Compare the Best Savings Accounts in Canada - MoneySense

Compare the Best Savings Accounts in Canada

Find the best high-interest, TFSA, or RRSP savings account for you

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How to use this tool: You can simply scan the savings account comparison table below to view interest rates offered by financial institutions across Canada. Or, input your estimated account balance and compare between high-interest savings accounts (HISA), tax-free savings accounts (TFSA), registered retirement savings plan accounts (RRSP) and youth savings accounts. This finder ranks savings accounts by their first year return based on the information you’ve keyed in, to help you find the best account for your financial needs.

Regular savings accounts offer very low interest rates, so if you want to earn on your deposits (rather than simply use your account as a temporary “holding tank” for funds you’ll soon be using for purchases, or directing to longer-term saving and investing vehicles), a high-interest savings account is a no-brainer. When shopping for the best product for your needs, there’s more to consider than just the interest rate. So you can make an informed decision, in addition to using the finder tool to compare the fees and features of several different options available, you can scroll down to read six editors’ picks for the best high-interest savings accounts in Canada.

Best Savings Account Finder

Canada’s best high-interest savings accounts

Rates as of June 28, 2019

Best regular interest rate at an online bank

Motive Financial Savvy Savings Account*

Motive Financial, the online banking division of Canadian Western Bank, offers the highest regular interest rate on this list. As such, your eligible deposits are held at Canadian Western Bank, and protected by the Canada Deposit Insurance Corporation (CDIC; see details below). There’s no monthly fee and account holders get two free monthly withdrawals; additional transactions with cost you.

  • Promotions: None
  • Interest rate: 2.80% on deposits up to $1,000,000; rate drops to 0.25% on deposits over $1,000,000
  • Minimum balance: None
  • Free transactions per month: 2 free monthly withdrawals ($5.00 charged per additional transaction)
  • Fee for Interac e-Transfers: $1.00 per outgoing transfer (no fee charged to receive)
  • Fees for extras: $1.50 charged per withdrawal though non-Exchange ATMs
  • CDIC insured: Eligible on deposits up to $100,000 in Canadian funds that are payable in Canada and have a term of no more than 5 years
  • Other restrictions: Not available to residents of Quebec

Best regular interest rate at a credit union

MAXA Financial High Interest Savings Account*

MAXA is a division of Westoba Credit Union, located in Manitoba, but their accounts are open to all Canadians, and offer an impressive 2.45% interest rate on savings. There’s no fee, but account holders can expect to pay service charges for many transactions.

  • Promotions: None
  • Interest rate: 2.45%
  • Minimum balance: missing info
  • Free transactions per month: First debit of each month free
  • Fee for Interac e-Transfers: $2.00 per transfer domestically; $5 per transfer internationally
  • Fees for extras: $1.50 per debit except on the first of each month
  • CDIC insured: No, but all deposits guaranteed by the Deposit Guarantee Corporation of Manitoba, with no dollar-amount limit
  • Other restrictions: Online interface is dated

Best for interest rate sand no service fees

EQ Bank Savings Plus Account*

EQ Bank is owned by Equitable Bank, a Canadian institution in business since 1970. Another in the burgeoning online space, EQ Bank is offering a 2.30% return on their Savings Plus accounts. There is no fee for the account and no minimum balance. All services, including Interac e-Transfers, are free.

  • Promotions: None
  • Interest rate: 2.30%
  • Minimum balance: None
  • Free transactions per month: Unlimited
  • Fee for Interac e-Transfers: Free
  • Fees for extras: None
  • CDIC insured: Eligible on deposits up to $100,000 in Canadian funds that are payable in Canada and have a term of no more than 5 years
  • Other restrictions: There’s a maximum balance of $200,000 per customer; paper statements are not available

Best eSavings account

Alterna Bank High Interest eSavings Account*

Alterna Bank has been around since 2000, developed as a subsidiary of Alterna Savings, a 110-year old credit union. Since Alterna Bank’s inception, it’s appeared on a lot of best-of lists for their its innovative banking. The Alterna Bank High Interest eSavings Account is accessible through online and mobile app, and offers an extremely healthy 2.30% on deposits. Even better, there are no minimums and no fees.

  • Promotions: None
  • Interest rate: 2.30%
  • Minimum balance: None
  • Free transactions per month: Unlimited
  • Fee for Interac e-Transfers: Free
  • Fees for extras: None
  • CDIC insured: Up to $100,000, as long as deposits are in Canadian funds, payable in Canada, and have a term limit of no more than 5 years
  • Other restrictions: None


Best promotional rate

Tangerine Savings Account

Tangerine’s rates are so good that, at 1.20%, their regular savings account qualifies as high-interest. This account is terrifically flexible. It doesn’t require a minimum balance, and there are no fees or service charges. The entire Tangerine banking experience is simple and friendly, and their savings offerings are the same. Account holders can set up an Automated Savings Program online to help plan and meet savings goals. 

  • Promotions: 2.75% for the first 6 months
  • Interest rate: 1.20%
  • Minimum balance: None
  • Free transactions per month: Unlimited; free unlimited deposits and withdrawals at Tangerine or Scotiabank ABM Network bank machines in Canada; no surcharge or access fees on withdrawals from Global ATM Alliance machines internationally
  • Fee for Interac e-Transfers: Free
  • Fees for extras: None; no cost for paper statement, if desired (sent quarterly)
  • CDIC insured: Eligible on deposits up to $100,000 in Canadian funds that are payable in Canada and have a term of no more than 5 years
  • Other restrictions: None

 

Best tiered interest savings account

Scotiabank Momentum Plus Savings Account*

With tiered earnings on interest starting from a healthy 1%, this product acts like a GIC, giving account holders the opportunity to save more just by leaving their money alone—but with the freedom to make withdrawals if you need to. Deposits stashed for 90 days will earn an extra 0.60%, provided no debut transactions have taken place during that time; if you can leave your balance untouched for 360 days, savings are eligible for an additional 1.00% interest. The account is no-fee and self-service transfers are unlimited. 

  • Promotions: None
  • Interest rate: 1.00%, with the opportunity to add up to an additional 1.00% on top of that
  • Minimum balance: None
  • Fees for extras: $5.00 per debit transaction that is not self-service
  • Free transactions per month: Unlimited for self-service transfers
  • Fee for Interac e-Transfers: Free
  • CDIC insured: Eligible if in Canadian Currency with a term of 5 years or less and payable in Canada
  • Other restrictions:  No paper statement available

 

What does the * mean?

If a link has an asterisk (*) at the end of it, that means it’s an affiliate link and can sometimes result in a payment to MoneySense which helps our website stay free to our users. It’s important to note that our editorial content will never be impacted by these links. We try our best to look at all available products in the market and where a product ranks in our article or whether or not it’s included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy.