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Email this10:57 am
October 27, 2013
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I notice the various comparison charts and 'general language' default to the word 'banks' when such lists include both credit unions and banks. Unless a person looks carefully at the line on Deposit Insurance, it is easy for a reader to assume 'they' are all interchangeable and potentially equal. I don't think credit unions are in the same league as CDIC insured banks, particularly from the perspective of quality and robustness of deposit insurance. I would suggest one of two things:
1) Separate the lists into CDIC insured Banks and Credit Unions, or if this fragments the purpose of this site too much, then...
2) Provide more clarity via differentiation, i.e. use the word 'bank' judiciously and make corrections to the appropriate headings, i.e. say 'Banks/Credit Unions' rather than just 'Banks'.
12:14 pm
December 12, 2009
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I would fully support this additional clarity, AltaRed. You're quite right about the various provincial deposit insurance regimes not necessarily being in the same league (some provincial deposit insurance regimes are not even backed/guaranteed by their own province).
My preference would be for the second option you suggested, only because I do like being able to include credit unions and banks when I sort by rate in ascending order (highest at the top, lowest at the bottom).
To accomplish this, I'd suggest renaming the "Bank" column to "Financial Institution". In addition, I'd add an asterisk (*) after "institution" and then at the bottom, an additional disclaimer to note that the reader should be cognizant of the varying issuers of deposit insurance "guarantees", whether through the federally-mandated CDIC, provincial deposit insurance and whether or not they are government-backed and guaranteed. 
Would that work, AltaRed?
Thanks for your feedback!
Cheers,
Doug
2:21 pm
October 27, 2013
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That would work for me.
2:29 pm
December 12, 2009
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That's great, AltaRed. I'm sure Peter will see this thread soon and decide whether to make the changes. Hopefully he will, now that your "motion" has been "seconded". LOL 
As well, I just noticed the name on this site is, "Canadian High Interest Savings Bank Accounts", is that for SEO purposes, Peter, or could the site's name/[title] tag be renamed to simply, "Canadian High Interest Savings Accounts"? I think it would still place favourably in the Google search results without the word "bank", whether be search for "canadian high interest savings accounts" or "canadian high interest bank accounts", most people don't search by matching all keywords in that exact order. Some additional "food for thought", but would add greater clarity to what AltaRed also suggested (and I supported).
Cheers,
Doug
7:27 pm
May 15, 2007
Online
Thanks for the feedback and suggestions!
I've gone through the site and tried to replace "bank" with "bank / credit union" or "financial institution". On the main comparison chart, we do have a specific column to indicate whether the financial institution is a credit union and a footnote about insurance. I could definitely update that wording if there are any specific suggestions.
Regarding the usage of "bank accounts", that wasn't SEO so much as just the vocabulary that I was used to when I originally created the site I've decided to leave that for now, because I believe that "bank account" in popular usage does not need to distinguish between the type of financial institution.
8:38 am
October 27, 2013
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That all looks fine to me. The comparison chart is good as is. Thank you.
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