Who are The Toronto-Dominion Bank (TD Bank Group)'s competitors, and what are the alternatives?
TD competes on two home markets. In Canada its 2025 annual report describes personal and business banking as mature and highly competitive, with large chartered banks, regional banks, credit unions and non-traditional competitors; RBC names TD among the four Big Five peers it measures market share against, and The Globe and Mail counts six lenders holding more than 90% of the market. TD says it ranked first for the share of Canadians who name it as their primary bank and aims to keep leadership in retail core deposits; JD Power's 2026 study ranked RBC highest in Big Five satisfaction and Scotiabank's Tangerine highest among midsize banks. In the US, where TD has about 1,050 branches from Maine to Florida and a $434 billion asset cap on its retail bank, TD says the industry includes several very large financial institutions; a September 2026 RepTrak study compared TD Bank's AI-judged reputation with Chase, Bank of America, Wells Fargo, Truist, Ally and Chime, and Synchrony's 10-K lists TD Bank among its primary competitors for card partners. Non-banks matter most in investing and deposits: Wealthsimple led JD Power's 2026 DIY investor ranking ahead of bank brokerages, and TD's US deposit head says banks, fintechs and credit unions are all chasing deposits. In wholesale banking, TD Securities competes with banks, large global investment firms and independent brokers, and RBC benchmarks its capital markets revenue against TD.[1][2][3][4][5][6][7][8][9]
Data as of Oct 20, 2026 · TD Bank Group profile updated Oct 13, 2026 · computed tables recalculate from the 140 bank profiles on this site · Markdown
What does TD Bank Group say about its competition?
TD's 2025 Annual Report, Management's Discussion and Analysis (filed with the SEC on Form 40-F, December 4, 2025), Canadian Personal and Commercial Banking industry profile: "The personal and business banking industries in Canada are mature and highly competitive, consisting of large chartered banks, regional banks and credit unions, as well as non-traditional competitors competing in specific products and channels."[1]
U.S. Retail industry profile: "The U.S. personal and business banking industry is highly competitive and includes several very large financial institutions, as well as regional banks, small community and savings banks, finance companies, credit unions, and other providers of financial services." The report adds that "Non-traditional competitors including direct banks, financial technology companies and private credit institutions have gained momentum and are increasingly collaborating with banks or leveraging data through open banking to develop new products and services."[1]
Wealth Management and Insurance: "The Canadian wealth management industry includes banks, insurance companies, independent asset managers, direct-to-consumer providers, independent financial advisors and planners, and full-service and discount brokerages." Wholesale Banking: "The wholesale banking sector is a mature, highly competitive market comprised of banks, large global investment firms, and independent investment banks and broker dealers."[1]
Risk factors, "Level of Competition, Shifts in Consumer Attitudes, and Disruptive Technology": "Enhanced competition from incumbents and new entrants may impact the Bank's pricing of products and services and may cause it to lose revenue and/or market share." And: "Given the risk of potential disintermediation from incumbents, new entrants and Fintech / big technology competitors, the Bank may be required to make significant incremental investments in its innovation strategies and frameworks in order to remain competitive."[1]
Who competes with TD Bank Group in each of its businesses?
