The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
Latest News
The best GIC rates in Canada for 2024 Jun 4th
Investing
The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Compare now
Why trust us
MoneySense is an award-winning magazine,.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Oct 27th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
Advertisement
Why trust us
MoneySense is an.... More »
“Help! My RRSPs are all over the place” + MORE Aug 10th
As Canada’s financial services sector expands to include new online banks, credit unions, robo-advisors, brokerages and more, so does the likelihood that you have a ragtag number of registered savings plans with multiple institutions. For example, you may have set up an employer-sponsored plan at .... More »
The best banks in Canada Oct 17th
Most Canadians are aware of the Big Five banks: RBC, TD, Scotiabank, BMO and CIBC. And some may even know that occasionally National Bank of Canada sneaks in and expands that list to six. But even with these accounted for, there are dozens of banks in this country, each offering its own suite of per.... More »
The best GIC rates in Canada for 2025 + MORE Dec 16th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
4 Low Risk Alternatives to Chequing Accounts
– ratesupermarket.ca
Investments like stocks, mutual funds, or cryptocurrencies carry some level of risk which you might shy away from for a variety of reasons. Whether you’re saving for college, getting ready to buy a house, or nearing retirement, if you’re looking for safer investment options, here are some of the most common low-risk alternatives for Canadians.
Savings Accounts
While large, traditional banks may only offer minuscule interest rates, some high-yield savings accounts will pay you a reasonable rate of return. Newer, online-only banks offer savings accounts that pay as much as government bonds. Examples include EQ Bank, Motusbank, and Wealthsimple, which each pay at least a 2% annual interest.
High-interest savings accounts can be a great investment option because your cash is liquid—this means you can withdraw your funds whenever you chose without penalty. Plus, savings accounts are insured for up to $100,000 by the Canada Deposit Insurance Corporation, so you won’t lose your money if the financial institution fails…
4 Low Risk Alternatives to Chequing Accounts
– ratesupermarket.ca
Investments like stocks, mutual funds, or cryptocurrencies carry some level of risk which you might shy away from for a variety of reasons. Whether you’re saving for college, getting ready to buy a house, or nearing retirement, if you’re looking for safer investment options, here are some of the most common low-risk alternatives for Canadians.
Savings Accounts
While large, traditional banks may only offer minuscule interest rates, some high-yield savings accounts will pay you a reasonable rate of return. Newer, online-only banks offer savings accounts that pay as much as government bonds. Examples include EQ Bank, Motusbank, and Wealthsimple, which each pay at least a 2% annual interest.
High-interest savings accounts can be a great investment option because your cash is liquid—this means you can withdraw your funds whenever you chose without penalty. Plus, savings accounts are insured for up to $100,000 by the Canada Deposit Insurance Corporation, so you won’t lose your money if the financial institution fails…
