BMO & CIBC: Not on list of Top-11 banks in Canada
Wow hey??
Who would guess that 2 of Big-6 banks that millions of Canadians “think they have a financial relationship with” did not even make the list of the Top-11 banks in Canada.
It is surprising the amount of customers that call us looking to “beat their bank’s mortgage rate” when they should be looking at if they should even be doing mortgage business at their main personal bank.
Mortgage Mark Herman, Calgary Alberta new home buyer and mortgage renewal specialist of 21 years.
We recommend that they also look at the T’s & C’s – Terms and Conditions – to their own bank’s mortgages to find:
- Payout penalties that are 500% to 800% – yes, 5x to 8x the amount of payout penalties at broker banks.
- Their renewal rates are usually always at rates higher than what Broker Banks offer – because Broker Banks know the broker that placed you there will jump at the chance to move them to a different bank, for a better/ market rate, and then we get paid again. Big-6 banks don’t have to worry about that because you are usually not aware of market rates.
- SELF-employed mortgage holders are often “worked over by the Big-6 banks” whereas, Broker Banks are more than happy doing tons for self-employed business owners.
Here’s the full list of Canada’s best banks for 2025, according to Forbes:
- Tangerine
- Simplii Financial
- RBC
- PC Financial
- Vancity
- EQ Bank
- TD
- Scotiabank
- National Bank
- Desjardins
- ATB Financial
footnote: link action here https://www.narcity.com/best-banks-in-canada-forbes-2025