Make Money by Switching Banks

The first website to show interest rates of every product of the Big Six banks in one place



Canada has 82 banks, of which 6 are among the world's biggest [Forbes] and the world's safest [Global Finance]. These 6 offer 38 different products with 60 combinations of interest rates from 0% to 1.5%, sometimes in tier [where interest earned is less than in a non-tiered product]. No single bank offers the maximum interest rate across the entire range.

The maximum effective interest rate offered by each bank in each range has been taken. The resulting plots chart the variation of interest rate over the entire range for each bank.

Watch the data change as you move from left to right over any chart. Or click Explore to create your own.

Use the information to earn the maximum interest rate and make money the safest way.

The WINNERS

Save with Bank of Montreal's Savings Builder [increase the balance by $200 each month] till CAD 5,000; then switch to Bank of Nova Scotia's Momentum Savings.

Notes:

Savings Builder: If you do not increase the balance by $200 in any month, you will earn a lower interest rate of 0.25% that month.

Momentum Savings: If you withdraw in any quarter, you will earn a lower interest rate of 0.75% [if balance $5,000 or greater] or 0.05% [if balance less than $5,000] that quarter.

Variation of interest rates over each range

Amounts in CAD on horizontal axis, interest rates in % on vertical axis


How much will you earn from your bank?

Amounts in CAD on horizontal axis, interest earned in CAD on vertical axis


Interest earned annually


Published by Sandip Panja

2016-Feb-14

Please provide your feedback to emailpanjas@ gmail.com

Wealth is measured in time, not dollars. It is the number of days you can afford not to physically work and still maintain your standard of living.