| Business line | Competitor | Type | Why it competes |
|---|---|---|---|
| Canadian personal and commercial banking | RBC | Bank | RBC's 2025 annual report names TD among the four Canadian peers behind its claim to be number one in market share across personal, commercial, wealth and capital markets; JD Power ranked RBC highest in Big Five customer satisfaction in 2026 for a third year.[2][4] |
| Canadian personal and commercial banking | BMO Financial Group | Bank | Bank of Montreal is one of the six lenders The Globe and Mail says hold more than 90% of Canadian banking market share, and a Big Five peer in RBC's market-share comparison that includes TD.[3][2] |
| Canadian personal and commercial banking | Scotiabank | Bank | The Bank of Nova Scotia is a Big Five peer; its digital bank Tangerine ranked highest among Canadian midsize banks in JD Power's 2026 retail banking study for a 15th consecutive year.[2][4] |
| Canadian personal and commercial banking | CIBC (Canadian Imperial Bank of Commerce) | Bank | CIBC is one of the six lenders holding more than 90% of Canadian banking market share, per The Globe and Mail, and a named Big Five peer in RBC's comparison with TD.[3][2] |
| Canadian personal and commercial banking | Credit unions | Credit union | TD's 2025 annual report lists credit unions, with large chartered banks and regional banks, as competitors in Canadian personal and business banking, and credit unions again among US competitors.[1] |
| Canadian personal and commercial banking | Wealthsimple | Fintech | Wealthsimple says three million clients use it for everyday banking and joined Swift in March 2026 to offer international transfers it pitches as cheaper than its larger Canadian competitors', in a sector The Globe says is under competition scrutiny in Ottawa.[3] |
| US retail banking, Maine to Florida | JPMorgan Chase | Bank | A RepTrak study reported by American Banker in September 2026 compared AI-judged reputation across seven US consumer banks including TD Bank (19.4 of 100) and Chase (50.3); JPMorgan owned or leased 5,083 branches in 48 states and Washington, D.C. at the end of 2025.[6][10] |
| US retail banking, Maine to Florida | Bank of America | Bank | Bank of America (39.6) was one of the seven US consumer banks RepTrak compared with TD Bank in September 2026; it had about 3,600 financial centers in 38 states and D.C.[6][11] |
| US retail banking, Maine to Florida | Wells Fargo | Bank | Wells Fargo (22.2) ranked just above TD Bank (19.4) in RepTrak's September 2026 study of AI-judged reputation across seven US consumer banks.[6] |
| US retail banking, Maine to Florida | Truist | Bank | Truist (42.6) was compared with TD Bank in RepTrak's September 2026 study, and TD's head of US retail distribution, who joined from Truist in late 2024, points to Charlotte and south Florida, where most of TD's 100 planned US branches will go.[6][5] |
| US retail banking, Maine to Florida | Chime | Fintech | Chime (37.3) was the only fintech among the seven US consumer brands RepTrak compared with TD Bank in September 2026; TD's US deposit head says banks, fintechs and credit unions are all chasing deposits.[6][9] |
| US card partnerships | Synchrony | Bank | Synchrony's 2025 10-K names TD Bank, with American Express, Bread Financial, Capital One/Discover, JPMorgan Chase, Citibank and Wells Fargo, among its primary competitors for retail card partners.[7] |
| US card partnerships | Citigroup | Bank | Citibank is on the same list of primary competitors for card partners in Synchrony's 10-K as TD Bank; Citi says it is the number three US card issuer with 14% of loans.[7][12] |
| Wealth management and direct investing in Canada | Wealthsimple (self-directed investing) | Fintech | JD Power's 2026 Canadian investor study ranked Wealthsimple highest in DIY investor satisfaction (708 points) and found the self-directed brokerages of the six major banks ranked lower; TD's annual report lists direct-to-consumer providers and discount brokerages among wealth competitors.[8][1] |
| Wealth management and direct investing in Canada | Questrade | Broker or asset manager | Questrade ranked second in JD Power's 2026 DIY investor satisfaction study (661 points), ahead of the major banks' self-directed brokerages.[8] |
| Wealth management and direct investing in Canada | RBC Wealth Management | Bank | RBC says it runs the largest full-service wealth advisory business and largest mutual fund company in Canada; TD reported record flows from Personal Banking into Wealth Management in 2025.[2][1] |
| Wholesale banking: TD Securities and TD Cowen | RBC Capital Markets | Bank | RBC's claim to be the number one Canadian bank-owned capital markets firm is measured against TD, BMO, Scotiabank, CIBC and National Bank, and it claims the largest Canadian investment bank position in the US.[2] |
| Wholesale banking: TD Securities and TD Cowen | BMO Capital Markets | Bank | BMO is among the Canadian bank-owned dealers RBC ranks against TD by capital markets revenue; TD's annual report describes wholesale banking as a mature, highly competitive market of banks, global investment firms and independent dealers.[2][1] |
| Wholesale banking: TD Securities and TD Cowen | Goldman Sachs | Bank | TD names large global investment firms among its wholesale competitors after integrating Cowen; Goldman's 2025 10-K lists investment banking firms and commercial banks among its own competitors.[1][13] |
How do the AI and digital offerings of TD Bank Group's competitors compare?
