Canadian Consumer Banking Rates and Fees Review
Surviscor Canadian Consumer Banking Rates & Fees Experience Review
2022 is the inaugural year for the stand-alone Surviscor Consumer Banking Rates and Fees Experience review. Prior to 2022, the results were embedded in the Online Banking review, but the goal remains the same, to establish the Best and Worst firms for Rates and Fees when there is an opportunity to measure each firm against one another in like product and analytics.
The Latest Rankings
It was not that long ago that consumers chose a banking partner mainly due to location and proximity to where they lived or worked. In those pre-internet times, a consumer typically had a few big banks to choose from and possibly a credit union to consider depending on the size of the city or town or where they worked. Fast-forward to the electronic, or digital, age of consumer banking and the list of potential consumer banking firms rises considerably.
The 2022 Rates and Fees analysis confirmed a few things. One, less competitive rates and higher fees at the big banks explain the year-over-year record profits. Two, the credit union system loves to sit in a defensive maintain assets and offer slight differences position when it comes to rates and fees. And lastly, neo branchless digital consumer banking platforms, no matter who owns them, tend to offer the best overall rates and fees as the top seven firms in the 25-firm study, fit the profile.
| 2022 Rates & Fees Experience Rank | Firm Name | Experience Score |
|---|---|---|
| 1 | motusbank | 84 % |
| 2 | Alterna Bank | 69 % |
| 3 | Tangerine | 65 % |
| 4 | Motive Financial | 63 % |
| 5 | Simplii Financial | 60 % |
| 6 | Manulife Bank of Canada | 57 % |
| 7 | EQ Bank | 53 % |
| 8 | Coast Capital Savings | 46 % |
| 9 | Conexus Credit Union | 43 % |
| T-10 | Blueshore Financial | 33 % |
| T-10 | ATB Financial | 33 % |
| T-12 | Alterna Savings | 32 % |
| T-12 | Meridian Credit Union | 32 % |
| 14 | BMO Bank of Montreal | 30 % |
| T-15 | Scotiabank | 23 % |
| T-15 | Laurentian Bank of Canada | 23 % |
| 17 | National Bank of Canada | 21 % |
| 18 | Desjardins | 20 % |
| T-19 | RBC Royal Bank | 19 % |
| T-19 | PC Financial | 19 % |
| 21 | Vancity | 18 % |
| T-22 | TD Canada Trust | 16 % |
| T-22 | Servus Credit Union | 16 % |
| 24 | HSBC Canada | 15 % |
| 25 | CIBC | 14 % |
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.
Registered Accounts
Mortgages
Savings Accounts
GIC / Term Deposits
Surviscor Canadian Consumer Banking
Rates and Fees Review
The Rates and Fees Review is new for 2022 and explores the various product rates and fees, including investments and mortgages, offered to consumer banking customers through a digital-based account.
What we Measure and The Deep Dive that Differentiates.
Banking Firms We Reviewed
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