How NerdWallet Canada Evaluates and Selects Financial Products

Our credit card evaluation philosophy

What’s helpful to know about our credit card evaluations:

Evaluations are based on proprietary formulas that take into account the value of a card’s benefits, the costs of carrying and using the card, the complexity of the card’s benefits structure and other factors that affect its usefulness to the consumer.

Different categories of cards are evaluated using different formulas, called rubrics. The factors that make something a great cash-back card, for instance, are different from the factors that make for a great travel credit card. Therefore, you may see multiple cards on a best-of list that are scored using different rubrics.  

Each card is evaluated according to its primary category. A cash-back card that happens to offer a balance transfer promotion as a secondary benefit, for example, would be rated as a cash-back card.

NerdWallet’s business relationships have no effect on evaluations. Many of the credit cards described on our pages are offered by NerdWallet Canada partners, but the evaluations are determined only by the features of each card. Check out our editorial guidelines to learn more about how we remain objective in our evaluations.

Our four credit card scoring methodologies

Not all cards can be judged by the same metrics. What makes a cashback card great, may not apply to a secured card, for example. To get the most accurate credit card evaluation, we score a card using one of our four rubrics:

• Rewards card rubric.
• Low-rate card rubric.
• Prepaid card rubric.
• Secured card rubric.

A card is first run through its specific rubric, and then weighted against the cards in its corresponding group to determine a star rating. Star rating groups include: 

• Cash back cards.
• Points/Travel cards.
• Balance transfer cards.
• Student cards.
• Co-branded cards.
• Business rewards cards.
• Business low-rate cards.

1. Best rewards credit cards evaluation methodology

The rewards credit cards rubric takes into account rewards, intro offers, fees and interest when evaluating cards, using the following weighting.

2. Best low-rate credit cards evaluation methodology

The low-rate credit cards rubric takes into account rewards, intro offers, fees and interest when evaluating cards, using the following weighting.

3. Best secured credit cards evaluation methodology

The secured cards rubric takes into account rewards, intro offers, fees, interest and secured card specifics when evaluating cards, using the following weighting.

4. Best prepaid cards evaluation methodology

The prepaid cards rubric takes into account rewards, intro offers, fees, interest, prepaid card specifics and special perks when evaluating cards, using the following weighting.

Best credit card methodology: Deeper dive

Best credit card selections

Scores are generated for each set of criteria, with a maximum number of available points per section. Cards with the highest total scores are selected for inclusion on the best credit card list.

Selections are re-evaluated on a regular basis, or any time a new credit card becomes available, to ensure accuracy for our readers.

Our banking product evaluation philosophy

What’s helpful to know about our banking evaluations:

Evaluations are based on proprietary formulas that factor in the overall value of a banking product — the costs of holding and using the product, product offer value and terms, interest rate and other features that affect the product’s benefit for our readers. 

Investment, chequing and savings account products are evaluated using different formulas, called rubrics. The factors that make a great savings account, for instance, are distinct from the ones that make a best student chequing account. Therefore, you will see each product category using a unique rubric to score products. 

All banking products considered for the various category lists are available to Canadians in more than one province. Selections are re-evaluated on a regular basis, or any time a new banking product becomes available, to ensure accuracy for our readers.

NerdWallet’s business relationships have no effect on evaluations. Many of the banking products included on our pages are offered by NerdWallet Canada partners, but the evaluations are determined only by the features of each product. Check out our editorial guidelines to learn more about how we remain objective in our evaluations.

Our savings account scoring methodology

The best savings accounts rubric analyzes the overall value of the registered and non-registered savings accounts based on annual percentage yields, fees, deposit and transaction requirements and other factors. 

To select the best savings accounts in Canada, NerdWallet Canada examines over 180 currently-available high interest savings accounts (HISAs), tax-free savings accounts (TFSAs) and registered retirement savings plans (RRSPs) from over 40 financial institutions. The best savings accounts are selected using following criteria and relative weights:

Our GIC scoring methodology

The best guaranteed investment certificates (GICs) rubric analyzes the overall value of the short- and long-term GICs based on annual percentage yields, minimum deposits, intro offers and other benefits. 

To select the best GIC rates in Canada, NerdWallet Canada examines over 280 currently-available fixed-rate, non-registered and non-redeemable guaranteed investments from over 40 financial institutions. The GICs offering the best rates are evaluated considering following criteria and weighting:

Our chequing account scoring methodologies

Each chequing account is judged based on relevant criteria. The features that make a great no-fee chequing account, may not apply to the best chequing account offer, for example. To get the most accurate chequing account evaluation, we score accounts using one of our four rubrics:

• Chequing account offers and promotions rubric.
• No-fee chequing account rubric.
• Senior bank account rubric.
• Student bank account rubric.

To determine the best overall chequing accounts, across the various account categories, each chequing account is first run through a specific rubric. It is then weighted against the accounts in its corresponding category to judge if the account qualifies for selection as a best chequing account. 

Best chequing account offers and promotions evaluation methodology

The chequing account offers and promotions rubric factors in intro offers, fees, number of transactions and product benefits when evaluating accounts, using the following weighting:

Best no-fee chequing accounts evaluation methodology

The no-fee chequing accounts rubric factors in fees, minimum balance requirements, number of transactions when evaluating accounts, using the following weighting:

Best senior bank accounts evaluation methodology

The senior bank accounts rubric takes factors in fees, minimum balance requirements, ways to bank and number of transactions when evaluating accounts, using the following weighting:

Best student bank accounts evaluation methodology

The student bank accounts rubric factors in intro offers, fees, minimum balance requirements, number of transactions and special perks when evaluating accounts, using the following weighting:

Best overall chequing accounts methodology

The best chequing accounts rubric examines the overall value of the accounts based on intro offers, fees, minimum balance requirements, number of transactions and unique perks when evaluating accounts for specific types of consumers.

To select the best chequing accounts in Canada, across a variety of account types, NerdWallet Canada gathers nearly 30 data points on over 130 currently-available chequing accounts. The criteria and their relative weights include: