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.

# of Firms

The review evaluates big banks, neo banks, credit unions and one co-operative under the same stress tests.

# of firm evaluations

The review evaluates each firm using 163 individual evaluations including interest earned, fees paid and mortage interest paid.

# of Sub-categories

The Rates and 2020 will further drilldown is into 35 various dollar levels and individual account activities.

# of Categories

The main categories under review are Chequing Accounts, Savings Accounts, Registered Accounts; GIC/Term Deposits and Mortgages.


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