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Best of Finance 2014: Best Bank Accounts in Canada

Dec. 22, 2014
3 mins
An older man shows a woman her options using a tablet

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

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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