Finder’s banking experts assess savings accounts across five key categories to help you objectively evaluate a savings account’s overall perks and suitability for your unique needs.
The five categories we measure are:
- Perks
- Fees
- Banking access
- Customer experience
- Minimum requirements
Data collection
We collect data manually through online research and from providers directly. For many of the savings accounts we review, our banking experts perform hands-on testing.
Category weightings
We weigh each metric based on factors we believe are most important to customers looking for a good savings account. Accounts earn a score in each category and then an overall score based on the weightings detailed on this page.
- Perks: 40%
- Fees: 20%
- Banking access: 15%
- Customer experience: 15%
- Minimum requirements: 10%
Scoring and rating
Wondering how we work out Finder Score? We look at 50+ savings account products across 25+ lenders and we compare them against each other to get our simple score out of 10. Metrics like interest rates, fees and features are weighted and scaled to come up with individual Finder Scores.
Accounts are evaluated on the five key categories outlined on this page. These categories are broken down into 15 different data points. Some of these data points are features that Finder’s experts consider perks to the main features. Accounts that offer any of these perks are rewarded with additional points.
- 9+ Excellent – The crème de la crème of savings accounts. These products offer the best interest rates and the best features.
- 7+ Great – Slightly lower interest rates and fewer features, but these products are still competitive.
- 5+ Satisfactory – Typically offering average interest rates and possibly lacking in the features department.
- Less than 5 – Basic – The least competitive in terms of both interest rates and features.
Data points
Data points are weighed differently, depending on their importance. The 15 data points we took a look at when comparing savings accounts included the following.
- Ongoing and promotional interest rates
- Return on $10,000 balance over 1 year
- Other tailored rewards
- Monthly fee
- Ability to waive monthly fee (if necessary)
- Transaction fees
- NSF fees
- Overdraft fees
- In-branch banking
- Online banking access
- National availability
- Live chat availability
- Mobile app ratings
- Minimum deposit requirements
- Minimum balance requirements
No single savings account will be the best choice for everyone, so thoroughly compare your options before picking an account.
More resources on Finder
More guides on Finder
-
Simple vs compound interest: What’s the difference?
Understand the difference between simple and compound interest with these simple examples.
-
Daily interest savings accounts
Learn how daily interest savings accounts work and where to find the best rate.
-
100 Envelope Challenge: What it is and how it works
We break down the 100 Envelope Challenge, a viral TikTok trend that can help you save money fast.
-
What is a high interest savings account?
Your guide to high interest savings accounts, how they work and how to maximize your savings.
-
How to open a savings account
Learn how to open a savings account and which banks let you open one online.
-
Savings account interest rates
Compare current savings account interest rates so you can grow your savings.
-
National Bank savings accounts
We compare fees, rates and features of National Bank savings accounts.
-
RRSP tax guide
RRSPs provide tax benefits to Canadians, such as the RRSP tax deduction. Learn about RRSP taxes in our guide.
-
How to switch banks
Switching banks in Canada has never been easier—follow our guide to save time and money.
-
Best high-interest savings accounts in Canada for March 2025
Compare the best high-interest savings accounts in Canada to build a bigger bank balance.