Canadians Are Willing to Switch Banks… If the Price is Right

RATESDOTCA survey finds average cost of bank loyalty to be $644.43

Canadians may be a loyal bunch when it comes to the “Big 5” lenders - but even the most dedicated consumer would switch banks for significant savings. A recent survey conducted by RATESDOTCA, Canada’s comprehensive rate comparison site, found 84% of consumers would consider a switch - as long as they’d save an average of $644.43.

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The survey, which polled consumers on their banking history and sentiments, found Canadians are creatures of habit when it comes to their banks - 53% reported being with their primary lender for over 10 years, despite 27% saying they “didn’t know” if they were happy with their products and services.

“Canadians highly value trust and convenience when managing their money,” says Penelope Graham, Editor at RATESDOTCA. “It is perhaps the perception that they have a history with their primary lender that makes them hesitant to shop around for the best products from multiple banks - a practice that is proven to save consumers money.”

The survey also found that staying with a specific primary bank greatly influences the choices Canadians make for their banking products:

• Canadians identify their ‘main bank’ as where they do their chequing, with 91% holding an account at their primary bank.
• 74% also hold a savings account with their primary bank.
• 61% of Canadians have a credit card with their main bank, with 30% of those holding more than one.
• 34% of Canadians reported choosing their main credit card because it is offered by their primary bank, rather than a sign-up incentive or promotional offer.
• Despite this, 37% said they weren’t sure if their primary credit card offers the best everyday value.
• 61% of respondents consider switching banks to be a hassle.
• 72% would consider it if it meant saving $200 or more, and 22% said they’d need to save over $1,000 to switch their banking