The best high interest savings accounts can help you build your nest egg at record speed with a high interest rates and low fees. That’s why we did the research to bring you some of the savings accounts with the best interest rates available in Canada today.
EQ Bank offers an easy, streamlined, no-hidden-fees alternative to big banks. With the EQ Bank 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.
Earn a high interest rate on your savings with no minimum deposit requirements and no monthly fees. Plus, manage your money easily through online-only banking. Transfer your funds to and from your linked accounts at other banks to your CI Direct Investing High Rate Savings Account.
The Oaken Savings Account comes with an impressive interest rate, $0 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.
Tangerine is one of Canada's most established, fully online banks and is known for its straightforward, fee-free banking solutions. You can manage your money conveniently through Tangerine's easy-to-use online personal banking portal.
If you need a little help staying motivated to save, then Scotiabank MomentumPLUS Savings Account might be just what you need. Earn a regular interest rate of 0.1% right away, and enjoy a bonus of up to 1.1% if you consistently contribute to your account over a certain amount of time without withdrawing from it.
You’ll get an additional load of interest at regular intervals within your first year. This payout will occur at 90 days (0.30%), 180 days (0.40%), 270 days (0.50%) and 360 days (0.60%).
ATM Out of Network Fee
$0 minimum balance requirement.
In-person service available at Scotiabank branches (note that there may be fees for certain types of teller-assisted services).
It takes some time to earn a higher interest rate.
You may be a charged a fee for Interac e-Transfers.
Disclaimer Please note: All information about Scotiabank MomentumPLUS Savings Account has been collected independently by Finder and this product is not available through this site.
BMO Savings Builder Account
0.05% Interest Rate
0.5% Promo Rate
$0 Min. Balance
Another good account if you need motivation to save is the BMO Savings Builder Account. Earn a base interest rate of 0.05% regularly, but get up to 0.05% when you increase your savings balance by at least $200 per month on balances up to $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.
Interest rate is generally not the highest compared to the other savings accounts.
You may not be eligible for the bonus interest rate if you don't increase your savings balance by at least $200 per month on balances up to $250,000.
Disclaimer Please note: All information about BMO Savings Builder Account has been collected independently by Finder and this product is not available through this site.
With so many high-yield savings accounts out there to choose from, we narrowed down the options to a list of the top accounts by considering key factors like the interest rate, how rewarding an account is in terms of growing savings and how easy it was to open. That meant digging into account details like type, annual percentage yield (APY), monthly fee, minimum deposit to open the account, minimum balance to earn interest and signup bonus.
No single savings account will be the best choice for everyone, so compare your options before picking your new account.
How to choose the best high interest savings account for you
There are a few simple steps you can take to ensure you choose the best high interest savings account for your needs:
Look for a high interest rate. Some banks offer promotions with 2-3% but usually only for a limited period of time or up to a certain amount. Others may pay a flat rate on your total balance. Read the fine print so you know how much you can expect to earn.
Investigate potential fees. Read the account’s fee Sschedule to see if you’ll be charged fees for maintaining the account. Bonus tip: most online savings accounts don’t have a monthly fee.
Consider accessibility. There are usually several ways to access your savings, including mobile, online and phone banking. Almost all accounts come with ATM cards. Decide how you plan to use your funds and choose an account that aligns with your needs.
Look for bonus features. Some savings accounts come with budgeting features. Other come with automatic savings programs to help you reach your goals.
Should I switch to a high interest savings account?
Switching to a high interest savings account can earn you more money with a higher interest rate and save you more money with lower fees. It’s a win-win.
The table below shows how much money you’d earn by switching from a savings account with a 0.01% interest rate to one with a 1%, 2% or 3% rate.
First-year benefit (3% vs. 0.01%)
Pros and cons of a high-interest savings account
If you’re considering a high-interest savings account, consider the following advantages and disadvantages:
Reach your goals faster. If you apply for a high interest savings account that matches your savings style, you can get a head start on reaching your financial goals.
Minimal fees. The majority of high-interest savings accounts don’t charge fees for maintaining the account.
No risk. Savings accounts are considered one of the safest investments in the financial system, next to a GIC. Most banks are guaranteed by the CDIC which means that eligible deposits are insured up to $100,000 a person, per bank.
Minimum balance requirements. Some high interest savings accounts only pay interest if your balance is above a certain threshold. Know that amount and monitor your balance so that your money is always earning interest.
Interest rate changes. Banks can lower their rates for a few reasons. And if your account has a variable interest rate, you may lose out if the federal rate drops. If the rate on your account has changed and you’re not sure why, contact the bank.
Transfer time can take a couple of business days. Access could prove troublesome if you suddenly need the money for an important purchase.
Are high interest savings accounts safe?
High interest savings accounts are just as safe as traditional accounts as long as they’re federally insured. If you get an account at a bank, it’ll be CDIC insured. This means you’ll get your money back if the financial institution goes bankrupt.
Opening a high interest savings account can help you take advantage of getting the highest return on your money even when the market rates shift. They’re also a good option if you’re looking to earn more money without losing easy access to your savings in case of an emergency. To get the most out of your account, shop around for the terms and conditions that will save you the most.[/single_call_shortcode]
Stacie Hurst is an editor at Finder, specializing in loans, banking products and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, she can usually be found messing around with games, photography or floral arrangements in memory of her former days as a flower shop assistant.
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