Best* high-interest savings accounts

Reach your financial goals sooner by finding the best high-interest savings accounts available.

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You’ve worked hard to build a fund for rainy days or emergencies. The best way to maintain easy access to that cash with no-risk growth is to place it in a high-interest savings account. We’ve got you covered with the best high-yield savings accounts around.

How did we choose the best accounts?

With so many high-yield savings accounts out there to choose from, we narrowed down the options to a list of the top 10 by considering key factors like how rewarding an account was in terms of growing savings and how easy it was to open. That meant digging into account details like account type, annual percentage yield (APY), monthly fee, minimum deposit to open the account, minimum balance to earn interest and signup bonus. Note that the information in this article is current as of July 9, 2019.

Compare some of the best high-interest savings accounts

Name Product Annual Interest Rate Promotional Interest Rate Minimum Balance Fees
Tangerine Savings Account
1.10%
2.75%
$0
None
Earn 2.75% interest for 6 months when you open your first Tangerine Savings Account by January 9, 2020 (up to a maximum of $1,000,000).
EQ Bank Savings Plus Account
2.30%
N/A
$0
None
Enjoy free and unlimited daily transactions, no fees and no minimum balance with an EQ Bank Savings Plus Account.
Meridian Business Advantage Plus Savings Account
1.60%
Up to 2.65%
$0
None
Earn up to 2.65% interest for 4 months when you open a Meridian Business Advantage Plus Savings Account by December 31, 2019.

Compare up to 4 providers


Motive Financial – Motive Savvy Savings Account


Annual interest rate: 2.80%

Motive Financial offers an excellent interest rate that more than competes with other, bigger financial institutions. Manage your funds conveniently with online banking and grow your savings faster with zero monthly fees.

Pros
  • Great interest rate
  • No monthly fee
  • Can move money easily between accounts
Cons
  • Not good if you need to make more than 2 withdrawals per month
  • No physical branches for in-person service
  • Not good if your savings exceeds $1 million, because the interest rate drops significantly

Tangerine Bank – Savings Account


Annual interest rate: 2.75% (promotional rate)

Tangerine is one of Canada’s most established, fully online banks and is known for its straghtforward, fee-free banking solutions. The Tangerine Savings Account comes with an attractive interest rate for the first 6 months, after which the rate goes down to 1.1%. You can manage your money conveniently through Tangerine’s easy-to-use online personal banking portal.

Click here to read out full review of the Tangerine Savings Account.

Pros
  • Great introductory interest rate
  • No monthly fees
  • No transaction fees
  • Supports Automatic Savings Program for making recurring deposits into your account
  • 24/7 customer service phone line
Cons
  • Regular interest rate is not as competitive as other savings account rates on this list
  • No physical branches for in-person service
  • Interac e-Transfers cost $1 each; regular transfers are free but take more time

Steinbach Credit Union – Regular Savings Account


Annual interest rate: (tiered)

  • Less than $100,000 = 2.55%
  • $100,000 – $250,000 = 2.65%
  • More than $250,000 = 2.85%

For balances of more than $250,000, the SCU Regular Savings Account offers the highest interest rate on this list. If your balance is lower, you’ll still be able to enjoy excellent rates. SCU manages over $6 billion in assets and is among Canada’s 10 largest credit unions. With over 75 years of experience in helping Canadians grow and manage their money, SCU is a great option for serious savers.

Pros
  • Excellent interest rates, even for smaller balances
  • No monthly account fee
  • No minimum balance needed to open or maintain account
Cons
  • Pay for every ATM withdrawal
  • Pay $0.55 for every Interac e-Transfer; no free electronic money transfer option available
  • No physical branches for in-person service
  • Limited customer service availability (currently no service overnight or on Sundays)

EQ Bank – Savings Plus Account


Annual interest rate: 2.30%

EQ Bank offers an easy, streamlined, no-hidden-fees alternative to big banks. With the Savings Plus Account, you can enjoy a very competitive interest rate and low costs. EQ Bank is entirely online, so you can manage your money conveniently from home. While you can’t perform cash transactions, you can easily send money to and from linked accounts at outside institutions for free. This high interest savings account is great if you’re just starting to save or are trying to build up an existing, modest-sized fund.

Check out our full review of the EQ Bank Savings Plus Account for more information.

Pros
  • Great interest rate
  • No monthly fees or hidden fees
  • Can move money easily between accounts
  • Free Interac e-Transfers
Cons
  • Some standard banking features not available such as overdraft protection, use of ATMs and the option to have paper statements
  • No physical branches for in-person service
  • Savings limited to $200,000 per customer

Manulife Bank – Advantage Account


Annual interest rate: 3.25% (promotional rate)

The Manulife Advantage Account is a combined chequing and savings account with an attractive promotional rate and multiple ways to manage your money conveniently. After your first 6 months, the interest rate goes down to 1.50%, which is comparable to – and sometimes higher than – interest rates offered by many of Canada’s biggest banks. Use Manulife’s online banking platform and mobile app to do your banking and transfer money from anywhere. Pay no withdrawal fees if your balance stays at $1,000 or more.

Pros
  • Good if you plan to move money to/from your savings account frequently
  • No monthly fees
  • No minimum balance required
  • Customer service available by phone, email or online contact form 7 days a week (note that service is available during regular business hours, not round-the-clock)
Cons
  • Promotional rate drops significantly after 6 months, although it stays competitive with rates offered by big banks
  • No physical branches for in-person service
  • Need minimum balance of $1,000 to waive withdrawal fees
  • Fees for Interac e-Transfers and bill payments

Scotiabank – Momentum Plus Savings Account


Annual interest rate: 1.00% (increases based on how long you save)

  • Save for 60 days: 1.00% + 0.60% premium rate = 1.60%
  • Save for 180 days: 1.00% + 0.70% premium rate = 1.70%
  • Save for 270 days: 1.00% + 0.85% premium rate = 1.85%
  • Save for 360 days: 1.00% + 1.00% premium rate = 2.00%

If you need a little help staying motivated to save, then Scotiabank’s Momentum Plus Savings Account might be just what you need. Earn a regular interest rate of 1.00% right away, and enjoy a bonus of up to 1.00% higher if you consistently contribute to your account. As a Scotiabank account holder, you can take part in the Scene Rewards Program and earn points towards free movie passes and meals.

Pros
  • No monthly fee
  • No minimum balance
  • In-person service available at Scotiabank branches (note that there may be fees for certain types of teller-assisted services)
Cons
  • Takes time to earn a higher interest rate
  • Limited free Interac e-Transfers

BMO – Savings Builder Account


Annual base interest rate: 0.20% (1.60% if you save at least $200 monthly)

Another good account if you need motivation to save is the BMO Savings Builder Account. Earn a base interest rate of 0.20% regularly, but get an extra 1.40% on top of that if you save at least $200 per month up to a maximum balance of $250,000. As a BMO customer, you can use online or mobile banking to easily manage your money. Unlike many of the other banks and credit unions on this list, BMO is an established brick-and-mortar bank that offers both online and mobile banking services, so you can get in-person service and financial advice at your local branch.

Pros
  • Incentive to save monthly
  • No monthly fee
  • In-person, online and mobile banking options
Cons
  • Interest rate is not the highest compared to the other savings accounts on this list
  • Not good if your balance is more than $250,000 because you don’t get the bonus interest rate for higher amounts

Oaken Financial – Oaken Savings Account


Annual interest rate: 2.30%

The Oaken Financial Savings Account comes with an impressive interest rate, no monthly fees and unlimited transactions. Link your savings account to an Oaken Guaranteed Investment Certificate (GIC) investment to boost your savings even further. Manage your money easily through online banking and by transferring your funds to and from your linked accounts at other banks.

Pros
  • Solid interest rate
  • No monthly fee
  • No minimum balance
  • Unlimited free transactions
Cons
  • No in-person service at a branch
  • Does not support Interac e-Transfers
  • Limited customer service availability (only available from Monday through Friday from 8am – 8pm. No weekend service available.)
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