Help Me Choose a Savings Account

by Jordan Lavin November 3, 2016 / No Comments

There are lots of questions to ask yourself when choosing a savings account. What kind of account do I need? What kind of interest rate will my savings earn? How can I access my money? Sometimes, the decision comes down to more than just which bank pays the highest interest rate.

Tools like RateHub can make it easier to choose a savings account, but the decision can still be overwhelming. That’s why we’ve created this tool to help you pick the perfect account. This interactive tool asks you a few simple questions to help determine which savings account best meets your needs. Ready to get started? Answer the questions below to find the right account for you.

How it works

The tool will ask you a series of questions to figure out which account best suits your needs. It considers what kind of account you need, the time horizon of your savings goals, and other variables like whether you need access to a branch or special features like Interac e-Transfers. It will then recommend an account based on your inputs.

Want to try again? Just refresh this page to start from scratch.

When is the highest rate not the best account?

Most of the time when shopping for a new high-interest savings account, you want to choose the account with the highest everyday rate. Your savings will grow faster, and even make more money than in accounts with “teaser” rates that drop after the first few months. But there are times when you might want access to features that only come with accounts that have lower rates.

For example, TFSA savings accounts don’t always have interest rates as high as non-registered accounts because of the added expense in managing them. Banks that have physical branches have higher overhead costs but give you more options when it comes to managing your money.

Why shouldn’t I just stick with my regular bank?

The Big Five banks all offer savings accounts, but you might find you get the best mix of rate and features from another bank. It’s a myth that doing all your banking with one financial institution will save you money or earn you preferable treatment when it comes to things like mortgages and loans, so there’s no harm in shopping around. All the possible outcomes of this tool are accounts covered by CDIC insurance. That means any money you deposit is insured by the federal government, so there’s no risk to you.

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Flickr: Low Jianwei