Best of Finance 2013: High Interest Savings Accounts

A man explains documentation to a young couple

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

 

YearImplicityDucaCanadian TireICICI
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

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.

Latest Personal Finance Articles

View More Personal Finance Articles

Get money-saving tips in your inbox.

Stay on top of personal finance tips from our money experts!