RateSupermarket.ca Best of Finance in Canada 2012
Savvy personal finance shoppers want to know: What are the very best finance products on the market? It’s a question RateSupermarket.ca strives to answer for Canadians: introducing our first annual Best of Finance in Canada 2012.
What are the Best of Finance Awards?
Although the “best” might mean different things to different people, RateSupermarket.ca has taken a snapshot of the 2012 market to handpick the best personal finance products in Canada from the following categories: Credit Cards, Mortgage Rates, Life Insurance, Bank Accounts, GICs, and Online Trading.
Best of Finance Selection Process
Finding the best financial product for your needs goes far beyond the lowest rate (though we know you love a great deal!). That’s why a number of factors were considered when setting the standard for the top product picks:
1) A competitive rate: Who doesn’t love getting a great deal for less? While the lowest rate doesn’t always equal the best product, neither does price gouging. We identified products that are offered at a consumer-friendly price, and are competitive with others in their category.
2) Best overall value: Products that offered the best return on both investment and time were considered for the top spots, along with user-friendly convenience and intuitive features.
3) Best features: Products that provided great all-around perks were given favour to those that simply boasted a low rate or high return.
4) Ease of use: Hidden fees and red tape need not apply - product picks were selected for their straightforward payoff, and fulfillment of consumer needs.
Best of Finance Category Winners
The Best Reward Credit Cards 2012
- Cash Back No-Fee Credit Card:Smart Cash MasterCard® Credit Card
- Cash Back Fee Credit Card: Scotia Momentum® VISA Infinite
- Travel No Fee Credit Card: Capital One Aspire Travel Platinum MasterCard
- Travel Fee Credit Card: RBC Royal Bank® Visa Infinite† Avion®
- Specialty No Fee Credit Card: Scotiabank SCENE Visa Card
- Specialty Fee Credit Card: American Express Gold Rewards Charge Card
The Best Low Interest Credit Cards 2012
- Low Interest No Fee Credit Card: MBNA TrueLine MasterCard
- Low Interest Fee Credit Card: Scotiabank Value® VISA card
- Low Balance Transfer: Platinum Plus® MasterCard® Credit Card
The Best Credit Cards 2012 - Other
- Best Student Credit Card: Scotiabank SCENE Visa
- Best New Credit Card: Scotiabank Gold American Express Card
The Best Mortgages 2012
- Lowest 5 Year Fixed Mortgage Rate of 2012: 2.76%, offered by Advent Mortgage Services (featured November 29, 2012, available in Ontario)
- Lowest 5 Year Variable Mortgage Rate of 2012: 2.40%, offered by True North Mortgages (featured September 28, 2012, available in Alberta)
- Most Popular Mortgage Rate of 2012: BMO 5 year fixed 2.99%
The Best Bank Accounts 2012
- Best Savings Account 2012: Ally High Interest Savings Account
- Best Chequing Account 2012: ING THRIVE
- Best Student Account 2012: RBC Student Banking
- Best Children’s Account 2012: ING Children’s Savings Account
- Best Tax Free Savings Account 2012: Canadian Tire
- Best Seniors Account 2012: Scotia Plus Program for Seniors
Investing
- Best 5 Year Term GIC Rate 2012: ICICI 2.85%, 5-year term
- Best Online Discount Brokerage 2012: Questrade
Click here to learn more about our Best of Finance 2012 Product Picks!
Learn More About the Best Financial Products
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