Thank you everybody for completing the survey!  It is now closed.  Below is a summary of the results.

Got ideas for other surveys or comments on this survey? Share them here.

Also, visit the high interest savings forum for more discussions on Canadian banking.

General notes

This survey was run between April 1 and April 15, 2012, and there were 60 responses.

Given the nature of the site, it is likely that respondents are:

• more likely to be online and mobile savvy
• more interested in higher rates and perhaps lower fees

Results

1. How many financial institutions do you bank with?

The average number of financial institutions that respondents deal with is 4 (3.97). Note that a response of "70" was excluded from the calculation.

2. How often do you visit a bank branch?

• Once a week or more: 7/60 (12%)
• A few times a month: 15/60 (25%)
• Once a month: 13/60 (22%)
• A few times a year: 20/60 (33%)
• Never: 5/60 (8%)

3. Do you use online banking?

• Yes: 59/60 (98%)
• No: 1/60 (2%)

4. Do you use telephone banking?

• Yes: 15/60 (25%)
• No: 45/60 (75%)

5. Do you use mobile banking?

• Yes: 14/60 (23%)
• No: 46/60 (77%)

6. Do you have any money in an RSP?

• Yes: 51/60 (85%)
• No: 9/60 (15%)

7. Do you have any money in a TFSA?

• Yes: 48/60 (80%)
• No: 12/60 (20%)

8. What is the average total transaction fees you pay per month at all banks?

• Average: 1.78 (after throwing out responses of: $2000, "a couple of bucks" and "?")
• 44/57 (77%) respondents answered $0
• Of the 13 respondents who do pay transaction fees, the average was $7.80

9. Are you "loyal" to any bank(s)? If yes, to which one(s) and why?

• 29/60 (48%) are not loyal to any bank

• Financial institutions that respondents mentioned they were loyal to:

  PC Financial (7)
  TD Canada Trust (7)
  BMO (5)
  CIBC (4)
  HSBC (2)
  RBC (2)
  Vancity (2)
  Achieva Financial (1)
  Coast Capital (1)
  Canadian Direct (1)
  Credit union (unspecified) (1)
  First Credit Union (1)
  Motor City Community Credit Union (1)
  Scotiabank (1)

• See Appendix A at the end of this summary for a list of the "yes" and non-straightforward "no" responses

10. On a scale of 1 to 5, with 5 being the Most Important and 1 being Least Important, how important are these aspects when choosing a bank?

Appendix A: "Yes" and non-straightforward responses to question 9

• I am loyal to BMO. I can do lots of transactions for free because of my premium account. I buy my US$ from XE using BMO and its fast and free. I can get certified cheques or money orders free. I can get a discount on a safety deposit box. I get airmiles for BMO. Overall a good back to deal with. If they had high interest savings I would be totally happy but they do not as of yet.
• No. Different banks provide me different services
• Canadian Direct Financial - Their banking service is okay (even if it's online banking) and right now, they are one of the top rates on basic savings / TFSA / RRSP rates.
• TD for everyday free chequing (plan 60). Other then that, however pay the best interest rate.
• Yes, to a small degree, with CIBC. My advisor there has served my family and I for many years and has always provided us with good information in our best interest - not necessarily also the banks.
• Yes, Vancity because it's a local, socially responsible bank.
• PC - Because they do not gouge the consumer and reward them with points that can be used for free groceries. Also after some years, you get a bonus into your account for loyalty. I like the easiness of online banking with PC as well. And if I call, I never have any problems with the customer service reps. I think the Canadian public needs to be more aware of PC. I have introduced PC to five different people and they all have thanked me for doing so.
• I feel a certain loyalty to my credit union (Coast Capital). I have a higher opinion of their business practices, and am partial to the idea of having some say (however small, and watered down it may be), in the institutions administration.
• TD Canada Trust
• Not loyal to any banks per se.. Usually credit unions offer better service/value.. May not be up to spec on the tech side.. It's finding the right balance for you and avoiding fees at all costs.. I use TD 1 x Value cheqing / Everyday savings. / Hubert Financial - Savings / Ing Direct Canada - Chequing (Replaces TD Savings & becomes primary chequing for pos and other trans).. Questrade for discount brokerage..
• President's Choice - no fees.
• PCF- NO FEES!
• President Choice Financial; no fee
• No - I chase the rates
• Bank of montreal 42 years with the bank
• Achieva Financial for my savings and long term RSPs. They offer very consistent rates, with convenient online banking.
• TD Canada Trust and HSBC, solely because of length of association
• TD Canada trust, I have banked with them since 1988, they are open from early to late most days, I have always received excellent customer service
• Hubert Financial and Ally for offering among the highest rates in the industry; ING Direct for its THRiVE Chequing account; Scotiabank for its SCENE Visa and HSBC Bank Canada as that is my employer where I am a full-time Personal Banker
• Yes - TD CT - for the personal service - able to see and talk to a live person and it's convenient for me at home and work. And PC Financial - for the no fee accounts and easy on line banking
• NO. I have always had at least 2 bank accounts. If I am not satisfied with "service", I leave for my other bank. I will NOT pay any service fees. I have been with BMO for over 25 years mainly because of the one person I have dealt with over the years. Banks have to realize that with ATM's, Banking online, and telephone banking lessens the need to make a branch visit...so if say 5% of your transactions are face to face at a branch then the level of service needs to be outstanding and anything less is enough to consider making a change. Also, I never leave a bank without communicating my reasons to the bank manager.
• Vancity. It is a community-based bank! :-)
• Bank of montreal. first bank account opened.
• RBC. It's the biggest financial institute and has most branches and ATM compare to others.
• SCotiabank, because of the excellent service.
• None - will go wherever the fees are lowest and the interest rates are highest (as long as they are insured).
• BMO, payroll and Mortgage
• CIBC, Branch right next door to where I work.
• NO..WHY SHOULD I BE? BANKS ARE NOT LOYAL TO ME
• Royal Bank because I worked there for 20 years. Credit Union because I worked there before I worked for the Royal Bank.
• PC. for day to day & MCCCU for borrowing
• No, but because I have so many transactions ( like payroll, insurance etc) automatically deducted from the account, it's to much trouble to change.
• TD Canada trust is close to work
• BMO Canada where my business account is
• CIBC is close to home
• TD Canada Trust; I have been with them since I was young enough to have an account
• HSBC - no fee after 65
• CIBC because they have been very easy to use and allow me access to 20000 a day without freezing any cheques or funds
• Not really. When they start charging me fees or reducing interest rate I look for alternative
• No. Cost savings is more important
• First Credit Union. It is owned by the members and is 'local' to my community.
• No, I have to look after my funds.
• President's Choice Financial. No fees. Easy to deal with over the phone on major cash transactions. Decent rates.
• NO!!! Got screwed by one and after banking there since 1945 moved. Will NEVER be loyal to a bank again. If this one screws with me I will be moving all money out again.