RBC ranks highest in customer satisfaction among the Big 5 Canadian banks for a second consecutive year, according to the JD Power 2025 Canada Retail Banking Satisfaction Study. CIBC ranks second ahead of BMO and TD with Scotiabank bringing up the rear.

Tangerine Bank ranks highest among midsize banks for a 14^th consecutive year ahead of Simplii, National Bank of Canada, Desjardins and ATB.

After a surge in customer satisfaction last year in both market segments, the 2025 survey reveals a decline among the Big 5 and a widening satisfaction gap between the two segments. The latest study notes that the big 5 banks declined 7 points (on a 1,000-point scale) to 604, while satisfaction with mid-size banks rose 5 points to 649. The satisfaction gap between the two segments was evident across all key factors measured in the study.

“While satisfaction with Big 5 banks is trending downward, they still hold the lion’s share of the consumer market and earn their primacy through elements such as branch convenience, clarity of communications and frequency of advice that resonates with clients,” said Paul McAdam, senior director of banking and payments intelligence at JD Power. “However, in many other aspects, midsize banks are outperforming the Big 5 and this has a direct effect on satisfaction. Most notably, the difference revolves around high-impact banking experiences related to ease of use and personalisation.”

JD Power 2025 Canada Retail Banking Satisfaction Study – key takeaways

• Improving problem resolution: The most notable improvement demonstrated by Canadian banks this year is problem resolution. Both Big 5 and midsize banks are doing a better job of reducing friction and addressing customer complaints. Satisfaction with problem resolution has improved 19 points among midsize banks and 13 points among Big 5 banks.
• New account experience struggles: While banks have shown improvement in problem resolution, new account opening satisfaction has declined, with challenges in providing a seamless and smooth experience. New account opening satisfaction declined among customers of both Big 5 banks (-17 points) and mid-size banks (-7), with notable drops in the knowledge and helpfulness of the representative and the clarity of product information provided.
• Attrition rises slightly: Customer loyalty shows signs of softening in this year’s study. The percentage of customers who switched their primary banking relationship in the past 12 months rose to 7%, up from 6% during the previous three years. The leading reasons for switching remain consistent: poor service experience; excessive or high fees; and promotional offers from competing institutions.

Study rankings

RBC ranks highest in customer satisfaction among the Big 5 banks with a score of 611. CIBC (607) ranks second and BMO(606) ranks third.

Among the midsize banks, Tangerine Bank ranks highest with a score of 683, well ahead of Simplii and NBC (644 and 643 respectively).

The Canada Retail Banking Satisfaction Study is now in its 20th year. It measures customer satisfaction with Canada’s large and midsize banks. The scores reflect satisfaction among retail banking customers who consider one of the 10 banks to be their primary bank and have a chequing account with the bank. The study measures satisfaction across seven factors (in order of importance): trust; people; account offerings; allowing customers to bank how and when they want; saving time and money; digital channels; and resolving problems or complaints.