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.

EQ Bank Savings Plus Account

EQ Bank Savings Plus Account

2.00 % APR

rate

  • Zero everyday banking fees
  • Free transactions
  • No minimum account balance

EQ Bank Savings Plus Account

With no everyday banking fees and free transactions, open an EQ Bank Savings Plus Account and get an interest rate of 1.70%.

  • Account fee: $0
  • Interest rate: 1.70%
  • Min. deposit amount to open account: $0
  • Account type: Savings
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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 accounts 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.

Compare some of the best high-interest savings accounts

Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
Tangerine TFSA
0.20%
2.5%
$0 / $0
None
Earn 2.50% interest in your first Savings Account for 5 months (up to a maximum of $1,000,000) as a new Tangerine client. Offer expires October 31, 2020.
Tangerine RSP
0.20%
2.5%
$0 / $0
None
As a new Tangerine client, earn 2.50% interest in your first Savings Account (including RSP) for 5 months up to a maximum of $100,000. Offer expires October 31, 2020.
Tangerine Savings Account
0.20%
2.5%
$0 / $0
$0
Earn 2.50% interest for 5 months (up to a maximum of $1,000,000) as a new Tangerine client. Offer expires October 31, 2020.
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Compare up to 4 providers


Tangerine Savings Account


Annual interest rate: 2.5% (a promotional rate for 5 months)

Tangerine is one of Canada’s most established, fully online banks and is known for its straightforward, fee-free banking solutions. The Tangerine Savings Account comes with a promotional interest rate offer of 2.5% for the first 5 months, after which the rate goes down to 0.2%. You can manage your money conveniently through Tangerine’s easy-to-use online personal banking portal.

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

Pros
  • Great introductory interest rate.
  • $0 monthly fee.
  • All everyday transactions are free and unlimited.
  • Supports an Automatic Savings Program for making recurring deposits into your account.
  • 24/7 customer service phone line.
Cons
  • Regular interest rate may not be as competitive as other savings account rates on this list.
  • No physical branches for in-person service.

EQ Bank Savings Plus Account


Annual interest rate: 1.70%

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.

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

Pros
  • Great interest rate.
  • $0 monthly fee.
  • Hidden fees: $0.
  • Can move money easily between accounts.
  • Interac e-Transfers are unlimited.
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.

Scotiabank MomentumPLUS Savings Account


Annual interest rate: 0.15% (increases based on how long you save)

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 0.15% 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 can also opt in now for a promotional interest rate of 1.45% until August 31, 2020.

Pros
  • $0 monthly 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).
Cons
  • It takes some time to earn a higher interest rate.
  • You may be a charged a fee for Interac e-Transfers.

BMO Savings Builder Account


Annual base interest rate: 0.05% (earn 0.7% when you increase your savings balance by at least $200 per month on balances up to $250,000)

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 0.7% 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.

Pros
  • Incentive to save monthly.
  • $0 monthly fee.
  • In-person, online and mobile banking options.
Cons
  • 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.

Oaken Savings Account


Annual interest rate: 2%

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.

Pros
  • Solid interest rate.
  • $0 monthly fee.
  • $0 minimum balance.
  • Monthly transactions limit is unlimited.
Cons
  • No in-person service at a branch.
  • Interac e-Transfers are not supported.
  • Limited customer service availability (only available from Monday through Friday from 8am – 8pm. No weekend service available.)

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