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.
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
*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.
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.
Monthly fees: $0
Deposits: Free
Withdrawals: 2 free per month, $5 each afterwards
Minimum/maximum balance restrictions: Interest rate applies for balances between $0 and $1,000,000. After that, the rate drops to 0.25%.
Transfer options: Can move money between Motive Financial and other Canadian banks through online banking; supports Interac e-Transfers, each of which counts as 1 transaction.
ATM fees outside network: $1.50 per transaction
Safety: Deposits are guaranteed up to $100,000 through Motive Financial’s parent company, Canadian Western Bank, which is covered by the CDIC.
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: 2.8% (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 0.4%. 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.
Monthly fee: $0
Deposits: Free
Withdrawals: Free
Minimum/maximum balance restrictions: None
Transfer options: Can transfer between Tangerine and other banks through online banking, $1 per Interac e-Transfer
ATM fees outside network: $1 per transaction in Canada, $2 per transaction outside Canada
Safety: Deposits are covered up to $100,000 by the CDIC.
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.
Monthly fee: $0
Deposits: Free
Withdrawals: First is free, $1 per withdrawal afterwards
Minimum/maximum balance restrictions: No minimum balance to open or maintain account
Transfer options: $0.55 per Interac e-Transfer via SCU’s online banking, $5 per Canadian money order, $5 per US moneygram transfer, $10 per US or international Western Union transfer.
ATM fees: Deposits – free at Canadian credit unions; Withdrawals – $0.55 at SCU and Canadian credit unions, $1.50 at Interac ATMs in Canada, $3.50 in the US, $3.50 outside of Canada and the US.
Safety: SCU is based in Manitoba; deposits are 100% covered by the Deposit Guarantee Corporation of Manitoba (no limit on the amount covered).
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:
2.00%
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.
Minimum/maximum balance restrictions: No minimum balance; maximum balance of $200,000 per customer.
Transfer options: Easily move money using EQ Bank’s online banking platform; can perform electronic money transfers, Interac e-Transfers (both sending and receiving) and bill payments for free.
ATM usage: EQ Bank does not have an ATM network. Instead, you must move money from your Savings Plus Account to a linked account at another bank and perform your cash transactions and withdrawals there.
Safety: Deposits are guaranteed up to $100,000 by the CDIC.
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.
Monthly fees: $0
Deposits: Free
Withdrawals: Free with a balance of $1,000 or more, otherwise, Interac e-Transfers, direct debits and bill payments cost $1 each.
Minimum/maximum balance restrictions: No minimum balance required,
Transfer options: Free electronic funds transfers; $1 per Interac e-Transfer (sending); $1 per bill payment; minimum $30 to send money internationally via wire transfer and $15 to receive a wire transfer. Send funds through online and mobile banking.
ATM fees outside network: $1.50 per withdrawal in Canada; $3 per withdrawal outside Canada
Safety: Deposits are guaranteed up to $100,000 by the CDIC.
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.
Monthly fees: $0
Deposits: Free
Withdrawals: Free
Minimum/maximum balance restrictions: No minimum balance.
Transfer options: First 2 Interac e-Transfers are free, then $1 each afterwards; or Cross Border Transfer; free online bill payments ($3 per teller-assisted bill pay using cash). Send money using online and mobile banking.
ATM fees outside network: $1.50 per withdrawal in Canada, $3 per withdrawal in the US and $5 per withdrawal outside Canada and the US.
Safety: Deposits are guaranteed up to $100,000 by the CDIC.
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.
Monthly fees: $0
Deposits: Free
Withdrawals: 1 free per month, $5 each afterwards
Minimum/maximum balance restrictions: No minimum listed on website; no maximum balance, but you only get the 1.40% bonus interest rate for balances of up to $250,000.
Transfer options: $1 per Interac e-Transfer ($5 to cancel); $5 for each electronic funds transfer; bill payments not available.
ATM fees outside network: $1.50 per transaction
Safety: Deposits are guaranteed up to $100,000 by the CDIC.
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.
Monthly fees: $0
Deposits: Free
Withdrawals: Free
Minimum/maximum balance restrictions: No minimum balance required.
Transfer options: Free electronic funds transfers to/from your account; can link your Oaken account with accounts you have at other banks.
ATM fees outside network: Oaken does not have an ATM network; access cash by moving money from your Oaken account into a linked account at another bank.
Safety: Deposits are guaranteed up to $100,000 through Oaken’s parent company, Home Bank, which is a subsidiary of Home Trust Company. Both Home Banks and Home Trust Company are covered by the CDIC.
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.)
Stacie Hurst is an associate editor at Finder. She earned a degree in psychology and writing but studied a number of other subjects in university including business and political science. Stacie loves giving people the tools they need to make knowledgeable and successful decisions. Her personal interests include writing, personal finance, web technology, photography and anything creative!
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