Bank Deposits

Canada's banks held almost $7.0 trillion in deposits globally in Q1 2026, with most deposits concentrated in the country's largest financial institutions. Deposits are one of the main ways that banks fund lending, including mortgages, personal loans, credit cards, and business loans.

According to data compiled by WOWA Data Labs, as of Q1 2026, total global deposits across banks were $6.98 trillion. Of that amount, $5.21 trillion, or 74.8%, was held in Canada. Another $1.27 trillion, or 18.2%, was held in the United States, while $491.5 billion, or 7.0%, was held in other countries.

The Canadian deposit market is highly concentrated. The Big Six banks plus Desjardins accounted for about 94% of total deposits globally and about 92% of deposits held in Canada in Q1 2026.

The largest Canadian banks by total global deposits in Q1 2026 were RBC and TD, each with over $1.5 trillion in deposits. Scotiabank and BMO followed with just under $1.0 trillion each.

Rank	Bank	Total Deposits (Q1 2026)	Quarterly Change	Annual Change
1	RBC	$1.542 trillion	1.8%	7.0%
2	TD	$1.512 trillion	0.7%	-1.0%
3	Scotiabank	$971.7 billion	0.6%	0.6%
4	BMO	$954.8 billion	-2.2%	-4.2%
5	CIBC	$815.9 billion	1.0%	4.3%
6	National Bank	$445.9 billion	4.2%	27.0%
7	Desjardins	$329.5 billion	1.7%	9.5%

RBC had the largest deposit base in Q1 2026 at $1.542 trillion, narrowly ahead of TD at $1.512 trillion. National Bank had the fastest annual deposit growth among the listed major institutions, with deposits increasing 27.0% year-over-year. National Bank deposit growth reflects the completion of the Canadian Western Bank acquisition. BMO's deposit decline reflects a deliberate strategic shift toward lower-cost operating and demand deposits, at the expense of total deposit volume. Canadian deposits have been declining since early 2025, while U.S. deposits have fallen as part of a reset following the Bank of the West acquisition. BMO's net interest margin (NIM) excluding trading assets has improved modestly over this period, though headline NIM has remained broadly flat.

Looking only at deposits booked in Canada, RBC was the largest bank by domestic deposits in Q1 2026, followed by TD, Scotiabank, CIBC, and BMO.

Rank	Bank	Deposits in Canada, Q1 2026	Quarterly Change	Annual Change
1	RBC	$1.172 trillion	0.3%	3.6%
2	TD	$910.0 billion	1.7%	6.4%
3	Scotiabank	$700.0 billion	1.1%	1.2%
4	CIBC	$645.1 billion	0.7%	4.3%
5	BMO	$610.9 billion	-1.6%	-1.4%

The Big Five banks' total deposits in Canada were $4.04 trillion in Q1 2026, up 0.5% quarterly from Q4 2025 and up 3.1% annually from Q1 2025.

Not all deposits at Canadian banks are held in Canada. TD and BMO have especially large U.S. deposit bases, while Scotiabank has a larger share of deposits in countries outside Canada and the United States.

Bank	Canada	United States	Other Countries	Total Deposits
RBC	76% — $1.172 trillion	14% — $221.1 billion	10% — $149.0 billion	$1.542 trillion
TD	60% — $910.0 billion	35% — $528.6 billion	5% — $73.8 billion	$1.512 trillion
Scotiabank	72% — $700.0 billion	11% — $105.0 billion	17% — $166.7 billion	$971.7 billion
BMO	64% — $610.9 billion	31% — $293.9 billion	5% — $50.0 billion	$954.8 billion
CIBC	79% — $645.1 billion	15% — $118.7 billion	6% — $52.1 billion	$815.9 billion

Data as of Jan. 31, 2026

RBC had the largest Canadian deposit base, with 76% of its deposits booked in Canada. TD had the largest U.S. exposure among the Big Five, with 35% of its deposits held in the United States. Scotiabank had the largest share of deposits outside Canada and the U.S., at 17% of its total deposits.

Bank deposits can generally be grouped into three categories: demand deposits, notice deposits, and term deposits. OSFI's deposit reporting framework classifies deposit liabilities and includes demand, notice, and term deposits.

Deposit Type	What It Usually Means	Common Examples
Demand deposits	Money that can generally be withdrawn on demand	Chequing accounts, business operating accounts
Notice deposits	Deposits that may require notice or have savings-account characteristics	Savings accounts, high-interest savings accounts
Term deposits	Deposits held for a fixed term or maturity	GICs, fixed-term deposits

The deposit mix varies significantly by bank. TD has a much larger notice-deposit base than RBC, while RBC has a larger term-deposit base.

