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I tried Google to seek high-rate savings accounts, which effected websites like https://www.highinterestsavings.ca/chart/, the broadness, newness, and reliability of which I doubt, because for example, these websites don't clarify which recommendations offer governmental protection as below. Contacting each bank or credit union separately would prove unproductive, so what could one do? Are there any databases or directories?

Outside of Quebec, Canadians can open an account with any of the above institutions online.

Pay special attention to the ones not covered by CDIC deposit insurance. If the financial institution is a CDIC member, your savings are covered up to $100,000 if your bank fails. If your savings are not covered then you might lose them.

Deposits in Manitoba credit unions are covered by the Deposit Guarantee Corp. of Manitoba. For credit union savings in Ontario, you are covered for up to $100,000 on eligible deposits by the Deposit Insurance Corp. of Ontario.

Update 2015 Jan 12: User Penelope Graham beneficiently corrected me that https://www.ratesupermarket.ca/blog/best-finance-2014-best-bank-accounts-canada/ does inform on governmental protection, but an inconvenience remains because you must click on each product page to espy this. So I prefer a list which already shows this on the same page.

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    Unproductive? Just consult the CDIC. You shouldn't trust who claims to be covered, anyway. – Chris W. Rea Jan 10 '15 at 3:48
  • thank you for including RateSupermarket.ca's annual Best of Finance ranking of bank accounts in your post. To clarify, your claim that we do not include information on which banking products are CDIC insured is not correct - this information is included directly on the banking product page. In the case a banking product is not CDIC-insured (for example, a smaller lender or some credit unions), it will be covered by a provincial deposit insurance body. If you have any further inquiries regarding our bank account ranking, I would be happy to answer them. - Penelope Graham, Editor, RateSupermarke – user24651 Jan 12 '15 at 14:23
  • @PenelopeGraham Ms Graham, I thank you for your correction as the inclusion was my pleasure . I've rectified and updated my OP above. Is it better? Please advise if you can help with that inconvenience. – Greek - Area 51 Proposal Jan 12 '15 at 22:37
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Searching for Banks or Credit Unions based on their high interest accounts is likely to be a giant waste of your time. The highest you might find is 1.5% not clearing inflation. For anything less than 100k youre better off putting it in a money market fund until you know what you want to do with it, which you can find anywhere.

  • This isn't an answer to the question. – DJClayworth Nov 3 '15 at 16:36

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