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Ratehub logo’s Personal Finance Awards (PFAs)

Whether you’re a risk-averse saver looking to earn more interest or an investor with the goal of maximizing your portfolio while fending off fees, our PFA winners will bring you closer to achieving your financial goals.

Natasha Macmillan

If you’re looking to optimize your finances, you’ve come to the right place.

Over a million Canadians visit every year to compare the country’s top banking and investing accounts. Our Personal Finance Awards gives a special shoutout to the top products across a range of eight categories to simplify your search and help you make the most of your money. We've also rounded up our favourite credit cards for's 2023 credit card awards.

Best high interest savings account - Saven Financial High Interest Savings Account 

Our best high interest savings account for 2023 belongs to Saven Financial which had one of the highest interest rates on the market throughout 2022. In addition to their excellent rate, this savings account includes:

  • No monthly fees
  • No minimum balance requirements
  • Free transfers for withdrawals and deposits
  • User-friendly online portal

Best RRSP Savings Account - EQ Bank Retirement Savings Plan 

When it comes to the best RRSP for your money, our best bet (and reigning champion for the past 2 years) is the online-only EQ Bank.

EQ Bank’s Retirement Savings Plan Account leads the pack with the highest standard interest rate for 2022, giving you the most long-term bang for your buck when it comes to growing your money. Plus, it comes packed with other perks, including: 

  • CDIC insured, ensuring that your money is safe and protected by the Government of Canada
  • No monthly fees 
  • Simple account linking for automated contributions
  • Easy to use and no-hassle online portal

Best TFSA - EQ Bank Tax Free Savings Account  

Similarly to RRSPs, EQ Bank’s TFSA is Ratehub’s choice for best TFSA with the highest standard interest rate for 2022 amongst its competitors. This pick helps you grow your money tax-free even faster. This account comes with: 

  • CDIC insured
  • No monthly fees
  • Easy linking to internal or external accounts
  • User-friendly online portal

Best 1 year Non-Registered and Registered GIC - EQ Bank

Our winner for top 1 year non-registered and registered GICs is CDIC-backed EQ Bank. Their 1 year GICs offer industry leading rates (average interest rate for 2022) in addition to: 

  • $100 minimum investment (the lowest investment requirement compared to its peers, meaning the saving potential is more accessible)
  • No fees

Best 5 year Non-Registered and Registered GIC - Oaken Financial

Our winner for best 5 year non-registered and registered GICs is Oaken Financial, which is backed by Home Bank and powered by Home Trust Company. Their 5 year GICs offer the highest interest rates amongst its competitors. These accounts also come with: 

  • CDIC insured
  • No fees
  • $1,000 minimum investment requirement
  • Easy to use digital app

Best Big Bank GIC - Tangerine

As a digital bank, Tangerine has become a leader within Canada’s online banking industry and is our pick for the best big bank GIC. With a competitive and great interest rate, this account also offers:

  • CDIC insurance
  • Low minimum deposit 
  • Easy to open online

Best Online Brokerage - Questrade

Since its inception in 1999, Questrade has been a go-to online brokerage for Canadians looking for an accessible and affordable way to trade. For this reason, Questrade is Ratehub’s choice for best online brokerage for its second year. Here are some additional features you can expect with this online brokerage:

  • Exception customer service and experience on offerings, account opening, etc.
  • Top of the line mobile and desktop experience 
  • Strong commitment to financial literacy and educating its customers

One caveat to note with this brokerage is the potential for additional trading costs that can arise, including electronic communication network (ECN) fees and commissions charged to sell an exchange-traded fund (ETF).

Best Robo Advisor - Wealthsimple

For three consecutive years, we’ve selected Wealthsimple Invest as our best robo advisor, and the reasons are quite clear. 

Driven by a belief in passive, diversified investing, Wealthsimple Invest allows you to build a custom portfolio based on your risk preference while charging a low management fee. Here is what makes this robo advisor standout against its competitors:

  • No account minimums and low fees (0.5% for deposits up to $100,000 and 0.4% on anything above $100,000)
  • Offering a variety of account types (TFSA, RRSP, RESP, LIRA, RRIF, Personal investment accounts, and more)
  • Auto deposit and automated dividend reinvesting, allowing customers to earn more
  • Innovative and easy-to-use mobile site and app
  • Roster of financial experts for those moments when you just need a human to talk to

Best Crypto Exchange Platform - Coinsmart

Our winner for the best crypto exchange platform is CoinSmart, which was founded and built right here in Canada. This exchange currently lists sixteen cryptocurrencies and charges a low trading fee of 0.2% for buying or selling crypto with dollars. Some additional benefits of this crypto platform include: 

  • Publicly listed company in Canada and Germany
  • Low crypto trading fees
  • Customers can buy crypto with CAD, USD or EURO
  • User-friendly app
  • Instantly verified customer accounts
  • 24/7 customer support 


Best Student Bank Account - Scotiabank Student Advantage Plan

For the second year in a row, the Scotiabank Student Advantage Plan was ranked the best student bank account on Ratehub. Not only can you earn rewards when you use your debit card, this account includes a number of critical features for student banking:

  • No monthly fees
  • Unlimited transactions (e-transfers, withdrawals, bill payments, etc.)
  • No minimum balance requirement
  • Earn Scene+ points when using your debit card 
  • Includes a welcome bonus upon sign-up

Best Chequing Account - Simplii Financial No Fee Chequing Account 

The best chequing account goes to the online only Simplii Financial No Fee Chequing account. Although this is an online bank, it is associated with the Canadian Imperial Bank of Commerce (CIBC). Account holders have access to the following features:

  • No monthly fees
  • Unlimited online transactions, Interac e-transfers, and telephone banking
  • No minimum balance requirement 
  • Includes a welcome bonus upon sign-up
  • Access to CIBC ATMs all across Canada without any additional fees

2023 Personal Finance Awards Methodology

How do you determine the winners?

Best high interest savings account

Best RRSP savings account


Best non-registered and registered GIC

Best big bank GIC

Best student bank account

Best chequing account

Historical winners