Banks in Ontario
Canada's most populous province and its financial centre. Toronto hosts the headquarters of five of the six largest Canadian banks, and Ontario has the country's deepest credit union sector.
How to use this page. Information is compiled from national banking regulators and deposit guarantee schemes. Banking rules and product availability change — always confirm details with the bank itself before acting. This is educational information, not a recommendation of any provider.
| Item | Detail |
|---|---|
| Country | Canada |
| Region | Ontario (Ontario) — Central Canada |
| Capital | Toronto |
| Currency | CAD |
| Regulator | Financial Services Regulatory Authority of Ontario (FSRA) |
| Deposit protection | 100,000 CAD per depositor, per member institution (CDIC) |
| Identity needed | SIN (Social Insurance Number) |
Banks based in or prominent in Ontario
These institutions have a meaningful presence in the region, whether headquartered there or operating a substantial local network.
RBC Royal Bank
Regional presence
The largest bank in Canada by market capitalisation, headquartered in Toronto, Ontario. RBC operates across personal and commercial banking, wealth management, insurance and capital markets, and has a substantial US and international presence. It is a Schedule I federally regulated bank supervised by the Office of the Superintendent of Financial Institutions, with deposit protection through the Canada Deposit Insurance Corporation.
TD Canada Trust
Regional presence
The Canadian personal and commercial banking division of Toronto-Dominion Bank, headquartered in Toronto, Ontario. TD Canada Trust is known for unusually long branch opening hours and a large branch network, and its parent holds a significant retail banking franchise in the eastern United States. It is a Schedule I federally regulated bank supervised by OSFI, with deposits insured by the CDIC.
CIBC
Regional presence
The Canadian Imperial Bank of Commerce, headquartered in Toronto, Ontario. CIBC operates in Canadian personal and small-business banking, commercial banking, wealth management and capital markets, and holds a large US wealth management business following its acquisition of a Chicago-based private bank. It is a Schedule I federally regulated bank supervised by OSFI, with deposit protection through the CDIC.
Scotiabank
Regional presence
The Bank of Nova Scotia, headquartered in Toronto, Ontario, and one of Canada's largest banks. Scotiabank operates across Canadian personal and commercial banking, wealth management and capital markets, and is distinctive among Canadian banks for the scale of its Latin American operations. It is a Schedule I federally regulated bank supervised by OSFI, with deposits protected by the CDIC.
BMO Bank of Montreal
Regional presence
The Bank of Montreal, headquartered in Toronto, Ontario, and the oldest bank in Canada, founded in 1817. BMO operates across personal and commercial banking, wealth management and capital markets, and expanded its US footprint significantly with the acquisition of Bank of the West in 2023. It is a Schedule I federally regulated bank supervised by OSFI, with deposits insured by the CDIC.
Credit unions and mutuals in Ontario
Member-owned institutions usually offer higher savings rates and lower fees than shareholder-owned banks. Membership eligibility varies, so check before applying.
Meridian Credit Union
Member-owned
Meridian Credit Union is a credit union operating in Canada. Credit unions in Canada are regulated provincially, so deposit protection comes from the relevant provincial scheme rather than the federal CDIC framework that covers banks. Our directory indexes it under Ontario. It is owned by its members rather than by outside shareholders, so earnings are returned to members through rates, fees or dividends. It is supervised by OSFI / FCAC.
DUCA Financial Services
Member-owned
A Canadian credit union headquartered in Toronto, Ontario, serving the Greater Toronto Area. DUCA focuses on personal banking, mortgages and small-business lending, and positions itself around member ownership and community reinvestment. It is provincially regulated and deposits are protected under Ontario's provincial credit union scheme rather than the federal CDIC. It is supervised by OSFI / FCAC. Our directory indexes it under Ontario.
Alterna Savings
Member-owned
A Canadian financial institution headquartered in Ottawa, Ontario, and the first credit union in Ontario. It operates as a provincially regulated credit union offering personal and business banking, lending and wealth services, and its deposit protection comes from the provincial scheme for Ontario credit unions rather than the federal CDIC framework that covers banks. It is supervised by OSFI / FCAC.
Available in Ontario from anywhere
National banks and digital banks operate across Canada, so your region does not restrict access to them.
National banks
RBC Royal Bank
National bank
The largest bank in Canada by market capitalisation, headquartered in Toronto, Ontario. RBC operates across personal and commercial banking, wealth management, insurance and capital markets, and has a substantial US and international presence. It is a Schedule I federally regulated bank supervised by the Office of the Superintendent of Financial Institutions, with deposit protection through the Canada Deposit Insurance Corporation.
