Financial Product Reviews

Investing with an RBC GIC is an easy way to get guaranteed return on the money you want to put aside. Though the return tends to be quite low, they’re still a decent way to make your money work for you – thanks to the low risk involved. RBC offers Canadians GICs backed by a well-known big bank, plus has industry-standard minimum investments of $1,000 for most options.

Wealthsimple has a high interest spending account known as the Wealthsimple Chequing account. It’s actually a hybrid account that gives you fairly easy access to your money for no monthly fees. With a maximum interest rate of 2.25%, unlimited e-Transfers, and no FX fees, this account is worth taking a look at – especially for investors.

CIBC variable rate mortgages are a solid option for people who don't mind balancing a bit of risk with some potential savings. Variable rate mortgages fluctuate with the prime interest rate, so while you can save money if interest rates stay low, you are risking a higher payment if the prime rate goes up.

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.