When it comes to money management, the right bank account can make a big difference. Whether you're socking away for a vacation, building your retirement fund, or simply looking to conveniently access your cash, a no-fee option with high performing interest can really put your money to work.
To help Canadians make the best decisions for their banking products, RATESDOTCA is pleased to reveal our top picks for high-interest savings, chequing and guaranteed income certificates.
Read on for the best bank accounts in Canada.
The Best High Interest Savings Accounts in Canada 2014
Savings have come a long way from the humble piggy bank. Maximize your stash with one of the highest interest rates in Canada. Here, we've rounded up the best-performing high interest savings accounts.
How We Did It
To find the best on the market, we compared the following:
| A savings amount of $2,500 | Savings Term: 5 Years |
| Total Interest Earned Over 5 Years | Is interest compounded over time? |
| Interest Earned | Interest Rate | Monthly Fee | Other Fees | Availability | Max / Min Balance |
|---|---|---|---|---|---|
| $259.14 | 2.00% | Free | NA | National | NA |
| nterest Earned | Interest Rate | Monthly Fee | Other Fees | Availability | Max / Min Balance |
|---|---|---|---|---|---|
| $226.54 | 1.75% | Free | NA | National | NA |
| Interest Earned | Interest Rate | Monthly Fee | Other Fees | Availability | Max / Min Balance |
|---|---|---|---|---|---|
| $186.58 | 1.45% | Free | $1.50 at ATMs Interac: $0.75 Branch payments: $2.50 Online payments: $1.50 | Excluding Ontario and Quebec | NA |
| Interest Earned | Interest Rate | Monthly Fee | Other Fees | Availability | Max / Min Balance |
|---|---|---|---|---|---|
| $166.78 | 1.30% | Free | NA | National | NA |
Head to Head: Interest Earned on Your Savings
The Best Chequing Accounts in Canada 2014
Avoid being nickel and dimed on your daily transactions; the best chequing accounts in Canada come fee-free and offer great accessibility. Read on for our top picks.
How We Did It
To find the best on the market, we compared the following:
| A balance of $99 | ||
|---|---|---|
| Interest Rate | Balance After 3 Years | Monthly Fees |
| Other Fees | Max / Min Balance | Availability |
| Balance after 3 Years | Interest Rate | Monthly Fee | Other Fees | Max / Min Balance | Availability |
|---|---|---|---|---|---|
| $99.74 | 0.25% | Free | $1 charge at other ATM withdrawals | $50,000 | National |
| Balance after 3 Years | Interest Rate | Monthly Fee | Other Fees | Max / Min Balance | Availability |
|---|---|---|---|---|---|
| $99.15 | 0.05% | Free | $1.50 charge at other ATM withdrawal | NA | Excludes Quebec |
Note: Earn 5 PC points on the dollar at participating retailers and get 10,000 PC points ($10 value) when you set up direct deposit or pension payments. However, points can only be redeemed at PC retailers.
| Balance after 3 Years | Interest Rate | Monthly Fee | Other Fees | Max / Min Balance | Availability |
|---|---|---|---|---|---|
| $99.60 | 0.20% | Free | $1.50 charge at other ATM withdrawal | NA | Excludes Ontario and Quebec |
Head to Head: Interest Earned on Your Chequing Balance
The Best GICs in Canada 2014
Want to really ramp up your savings? Guaranteed Income Certificates offer the highest interest rates around - but you have to be willing to lock in for a term. Here, we rank the highest-earning, non-cashable GICs in Canada.
How We Did It
To find the best on the market, we compared the following:
| A 5-Year Term | A Savings amount of $2,500 |
| Interest Earned Over 5 Years | Interest Rate | Compounded | Availability |
|---|---|---|---|
| $405.23 | 3.05% | Yes | National |
| Interest Earned Over 5 Years | Interest Rate | Compounded | Availability |
|---|---|---|---|
| $377.14 | 2.85% | Yes | National |
| Interest Earned Over 5 Years | Interest Rate | Compounded | Availability |
|---|---|---|---|
| $370.16 | 2.80% | Yes | National |
Head to Head: Interest Earned on Your GICs
