Forbes’ 2026 world’s best banks list included 368 institutions from around the world, 11 of which were Canadian, including two Big Six banks.
National Bank of Canada came third and RBC ranked fifth among the 11 Canadian contenders with digital banks and credit unions making up the bulk of the balance.
Two digital banks took top places: Scotiabank-owned Tangerine and CIBC-owned Simplii Financial came first and second, respectively.
Respondents were asked about their level of satisfaction with each bank and how likely they were to recommend it to others. Participants globally ranked trustworthiness as the most important attribute of a bank, followed by digital services and customer service.
“The rise in digital-only banks around the world continues to reshape the banking industry as an increasing number of people turn to digital tools to execute their financial transactions,” Forbes said. “Notably, 311 banks on last year’s list made the list again this year, with a trend toward online banks.”
Five Canadian credit unions were also named: Vancity (fourth), Envision Financial (sixth), Libro Credit Union (ninth), Conexus Credit Union (10th) and Innovation Federal Credit Union (11th).
“Credit unions approach their relationship with members differently,” Celina Philpot, CEO at Conexus Credit Union, said in an interview. “They are owners of our credit union, so we have a different relationship with them.”
While credit unions were generally ranked lower, the rating spreads were tight. For example, Innovation Federal, while coming last of the 11 Canadian institutions, had a trust rating of 4.17 (Canadian average of 4.18) and a digital services rating of 4.17 (Canadian average of 4.19), the credit union said in an email.
A large part of a credit union’s trust factor comes from its involvement in the local community, Philpot said. For example, Conexus worked with the Cornerstone and Synergy credit unions to donate to wildfire relief in Saskatchewan last spring. The three credit unions are undergoing a merger.
As well, Manulife Bank came seventh and Crown corporation ATB Financial came eighth among the 11 Canadian financial institutions.
The diversity of financial institutions making it on the list highlights the competitiveness of the Canadian retail banking landscape, Philpot said.
Younger consumers expect frictionless experiences of online banking but want face time with advisors when it comes to big decisions like mortgages and homebuying, she added. And credit unions are increasingly rising to these needs by providing additional services like wealth management.
Forbes worked with Statista to survey 54,000 people in 34 countries from October to November 2025. U.S. credit unions were not included in the survey.