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RBC Royal Bank and Tangerine Bank Rank Highest for Customer Satisfaction in Respective Segments

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TORONTO — Canadians are giving their banks slightly higher marks this year, with overall customer satisfaction rising 3 points (on a 1,000-point scale), largely driven by improvements among the Big 5 banks, according to the JD Power 2026 Canada Retail Banking Satisfaction Study,^SM released today. However, this improvement masks a growing competitive threat. The newer online banks, also known as fintechs, outperform both Big 5 and midsize banks across many of the factors that shape customer satisfaction and are attracting younger Canadians, including a disproportionate share of those who intend to switch their primary banking relationship in the next 12 months.

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Among Gen Z¹ and Gen Y customers of traditional retail banks, 17% say they probably or definitely will switch their primary bank in the next 12 months, the highest level recorded in five years. Despite modest improvements in satisfaction among these younger customers, fees and competitive rates remain important vulnerabilities for traditional banks. Four of the five leading reasons younger customers would switch their primary bank relate to product offerings, including fees, interest rates and promotional offers.

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“Younger customers can be satisfied with their bank and still leave if they see a better opportunity to save money elsewhere,” said Paul McAdam, senior director of banking and payments intelligence at JD Power. “When household budgets are tight, a monthly banking fee becomes an expense worth reconsidering. Traditional banks cannot take the next generation’s loyalty for granted. They need to give younger Canadians a financial reason to choose them, through competitive rates, reasonable fees and clear evidence that their account delivers value.”

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Following are some key findings of the 2026 study:

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Study Rankings

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RBC

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ranks highest in customer satisfaction among the Big 5 banks for a third consecutive year, with a score of 619.

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BMO

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and

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CIBC

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rank second in a tie, each with a score of 611.

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TD

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ranks fourth (610).

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Tangerine Bank

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ranks highest among midsize banks for a 15th consecutive year, with a score of 676.

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ATB Financial

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ranks second with a score of 650.

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The Canada Retail Banking Satisfaction Study, now in its 21st year, 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.

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The study is based on responses from 14,038 retail banking customers of Canada’s large and midsize retail banks regarding their experiences with the financial institutions. The study was fielded in two waves in January-February 2026 and in July-August 2026.

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About JD Power

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JD Power delivers mission-critical data, analytics and intelligence that help businesses improve customer experience and operational performance with confidence and clarity. Using proprietary, comprehensive data–including millions of consumer interactions and authoritative automotive datasets–combined with advanced analytics, artificial intelligence and deep industry expertise, JD Power enables leaders to respond to market shifts, make smarter decisions and drive measurable performance improvements.

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As an objective source of deep insight into real-world customer interactions with brands and products, JD Power provides the independent intelligence organizations need to anticipate change, strengthen customer engagement and advance growth. Learn more at JDPower.com.

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About JD Power and Advertising/Promotional Rules:

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¹

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JD Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); Gen Y (1977-1994); and Gen Z (1995-2008). Millennials (1982-1994) as a subset of Gen Y.

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View source version on businesswire.com:

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Contacts

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Media Relations Contacts

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Joe LaMuraglia, JD Power; 714-621-6224;

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Gal Wilder, NATIONAL; 416-602-4092;

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