TD Canada Trust
National bank
The Canadian personal and commercial banking division of Toronto-Dominion Bank, headquartered in Toronto, Ontario. TD Canada Trust is known for unusually long branch opening hours and a large branch network, and its parent holds a significant retail banking franchise in the eastern United States. It is a Schedule I federally regulated bank supervised by OSFI, with deposits insured by the CDIC.
Scotiabank
National bank
The Bank of Nova Scotia, headquartered in Toronto, Ontario, and one of Canada's largest banks. Scotiabank operates across Canadian personal and commercial banking, wealth management and capital markets, and is distinctive among Canadian banks for the scale of its Latin American operations. It is a Schedule I federally regulated bank supervised by OSFI, with deposits protected by the CDIC.
BMO Bank of Montreal
National bank
The Bank of Montreal, headquartered in Toronto, Ontario, and the oldest bank in Canada, founded in 1817. BMO operates across personal and commercial banking, wealth management and capital markets, and expanded its US footprint significantly with the acquisition of Bank of the West in 2023. It is a Schedule I federally regulated bank supervised by OSFI, with deposits insured by the CDIC.
CIBC
National bank
The Canadian Imperial Bank of Commerce, headquartered in Toronto, Ontario. CIBC operates in Canadian personal and small-business banking, commercial banking, wealth management and capital markets, and holds a large US wealth management business following its acquisition of a Chicago-based private bank. It is a Schedule I federally regulated bank supervised by OSFI, with deposit protection through the CDIC.
Digital banks
Tangerine
Digital
A Canadian digital bank headquartered in Toronto, Ontario, and a wholly owned subsidiary of Scotiabank. Tangerine operates without branches, offering savings accounts, current accounts, mortgages, investment funds and credit cards, and was originally launched as ING Direct Canada. It is a Schedule I federally regulated bank supervised by OSFI, with deposits insured by the CDIC.
Simplii Financial
Digital
A Canadian digital banking brand owned by CIBC, headquartered in Toronto, Ontario. Simplii has no branches and offers no-fee chequing, savings, mortgages, lines of credit and credit cards to customers nationally. It operates as a division of CIBC rather than as a separately chartered bank, so deposits are covered by the CDIC through CIBC's federal charter.
EQ Bank
Digital
The digital banking brand of Equitable Bank, headquartered in Toronto, Ontario. EQ Bank has no branches and serves customers nationally through a web and app platform, offering savings accounts, guaranteed investment certificates and, more recently, a prepaid card and account. Equitable Bank is a Schedule I federally regulated bank supervised by OSFI, so EQ Bank deposits are insured by the CDIC.
Wealthsimple
Digital
A Canadian financial technology company headquartered in Toronto, Ontario, and not a bank. Wealthsimple is one of the largest digital investment platforms in Canada by client numbers, focused on long-term investing rather than deposit taking. It provides investment management, commission-free trading, and — through partner institutions — savings and spending accounts, so deposit protection depends on the partner bank.
Koho
Digital
A Canadian financial technology company headquartered in Toronto, Ontario, and not a bank. It is built around budgeting tools, cash-back rewards and credit-building features, and is aimed at everyday spending rather than savings or lending. Koho provides a prepaid card and spending account through a partner institution, so deposit protection depends on that partner rather than on Koho itself.
Opening a bank account in Ontario
The documents required are strict, even though the process itself is simple. Work through these in order.
- 1Provide two pieces of government-issued ID (passport, driver licence, provincial health card).
- 2Supply your Social Insurance Number (SIN) for interest-bearing accounts.
- 3Provide proof of address such as a utility bill or lease.
- 4Apply online or in branch; online takes minutes at the big five banks.
- 5Make an initial deposit to activate the account.
Ontario banking rules worth knowing
- Provincially regulated credit unions are supervised by FSRA.
- Federally regulated banks in Ontario are supervised by OSFI, not the province.
- Ontario credit union deposits are protected by the Financial Services Regulatory Authority up to 250,000 CAD.
- The Financial Consumer Agency of Canada (FCAC) handles complaints about federal banks.
Other things to keep in mind
- Toronto has the highest concentration of bank choices in Canada.
- Ontario credit unions offer an alternative to the big five, often with lower fees.
- A SIN is technically optional for non-interest accounts, but almost all banks require it in practice.
Frequently asked questions
Which regulator supervises banks in Ontario?
How do I open a bank account in Ontario?
How much of my money is protected in Ontario?
Do I need to be a resident of Ontario to open an account?
Sources and verification
The regulatory details on this page come from the bodies that publish them, not from secondary summaries. Each was checked in September 2026.
- Financial Services Regulatory Authority of Ontario (FSRA) — banking regulator for Ontario
- CDIC — deposit protection covering 100,000 CAD per depositor, per member institution
- National supervisory framework: OSFI / FCAC
Banking rules and product availability change. Always confirm details with the institution itself before acting. This page is educational information, not a recommendation of any provider. Last reviewed: September 2026.
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