- 1). Evaluate your personal lifestyle to determine your banking needs. Canada's banks offer various types of banking accounts with different features to meet the varying needs of provincial demographics. The most important lifestyle characteristics to consider include how you will want to access your money, and how many withdrawals you will need. Most Canadian banks allow you to access your money online, through an ATM or debit card, or through a physical bank branch. Certain banks offer all three options, while some only offer one access type. Additionally, most Canadian banks charge you varying fees depending on the number of withdrawals you make.
- 2). Navigate to the Financial Consumer Agency of Canada's online bank comparison utility (see Resources). Click "Bank Accounts Interactive Tool." The government agency monitors bank options in all 10 provinces and three territories, and uploads the data into an online database.
- 3). Enter your personal information, including the province in which you live. Click "View Account Results" on the bottom of the page.
- 4). Review the results. The government's tool will generate a list of all banking accounts for which you are eligible. Click the check box next to a banking option and press the orange "View" button to see more details. Write down the banks and bank account packages in which you are interested.
- 5). Visit Bankrate Canada, a free online tool for comparing bank rates. Click "GICs/Savings Home Page" in the left-hand menu bar. In the right-hand search box, type in the bank account package or bank name that you wrote down in Step 4. Note the bank's current rates.
- 6). Compare bank rates. Note that some banks may have higher rates and provide you with a more competitive interest potential, but may also charge more in access or account fees. Choose the bank that provides the best balance between high interest rates and low overhead costs.
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