Canada’s Big Six are failing savers
They control roughly 85% of Canadian deposits, over 90% once you add Desjardins, yet still feel comfortable paying some of the worst GIC and savings rates in the country. Instead of competing, they’re effectively taxing inertia.
Meanwhile, more than 100 credit unions and smaller banks are quietly offering meaningfully better yields on 1‑year and 5‑year GICs, as well as on everyday savings. The “best” Big Six rate is often just a marketing headline; the true leaders on cash returns are the institutions most Canadians have never heard of.
And the usual excuse “at least my deposits are safe with a big bank” is increasingly weak. Across Canada, deposit insurance at many non‑Big Six institutions is similar to, or better than, what you get at the majors, with some provinces providing unlimited coverage on eligible deposits. Safety without yield is a choice, not a necessity.
If you’re renewing a GIC or sitting on a large cash balance at a Big Six bank, you’re likely donating return for no good reason. Stop subsidizing their margins and start shopping rates; loyalty to low‑yield incumbents is one of the most expensive habits Canadian savers have.
