Financial Product Reviews

If you’re looking for a simple place to stash some extra cash and earn a higher-than-average interest rate, EQ Bank Personal Account may be exactly what you’re looking for. It does have a few other features, including the ability to easily send International Money Transfers, but otherwise it’s mostly geared to earning you interest.

The Tangerine US Dollar Savings Account is made for people who need a place to put some USD they have kicking around – or even deposit some income that comes in as USD. By using this account, you don’t have to convert the money to CAD, which could be a big help if the exchange rates are particularly bad.

Alterna Bank is a digital bank that offers an RRSP eSavings Account with a competitive interest rate of 1.15%, no fees, and no minimum balance. And even though it’s a relatively unknown bank (compared to the big 5), the balance is still secured through the Canada Deposit Insurance Corporation (CDIC).

The Tangerine TFSA is a tax-free savings account for Canadians from one of the most well-respected online banks in the country. A TFSA works like a standard savings account but you also get tax-sheltering benefits – and the Tangerine TFSA is no different.

Mutual funds are a relatively safe bet for Canadian investors, in that they are professionally managed, and diversified to withstand the vagaries of the market. Like most big Canadian banks, Scotiabank offers an array of mutual funds, ranging from cash equivalent, to balanced, to index funds.

You may be thinking about shopping around for a mortgage. Tangerine offers a small array of mortgages for Canadians, including the Tangerine variable rate mortgage.

Scotiabank offers a small collection of Exchange Traded Funds (ETFs) – bundles of securities that are listed on exchanges, which are traded just like regular stocks. Scotiabank has over 120 ETFs available, and you can use them to diversify your investment portfolio.

A Scotiabank TFSA is an easy way to take advantage of tax-free savings while investing with a trustworthy big bank. You’ll get a variety of options, including GICs (4 different types, in fact), mutual funds, portfolios, and cash savings accounts. You can also invest in stocks and bonds in your self-directed TFSA through Scotia iTrade.

If you’re looking for ways to save for your retirement, Scotiabank RRSPs come in a variety of shapes and sizes – with options for both the DIY and laidback investors alike (and everyone in between). You can open up a self-directed RRSP through Scotia iTrade, an automated portfolio, or keep it simple with a registered savings account.

Desjardins is an insurance company based in Quebec that offers an array of different insurance types, including car insurance. While they have an array of options available that allow you to customize your insurance package to meet your own, personal needs, they only have insurance available to people living in select provinces.