Overview of Banks in Canada

Goals

To determine the market share, types of accounts (including benefits and features), most popular chequing accounts, and most popular savings accounts from the following "Big Five" banks in Canada: TD Canada Trust, Royal Bank of Canada, Scotiabank, BMO, and the Canadian Imperial Bank of Commerce. We will also determine the market share, types of accounts (including benefits and features), most popular chequing accounts, and most popular savings accounts from the following: Simplii Financial, Desjardins, Wealthsimple, and Tangerine.

Early Findings

TD Canada Trust

  • As of 2019, TD Bank reports having over 26 million global customers, over 13 million active digital customers, and 2,300 retail locations in North America.
  • They also report $1.4 trillion worth of total assets as of 2019.

TD Canada Trust Chequing Accounts

  • The TD Unlimited Chequing Account costs a $15.95 monthly fee. It includes unlimited transactions, no TD fee on any ATM in Canada, and it is free to send and request money using the Interac e-Transfer platform. The monthly fee is waived if the account holder has a minimum monthly balance of $4,000.
  • The TD Every Day Chequing Account costs a $10.95 monthly fee. It includes 25 transactions per month, with additional transactions costing $1.25 each. It is free to send and request money using the Interac e-Transfer platform. The monthly fee is waived if the account holder has a minimum monthly balance of $3,000.
  • The TD Minimum Chequing Account has a monthly fee of $3.95. It includes 12 transactions, including up to 2 transactions completed in a TD branch or through telephone banking. Additional transactions cost $1.25 each. Transactions using the Interac e-Transfer platform $0.50 each for transactions up to $100, and cost $1.00 each for transactions over $100. Non-TD ATM transactions cost $2.00 each. The monthly fee is waived if the account holder has a minimum monthly balance of $2,000.
  • The TD Student Chequing Account is intended for post-secondary students and has no monthly fee. It includes 25 transactions per month, with additional transactions costing $1.25 each. It is free to send and request money using the Interac e-Transfer platform. Non-TD ATM transactions cost $2.00 each.
  • The TD Youth Account is meant for account holders that are 18 years old and below. It has no monthly fee and has unlimited transactions per month. Transactions using the Interac e-Transfer platform $0.50 each for transactions up to $100, and cost $1.00 each for transactions over $100. Non-TD ATM transactions cost $2.00 each.
  • The US Daily Interest Chequing Account is meant for US dollar banking. It has no monthly fee and earns daily interest on balances over US$1,000. It also offers competitive exchange rates for US dollars and 50 other currencies. Transaction fees are US$1.25, but account holders can have free transaction fees if their minimum monthly balance is US$1,500.

TD Canada Trust Savings Accounts

  • The TD Every Day Savings Account is for those who require regular access to their savings. It has no monthly fee and includes one transaction per month, with additional transactions costing $3.00 each. There are no fees when transferring to other TD accounts. Transactions in non-TD ATMs cost $2.00 each. This account also earns daily interest on the dollar. The TD Every Day Savings Account also has automated savings features that allow you to enroll in automated transfers if you need to move your funds from one account to another.
  • The TD ePremium Savings Account earns a high daily interest for balances worth $10,000 or more. It includes free online transfers and automated savings. It has no monthly fee but transactions cost $5.00 each. Transactions in non-TD ATMs cost $2.00 each.
  • The TD High Interest Savings Account earns high interest rates on accounts with balances worth $5,000 or more. Transaction fees are waived for accounts with a minimum monthly balance of $25,000. If an account doesn't meet this minimum, transaction fees cost $5.00 each. Transactions in non-TD ATMs cost $2.00 each. This account also allows for automated savings.

Proprietary Research Available

We found some proprietary research from one of our data partners which may be helpful:

Canada Banking & Financial Services Q1 2020 (BMI Research, $1,415.00)
Research section on Top 10 Commercial and Retail Banks by Total Assets (CADMN) ($57.50)

If you'd like us to purchase any of these reports on your behalf, just let us know!

Proposed next steps:

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