TD Bank Group first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.
| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
|---|---|---|---|
| The Toronto-Dominion Bank (TD Bank Group) (this page) | Layer 6, TD AI Prism and the agentic RESL model[14][15][16][17][18] | Index 75.3 (#34); 15 use cases, 8 in production | Agentic AI extended to mortgage funding and discharge (Oct 13, 2026)[19][20] |
| RBC | ATOM-based retail credit adjudication; RBC Assist and Aiden for more than 72,000 employees[21][22] | Index 80.2 (#20); 15 use cases, 11 in production | OSFI semi-annual risk outlook centres on frontier AI (Oct 8, 2026)[23] |
| BMO Financial Group | Personalised offers worth about C$85 million a year in Canadian personal and business banking; Lumi knowledge assistant[24][25] | Index 73.2 (#38); 17 use cases, 12 in production | Evident AI Index 2026: top 20 overall, #2 for reported outcomes (Oct 6, 2026)[26][27] |
| Scotiabank | AI handles more than 40% of contact-centre client queries[28] | Index 75.5 (#33); 17 use cases, 12 in production | Evident AI Index 2026: 30th of 50 (Oct 6, 2026)[29] |
| CIBC (Canadian Imperial Bank of Commerce) | Not disclosed | No profile | Not disclosed |
| Credit unions | Not disclosed | No profile | Not disclosed |
| Wealthsimple | Not disclosed | No profile | Not disclosed |
| JPMorgan Chase | LLM Suite with 150,000 weekly users[30] | Index 87.5 (#9); 15 use cases, 8 in production | Q3 2026 call: outside AI agents stay blocked; AI spend put near $700 million (Oct 13, 2026)[31][32][33] |
| Bank of America | Erica, with more than 24 million active users[34] | Index 96.9 (#1); 18 use cases, 16 in production | Treasury, FinCEN and OCC impose $1.21 billion in AML and sanctions penalties (Oct 13, 2026)[35][36][37] |
| Wells Fargo | Fargo virtual assistant, past 1 billion interactions in March 2026[38] | Index 87.8 (#8); 16 use cases, 13 in production | Q3 2026 call: AI agents in code, marketing, cyber, underwriting (Oct 13, 2026)[39][40] |
| Truist | Truist Insights personalisation engine, over 500 insights a year for an average customer[41] | Index 78.5 (#24); 15 use cases, 13 in production | Mid-table on AI-judged reputation (Sep 18, 2026)[6] |
| Chime | Jade (Jade Financial Partner)[42][43][44] | 8 use cases, 6 in production | Agreement to acquire Stride Bank (Sep 8, 2026)[45] |
| Synchrony | Synchrony GPT and the ChatGPT Enterprise rollout[46][47][48] | Index 62.5 (#58); 15 use cases, 10 in production | Oxford Economics study and an AI-platform partnership for CareCredit (Sep 30, 2026)[49][50] |
| Citigroup | Citi Stylus Workspaces[51][52] | Index 93.8 (#2); 20 use cases, 15 in production | Payments chief: no AI model to authorise payments (Oct 1, 2026)[53] |
| Wealthsimple (self-directed investing) | Not disclosed | No profile | Not disclosed |
| Questrade | Not disclosed | No profile | Not disclosed |
| RBC Wealth Management | RBC Assist for 100% of Canadian wealth advisors; meeting-prep pilots save 30 to 40 minutes[54] | Index 80.2 (#20); 15 use cases, 11 in production | OSFI semi-annual risk outlook centres on frontier AI (Oct 8, 2026)[23] |
| RBC Capital Markets | Aiden for more than 8,000 Capital Markets staff; QuickTakes drafts research up to 95% faster[55][22] | Index 80.2 (#20); 15 use cases, 11 in production | OSFI semi-annual risk outlook centres on frontier AI (Oct 8, 2026)[23] |
| BMO Capital Markets | BMO Institute for Applied AI & Quantum, Lumi and Aura[56][25][57][58][59][60] | Index 73.2 (#38); 17 use cases, 12 in production | Evident AI Index 2026: top 20 overall, #2 for reported outcomes (Oct 6, 2026)[26][27] |
| Goldman Sachs | GS AI Assistant for all 46,000 employees[61] | Index 78.5 (#23); 13 use cases, 7 in production | Q3 2026 call: Solomon sets out AI guardrails and compute-supply risk (Oct 13, 2026)[62][63] |
Who should look beyond TD Bank Group, and where?
