- Earn up to 3.65% interest
- $0 account fee
- No minimum balance required
- No monthly deposit requirements
- CDIC protection up to $100,000
Searching for the best high-interest savings account can feel like a huge burden with hundreds of options to choose from and so many banks, credit unions and fintechs advertising their rates.
That’s why we’ve done the hard work for you and spent many hours gathering information and analyzing account features to come up with a list of the best high-yield savings accounts in Canada.
We looked at features like account fees, access to funds, security and, of course, the best interest rates to compile this list. Check out our top picks below and keep reading to learn how to decide which savings account is best for you.
- Earn up to 6.00% interest
- No monthly fees
- Unlimited transactions and Interac e-Transfers
- No min. balance required
- CDIC protection up to $100,000
- Earn 5.40% for 3 months, 1.00% thereafter
- Can earn interest rate boosts
- No account fee
- No minimum balance required
- CDIC protection up to $100,000
8 best high-interest savings accounts in Canada in 2024
- Best overall high-interest savings account: PC Money Account
- Best for high on-going interest rate: EQ Bank Notice Savings Account
- Best for no fees: Simplii High Interest Savings Account
- Best for earning interest and cash back: KOHO Earn Interest
- Best from a Big Five Bank: Scotiabank MomentumPLUS Savings Account
- Best for earning interest and spending: Wealthsimple Cash
- Best from a digital bank: Neo Financial High Interest Savings Account
- Best for earning a bonus interest rate: Tangerine Savings Account
Best overall high-interest savings account: PC Money Account
Our pick for the overall best high-interest savings account in Canada is the PC Money Account. This account offers one of the highest interest rates in Canada, while offering the same access to your funds that you would get with a chequing account.
The PC Money Account is offered by PC Financial, a trade name of President’s Choice Bank, which is CDIC insured. You can easily manage your PC Money Account online or through the PC Financial Mobile app.
PC Money Account
Interest Rate
Account Fee
Transaction Fee
- No monthly fees
- Earn 4% interest on your account balance
- Unlimited free transfers and Interac e-Transfers
- No minimum balance requirements
- No way to deposit cash or cheques at ATMs
- Can't order cheques
Min. Age | N/A |
---|---|
Account Fee | $0 |
Transaction Fee | unlimited |
Interac e-Transfer Fee | unlimited |
Best for high on-going interest rate: EQ Bank Notice Savings Account
The EQ Bank Notice Savings Account is our pick for the best ongoing interest rates in Canada. It’s a unique account on the Canadian market because, if you agree to wait longer to withdraw your money from the account, you’ll earn a higher interest rate.
Here’s how it works. Earn 3.65% interest if you choose a 30-day withdrawal notice period or 3.50% interest if you choose a 10-day notice period.EQ Bank Notice Savings Account
Interest Rate
Account Fee
Transaction Fee
Min. Age
N/A
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
Best for no fees: Simplii High Interest Savings Account
Simplii Financial’s HISA is the best high-yield savings account in Canada for its fee structure — or lack thereof. Also, Simplii Financial is owned by CIBC, which means it is CDIC insured and you can rest assured that your funds are backed by Canada’s second oldest bank.
Add to that a high promotional savings rate, and you can see why the Simplii High Interest Savings Account made our list.
Simplii High Interest Savings Account
Interest Rate
Account Fee
Transaction Fee
- $0 account fee
- $0 transactions
- Earn 6% interest for 5 months
- No physical branches for in-person service
- Low ongoing interest rate after the promo ends
Min. Age | 18 |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | $0 |
NSF Fee | $45 |
International ATM Fee | $3 |
Best for earning interest and cash back: KOHO Earn Interest
KOHO made our list of best high-interest savings accounts in Canada because it lets you earn up to an impressive 5% on your balance and 1-2% cashback on your purchases.
KOHO Earn Interest
Interest Rate
Account Fee
Transaction Fee
- $0 account fee
- $0 transactions
- $0 Interac e-Transfers
- Earn cashback on purchases
- Earn up to 5% interest
- Must opt-in to a monthly plan to earn higher interest
Min. Age | 18 |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | $0 |
NSF Fee | $0 |
Best high-interest savings account from a Big Five Bank: Scotiabank MomentumPLUS Savings Account
The Scotiabank MomentumPLUS Savings Account is our pick for the best high-interest savings account from a Big Five Bank because it offers an unusually high interest compared to other traditional banks along with a very competitive promotional rate.
Scotiabank was established in 1832, so if working with a long-standing bank is important to you, the MomentumPLUS Savings Account could be just the right fit.
Scotiabank MomentumPLUS Savings Account
Interest Rate
Account Fee
Transaction Fee
- $0 account fee
- Earn 5.40% for 3 months, 1.00% thereafter interest on your deposits
- $0 Interac e-Transfers
- You’ll get an additional load of interest at regular intervals within your first year.
