Financial Product Reviews

Tangerine GICs stand out for their highly competitive rates and the fact that there’s no minimum investment requirement—you can get started with as little as $1. That makes them an appealing option for new investors, those with smaller budgets, or anyone who wants a safe way to grow their money without worrying about market volatility.

Scotiabank GICs can get you a guaranteed return on your investments, with the trustworthiness of a big bank to back up your money. Since Guaranteed Investment Certificates make a good low-risk investment, they’re a popular way to spice up your investment portfolio. But with relatively low return across the board, it’s hard to say it’s a valuable investment.

The Bank of Montreal has a number of savings accounts, but the BMO Savings Builder Account is designed to encourage you to become a saver, even if you’ve never been one before. It does this by having an average base interest rate of 0.1%%, but a bonus interest rate of up to 0.75% if you deposit at least $200 a month.

The Motive Savvy Savings Account is pretty basic as far as features go – but it makes up for it with its high interest rate and overall lack of fees. Currently at 2%, this is one of the best high interest savings accounts you can get right now in Canada.

If you’re the gambling sort who doesn’t mind a little risk for the possibility of saving some money, a variable rate mortgage might be right up your alley. Scotiabank offers 2 closed variable rate mortgages, including 5 year and 3 year terms.

If you’re an avid Air Miles collector, the BMO Air Miles Chequing Account may seem like an obvious choice. And while it does offer unlimited transactions and Interac e-Transfers, the Air Miles earn rate is an abysmal 1 mile for every $25 you spend through your debit card. Given its $17.95 monthly fee, you may wonder if it’s worth it.

The Scotiabank Preferred Package is a feature-rich chequing account that packs in plenty of perks for everyday banking. For $16.95 per month, or free if you maintain a minimum daily balance of $4,000, you’ll enjoy unlimited debit transactions and Interac e-Transfers, so you never have to worry about counting swipes or transfers. Cardholders can earn Scene+ points on debit purchases, which you can redeem for movies, dining, travel, and more, adding extra value to everyday spending.

It may seem like a bare-bones type of account at first glance, but the Scotiabank Basic Bank Account is a solid choice for Canadians looking to keep their banking transactions at a minimum. Catering mostly to seniors and teens, this account offers surprising value in the form of free Interac e-Transfers, access to overdraft protection, and a discounted fee for clients in the 60+ age group.

If you want the most you can get out of a chequing account, the Scotiabank Ultimate Package is all about the extra perks.

BMO’s Premium Chequing Account comes with a steep monthly fee, but it has a lot of valuable perks and features that may make it worth it to you. Rebates are offered on various credit cards, worldwide non-BMO ATM withdrawals are unlimited, and account holders even get a preferred U.S. exchange rate.