TORONTO -- Royal Bank of Canada's online banking site has been rated the most functional and user-friendly among Canada's financial institutions for the third year in a row, according to an analysis of banking sites in Canada.

Surviscor's 2012 Canadian Online Banking scorCard gave RBC (TSX:RBC) a score of 84 per cent in the study of online features and functionality.

"RBC led the charge again because they continuously enhance the customer's online banking experience, illustrated by industry leading performance in measurements of customer support" said Glenn LaCoste, president of Surviscor.

The survey, conducted by online services company Surviscor and business research firm CorbinPartners Inc. ranked Canada's five biggest banks as the financial institutions with the best banking experiences.

Royal was followed by TD Canada Trust (TSX:TD) in second place, with a score of 80 per cent and Scotiabank (TSX:BNS) with a score of 76 per cent.

Rounding out the top five were BMO (TSX:BMO), with a score of 73 per cent and CIBC (TSX:CM) with a 68 per cent rating.

Surviscor's annual study simulates customer usage to measure over 2,000 criteria in various service categories including website design and transaction volumes. It was conducted between September and November and incorporated all online banking services available to customers during that time.

Vancity was the highest scoring credit union on the list, coming in sixth, followed by fellow B.C. credit union Coast Capital Savings. Also among the Top 10 institutions were National Bank of Canada (TSX:NA), Desjardins Bank, and ING Direct.