The data: Canada's midsize banks again outperformed the Big Five in customer satisfaction as the country's largest banks make small gains, according to JD Power's 2026 Canada Retail Banking Satisfaction Study.

Overall satisfaction increased a modest 3 points YoY on a 1,000-point scale, but there’s still room for more improvement—especially among Canada’s biggest banks.

• Midsize banks’ average satisfaction reached 641, down 8 points YoY but still 31 points higher than the Big Five average. 
• The Big Five’s average satisfaction increased 6 points to 610.
• Scotiabank-owned Tangerine ranked highest among midsize institutions and overall for the 15th consecutive year, scoring 676, followed by ATB Financial at 650.
• RBC ranked highest among the Big Five for the third consecutive year with a score of 619, up 8 points year over year. BMO and CIBC tied for second at 611, followed by TD at 610.

Tangerine consistently tops the customer satisfaction charts. It recently grabbed Canada’s top spot on Forbes' World's Best Banks 2026 list for the second consecutive year. 

Why it matters: Smaller, digital-first banking models have a competitive advantage against Canada's largest financial institutions.

Their customer satisfaction can translate into customer acquisition. Among Gen Z and millennial Canadians who bank with traditional banks, 17% say they probably or definitely will switch their primary institution within the next year, per JD Power—the highest share in five years. Four of the five leading reasons for switching relate to product offerings, including fees, interest rates, and promotions. 

And while Tangerine’s savings rate is comparable to its bigger competitors’, it offers no-fee, no-monthly-minimum accounts. The Big Five offer some fee-free checking accounts but mostly by waiving fees with minimum balances.

Implications for banks: Canada's largest banks need more than just incremental customer experience improvements. Competitive deposit rates, low or no monthly fees, and clearly communicated account benefits can help institutions convert positive customer experiences into lasting relationships.

There's also an opportunity to make existing offerings more visible: JD Power found that 26% of traditional bank customers in Canada don't know what benefits their checking accounts provide. Banks that fail to communicate those benefits risk losing customers to competitors with clearer value propositions, even when customers are otherwise satisfied with their service.

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