Our Methodology

How Ratepura Researches and Ranks Financial Products

Every comparison table on Ratepura is built on a consistent methodology designed to surface the best products for Canadian consumers — not the products that pay us the most. Here’s exactly how we do it.

How We Source Rates

Ratepura sources rate data directly from financial institution websites and published rate sheets. Our rate update process:

  • Frequency: Comparison pages are reviewed weekly for rate changes; articles are updated monthly or when a significant rate change occurs
  • Sources: Direct from institution websites (savings and GIC pages), publicly posted mortgage rate schedules, and credit card issuer terms pages
  • Automated monitoring: Our rate bridge system tracks rate changes at key institutions and flags updates for editorial review
  • Human verification: All rates are manually verified before publication and before any ranking change is made

Ranking Criteria by Product Category

High-Interest Savings Accounts (HISAs)

HISAs are ranked on the following weighted criteria:

  1. Regular posted rate (40%): Promotional rates are noted but ranked separately. We rank on the ongoing rate you’ll earn after any promotion expires.
  2. CDIC or equivalent provincial insurance (mandatory): An account must be insured to appear in our primary rankings. Non-CDIC accounts are clearly flagged with their provincial insurer.
  3. Monthly fees (30%): Accounts with monthly fees are penalized significantly in our rankings. A $4/month fee on a $10,000 balance costs $48/year — equivalent to 0.48% of return.
  4. Transfer flexibility (20%): Free, unlimited Interac e-Transfers score highest. Restrictions on withdrawals or transfers are noted.
  5. Minimum balance (10%): No-minimum accounts score higher than those with minimums.

GICs

GICs are ranked by annual percentage yield (APY) for non-redeemable terms. Redeemable GICs are ranked separately. Key criteria:

  1. Rate (60%): APY for the specific term being ranked
  2. CDIC or provincial insurance (mandatory)
  3. Minimum deposit (30%): Lower minimums score higher, enabling more Canadians to access the rate
  4. Availability (10%): Open to all Canadian residents, not just existing customers

Mortgages

Mortgage rates are compared by product type (fixed vs. variable) and term. Ranking criteria:

  1. Rate (50%)
  2. Prepayment flexibility (20%): What portion of the mortgage can be prepaid annually without penalty?
  3. Portability (15%): Can you take the mortgage to a new property?
  4. Lender reputation and stability (15%)

Credit Cards

Credit cards are evaluated by the net value to the cardholder after accounting for the annual fee:

  1. Net rewards value (50%): Value of rewards earned minus annual fee, assuming typical Canadian spending patterns
  2. Welcome bonus (20%): First-year effective value only; ongoing value is weighted more heavily
  3. Perks and insurance (20%): Travel insurance, extended warranty, purchase protection
  4. Eligibility accessibility (10%): Income thresholds and credit score requirements

Editorial Independence

Ratepura’s editorial team makes all ranking decisions independently of our affiliate partnerships. No institution may pay to improve its ranking, appear as a “top pick,” or receive preferred editorial treatment. Products that have affiliate relationships are ranked by the same criteria as products without them. If a product with an affiliate relationship scores poorly, it is ranked accordingly.

Content Review Schedule

  • Rate tables: reviewed weekly
  • Comparison page content: updated quarterly (or when products change significantly)
  • Bank and product reviews: reviewed annually

Suggest a Product

If you believe a financial product should be included in our comparisons, email us at hello@ratepura.ca with the product name, institution, and why you think it belongs on Ratepura. We review all suggestions.