| If you are | Look at | Why |
|---|---|---|
| Canadians who want a digital-only bank with top-rated service | Tangerine (Scotiabank) | JD Power's 2026 Canada Retail Banking Satisfaction Study ranked Tangerine highest among midsize banks for a 15th consecutive year, and found 17% of younger customers of traditional banks plan to switch their primary bank within 12 months.[4] |
| US customers who want branches outside the East Coast | Chase or Bank of America | TD has about 1,050 US branches, concentrated from Maine to Florida, and plans 100 more by 2028, about 65 of them in the Southeast. JPMorgan owned or leased 5,083 branches in 48 states and D.C. at the end of 2025; Bank of America had about 3,600 financial centers in 38 states and D.C.[5][10][11] |
| Self-directed investors who prioritise app experience | Wealthsimple or Questrade | In JD Power's 2026 Canadian investor study, Wealthsimple (708) and Questrade (661) ranked first and second for DIY satisfaction, and the self-directed brokerages of the six major banks ranked lower.[8] |
| Canadians who want the bank that ranks highest for satisfaction among the Big Five | RBC | JD Power's 2026 Canada Retail Banking Satisfaction Study ranked RBC highest among the Big Five banks for a third consecutive year (619 points). TD says it ranked first in the share of Canadians who name it as their primary bank.[4][1] |
| Individuals and small businesses that mainly need cross-border transfers | Wise | Wise's 20-F says traditional banks are its primary competitors, and a September 2026 study reported by American Banker found AI chatbots recommended Wise to small-business owners more often than traditional banks.[64][65] |
Where does TD claim leadership against its competitors?
TD's own claims from its 2025 annual report, set against the nearest competitor on this page. TD does not publish full market-share tables.
| Market | TD's claim (2025) | Nearest rival on the record | Basis |
|---|---|---|---|
| Canadian primary banking | #1 in the share of total Canadians who name TD as their primary bank; aims to keep leadership in retail core deposit market share | RBC, which claims #1 market share in all key retail products among the Big Five | TD and RBC 2025 annual reports[1][2] |
| Canadian digital reach | #1 for average digital reach of any bank in Canada (ComScore) | Wealthsimple, with three million everyday-banking clients | TD annual report; The Globe and Mail[1][3] |
| US small-business lending | #1 in approved SBA loans in its Maine-to-Florida footprint for the ninth consecutive year | Large national banks and regional banks named in TD's US industry profile | TD annual report[1] |
| US customer satisfaction | Florida market ranked #1 in JD Power's 2025 retail banking satisfaction study | Chase, Bank of America, Wells Fargo, Truist (RepTrak AI-reputation comparison, 2026) | TD annual report; American Banker[1][6] |
| North American scale | Sixth-largest bank in North America by assets; about C$2.1 trillion | RBC, with C$2,498,817 million of total assets at July 31, 2026 | TD annual report; RBC Q3 2026 report[1][66][67] |
How does the US asset cap affect TD's competition in US retail banking?
US regulators imposed a $434 billion asset cap on TD's US retail operations in October 2024 alongside about $3.09 billion in penalties over anti-money-laundering failures; TD reduced its US assets by about $48 billion and closed about 91 branches over two years. Its US deposit head said in February 2026 that competition for deposits 'is probably as fierce as it's been in a long time', and that TD had maintained stable deposits with minimal attrition since the settlement.[5][9]
In August 2026 TD said it will open 100 US branches by the end of 2028, about 65 of them between the Carolinas and Florida, and hire more retail and commercial bankers; its US CEO said the consent order remains in place and resolving it is his top priority. TD's US retail business counts about 10 million clients, about 5.2 million of them mobile users.[5][9]
Who are TD's biggest competitors?
In Canada, the other Big Five banks (RBC, BMO, Scotiabank and CIBC), plus regional banks, credit unions and non-traditional competitors that TD names in its annual report. In US retail, large national banks such as Chase, Bank of America and Wells Fargo, regional banks such as Truist, and fintechs such as Chime.[1][2][6]
Is TD bigger than RBC?
No. RBC reported C$2,498,817 million of total assets at July 31, 2026 and TD C$2,111.9 billion. Banking Dive calls TD Canada's second-largest lender; TD describes itself as the sixth-largest bank in North America by assets.[67][66][5][1]
Who competes with TD Bank in the US?
TD's annual report says the US personal and business banking industry includes several very large institutions, regional banks, community and savings banks, finance companies and credit unions. RepTrak's September 2026 study compared TD Bank with Chase, Bank of America, Wells Fargo, Truist, Ally and Chime on AI-judged reputation.[1][6]
Is Wealthsimple a competitor of TD?
Yes, in investing and increasingly in everyday banking. Wealthsimple led JD Power's 2026 DIY investor satisfaction ranking ahead of the big banks' brokerages and says three million clients use it for everyday banking. TD's annual report names direct-to-consumer providers and discount brokerages among wealth competitors.[8][3][1]
TD vs RBC for customer satisfaction?
JD Power's 2026 Canada Retail Banking Satisfaction Study ranked RBC highest among the Big Five for a third consecutive year. TD says it ranked first in the share of Canadians who name it as their primary bank and first for average digital reach of any Canadian bank.[4][1]
Who competes with TD in US credit cards?
Synchrony's 2025 10-K lists TD Bank among its primary competitors for retail card partners, alongside American Express, Bread Financial, Capital One/Discover, JPMorgan Chase, Citibank and Wells Fargo. In Canada, TD extended its exclusive co-brand credit card partnership with Amazon in 2025.[7][1]
Can TD grow in the US while under the asset cap?
TD says it will open 100 US branches by the end of 2028, mostly in the Southeast, while the $434 billion cap on its US retail bank stays in place. Its US CEO told analysts the consent order is still in force and resolving it is his top priority.[5]
- TD Bank Group 2025 Annual Report: Management's Discussion and Analysis (Form 40-F, Exhibit 99.2)
- Royal Bank of Canada Annual Report 2025 (EX-99.1, filed with the SEC)
- Wealthsimple joins Swift global financial transfer system
- High Overall Bank Satisfaction Masks Younger Canadians' Shift to Fintechs (JD Power 2026 Canada Retail Banking Satisfaction Study)
- TD pushes US branch expansion amid AML reform
- People use AI to gauge banks' reputations, and its verdicts are harsh
- Form 10-K for the fiscal year ended December 31, 2025
- Fintechs lead DIY investor satisfaction, JD Power survey finds
- TD aims to retain its branch 'essence' amid brand refresh
- JPMorgan Chase & Co. Annual Report on Form 10-K for the year ended December 31, 2025
- Bank of America Corporation Annual Report on Form 10-K for the year ended December 31, 2025
- Citi 2026 Investor Day Transcript - Consolidated
