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Methodology for savings accounts

We rate savings accounts on five key categories, including fees, perks and banking access.

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Emma Balmforth

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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

Accounts are evaluated on the five key categories outlined on this page. These categories are broken down into 16 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.

We rate accounts using a system of one to five stars, incremented in tenths of a star, with 5 stars being the best possible score.

★★★★★ 5/5 — Excellent

★★★★★ 4/5 — Good

★★★★★ 3/5 — Average

★★★★★ 2/5 — Subpar

★★★★★ 1/5 — Poor

Data points

Data points are weighed differently, depending on their importance. The 16 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
  • e-Transfer 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.

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Producer

Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio

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