Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeFinanceBankingFewer Canadians are opening new financial accounts and bank loyalty is weakening, study saysCanada’s slowing immigration activity could be a factor You can save this article by registering for free here. Or sign-in if you have an account.Bank buildings in Toronto's Financial District. Photo by Wikimedia CommonsFewer Canadians are opening new financial accounts and those who do are less likely to stay with their current financial firms than in the past, according to a new study by Environics Research.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorIn the seven largest census metropolitan areas, including Toronto, Vancouver and Montreal, the number of consumers who opened a new financial account or product in the past year fell to 46 per cent of the 17,762 respondents to the annual survey in 2026 from about 57 per cent of the 42,693 respondents in 2025.“The slowdown matters because account opening is the front end of future financial growth,” Heidi Wilson, Environics’ vice-president of financial analysis, said. “When fewer consumers open new accounts, financial institutions have fewer opportunities to acquire, deepen or defend customer relationships.”Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againThe study did not investigate the reason behind the decline, but she said Canada’s slowing immigration activity could be a factor.“Financial institutions may be seeing fewer of those natural account-opening moments,” she said. “Newcomer acquisition has been a meaningful strategy for many Canadian banks, especially in major urban markets. If fewer newcomers are entering the system, banks may face a more competitive fight for a smaller pool of new-account opportunities.”Canada’s population growth rate has been on a slight decline as Ottawa has lowered the number of new temporary residents and decreased the number of permanent residents it aims to bring each year.Shalabh Garg, an analyst at Veritas Investment Research Corp. who follows the Big Six, said the trend of fewer new account openings isn’t a surprise since the large banks’ strategy is to retain customers with multiple products and charge premiums to clients who are not willing to consolidate their banking with them.The study also said account openers are almost as likely to go to a new financial firm as they are to stay with their current provider.While 22 per cent of people opened accounts at newer financial firms, 24 per cent remained loyal and opened a new account with their current bank, but that declined from 33 per cent last year.“This suggests the default advantage of the primary financial institutions is weakening,” Wilson said. “Historically, consumers often opened new products with their main bank because it was convenient. The 2026 results indicate that consumers are shopping around more actively when they need a new financial product.”A consumer opening a new account elsewhere may begin as a trial, but it often expands into additional deposits, investments and lending products, she said, adding that 35 per cent of those who switched in the past year changed their primary financial firm, which is a “much bigger loss” for those firms trying to retain customers.The big banks remain the biggest destination for switchers, but their grip appears to be weakening, according to the study. The Big Five captured 42 per cent of all new retail account relationships between March 2025 and May 2026, but they also accounted for 62 per cent of the customers leaving.“That imbalance suggests the major banks continue to win substantial business, but not enough to replace what is moving elsewhere,” Wilson said. “Digital-first financial institutions, meanwhile, represented 26 per cent of new account acquisitions, more than double their 12 per cent share of attrition.”She said this shift suggests customers are increasingly willing to establish a second relationship with a digital-only provider.“The Big Five still has enormous advantages of scale, trust and existing customer relationships, but those advantages no longer guarantee they will win a customer’s next account choice,” she said. “Digital-first providers are finding entry points into the household, particularly through investing and everyday banking accounts.”More than one-third of those who switched financial providers said their previous firm could have done something to retain their business. 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