Compare interest rates of all Canadian banks and find the best rate for you. Get quick and easy access to the latest bank rates in one place!
When it comes to choosing a bank in Canada, one of the most important factors to consider is the interest rates they offer. A comparison chart of interest rates across all Canadian banks can help you make an informed decision about where to park your money.
Bank | Interest Rate | Advantages | Disadvantages | Additional Services
TD Bank | 0.05% – 0.70% | Wide range of products and services, extensive branch network, convenient online banking options | Low interest rates compared to some competitors | Mobile banking, investment advisory services
RBC | 0.05% – 0.70% | Wide range of products and services, extensive branch network, convenient online banking options | Low interest rates compared to some competitors | Credit monitoring, investment advisory services
Scotiabank | 0.05% – 0.70% | Wide range of products and services, extensive branch network, convenient online banking options | Low interest rates compared to some competitors | Online investing platform, credit monitoring
BMO | 0.05% – 0.70% | Wide range of products and services, extensive branch network, convenient online banking options | Low interest rates compared to some competitors | Credit monitoring, investment advisory services
CIBC | 0.05% – 0.70% | Wide range of products and services, extensive branch network, convenient online banking options | Low interest rates compared to some competitors | Credit monitoring, investment advisory services
HSBC | 0.05% – 0.60% | Competitive interest rates, global network with presence in over 60 countries | Limited branch network in Canada | Global account access, international money transfers
EQ Bank | 1.50% | High-interest savings account, no monthly fees, unlimited transactions | Limited product offerings, no branch network | Easy online account management, savings goals feature
Tangerine | 0.10% – 0.65% | High-interest savings account, no monthly fees, unlimited transactions | Limited product offerings, no branch network | Mobile banking, automatic savings tools
Simplii Financial | 0.05% – 0.65% | High-interest savings account, no monthly fees, unlimited transactions | Limited product offerings, no branch network | Mobile banking, free e-transfers
As you can see from the chart above, the major Canadian banks offer similar interest rates, typically ranging from 0.05% to 0.70%. However, online banks such as EQ Bank, Tangerine, and Simplii Financial offer significantly higher interest rates on their high-interest savings accounts, with EQ Bank offering an impressive 1.50%.
When considering a bank, it’s important to also look at the additional services they offer. Most of the major banks provide investment advisory services and credit monitoring, while online banks tend to focus more on easy online account management and automatic savings tools.
In terms of advantages, the major banks have extensive branch networks and a wide range of products and services, while online banks tend to offer higher interest rates and no monthly fees. However, online banks often have limited product offerings and no physical branch network.
It’s also worth considering the level of customer service provided by each bank. While most banks offer online and phone support, the quality of service can vary. Look for reviews and ratings from current and former customers to get a sense of each bank’s customer service reputation.
Another factor to consider is fees. While many banks offer no monthly fees for basic accounts, some may charge fees for certain services or if your account falls below a minimum balance. Be sure to read the fine print and understand any fees that may apply.
One advantage of choosing a major bank is their presence across Canada, which can be particularly helpful if you frequently travel or move around the country. Major banks also tend to have a wider range of financial products and services, such as credit cards, loans, and mortgages.
On the other hand, online banks often have lower overhead costs, which can translate into higher interest rates and lower fees for customers. They may also offer more innovative features and technology, such as mobile banking apps with advanced security features.
Ultimately, the decision of which bank to choose will depend on your individual needs and preferences. Consider your financial goals, lifestyle, and banking habits when comparing interest rates, additional services, and fees across different banks.
In conclusion, a comparison chart of interest rates, advantages, disadvantages, rates, and additional services can be a helpful tool for choosing a bank in Canada. It’s important to carefully weigh the pros and cons of each bank based on your own financial needs and priorities. With the right bank, you can effectively manage your finances and reach your financial goals.
Overall, when choosing a bank in Canada, it’s important to consider your own financial needs and priorities. If you value a physical branch network and a wide range of products and services, a major bank may be the right choice for you. If you prioritize high interest rates and easy online account management, an online bank may be a better fit.