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The Best Banking Products in Canada: 2015 Edition
Table of Contents
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
1: RBC GIC
2: National Bank GIC
3: TIE: HSBC GIC
3: TIE: CIBC 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
Chequing
Balance of $100
No Annual Fee
GICs
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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