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Compare bank interest rates online

Save for your future with an account that helps your money grow.

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EQ Bank Savings Plus Account

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  • Earn 1.25% interest
  • Free transactions
  • Zero everyday banking fees
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Keeping your savings in an account with a high APY is the easiest way to increase your funds — but the most competitive rates come from banks you can’t visit.

How do interest rates impact me?

There are 2 types of interest rates:

  • APY. Annual percentage yield is the amount you earn per year on your savings. A high APY will help your savings grow year over year.
  • APR. Annual percentage rate is the amount you pay on debt. A low APR will help you save money on your mortgages or loans.

Bank of Canada interest rate forecast

Interest rates from banks vs. credit unions

Banks are for-profit businesses, while credit unions operate as nonprofits. A credit union is owned by its members, who may have something in common (for examples, teachers or retired military members) or who may simply all be members of the financial institution.

While this can sometimes mean more competitive interest rates, both on savings products and loans, that isn’t always the case. Large credit unions can operate like big banks, using high loan rates to help pay for growing overhead costs. Smaller credit unions can use money earned from interest to give back to the community rather than sharing it with members — making them altruistic, but not financially competitive.

Find out how much you can earn with our savings calculator

Brick-and-mortar banks vs. online banks

Online banks tend to have the most competitive interest rates, but you don’t get the same personalized service you would in a branch. All reputable online banks will have a number you can call for help, but it’s usually not as convenient as being able to walk into a branch.Man thinking with question marks above his head

The Big Five

TD Canada Trust, CIBC, RBC, BMO and Scotiabank are collectively known as the “Big Five” because they’re the largest and most recognizable banks in the country. If you live in a metropolitan area, each of these banks probably have a branch within a kilometre at least, making them the most accessible option.
When it comes to interest rates, though, they’re the least competitive. Savings accounts and Guaranteed Investment Certificates (GICs) at Big Five banks generally have APYs at or below the national average. Loan rates are similarly unfavorable. Here are some examples of rates for popular products:

BankSavings Account*5-year GIC*Credit card*Personal loan*
TD BankTD High Interest Savings Account
  • Earn interest with a tiered-rate system beginning at 0.05% with a minimum balance of $50,000
TD 5-year Stepper GIC:

Effective annual interest rate of 1.85%

TD Cash Back Visa Card:19.99% on purchasesTD Bank Personal Loans:8.83% – 16.03%
CIBCCIBC eAdvantage High Interest Savings Account
  • 0.02%
CIBC Cashable Escalating Rate GIC:

Effective yield of 1.15%

CIBC Aventura Visa Card: on purchasesPersonal loan
  • Rate is based on your personal circumstances and whether you have collateral.
BMOBMO Smart Saver Account
  • 0.05%
BMO GIC:

Rate for the 5 years - under 6 years payment option is 1.6%

BMO CashBack Mastercard:19.99% on purchasesPersonal loan
  • Rate is based on your personal circumstances and whether you have collateral.
ScotiabankScotiabank MomentumPLUS Savings Account
  • 0.1% regular interest rate
  • You can earn an interest rate of 1.1% when you leave your money in your account for the maximum amount of time
Scotiabank 5-Year GIC:1.2%Scotiabank Value Visa Card:12.99% on purchasesScotia Plan Personal Loan
  • The maximum APR is 19.50% (with no collateral)
RBCRBC High Interest eSavings Account
  • 0.05%
RBC 5-year Redeemable GIC:
Interest Paid at Maturity, Semi-Annually, Annually or at Maturity (Compounded Annually) is 0.7%
Signature RBC Rewards Visa:19.99% on purchasesPersonal loan
  • Rates vary based on your personal circumstances.

Online banks

Online banks like EQ Bank, Tangerine and motusbank generally have some of the highest interest rates — often by a long shot. You can’t walk into a branch for help, but the trade-off is that you can earn significantly more on savings accounts and GICs. And loan rates are often more competitive, too.

BankSavings Account*5-year GIC*Credit card*Personal loan*
EQ BankEQ Bank Savings Plus Account:1.25%EQ Bank 5 Year GIC:2.45%N/AN/A
TangerineTangerine Savings Account:0.1%Tangerine 5-Year GIC:1.8%Tangerine Money-Back Credit Card:19.95% on purchasesNo basic personal loan option currently available.
motusbankmotusbank High Interest Savings Account:1%5-year fixed rate GIC:1.9%N/Amotusbank Personal Loan:From 5.15%

Credit Unions

Like major banks, virtually all major credit unions provide a hybrid of both in-person and online banking options. This gives you the security of visiting brick-and-mortar branches to deal directly with bank representatives as well as the freedom and 24/7 convenience of banking online. Credit unions often have interest rates that are competitive, if not better, than traditional banks. Here are some examples of rates for popular products:

BankSavings Account*5-year GIC*Credit card*Personal loan*
MeridianMeridian Credit Union High Interest Savings Account:0.45%Meridian 5 Year Fixed Rate GIC:1.45%Meridian Visa Cash Back Card:19.5% on purchasesMeridian Personal loan:6.95%
Coast Capital SavingsCoast Capital High-Interest Savings Account:0.1%Coast Capital The Safe Bet, No Sweat ™ Market-Linked Term Deposit 5-Year Global Diversified:

Maximum annual rate of return is 3.71%

Coast Capital No-Fee Elegance Gold Card:20.99% on purchasesCoast Capital Floating Unsecured:5.95 with a minimum loan amount of 5,000
VancityVancity Jumpstart High Interest Savings Account:0.05%Vancity Non-redeemable term deposit 60 month GIC:0.9%Vancity enviro Classic Visa Card:19.5% on purchasesVancity Fixed Rate Personal Loan:8.95% + Increment
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Compare savings accounts

Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
EQ Bank Savings Plus Account
1.25%
N/A
$0 / $0
$0
Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank.
Neo Financial High Interest Savings Account
1.30%
N/A
$0 / $0
$0
Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.
KOHO Earn Interest
1.20%
N/A
$0 / $0
$0
Opt into earning interest for free and earn 1.2% on your entire balance in KOHO plus an additional 0.5% in cash back on every purchase you make.
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Bottom line

An online bank will give you the most bang for your buck, but you’ll have to give up access to in-person services and friendly tellers who know you by name. If you want to build your savings but are a little nervous about going with on online bank, consider using a major bank or credit union that offers a hybrid of online and in-person services.

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