The Globe and Mail reports in its Wednesday edition that Canada's Big Six banks hold about 85 per cent of all deposits in the country. The Globe's guest columnist Hanif Bayat writes that this concentration would make sense if the big banks offered better service or rates than everyone else. But do they? More than 65 per cent of bank deposits in Canada are in either notice deposits or term deposits. For this portion rate matters most, since customers don't need frequent access. The Big Six banks are not offering Canadians the best rates; their term deposit rates are some of the lowest in the country. For a five-year guaranteed investment certificate, or GIC, the best rate among the Big Six is 3.35 per cent, while the best rate nationally is 4.10 per cent from WealthOne, followed by 4.05 per cent from both Achieva Financial and MCAN Financial. Savings accounts tell a similar story. The Big Six typically advertise promotional rates that drop sharply after three or four months. Excluding those, their best rate for balances under $10,000 is just 0.55 per cent, while many other institutions offer 2 per cent or more. Manulife Bank offers 3 per cent on a non-registered savings account and WealthOne offers 3 per cent on RRSPs.