Our Process

How we research & verify our guides

Every interest rate we publish is verified directly with the financial institution before it appears on LoonieSmart. Here’s exactly how we do it.

Last updated: March 2026

Why methodology matters for a finance site

Canadian interest rates change more frequently than most people realise. A savings account that paid 3.00% last month may pay 2.75% today. A promotional rate that was 5.00% in January may have expired entirely by March.

For this reason, we treat every rate we publish as a fact that needs verification — not a number we can copy from another website or pull from memory. Our goal is to be the most accurate, up-to-date source for Canadian savings rates, not just one of many that republish the same potentially outdated numbers.

Our step-by-step research process

1

We identify the accounts worth comparing

For each guide, we research the most relevant Canadian financial accounts in that category — focusing on those with competitive rates, low or no fees, and strong deposit protection. We consider both major banks and smaller online-first institutions.
2

We visit each institution’s website directly

Every rate we publish is taken from the financial institution’s own published materials — their product pages, rate schedules, or official terms and conditions documents — on the date we verify it. We do not rely on third-party aggregators, rate databases, or other financial websites as primary sources.
3

We verify CDIC membership at cdic.ca

Before including any account in a comparison, we check whether the institution is a CDIC member at cdic.ca. Accounts backed only by provincial credit union insurance are clearly labelled as such. We never present a provincially-insured account as having federal CDIC protection.
4

We record the date of verification

Every guide displays the date on which rates were last verified. This allows readers to know whether the information is current before acting on it.
5

We update every guide monthly

At the start of each month, we revisit every published guide to check for rate changes, new products, and withdrawn offers. Any changes are updated immediately, and the verification date is updated to reflect the new check.

How we rank and score accounts

Our rankings are based entirely on the following criteria, weighted approximately as shown:

📈

Everyday interest rate (40%)

The rate you earn on an ongoing basis — not a short-term promotional rate. We weight this heavily because it determines your long-term earnings.

💸

Fees (25%)

Monthly fees, transfer fees, and minimum balance requirements. A 3.50% rate with a $19/month fee may be worse than a 2.75% rate with no fees, depending on your balance.

🏦

Deposit insurance (20%)

We strongly prefer CDIC-member institutions over those with only provincial credit union insurance, and we clearly distinguish between the two.

⚡

Accessibility (15%)

How quickly you can access your money, whether transfers are free, whether there’s a mobile app, and whether there are any lock-in periods.

Our editorial commitment: Affiliate relationships do not influence rankings. A product that pays us a higher commission will never rank above a genuinely better product. If a product we have no commercial relationship with is the best option, we will rank it first and say so clearly.

What we don’t do

To maintain the integrity of our guides, we have a firm policy of not doing the following:

We do not accept payment to change a ranking or add a product to a comparison guide
We do not publish rates we have not independently verified
We do not present promotional rates as everyday rates without clearly labelling them
We do not hide or downplay the weaknesses of affiliate products

Spotted an error?

Despite our best efforts, rates change faster than we can always catch. If you notice a rate or fact that appears outdated or incorrect, please let us know. We take every correction seriously and update our guides within 24 hours of a verified error being reported.