Jun 1, 2016
Ranking the banks: Where should you park your money?
By Dale Jackson
ANALYSIS: We all have a beef with our bank at some time or another, but how do we know if there’s a better one out there?
The latest annual Surviscor study of digital services from Canada’s leading financial institutions is a great start.
Each year Surviscor runs the banks through a series of tests, assessing the look of their websites, usability, accessibility from various devices, support and fees.
This year’s rankings includes the larger credit unions across the country. They rate pretty low with only British Columbia’s Coastal Capital Savings coming in the top 10, but it opens the door for improvement against the big banks.
Canada’s largest bank, Royal Bank of Canada, takes top spot for the second consecutive year – boosting its score to 84 per cent from 75 per cent last year.
Scotiabank, which ranks second, also boosted its score to 82 per cent from 74 per cent.
Fourth place Desjardins made a notable advance to 77 per cent from 57 per cent.
TD Canada Trust, once a leader in online banking, remains in a sixth place rut. It scored 73 per cent compared with 70 per cent last year.
A notable mention goes to some of Canada’s smaller banks. Tangerine ranked seventh with a score of 72 per cent (compared with 49 per cent last year), and PC Financial ranked ninth with a 61 per cent score (compared with 50 per cent last year).
You can find out how your bank ranks in each category from the Surviscor website.
Dale Jackson is BNN's Personal Investor. Follow him on Twitter @DaleJacksonPI
