The best savings account offers high interest earnings features to grow your balance, even if you've just parked cash for the time being. The account should also be free of fees - why spend money to access your nest egg?
How We Did It
Did You Know?
- 73.4% of bank account customers on RATESDOTCA are looking for a high interest savings account.*
- The average Canadian saves $2,369 of their disposable income annually.**
* RATESDOTCA RatePulse
** http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil131a-eng.htm
Historical Average Savings Amount Searched in 2013
Interest Earned Over 5 Years on Balance
| Year | Implicity | Duca | Canadian Tire | ICICI |
|---|---|---|---|---|
| 1 | $2,500 | $2,500 | $2,500 | $2,500 |
| 2 | $2,547.50 | $2,537.50 | $2,537.50 | $2,536.25 |
| 3 | $2,595.90 | $2,575.56 | $2,575.56 | $2,573.03 |
| 4 | $2,645.22 | $2,614.20 | $2,614.20 | $2,610.33 |
| 5 | $2,695.48 | $2,653.41 | $2,653.41 | $2,648.18 |
| End of Year 5 | $2,746.70 | $2,693.21 | $2,693.21 | $2,686.58 |
