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RATESDOTCA's Annual Best of Finance Awards ranks the top performers in savings, chequing and GICs

Forget stashing your cash under the mattress - the most effective way to manage your money is to put it to work with one of the most competitive interest rates on the market. With today's cost of borrowing so low, bank accounts have received a bad rap for their wealth-boosting effectiveness - but there are some that still offer a decent return on your dollar.

We’ve crunched the numbers to find your best banking options - from the best, no-fee chequing account, to the highest-earning GIC.

And the 2015 Banking Winners Are:

Best Savings Account with no Minimum Balance

1: TIE - Oaken Savings Account

1: TIE - Implicity Financial High Interest Savings

2: TIE - PC Financial Interest Plus Savings Account

2: TIE: Tangerine Savings Account

3: RBC High Interest e-Savings

Best Savings Account with minimum $5000 Balance

1: Scotiabank Savings Accelerator

2: Scotiabank Momentum Savings

3: CIBC e-Advantage Savings

Best Chequing Accounts

1: Tangerine Chequing

2: President's Choice Financial No-Fee Bank Account

5-Year Cashable GIC


2: National Bank GIC



5-Year Non-Cashable GIC

1: TIE - Oaken Financial GIC

1: TIE - Implicity Financial GIC

2: TIE - ZagBank GIC

2: TIE - Tangerine GIC

3: PC Financial GIC

How We Chose the Winners

To determine the top-performing savings accounts, chequing accounts and GICs, we calculated the total interest earned, based on the following:

Savings Accounts

Savings amount: $100 (for no minimum balance category)

Savings amount: $5000

Time saved: 5 years

Fees: $0


Balance of $100

No Annual Fee


Deposit Amount: $1000

Term length: 5 Years

Fees: $0

Penelope Graham

A first-time homeowner and newbie investor, Penelope Graham is the quintessential millennial, navigating the world of personal finance and wealth management. A self-professed monetary policy nerd, she follows the often-controversial housing market closely and specializes in mortgage, credit card and personal finance news.

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