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Best of Finance 2013: High Interest Savings Accounts
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 Rates.ca are looking for a high interest savings account.*
- The average Canadian saves $2,369 of their disposable income annually.**
* Rates.ca 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 |
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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