It’s probably time you switched banks—4 easy steps for Canadians + MORE Jun 29th

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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When you opened your first bank account, chances are it was with the same financial institution your parents used—because, why not? And given how loyal Canadians are to their banks, there’s a good chance you’re still banking with the same institution. In fact, 70% of Canadians held the same bank account for 11 years or more, and 80% had never switched bank accounts, despite paying higher fees than necessary, according to a 2021 survey by Ratehub.ca (whose parent company, Ratehub Inc., also owns MoneySense.ca).

As you establish yourself financially, it’s worth asking whether your bank still suits your current lifestyle. A lot has changed in your life since you opened your first account—or your parents opened it for you. So how do you know when it’s time to switch to another financial institution? 

The best banks in Canada for 2023
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How to know when it’s time to switch banks

How do you know when enough is enough and it’s time to move on? For starters, it’s always good to research what the competition is offering…