TORONTO, Feb. 1, 2016 - RateHub.ca, one of Canada's leading sites for comparing financial products, has expanded into banking comparisons with a tool that empowers Canadians to choose the best rates for their savings accounts. RateHub's bank account comparison table is the only tool that allows Canadians to see how teaser or promotional rates stack up against the best everyday interest rates available in the market.
With the recent announcement of Equitable Bank launching its digital bank, EQ Bank, with a no-strings-attached 3% high-interest savings account, there's clearly a movement towards simpler, better products. The Savings Plus Account—EQ Bank's first product—has no minimum balance requirements, monthly fees or teaser promo periods; has unlimited day-to-day transactions, 5 free Interac e-Transfers® per month and is currently offering the highest first-year return among all banking accounts on RateHub.ca.
"Transparency and clarity are key. We're calling out misleading teaser and promo rates to give our users the most complete picture of what's available to them. Moreso, we hope that as more Canadians comparison shop online and use tools like ours, it will push the big banks to develop products that are competitive without the gimmick," said Alyssa Furtado, Founder and CEO of RateHub.ca. "Understanding how rates and fees translate into real dollars, and being able to compare competitive rates in one place will allow Canadians to maximize earnings on their savings."
According to RateHub's Digital Money Trends Report, which was released earlier this year, 63% of survey respondents said they don't believe they've been offered the best rates for their investments from their primary financial institution, 57% said they shop around for better rates and promotions, and 43% said they do not understand the interest rates and fees they pay on their investments.
Digital Money Trends Report Facts
The 2015 RateHub.ca Digital Money Trends Report combines website user data with survey results to provide a current picture of how Canadians are managing their finances, how their perceptions compare to actual behaviour, and how they use financial technology.
- Canadians search for words related to high-interest savings accounts more than 25,420 times per month.
- 81% of survey respondents hold two or more bank accounts.
- 92% of respondents say they save at least some money each month, 59% save more than 10% of their pre-tax income and only 18% save 25% of their pre-tax income.
- Respondents are saving for an average of 2.5 different goals, with retirement being the most common (75%) followed by an emergency fund (49%), a major purchase (32%), and a home down payment (31%).
Founded in 2010, RateHub.ca started as a search engine for Canada’s best mortgage rates with three employees. Five years later, RateHub.ca now has more than 30 employees in four ofices across Canada and services 300,000 monthly website users seeking the best deals on financial products.
For further information: Contact Information and Resources, Nicole Laoutaris, Communications Manager, 1-800-679-9622 | Nicole@ratehub.ca
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