- The Goldman Sachs Group, Inc. Annual Report on Form 10-K for 2025
- TD Announces Launch of Groundbreaking Predictive Foundation Model
- #4 Maksims Volkovs drives TD Bank's AI transformation
- TD Launches Agentic AI to Transform Real Estate Secured Lending from End to End
- TD (TD) Q3 2026 Earnings Call Transcript
- TD (TD) Q2 2026 Earnings Call Transcript
- TD expands agentic AI across mortgage operations to make banking faster, simpler and more human
- TD Bank at Scotiabank summit: profit gains, AI push lift outlook (transcript)
- RBC wins IDC CIO Awards Canada 2026 for AI-driven credit underwriting transformation
- RBC maintains top three leadership position globally for AI maturity in financial services
- Annual Risk Outlook: Semi-annual update, fiscal year 2026-2027
- 2026 BMO Investor Day presentation
- Meet Lumi Assistant: BMO’s award-winning AI tool empowering Team BMO
- BMO Earns Top Recognition for Responsible AI Leadership in Global Banking
- Banks embrace AI, but need to show tech is benefiting bottom lines, report finds
- Scotiabank Launches Scotia Intelligence, Empowering Employees and Accelerating Enterprise AI Adoption
- TD's AI returns help put it back into the top 10 in this global bank index
- 2026 Company Update Transcript - Chairman and CEO Q&A
- JPMorgan Chase blocks outside AI agents like Muse, Instinct from directly accessing accounts
- JPMorgan CEO Dimon warns customers of 'liability transfer' with AI
- JPMorgan warns of risks to consumers who rely on AI agents
- Bank of America (BAC) Q2 2026 Earnings Call Transcript
- U.S. Treasury Announces Record Enforcement Actions Against Bank of America
- OCC Imposes $750 Million Assessment Against Bank of America for Deficient BSA/AML Compliance
- BofA fined $1.21 billion over AML
- Wells Fargo Reaches Major Digital Milestones
- Wells Fargo Enhances Banking Capabilities Using AI and Digital Assets
- Wells Fargo Reports Third Quarter 2026 Net Income of $6.0 billion, or $1.87 per Diluted Share
- How Truist Delivers Proactive Insights to Its App and Online Users
- 2025 Letter to Shareholders
- What is Jade Financial Partner? (help centre, retrieved 2026-09-23)
- How Chime overcame trust challenges when deploying its AI agent
- Chime Announces Agreement to Acquire Stride Bank
- Synchrony Elevates AI Strategy Hiring Nimrod Barak as Chief AI Officer to Accelerate Innovation
- Synchrony Announces Enterprise Collaboration with OpenAI to Power the Next Era of Agentic Commerce
- #29 Carol Juel's human-centered bet on the future of AI
- Synchrony and Oxford Economics Find Trust Will Define the Future of AI Shopping
- CareCredit Partners with Vetspire to Modernize Veterinary Payments with AI-Enabled Practice Solutions
- The AI Superfans Companies Count On to Convert the Skeptics
- Earnings Results Presentation, First Quarter 2026
- The Most Powerful Women in Banking Women to Watch, #7, Debopama Sen, Citi
- RBC Wealth Management wins dual recognition for its use of AI to better empower advisors
- RBC creates new AI Group to help bring top AI opportunities to market
- BMO Establishes Institute for Applied Artificial Intelligence & Quantum
- Aura: Helping power BMO's goal of 50% faster underwriting by 2028 - BMO Ai Hub
- BMO (BMO) Q3 2026 Earnings Call Transcript
- Major employers in tech and finance expect new hires to be ‘AI literate’
- Bank of Montreal Form 40-F for fiscal 2025, Exhibit 99.2: 208th Annual Report 2025, Management's Discussion and Analysis
- Goldman Sachs staff now write a million gen AI prompts a month
- Earnings call transcript: Goldman Sachs tops Q3 2026 estimates as revenue rises
- Goldman's Solomon wants 'clear human accountability' on AI
- Wise Group plc Annual Report on Form 20-F for the fiscal year ended March 31, 2026
- Why AI models favor fintechs over traditional banks
- TD Bank Group Third Quarter 2026 Report to Shareholders (Form 6-K, Exhibit 99.1)
- RBC Third Quarter 2026 Report to Shareholders
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