Surviscor | Consumer Banking Rates & Fees Experience Rankings

Banking Rates and Fees Review

The Consumer Banking Rates and Fees Review explores the various product rates and fees, including investments and mortgages, offered to consumer banking customers through a digital-based account.

The Latest Rankings

Finding, then acquiring, the best suited rates and fees for desired products amongst the dozens of available digital consumer banking firms is not an easy task. The maze of confusion in water-downed product and the endless disclaimers associated with each relationship has never been more apparent. The smaller firms use flashy sites and big announcements. Larger firms use relationship bundling and additional add-ons to mostly distract from the less competitive rates.

The 2024 results highlight the top five ranks got to branchless firms which four of the five being owned by other firms in the study, and clearly highlight the year-to-year fact that the big banks offer less competitive rates and higher fees which may explain the year-over-year record profits. MOTUSBANK takes the top spot again in 2024 and its parent company, MERIDIAN CREDIT UNION, is the top-ranking credit union in 2024.

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2024 Rank	Banking Firm	Peer Experience Score	Full Company Analysis
1	motusbank	87 %	See Likes & Dislikes
2	Alterna Bank	81 %	See Likes & Dislikes
3	Tangerine	80 %	See Likes & Dislikes
4	Manulife Bank of Canada	75 %	See Likes & Dislikes
T-5	Motive Financial	73 %	See Likes & Dislikes
T-5	Meridian Credit Union	73 %	See Likes & Dislikes
7	Conexus Credit Union	72 %	See Likes & Dislikes
8	Coast Capital Savings	68 %	See Likes & Dislikes
9	Vancity	65 %	See Likes & Dislikes
10	Desjardins	64 %	See Likes & Dislikes
11	Simplii Financial	63 %	See Likes & Dislikes
12	ATB Financial	62 %	See Likes & Dislikes
13	Alterna Savings	54 %	See Likes & Dislikes
14	Blueshore Financial	52 %	See Likes & Dislikes
T-15	EQ Bank	51 %	See Likes & Dislikes
T-15	RBC Royal Bank	51 %	See Likes & Dislikes
17	TD Canada Trust	50 %	See Likes & Dislikes
18	Servus Credit Union	49 %	See Likes & Dislikes
T-19	Laurentian Bank of Canada	48 %	See Likes & Dislikes
T-19	BMO Bank of Montreal	48 %	See Likes & Dislikes
T-21	Scotiabank	46 %	See Likes & Dislikes
T-21	CIBC	46 %	See Likes & Dislikes
23	National Bank of Canada	43 %	See Likes & Dislikes
24	PC Financial	12 %	See Likes & Dislikes

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Experience Categories

The Consumer Banking Rates and Fees Review is divided into five main categories that represent criteria based on products offered, each weighted according to industry-defined importance, for an overall maximum score of 100.

Chequing Accounts

The category audits the transaction-based monthly account fees and interest rates associated with the cheapest chequing account at each firm. The analysis excludes any rebates or promotional fees.