What do Canadians want in a bank account? What banking goals do they want to achieve in the year ahead? And do the Big Five still rule the roost in the age of digital challenger banks?
To find the answers to these questions, we surveyed 1,001 Canadians about their banking habits and preferences as part of the Finder: Consumer Sentiment Survey January 2025. Here’s what we found.
Banking statistics in Canada: Highlights
The majority of Canadians (96.90%) have at least one chequing account.
Savings is a top priority for Canadians with 21.88% planning to open a savings account in 2025.
Nearly one third of Canadians (29.37%) have never switched bank accounts.
Almost half of Canadians (47.15%) don’t pay a monthly fee on their account between no-fee accounts and waive-fee conditions.
The Big Five Banks are still the most trusted banks in Canada, with 75.92% of people willing to open an account with them, compared to 48.25% with digital banks and fintechs.
Only 10.19% of Canadians still prefer to manage their banking needs primarily using in-branch banking.
The majority of people (69.63%) opened their first bank account before turning 18 years old.
Account sign-up offers are a big decision-making factor, with 55.54% of Canadians saying they would switch banks to take advantage of an advertised offer.
Chequing accounts are the most common account type
Chequing accounts are the most popular type of account in Canada, with 96.90% of Canadians currently holding at least one chequing account. Of that, 61.94% have one chequing account, while 28.27% of respondents having two.
Interestingly, 3.10% of Canadians don’t have a chequing account at all.
Savings accounts are also in high demand, with 55.84% of people owning one savings account and 24.38% having two. Canadians also appear to be taking advantage of Tax-Free Savings Accounts, with nearly half (47.65%) of respondents indicating that they have one TFSA.
It’s also clear that building up long-term savings is a key financial goal for many Canadians. The most popular registered account in Canada is a Registered Retirement Savings Plan (RRSP), which 44.26% of Canadians currently hold, followed by RESPs at 18.28%.
Canadians want to save more money in 2025
As 2025 rolls on, Canadians are keeping a keen eye on their savings goals. When survey participants were asked what types of bank accounts they plan to open this year, the number-one response was a savings account (21.88%). This was closely followed by a TFSA (18.98%) and a GIC (16.68%), showing that even though interest rates have dropped in recent times, Canadians still want their money to work harder for them.
A new chequing account is also on the shopping list for a decent chunk of the population, with 15.88% on the lookout for a new day-to-day banking account. But many of us are all sorted on the bank account front, with 39.66% of respondents indicating that they don’t plan to open any new accounts in 2025.
Nearly 1 in 3 Canadians (29.37%) have never switched bank accounts, preferring to pick and stick with their chosen financial institution. A further 18.18% only switch every 10 or more years, so while it’s not exactly a case of “till death do us part”, that’s a long-term relationship no matter which way you look at it.
That said, there are also plenty of Canadians who regularly shop around for a better deal. 19.28% sign up for a new bank account every four to six years, while 15.78% open a new account every one to three years.
More than half of us still pay monthly fees
There are several no-fee chequing accounts available in Canada, but more than half of us are still forking out for bank fees each month. 52.85% of respondents said they still pay a monthly fee for their bank account. Of those, 18.98% are slugged with a fee of $5 – $12 each month, 17.78% pay between $12.01 and $18 each month, and 11.29% pay less than $5. And spare a thought for the 4.8% of respondents who pay a monthly fee of more than $18.
The good news is that more than 28% of us have an account with no monthly fee, and almost 19% meet a minimum balance requirement in order to have their monthly fee waived.
The Big Five (RBC, TD, BMO, Scotiabank and CIBC) have been challenged by the emergence of plenty of digital banks and fintechs in recent years, but Canadians remain loyal to the country’s five largest banks. Three out of every four respondents (75.92%) said they would consider opening an account with a Big Five bank, while less than half (48.25%) said they would consider signing up with a digital bank or fintech such as Tangerine, Simplii Financial, EQ Bank and KOHO.
Of course, the Big Five and digital banks are far from the only options available to Canadians.
Other brick-and-mortar banks (e.g. National Bank, ATB, CWB) are an option 26.67% of people said they would consider, while 25.87% would consider credit unions (e.g. Coast Capital, Meridian, Vancity, Alterna).
The future is here — and it’s digital
When was the last time you visited a bank branch to perform a transaction? If you can’t remember, you’re not alone. Just 10.19% of respondents use in-branch banking as their primary method of managing their banking needs.
That pales in comparison to the 48.95% who primarily rely on mobile banking, and the 40.86% who list online banking as their main way of managing their money. The digital banking revolution is well and truly here!
Starting young
The majority of Canadians opened their first bank account before they had even turned 18 years old, with 69.63% of survey respondents opening an account before they celebrated their 18th birthday. The teenage years are the most popular time to sign up, with 27.97% of people signing up when aged 13 to 17.
So if you’re thinking about opening a bank account for your child, check out our guide to the best bank accounts for teens to help you get started.
Fee size matters
Even though more than half of Canadians pay monthly account fees, they’re not happy about it. No monthly account fee, or at the very least a low monthly fee, is the number-one feature Canadians look for when choosing a new bank account — two in three people (65.43%) nominate it as their top must-have.
The next most important account essentials are no or low transaction fees (51.25%) and free e-Transfers (40.06%), so it’s safe to say avoiding fees is a major concern when choosing an account.
On the flipside, most Canadians could take or leave budgeting and spend-tracking tools, with just 2% of survey respondents keen for more of these tools in a new account.
Canadians love a good deal
Have you been made an offer too good to refuse? If you can’t say no to a cash welcome bonus or a bonus savings account interest rate, you’re not alone. More than half of Canadians (55.54%) say they would switch banks to take advantage of an advertised promotional offer.
A much lower percentage of respondents (18.58%) said they couldn’t be tempted to switch by a promo offer, while one in four (25.87%) said that while they wouldn’t switch, the sign-up bonus would be an important factor in their decision to switch.
Promo pleasure or pain
Are promo offers worth the hassle of switching banks? It depends who you ask.
There are many Canadians who refuse to give in to special offers and prefer to stick with their current bank instead, with 49.55% of respondents saying they have never switched banks because of a promo offer.
On the other side of the coin, a sizable 30.57% of respondents had not only switched banks because of a promo offer, but said they were pleased with the offer and kept their new account.
But promo regret is real for some, with 8.39% of people indicating that though they had switched to take advantage of a special offer, they ended up being disappointed with that offer.
Bottom line
The Finder: Consumer Sentiment Survey January 2025 reveals some interesting trends about how we bank in the modern world. It shows that mobile banking is king, that Canadians hate bank fees (even though many have accounts with monthly fees), and that saving money is a key goal in the year ahead. And even though there are plenty of digital and alternative challengers to the country’s largest banks, the Big Five are still the number-one choice for the majority of Canadians.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
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