA rating from any of the three agencies. In May 2017, Moody's Investors Service downgraded long-term ratings of six big Canadian banks: Bank of Montreal, Scotiabank, Toronto-Dominion Bank, Royal Bank of Canada, CIBC and National Bank of Canada. Currently, five of the World’s 50 Safest Banks are Canadian financial institutions, according to data from Global Finance magazine.

  Long Term Debt/Deposits

Rank Bank Moody's Standard & Poor's Fitch Ratings DBRS
1 Toronto-Dominion Bank (TD) Aa2 AA- AA- AA
2 Caisse Centrale Desjardins (CCD) Aa2 A+ AA- AA
3 Bank of Nova Scotia (BNS) A1 A+ AA- AA
4 Royal Bank of Canada (RBC) A1 AA- AA AA
5 Bank of Montreal (BMO) A1 A+ AA- AA
6 Canadian Imperial Bank of Commerce (CIBC) A1 A+ AA- AA
7 National Bank of Canada (NBC) A1 A A+ AA
8 Canadian Western Bank - - - A
9 Laurentian Bank of Canada - BBB - A
10 HSBC Bank Canada  - AA- - A

Best Bank Accounts in Canada

The following list shows the best banks in Canada according to their savings account rates. EQ Bank and Alterna Bank offer the highest rates among all Canadian banks.

Rank Company Account Interest Rate
1 EQ Bank Savings Plus Account 2.00%
2 Alterna Bank High Interest eSavings, RRSP eSavings, TFSA eSavings 1.95%
3 Bridgewater Bank Smart eSavings Account 1.75%
4 Oaken Financial Oaken Savings Account 1.75%
5 Peoples Trust Tax-Free Savings Account 1.75%
6 AcceleRate Financial AcceleRate Savings 1.70%
7 Achieva Financial Daily Interest Savings 1.70%
8 Hubert Financial Happy Savings, Tax Free Savings 1.70%
9 Implicity Financial High Interest Savings, TFSA Savings, Retirement Savings Plans, Retirement Income Funds 1.70%
10 MAXA Financial Regular Savings, RSP Savings, TFSA Savings, RIF Savings 1.70%
11 Outlook Financial High Interest Savings 1.70%
12 Zag Bank Zag Savings Account 1.65%
13 Canadian Tire Financial Tax Free High Interest Savings 1.60%
14 Canadian Direct Financial KeyRate Savings Account 1.50%
15 Meridian Credit Union Good To Grow High Interest Savings Account (HISA) 1.50%
16 Peoples Trust Peoples Choice E-Savings Account 1.45%

Best No Fee Savings Accounts for Canadians

Following are the Canada's best savings accounts with no monthly service fees.

Rank Company Account
1 EQ Bank Savings Plus Account
2 Alterna Bank High Interest eSavings Account
3 Oaken Financial Oaken Savings Account
4 Peoples Trust Peoples Choice e-Savings Account
5 AcceleRate Financial AcceleRate Savings Account
6 Achieva Financial Daily Interest Savings
7 Hubert Financial Happy Savings Account
8 Implicity Financial High Interest Savings Account
9 MAXA Financial Savings Investment Account
10 Outlook Financial High Interest Savings Account
11 Canadian Tire Financial High Interest Savings Account
12 Canadian Direct Financial KeyRate Savings Account
13 Meridian High Interest Savings Account
14 Scotiabank Savings Accelerator Account