Deposit Report Q3 2023

The Deposit Report is ISS Market Intelligence’s flagship research focused on the multiple deposit products available in Canada and the distribution channels through which they are sold.

The transition to quarterly releases in 2023 will provide our clients first and third quarter data, on the largest sections of the report, between our full report releases which remain semi-annual. The report’s sections consider the marketplace from several vantage points, including product structure, interest rate/pricing factors, time to maturity, liquidity, transactions, segmentation by account size, and distribution channels.

The Q3 2023 edition focuses on the strength of fixed-term deposits as rate offerings across all distribution channels meaningfully rose in the quarter. Competition remains from investment savings accounts and money market funds as an alternative, with the prior aiding premium savings accounts to post their first positive quarter since the beginning of 2022. Contrasting performance by product remains pronounced in the third quarter of the year, and with no signs of stopping to end the year, as flows toward GICs continue to accelerate from their mid cycle low in the second quarter.