Did you know that the 6 biggest banks in Canada 🍁, along with Desjardins, have $5,950B in deposits as of April 30, 2024?
Heres the breakdown:
• Demand (Withdrawable at any time; offers zero to low interest, e.g., chequing accounts): $1,414B (24%)
• Notice (Withdrawable with specified notice; offers low interest, e.g., notice savings accounts): $1,566B (26%)
• Term (Withdrawable on a fixed date; offers higher interest, e.g., GICs, CDs): $2,969B (50%)
Total Loans for these 7 lenders: $4,379B, leaving a difference of $1,571B between total deposits and loans.
Another interesting fact is that the deposits at the big 6 banks have increased by over 500% from 2003 to 2023.
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