Toronto-based bank ranked best in Canada and among the top in the world

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If you're shopping for a bank in Canada, a new list of the best financial institutions in the world could help you make a choice.

Forbes revealed its eighth annual World's Best Banks 2026 list on Wednesday. It partnered with market research firm Statista to survey over 54,000 people across 34 countries in 17 different languages from October to November 2025.

Survey participants were asked to evaluate banks where they currently have a checking or savings account, where they've had an account within the past three years, or that they knew through family or friends. Any bank offering a checking or savings account was eligible.

Satisfaction was based on multiple criteria, including general satisfaction, recommendation, customer service, trust, digital service, financial advice and terms and conditions.

Eleven Canadian financial institutions made the list. Tangerine Bank secured first place in Canada for the second consecutive year.

The Toronto-based direct bank became a subsidiary of Scotiabank after it was acquired in 2012. It offers no-fee chequing and savings accounts, and was also named one of the best employers in Canada by Forbes in 2021.

"Our goal is to deliver exceptional experiences that empower Canadians to build momentum through every moment of their financial journey — big or small," said Tangerine Bank CEO Terri-Lee Weeks, in a statement.

The second-best bank in Canada is Simplii Financial. The Scarborough-based financial institution is a part of the digital banking division of CIBC. It's a completely online banking service, which means it doesn't have any brick-and-mortar locations.

National Bank took the third spot, being the oldest of the top three banks in Canada. Founded in 1859, it is the sixth-largest commercial bank in Canada.

Here's the full list of the best banks in Canada: