EQ Bank Savings Plus Account
- Earn 2% interest
- Free transactions
- Zero everyday banking fees
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Best high interest savings accounts in Canada in 2022
Reach your financial goals sooner by finding the best high-interest savings accounts available in Canada.
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.
Compare high interest savings accounts at a glance
1 - 4 of 4
Closer look at more high interest savings accounts in Canada
EQ Bank Savings Plus Account
2%
Interest Rate
Interest Rate
N/A
Promo Rate
Promo Rate
$0
Min. Balance
Min. Balance
| Interest Rate | 2% |
|---|---|
| Min. Balance | $0 |
| Promo Rate |
N/A |
| Transaction Fee | unlimited |
| Interac e-Transfer Fee | unlimited |
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.
CI Direct Investing High Rate Savings Account
2.75%
Interest Rate
Interest Rate
N/A
Promo Rate
Promo Rate
$0
Min. Balance
Min. Balance
| Interest Rate | 2.75% |
|---|---|
| Min. Balance | $0 |
| Promo Rate | 2.75% |
Pros
- Competitive interest rate.
- $0 monthly fee.
- No hidden fees.
- No minimum deposit amount.
- Unlimited free transactions.
Cons
- Lower rates than some competitors.
- Online-only service.
Oaken Savings Account
1.65%
Interest Rate
Interest Rate
N/A
Promo Rate
Promo Rate
$0
Min. Balance
Min. Balance
| Interest Rate | 1.65% |
|---|---|
| Min. Balance | $0 |
| Transaction Fee | unlimited |
| Interac e-Transfer Fee | not supported |
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.)
Please note: All information about Oaken Savings Account has been collected independently by Finder and this product is not available through this site.
Tangerine Savings Account
1%
Interest Rate
Interest Rate
3.25%
Promo Rate
Promo Rate
$0
Min. Balance
Min. Balance
| Interest Rate | 1% |
|---|---|
| Min. Balance | $0 |
| Transaction Fee | free and unlimited |
| Interac e-Transfer Fee | free |
| ATM Out of Network Fee | $1.50 |
Pros
- $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.
Scotiabank MomentumPLUS Savings Account
1.35%
Interest Rate
Interest Rate
2.55%
Promo Rate
Promo Rate
$0
Min. Balance
Min. Balance
| Interest Rate | 1.35% |
|---|---|
| Min. Balance | $0 |
| Transaction Fee | You’ll get an additional load of interest at regular intervals within your first year. This payout will occur at 90 days (0.15%), 180 days (0.25%), 270 days (0.35%) and 360 days (0.45%). |
| ATM Out of Network Fee | $1.50 |
Pros
- $0
- $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.
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
0.3%
Interest Rate
Interest Rate
1.6%
Promo Rate
Promo Rate
$0
Min. Balance
Min. Balance
| Interest Rate | 0.3% |
|---|---|
| Min. Balance | $0 |
| Transaction Fee | 1 free transfer out per month |
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.
Please note: All information about BMO Savings Builder Account has been collected independently by Finder and this product is not available through this site.
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.
| Account balance | 0.01% | 1% | 2% | 3% | First-year benefit (3% vs. 0.01%) |
|---|---|---|---|---|---|
| $1,000 | $0.10 | $10.05 | $20.20 | $30.45 | $30.35 |
| $5,000 | $0.50 | $50.25 | $101.00 | $152.27 | $151.77 |
| $10,000 | $1.00 | $100.50 | $202.01 | $304.53 | $303.53 |
| $25,000 | $2.50 | $251.25 | $505.02 | $761.33 | $758.83 |
Pros and cons of a high-interest savings account
If you’re considering a high-interest savings account, consider the following advantages and disadvantages:
Pros
- 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.
Cons
- 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.
Bottom line
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.
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