Personal Banking – When you’re looking to open a new bank account, do you choose the first one that is presented to you? Do you stick with whatever your current financial institution offers?
Before choosing an account, it’s a good idea to explore your options and make sure you pick the one that best suits your needs. The Financial Consumer Agency of Canada (FCAC) has a new and improved tool to help you do just that.
The Account Comparison Tool compares features for different chequing and savings accounts, including monthly fees, the number and types of transactions, and interest rates. The free online tool includes information on over 150 chequing accounts and over 70 savings accounts from more than 30 banks and credit unions.
The FCAC also regularly ensures participating financial institutions keep their information up to date and accurate for consumers. You can make a more informed decision in knowing that the tool is unbiased because it doesn’t promote or endorse any particular product.
Finding the right bank account depends on your personal financial circumstances and the account features that matter to you. This tool will dig through all of the information available and provide you with a list of bank accounts that meet your selected criteria, allowing you to make a better decision. With the research done, you can focus on choosing the chequing or savings account that’s right for you.
Find the tool online at canada.ca/financial-tools