- $1.50 out-of-network ATM withdrawal fee
- It takes some time to earn a higher interest rate with this tiered rate account
Min. Age | 18 |
---|---|
Account Fee | $0 |
Transaction Fee | $5.00 |
Interac e-Transfer Fee | $0 |
Best for earning interest and spending: Wealthsimple Cash
The Wealthsimple Cash account made our list of the best high-yield savings accounts for people who want to earn a high rate of interest, while having the flexibility to spend directly from your account and earn cashback on your purchases.
Wealthsimple also gives you access to one of the best stock trading platforms in Canada, giving you the opportunity to grow your money well beyond what your savings account can offer.
Wealthsimple Cash
Interest Rate
Account Fee
Transaction Fee
- No monthly fees
- Earn 2.75% interest on your account balance
- Unlimited free transfers
- No minimum balance
- Limited types of investments
Min. Age | 18 |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | N/A |
NSF Fee | $0 |
Best high-interest savings account from a digital bank: Neo Financial High Interest Savings Account
The Neo Financial savings account is another standout high-yield account. It has a high ongoing rate of 3% and highly-rated mobile apps for both iOS and Android. And since the Neo High Interest Savings account is provided by Peoples Bank of Canada, your account funds will be CDIC insured.
Neo High Interest Savings Account
Interest Rate
Account Fee
Transaction Fee
- Earn a high interest rate
- $0 account fee
- No minimum balance
- No physical branches for in-person service
Min. Age | N/A |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | $0 |
Best for earning a bonus interest rate: Tangerine Savings Account
Tangerine — a digital bank backed by Scotiabank — has a high-interest savings account that consistently offers both new and current customers high promotional interest rates. Earn 6% interest for 5 months (on the first $1,000,000 in deposits) when you sign up by March 31, 2025. Current customers also typically receive ongoing interest rate bonuses.
Tangerine Savings Account
Interest Rate
Account Fee
Transaction Fee
- No monthly fees
- All everyday transactions are $0
- Offers an Automatic Savings Program for making recurring deposits into your account
- Regular interest rate may not be as competitive as other savings accounts
- No physical branches for in-person service
Min. Age | 16 |
---|---|
Account Fee | $0 |
Transaction Fee | $0 |
Interac e-Transfer Fee | N/A |
Methodology: How we chose the best high-interest savings accounts in Canada
To determine this best list, Finder Canada analyzed 22 savings accounts across 22 financial institutions. Our team compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list to the top eight by listing accounts that are available Canada-wide.
We ranked accounts based on 16 data points within five major categories. Here’s how we ranked and weighted each product:
- Perks: 40% (ongoing and promotional interest rates, return on a $10,000 balance over 1 year, other tailored rewards)
- Fees: 20% (monthly fee, option to waive the monthly fee (if necessary), transaction fees, e-Transfer fees, NSF fees, overdraft fees)
- Banking access: 15% (in-branch banking, online banking access, national availability)
- Customer experience: 15% (live chat availability, mobile app ratings)
- Minimum requirements: 10% (minimum deposit requirements, minimum balance requirements)
No single high-interest savings account will be the best choice for everyone, so thoroughly compare your options before picking your new account.
Savings account interest rates from 2020 to 2024
We’ve been monitoring high-interest savings account interest rates for years. To help give you a snapshot of how ongoing interest rates have changed over the years, take a look at this chart comparing rates from a Big Five Bank (Scotiabank) and a digital bank (Simplii Financial) from 2020 to 2024.
In the case of Simplii Financial, where its High Interest Savings Account offers a tiered interest rate, we’re illustrating the lowest tier rate here.
High-interest savings account rates increased substantially between 2022 and 2024. However, rates have begun dropping in the last quarter of 2024 — a trend that lines up perfectly with the Bank of Canada’s benchmark rates over the same time period.
List of standard and high-interest savings accounts in Canada
Below is a list of savings accounts from banks, credit unions and fintechs across Canada—including high-interest savings accounts—to help you compare options:
Savings account | Standard interest rate | Promo rate | Monthly fee |
---|---|---|---|
EQ Bank Notice Savings Account | 3.50% - 3.65% | N/A | $0 |
KOHO Earn Interest | 5% | Earn up to 5.00% interest with a high interest savings account. Pick a KOHO plan and opt-in to Earn Interest. | $0 |
Simplii High Interest Savings Account | 0.35% – 3.75% | Earn 6.00% interest for 5 months on up to $1,000,000 in savings. Apply by January 31, 2025. | $0 |
Achieva Financial | 3% | N/A | $0 |
Alterna Bank High Interest eSavings Account | 1.65% | N/A | $0 |
ATB Financial Springboard Savings Account | 0.25% – 1% | N/A | $0 |
BMO Savings Amplifier Account | 1.35% | Earn 4.75% interest when you open both a BMO Performance Chequing Account and a BMO Savings Amplifier Account. Plus, earn up to a $600 opening bonus with the chequing account. Valid until February 28, 2025 . | $0 |
Bridgewater Smart eSavings Account | 3.4% | N/A | $0 |
Canadian Tire High Interest Savings Account | 3% | N/A | |
