Financial Post: Canadians Are Switching Banks at Record Levels

Financial Post Feature: Canadians are switching banks at record levels, creating new pressure on financial institutions to prioritize retention over acquisition, according to the Financial Switching Study.

Bank Loyalty in Canada Is Under Pressure

The 2025 study, based on responses from over 45,000 Canadians, finds that nearly one in four Canadians (24%) switched to a new financial institution in the past year, when opening a new account. This is the highest level recorded in the study’s 20-year history and a notable increase from 21% in 2021 and 2023. While many consumers continue to open new products with their primary bank, a growing share are moving core relationships elsewhere, particularly chequing accounts, a shift that often leads to broader account migration.

Switching Study 2026

In the 20 years we’ve been running this study, it’s the highest incidence ever of those switching a financial account; 24 per cent, or one in four Canadians, are choosing to go with a financial institution that is not their primary bank.

Heidi Wilson

Vice-President, Financial Services at Environics Research

The findings point to a growing opportunity for fintechs, credit unions, and smaller banks, as dissatisfaction with rates and fees, alongside expectations for seamless digital experiences and feeling valued as a customer, drive switching behaviour. With slower population growth and fewer newcomers immigrating to Canada, the research highlights why retaining existing customers will become increasingly critical for Canada’s major banks in the years ahead.

Financial Post Article