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Spending is fun. Savings is important. WhatBank helps you do both better!

Spending — Credit Cards

Canadians love credit cards. In fact, 93% of us have a credit card. They’re ubiquitous. Add yet, they’re super confusing. It’s difficult to compare cards and determine what’s the best one for you. Offers that read, “Get 120,000 Welcome Points”, or “5% cash back for groceries for the first three months” sound good, but are they? The bottom line is few people have the time to dig deep and figure it out for themselves. Most of us just want to know, “What’s best for me.” Thankfully, WhatBank does exactly that.

We even show you what happens when you don’t pay off your card in full every month — just like more than 41% of Canadians.

Unlike the vast majority of financial information, review and blog sites on the web, WhatBank isn’t here to sell you anything. In addition to often providing outdated information, many sites accept referral fees if you click from their site and sign up for a financial services product. Is that the best product for you, or was the site influenced in what they showed you or didn’t show you? You don’t know. WhatBank will never adopt a referral fee business model because it distort objectivity, no matter who you are.

What is Your Credit Card Doing For You?

Is your card creating the most value for you? That would be the WhatBank Gold coloured line in this graph.

Sample credit card simulator line graph image

Find out by trying WhatBank’s Credit Card Simulator to see if your current card is delivering you maximum value.

Savings — GICs and High-Interest Savings Accounts

To help you save so you can spend, WhatBank tracks the best Guaranteed Investment Certificates (GICs) and non-teaser high-interest savings rates in Canada.

WhatBank covers non-redeemable GICs. These are secure investments that guarantee 100% of your original investment, while earning interest at a fixed rate. The non-redeemable part means that your financial institution may not allow you to cash them in early. Even if they do allow it, there will be a financial penalty.

High-Interest Savings Accounts
More flexible than GICs, your money is not locked in with High-interest savings accounts. There are no penalties for withdraws. The interest rates are lower than GICs but the higher rates are usually found among Canada’s smaller banks and credit unions with Canada’s Big Six usually toward the bottom. Canada’s Big Six include: Royal Bank (RBC), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), Bank of Nova Scotia (Scotiabank), Toronto Dominion Bank (TD), and the National Bank of Canada

Good Stuff to Know About WhatBank’s GIC and High-Interest Savings Tables

  • WhatBank is not paid for referrals and has no reason to be biased
  • Sign up to receive email notifications when just the rates you care about change. GIC email example. High-interest savings email example
  • Rates are automatically updated daily
  • Interactive
    • Sortable by name, rate, and type of insurance
    • GIC Table — Select up to five banks and compare their yield curves
    • High-Interest Savings Table— Select up to five banks and compare their interest rate history
  • Use of data visualization techniques to help you compare the differences in interest rates
    • GIC - Saturation of cell colour proportional to rate
    • HIS - Bar graph proportional to interest rate
  • Mobile friendly
To see every GIC or high-interest savings rate change we see, follow WhatBank on Twitter.