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The Best Canadian Savings Account in 2019

RateSupermarket.ca recently named the winners of its 2019 Best of Finance awards, an annual audit that selects the leading credit card and banking products in Canada. Edmonton-based Motive Financial was named “Best Savings Account” thanks to its competitive high-interest savings account (HISA) product.

A division of Canadian Western Bank, Motive Financial is an online and mobile-only service that can be accessed through web browser and mobile app. As an online bank, Motive does not operate any physical branches, instead favouring a direct and dedicated route to customers. Account holders can perform all transactions and banking needs from any location providing there is a secure internet connection.

When performing daily transactions such as purchases, a credit card or chequing account is an ideal option. However, for those looking to save additional money a HISA is a fantastic savings tool. High-interest savings accounts are an excellent aid for fulfilling short-term and long-term savings goals.

By keeping it simple and online, Motive Financial has been able to offer a leading high-interest savings account with low service fees and competitive rates. Called the Motive Savings Account, the HISA is notable for having tiered interest rates. Customers who invest under $1 million receive an interest rate of 2.80%, while those investing over one million receive a 0.25% HISA rate.

Because Motive Financial is a division of Canadian Western Bank, the money saved by investors is protected by the Canadian Deposit Insurance Corporation.

Best of Finance Awards

RateSupermarket.ca runs the Best of Finance awards annually. This is the sixth time the award has run. The rate comparison website analyzes credit cards and banking products from around Canada. From cash back, rewards, and other incentives such as favourable interest rates, the list highlights which banking services are currently outperforming the others.

Over the years, the Best of Finance awards have become an important tool for consumers, who increasingly understand that the credit card, mortgage, or savings account they choose can directly affect their finances. Personal finance and credit can often be daunting for customers, especially because everyone has specific needs and budget. Research has become a vital component of personal investment and choosing the best product has become imperative.

RateSupermarket.ca’s Best of Finance awards can help to sort the best companies from those that are underperforming. Each year, RateSupermarket.ca factors interest rates, balance transfer rates, annual fees, and other options to ensure the most concise results. Furthermore, the company pours over the fine print of banking and credit solutions to find the products that not only provide the most cash value but are also the most secure.

Comparing savings accounts

A high-interest savings account (HISA) is excellent for helping to achieve savings goals, whether it’s saving for next year’s vacation or something longer term. Evaluating savings potential before investing in a HISA is a good practice as it gives an overview of an individual’s financial capabilities. A Savings Calculator tool allows users to input their desired savings goal and see how much interest they will earn over a set timeframe.

By comparing HISA and other savings accounts, investors can find the best solution that matches their specific needs and savings goals. With the RateSupermarket.ca tool, customers can see the leading savings account providers from across the country in seconds.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.

By Sheena Jordan
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