2024 best bank in Canada revealed (2024)

FAQs

2024 best bank in Canada revealed? ›

Scotiabank has been acclaimed as the 2024 Best Bank in Canada by Global Finance magazine, a recognition that celebrates financial institutions for their comprehensive service range, enduring reliability, and technological innovation.

RBC Private Banking provides comprehensive strategies to meet your unique wealth management needs. Generations of high-net-worth Canadian families have benefited from our preferred client care and exclusive privileges.

Monetary Policy Report – July 2024

Monetary policy is working to reduce price pressures in the Canadian economy. Core inflation is expected to ease gradually, while the path of CPI inflation will be bumpy. Inflation returns sustainably to the 2% target in the second half of 2025.

The largest Canadian banks are known as the "Big Five," with the Royal Bank of Canada (RBC) being the largest. The top three are rounded out by Toronto-Dominion (TD) and the Bank of Nova Scotia (Scotiabank) in second and third, respectively.

EQB Inc (TSX:EQB) is Canada's fastest-growing bank. Over the last 12 months, it grew its revenue by 39%, its earnings by 27%, and its dividend by 20% — truly outstanding performance. The long-term averages are pretty good as well.

Macquarie wins the big prize while Westpac comes out on top among the big four. A new Roy Morgan report reveals the numbers – based on net wealth per capita – just as banks are leveraging new data analytics to capitalise on their richest customers.

What is the Bank of Canada warning? ›

Since it started hiking interest rates in March 2022, the Bank of Canada has warned about the risk of over- or under-tightening. In other words, it worried if it raised rates too high, it would cause unnecessary damage to the economy. But if it didn't do enough, inflation would continue to surge.

“Like the consensus,” Ducharme adds, “we see growth continue at 2.3% to the end of 2024 in the U.S. and at 0.7% in Canada, while in 2025 it will drop to 1% in the U.S., but inch up to 1.2% in Canada. So, no recession on the horizon, but a strong slowdown.”

September 4, 2024 – The Bank of Canada mows down its policy rate by another 0.25% to 4.25%. Most bank prime rates will fall to 6.45% (not including lender variable-rate discounts off prime).

National Bank is the top-performing big bank stock thus far in 2024. At $117.67 per share, current investors delight in the 18.71% year-to-date gain and partake in the 3.74% dividend.

Similarly to BMO, Scotiabank offers higher savings rates as an incentive to keep your money invested. However, Scotiabank penalizes customers for any withdrawal, whereas BMO simply requires the balance grow by a minimum of $200 each month.

National Bank is the top-performing big bank stock thus far in 2024. At $117.67 per share, current investors delight in the 18.71% year-to-date gain and partake in the 3.74% dividend.

As with most major banks, Scotiabank falls short of RBC's superior value for daily banking. Scotiabank offers slightly better savings rates, however, thanks to its “premium period” interest rates that allow you to earn up to 1.25% bonus interest for a limited time.

In Canada, two major players in the banking industry are RBC (Royal Bank of Canada) and TD Bank (Toronto-Dominion Bank). Larger businesses with high transaction volumes typically use RBC, while smaller businesses often prefer TD Bank due to its lower fees.