Pick a Real Savings Account — Tickle & Compass

Money tip 01

Your savings account is barely paying you anything.

Switching costs nothing and takes about ten minutes — here's what to actually check first.

What actually matters

CDIC-INSURED

Deposits are protected up to $100,000 per eligible category at any CDIC member institution — a qualifying account is just as safe at a big bank or an online-only one.

NO MONTHLY FEE

A savings account should never charge you to hold your own money. If there's a monthly fee, it's a fee account that happens to pay a little interest.

The math

The gap adds up faster than people expect.

$5

per year on $10k at a typical big-bank rate near 0.05%

$300+

per year on the same $10k at a competitive ~3% HISA rate

Illustrative rates — check current ones before switching.

The catch to check

Watch for a promo rate that quietly drops.

Many "high interest" offers pay the advertised rate for the first 90–120 days only, then fall to a much lower standing rate. Find out how long the promo lasts before you move your money.

One more limit

CDIC coverage is per institution, not per account.

Holding more than $100,000 in savings? Splitting it across two separate CDIC member institutions keeps all of it insured — one account at one bank over the limit isn't fully covered.

Before you switch

Compare four things, not just the headline rate.

The standing rate after any promo ends, any minimum balance, how fast you can move money back out, and whether it's CDIC-insured. The big number in the ad alone tells you none of that.

Tickle & Compass

Save this, then check today's rates.

See the "Everyday banking" picks in our full breakdown for accounts that actually meet this bar.

See the full breakdown →

General information, not financial advice for your specific situation.