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Ratehub’s 2022 Personal Finance Awards

Whether you’re a risk-averse saver looking to earn more interest or an investor with the goal of maximizing your portfolio while fending off fees, our PFA winners will bring you closer to achieving your financial goals.

Our Personal Finance Awards infographic lists all our picks of the best banking, savings, and investment accounts of the year - side-by-side.

save infographic’s Personal Finance Awards 2022

In 2017, proudly introduced the inaugural Personal Finance Awards, which created an opportunity to celebrate Canada’s best personal finance products based on’s data measuring consumer preference, product rate offerings, rate stability, and overall ease of use. Now, in its fifth year, the Personal Finance Awards continue to honour some of the country’s top saving and investing accounts to make it easier for Canadians to choose better.

Top High Interest Savings Account

Our top high interest savings account for 2022 belongs to Wyth Financial, formerly known as Concentra Bank prior to their relaunch in 2021.

Wyth’s High Interest Savings Account got our attention immediately for having one of the highest non-promotional interest rates on the market, but there are plenty of other reasons to like them, too: in addition to their excellent rate, they offer no monthly fees and no minimum balance requirement. They’re also backed by the CDIC, ensuring that your money is safe and protected by the Government of Canada. Plus, you’ll enjoy one free Interac e-Transfer® per month as well as free transfers for withdrawals and deposits to your external linked account. 

Add to that Wyth’s incredibly user-friendly online portal and stress-free signup process, and you’ve got what we consider to be the best option this year for those interested in starting a HISA.

Top RRSP and TFSA Savings Accounts

When it comes to the best RRSP and TFSA for your money, our best bet (and still reigning champion) is the online-only EQ Bank.

EQ Bank’s RSP Savings Account leads the pack with a standard interest rate of 1.25%, giving you the most long-term bang for your buck when it comes to growing your money. In addition to that, the CDIC-backed RSP Savings Account carries zero fees, allowing you to keep more of your savings every month. It also offers account linking for automated contributions, tax-slip notifications, and an incredibly easy online sign-up process.

Similarly, EQ Bank’s TFSA Savings Account has the same standard interest rate of 1.25% and no fees (providing you don’t exceed the $6000 contribution limit). You’ll also enjoy benefits like unlimited free withdrawals, easy linking to internal or external accounts, and the same user-friendly online signup process. And, of course, the EQ Bank TFSA Savings Account is also backed by the CDIC, guaranteeing you the highest level of security for your money.

Top Bank Account for Bundling


While keeping multiple accounts with different institutions may work for some, the simplicity of having everything under one roof carries its own rewards. If you’re looking to streamline your finances, look no further than our winner for the best bank account for bundling: the Scotiabank Ultimate Package.

Features of the package include:


  • Unlimited debit transactions
  • Unlimited no-fee Scotia International Money Transfers
  • Unlimited Interac e-Transfer transactions
  • No overdraft protection fee
  • No monthly fee on a Basic Plus Bank Account or Scotia U.S. Dollar Daily Interest Account
  • Unlimited free Global non-Scotiabank ABM withdrawals


In addition to all these benefits, you can earn an additional 0.10% interest on your Momentum Plus Savings Account, get 10 free equity trades at Scotia iTRADE in your first year (plus 5 free equity trades every year afterwards), and enjoy an ongoing annual fee waiver on select credit cards up to $139. Plus, they’re currently offering a welcome bonus of $350 if you apply by February 28, 2022.

Top GIC Accounts


For risk-averse customers looking for a safe and secure place to store their long-term savings, a GIC (Guaranteed Investment Certificate) is an excellent option. 

Although a GIC works similar to a savings account (in that you deposit funds and earn a certain amount of interest over time), the main difference here is the level of liquidity. While you can easily withdraw money from a savings account at any time, GICs are meant to keep your money for a set term of up to five years, and you may be penalized for early withdrawals. That being said, this shouldn’t be a concern if your priority is growing your deposit over a long stretch of time. The longer your term, the more interest you’ll collect. 

The main draw of a GIC is its level of security (hence the “guaranteed” part of the name). With these accounts, your money will be protected against turbulent market conditions, safeguarding you from worry that your initial deposit may suffer a loss. Plus, most GICs operate with a fixed interest rate, meaning it will never go up or down during the course of your term (although the amount of fixed interest you can earn depends on the type of GIC you get and the length of your term). 

Once again, our winner for top 1 year and 5 year non-registered GIC is the CDIC-backed Oaken Financial. Their 1 year and 5-year non-registered GICs offer industry-leading interest rates, plus you can select how often you'd like to receive interest payments (monthly, semi-annually, annually, or at maturity for terms of one year or more) and whether you’d like to have more access to your money or stay locked in. With all that security and flexibility, it’s no wonder they’re still our pick. 

Top Online Brokerage

Since its inception in 1999, Questrade has been a go-to online brokerage for Canadians looking for an accessible and affordable way to trade. With no account opening fees or annual RRSP and TFSA account fees, you’ll be able to keep more of your money to invest. 

Questrade also keeps its trade commissions low at just 1 cent per share on most equities ($4.95 up to $9.95) and gives users the ability to buy ETFs commission-free. They also offer a wide variety of account options, including RRSPs, TFSAs, RESPs, LIRA, LIF, RIF, cash, and joint cash accounts, among others. 

New investors should take note of their pre-built portfolio feature, managed by experts at fees as low as 0.25% . You’ll also be able to trade stocks and ETFs wherever you are with their user-friendly QuestMobile app, allowing you to keep watchlists and set regular alerts for stocks you’re interested in.

Top Robo Advisor 

For another year, we’ve selected Wealthsimple Invest as our top robo advisor, and the reasons are obvious.

Driven by a belief in passive, diversified investing, Wealthsimple Invest allows you to build a custom portfolio based on your particular risk preference, charging a low management fee of 0.5% for deposits up to $100,000. You’ll also enjoy benefits such as auto deposit and automated dividend reinvesting, allowing you to earn even more. They offer a variety of account types (RRSP, TFSA, RESP, RRIF, LIRA, plus more), all protected by CIPF and 2-factor authentication. Plus, if you transfer an account with more than $5000 from anywhere else, Wealthsimple Invest will pay whatever transfer fees the other bank will charge you. If that’s not a great incentive, we don’t know what is.

And while they’ve certainly gained enough recognition for their innovative and easy-to-use mobile site and app, they’ve also got a roster of impressive financial experts for those moments when you just need a human to talk to. All in all, Wealthsimple Invest is the total package for those looking for a safe, reliable and customer-friendly robo advisor.