05/18/2026
People will drive across town to save 4¢ a litre on gas.
They'll shop an hour to save $5 on a sweater.
But when the mortgage renewal letter arrives from their bank? They sign it. No questions. No second opinion.
Why?
Because their grandfather banked there. Their father banked there. They bank there too — and the bank has "always been good to them."
That isn't loyalty. It's inertia. And it's costing Canadian families thousands.
Here's the math that should stop you cold:
A 0.50% rate difference on a $400,000 mortgage is roughly $11,000 in extra interest over a 5-year term.
You'll drive across town for 4¢ off gas. You'll sign an $11,000 loyalty tax without blinking.
Make it make sense.
Staying with one bank in 2026 is like refusing to switch from dial-up internet to fibre optic. The technology has changed. The options have exploded. The only thing standing still is the ideology.
I wrote a full piece on this — the chequing account fees you don't notice, the "matched rates" your bank quietly overcharges you on, and why your bank's "mortgage specialist" isn't actually a specialist.
Read it here 👇
Staying with your bank because your grandfather did? The math is brutal. Real numbers on what bank loyalty costs Canadian families — and what to do about it.
