Canada's largest financial institutions continue to offer some of the lowest deposit rates in the market, despite commanding an overwhelming share of the country's banking sector.
The Big Six banks hold approximately 85% of all deposits, a figure that rises to 91% when including Desjardins, the seventh-largest player.
This concentration of market power has allowed major lenders to maintain a significant spread between the interest they pay savers and the returns they generate on assets.
The disparity is particularly evident in the performance of guaranteed investment certificates (GICs).
While retail deposit rates have begun to tick upward, top GIC yields have remained largely unchanged for an extended period.
This divergence marks a strategic shift in how banks are competing for consumer cash, favoring variable-rate products over fixed-term commitments.