Year | Bank | Canada ($ Million) | US ($ Million) | Other ($ Million) |
---|---|---|---|---|
2014 | TD | 346,732 | 299,217 | 17,343 |
2024 | TD | 840,399 | 578,405 | 87,956 |
2014 | RBC | 497,221 | 52,792 | 64,087 |
2024 | RBC | 1,115,834 | 203,929 | 89,768 |
2014 | BMO | 234,010 | 138,141 | 20,937 |
2024 | BMO | 618,141 | 314,066 | 50,233 |
2014 | Scotiabank | 373,491 | 84,710 | 95,816 |
2024 | Scotiabank | 686,817 | 90,442 | 166,590 |
2014 | CIBC | 273,952 | N/A | 51,441 |
2024 | CIBC | 610,646 | 114,068 | 40,143 |
2014 | National Bank | 105,621 | 12,152 | 2,110 |
2024 | National Bank | 300,642 | 8,908 | 23,995 |
TD and RBC dominate the market, each holding nearly $1.5 trillion in deposits. Meanwhile, over 200 banks and credit unions outside the Big 7 (Big 6 Banks + Desjardins) collectively hold only 7.9% of the market.
📌 Key Insights:
1️⃣ Total Deposits:
• As of Q4, 2024, Canadian FIs hold $6.77 trillion in total deposits, 123% more than in 2014.
2️⃣ Geographical Breakdown:
3️⃣ Big 7 Dominance:
• The Big 7 (Big 6 Banks + Desjardins) control 92% of the market, despite typically offering lower deposit rates than smaller players.
4️⃣ Declining Market Share for the Rest (200+ FIs):
5️⃣ Portfolio Growth Over 10 Years:
Total deposits of all FIs have surged 123%, with National Bank (+178%) and BMO (+150%) leading the growth.
Canadians' loyalty to the Big 6 banks is more a habit than an informed choice, even though smaller FIs offer higher deposit interest rates and also have deposit insurance. Beyond habit, the widespread availability of physical branches remains a key factor for many Canadians.
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