Canadian Banks Deposits by Geography: 10-Year Comparison

February 10, 2025
Canadian Banks Deposits by Geography: 10-Year Comparison

🍁 Deposit Portfolio of Canadian Financial Institutions (FIs)

Year Bank Canada
($ Million)
US
($ Million)
Other
($ Million)
2014TD346,732299,21717,343
2024TD840,399578,40587,956
2014RBC497,22152,79264,087
2024RBC1,115,834203,92989,768
2014BMO234,010138,14120,937
2024BMO618,141314,06650,233
2014Scotiabank373,49184,71095,816
2024Scotiabank686,81790,442166,590
2014CIBC273,952N/A51,441
2024CIBC610,646114,06840,143
2014National Bank105,62112,1522,110
2024National Bank300,6428,90823,995

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:

  • • $5.0 trillion (74%) in Canada – Of this, only $3 trillion is in CAD$.
  • • $1.3 trillion (19%) in the U.S.
  • • $0.5 trillion (7%) outside North America

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):

  • Smaller banks and credit unions offer higher interest rates, yet their market share has declined from 10.0% in 2014 to 7.9% in 2024!
  • Many Canadians are unaware that their deposits in FIs are insured up to $100K, with some provincially regulated ones offering even higher coverage.

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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