Bank	Deposit Mix	Demand Deposits	Notice Deposits	Term Deposits
RBC	DemandNoticeTerm	42.6% — $657.5 billion	4.8% — $74.5 billion	52.5% — $810.1 billion
TD	DemandNoticeTerm	12.7% — $191.7 billion	44.9% — $679.7 billion	42.4% — $641.1 billion
Scotiabank	DemandNoticeTerm	29.2% — $284.2 billion	20.8% — $202.0 billion	50.0% — $485.5 billion
BMO	DemandNoticeTerm	18.1% — $173.0 billion	38.8% — $370.7 billion	43.1% — $411.0 billion
CIBC	DemandNoticeTerm	17.8% — $144.9 billion	33.6% — $274.1 billion	48.6% — $396.9 billion
National Bank	DemandNoticeTerm	19.5% — $87.1 billion	21.3% — $94.8 billion	59.2% — $264.0 billion
Desjardins	DemandNoticeTerm	41.8% — $137.6 billion	1.3% — $4.2 billion	56.9% — $187.6 billion

Data as of Jan. 31, 2026. Desjardins data is as of Dec. 31, 2025.

RBC had the largest term-deposit balance among the Big 6 and Desjardins, with $810.1 billion in global term deposits. TD had the largest notice-deposit balance, with $679.7 billion in notice deposits.

Outside the Big Six and Desjardins, Canada's deposit market includes regional banks, credit unions, online banks, and foreign bank subsidiaries operating in Canada. Selected institutions by deposits include:

Institution	Deposits
ATB Financial	$48.9 billion
Equitable Bank, including Concentra	$37.2 billion
Vancity	$26.8 billion
Servus Credit Union	$25.0 billion
Laurentian Bank, including B2B Bank	$24.3 billion
Manulife Bank	$24.2 billion
Fairstone Bank	$24.1 billion
Meridian Credit Union	$19.5 billion
Coast Capital Savings	$19.1 billion
Access Credit Union	$12.0 billion
Tru Cooperative Bank	$11.8 billion

Data as of Jan. 31, 2026, or full-year 2025

Sign in or sign up for a free account

This group is much smaller than the Big 6 and Desjardins, but it still plays an important role in regional banking, online deposits, credit union deposits, and specialized lending markets.

Some smaller Canadian deposit-taking institutions are subsidiaries of foreign banks or specialized financial institutions. These banks often have much smaller deposit bases than Canada's major domestic banks. Examples from Q1 2026 include Citibank Canada with $6.2 billion in deposits, Citco Bank Canada with $3.3 billion, ICICI Bank Canada with $2.8 billion, Industrial and Commercial Bank of China Canada with $2.7 billion, and Bank of China Canada with $2.0 billion.

Eligible deposits at CDIC member institutions are protected by the Canada Deposit Insurance Corporation. CDIC insures eligible deposits separately up to $100,000, including principal and interest, per insured category. Deposit insurance can apply to products such as chequing accounts, savings accounts, GICs, other term deposits, and foreign-currency deposits, depending on the institution and account type.

Not every financial institution or deposit product is covered by CDIC. Provincial credit unions are generally covered by provincial deposit insurance systems instead of CDIC, while banks and federal credit unions are CDIC members.

Bank deposits matter because they show how much funding banks receive from households, businesses, governments, and other institutions. Bank deposits are one of the major liabilities on a bank's balance sheet, since they represent money owed by the bank to depositors. A large deposit base can help a bank fund loans and investments without relying as heavily on wholesale funding or capital markets.

For consumers, deposits matter because they include everyday banking products such as chequing accounts, savings accounts, and GICs. For investors and analysts, deposit growth can also show how competitive a bank is at attracting and retaining customer balances.

In Q1 2026, total deposits at Canada's largest banks continued to grow modestly, but growth was uneven. RBC, CIBC, National Bank, and Desjardins grew deposits from Q4 2025 to Q1 2026, while BMO's total deposits fell over the same period.

RBC had the largest total deposits among the listed Canadian banks in Q1 2026, with $1.542 trillion in global deposits. RBC also had the largest Canadian deposit base, with $1.172 trillion in deposits held in Canada.

TD had the largest U.S. deposit base among the Big Five Canadian banks in Q1 2026, with $528.6 billion in deposits held in the United States. That represented 35% of TD's total deposits.

Total deposits across banks were $6.98 trillion in Q1 2026. About $5.21 trillion, or 74.8%, was held in Canada.

Demand deposits are deposits that can usually be accessed at any time without advance notice. They commonly include chequing accounts and other accounts used for everyday transactions, like business operating accounts.

Notice deposits are deposits that are generally withdrawable, but where the financial institution may have the right to require advance notice before funds are withdrawn. In practice, this category can include many savings-account-style deposits, even if notice periods are rarely enforced.

Term deposits are deposits that are held for a set period of time, usually with a fixed maturity date. GICs are a common example of term deposits in Canada. Cashable or redeemable term deposits may allow early withdrawals, sometimes with reduced interest. Non-redeemable term deposits are generally locked in until maturity, although some financial institutions may allow early withdrawal in limited cases with a penalty or loss of interest.

Eligible deposits at CDIC member institutions are insured separately up to $100,000 per insured category, including principal and interest. Coverage is automatic for eligible deposits at CDIC member institutions.

This page uses the latest Q1 2026 or full-year 2025 deposit data from banks' and credit unions' quarterly and annual reports, as well as from OSFI data. Deposit amounts are shown in Canadian dollars and rounded for readability. Major-bank totals include global deposits, while the country breakdown separates deposits held in Canada, the United States, and other countries. The broader institution table includes selected Canadian banks, credit unions, and financial institutions with deposits over $10 billion.