OTTAWA , April 25, 2008 – The Financial Consumer Agency of Canada (FCAC) today launched a new and easy-to-use Web comparison tool on savings accounts. The Savings Account Selection Tool was designed to help Canadians find the best savings account for their banking needs and habits.
"Savings accounts are one of the easiest and safest options if you want to put money aside for a special project or build yourself a safety net," said FCAC Commissioner Ursula Menke. "However, there are numerous types of savings accounts available on the market, and it can be a challenge to choose among them. FCAC's new on-line comparison tool makes it easier for Canadians to sort through the information and choose the best savings account for their needs."
The new Web tool is the latest addition to FCAC's popular Cost of Banking Guide. It allows consumers to zero in quickly on a short list of savings accounts and compare them in detail. Users can compare features such as transaction fees and interest rates. The application draws on FCAC's database of 41 savings accounts offered in Canada by 21 financial institutions, including on-line savings accounts from a virtual bank or a traditional bank.
The Savings Account Selection Tool first asks users a few simple questions: which province or territory you live in and what minimum balance you could keep in the account. Users click on the appropriate answers and the Web tool uses this information to quickly narrow the search. In just a few steps, consumers can retrieve a list of savings accounts based on their answers. From the list, they can then select several accounts for detailed comparison.
"When shopping around for a savings account, consumers should pay attention to the features and fees associated with the product, just as they would do for their regular banking package," said Commissioner Menke. "Savings accounts can sometimes be accompanied by restrictions on the types of transactions you can make, fees for particular types of transactions and delays for transfers between accounts. I encourage Canadians to use our savings accounts comparison tool, which provides them with all this important information at the click of a mouse."
The savings accounts comparison tool and additional information on how these accounts work are available on-line under FCAC's Cost of Banking Guide section and can be easily downloaded.
For more information about bank accounts, consumers can consult FCAC's useful tip sheets entitled Shopping Around for a Personal Bank Account and Tips About Low-Cost Bank Accounts. Consumers can also refer to FCAC's Cost of Banking Guide information kit and interactive tool, which compares the fees and features of over 100 banking packages available through 18 financial institutions in Canada.
For more information, visit FCAC's Web site at www.fcac.gc.ca or moneytools.ca, or call toll-free at 1-866-461-3222 (1-866-914-6097 for TTY service for the deaf or hard of hearing).
FCAC ensures compliance with the consumer protection laws, and monitors codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies. FCAC also provides consumers with accurate, objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with federally regulated financial institutions.