CWB Summit Savings Account | 0.90% | N/A | $0 |
CIBC eAdvantage Savings Account | 0.3% – 1.5% | Get a Smart Interest of 0.50% on balances up to $200,000 when you save $200 or more in a month (limits apply), and a bonus rate of 5.25% (for 4 months). | $0 |
CI Direct Investing High Interest Savings Account | 2.75% | N/A | $0 |
Coast Capital High-Interest Savings Account | 0.9% | N/A | $0 |
DUCA Earn More Savings Account | 4% | N/A | $0 |
FirstOntario Credit Union High Interest eSavings Account | 1.30% - 1.40% | N/A | $0 |
Hubert Happy High-Interest Savings | 2.35% | N/A | $0 |
ICICI Bank Canada HiSAVE Savings Account | 2.50% | N/A | $0 |
Innovation Credit Union Savings Account | 1.05% | N/A | $0 |
Laurentian Bank High Interest Savings Account | 1% – 3.75% | N/A | $0 |
Manulife Advantage Account | 2.15% | N/A | $0 |
Meridian Credit Union High Interest Savings Account | 1.35% | N/A | $0 |
Motive Savvy Savings Account | 3.2% | Get 5.75% interest for 120 days | $0 |
Motusbank High Interest Savings Account | 1.65% | N/A | $0 |
National Bank High Interest Savings Account | 1.15% | N/A | $0 |
Neo High Interest Savings Account | 3% | N/A | $0 |
Oaken Savings Account | 3.4% | N/A | $0 |
PC Money Account | 4% | Earn 200,000 bonus PC Optimum points | $0 |
RBC High Interest eSavings Account | 1.15% | N/A | $0 |
Scotiabank MomentumPLUS Savings Account | 1% | Earn up to 5.40% for 3 months on your first account opened. | $0 |
Servus Credit Union Premium Savings Account | 0.3%– 1.4% | N/A | $0 |
Steinbach Credit Union Regular Savings Account | 2.70% - 2.90% | N/A | $0 |
Tangerine Savings Account | 0.3% | Earn 6% interest for 5 months (on the first $1,000,000 in deposits) when you sign up by March 31, 2025. | $0 |
TD ePremium Savings Account | 1.3% (on balances of $10,000 or more) | N/A | $0 |
Vancity Jumpstart High Interest Savings Account | 1.2% | N/A | $0 |
Wealthsimple Cash | 2.75% – 3.75% | N/A | $0 |
What is a high-interest savings account?
A high-interest savings account (HISA)—also known as a high-yield savings account (HYSA)—is a bank account that pays out a relatively larger interest rate compared to standard savings accounts. The best high-interest savings accounts in Canada are designed to help you save money faster through the power of compound interest.
What is the best savings account in Canada?
Our pick for the best high-yield savings account in Canada is the PC Financial PC Money Account. This hybrid account pays a high ongoing interest rate of 4% on every dollar you deposit, while offering convenient access to your funds with unlimited transactions, no monthly fee and no minimum balance requirement.
Which bank gives the highest interest on savings accounts in Canada?
Of the banks on our list of the best high-interest savings accounts in Canada, Simplii Financial and Tangerine are tied for giving the highest interest rates on their savings accounts. Simplii is offering 6% for 5 months (followed by 0.35%), while Tangerine is offering 5.40% for 5 months, then 0.30% thereafter.
How does a high-yield savings account work?
The way a high-interest savings account works is simple: You deposit money into the account, and a high interest rate applies to every dollar of your balance.
Interest is usually calculated daily and paid monthly. Thanks to the earning-power of compound interest—in other words, earning interest on your interest—your balance will grow without you having to do a thing.
The best HISAs in Canada have no monthly fees and no minimum balance requirements. So, you can open an account and start saving even if you only have a spare $5 to deposit.
However, depending on the account, transaction fees may apply. While some accounts offer unlimited deposits and withdrawals, others may restrict the number of free withdrawals you can make per month. Specific transactions, such as sending an e-Transfer, may also incur fees.
How the Bank of Canada benchmark interest rate impacts savings rates
When the Bank of Canada raises its benchmark interest rate, financial institutions across the country also increase their prime rates. This then leads to banks increasing interest rates on savings accounts, GICs and mortgages.
On the flipside, when the Bank of Canada lowers its benchmark rate, your bank’s prime rate and the rate on your savings account also take a hit. Learn more about savings rates in our guide to bank interest rates.
Throughout 2024, the Bank of Canada has been lowering its benchmark rate and has plans to continue lowering its rate over 2025. That means we can expect to see savings interest rates lower as well.
That’s why now might be the best time to open a new HISA to take advantage of high promo interest rates before rates continue to drop.
HISA vs. chequing accounts
Chequing accounts are designed to help you manage your day-to-day banking transactions. You can use a chequing account to transfer funds, pay bills, withdraw cash at an ATM and pay for purchases in-store or online.
But unlike a high-yield savings account, a chequing account doesn’t pay any interest on the money in your account.
HYSA vs. standard savings account
The main difference between a HISA and a standard savings account is the interest rate. As the name suggests, a high-interest savings account pays a higher rate of interest, allowing you to reach your savings goals sooner. To illustrate the difference, let’s take a look at an example.
Example: The difference between a standard savings account and a HISA
Megan lives in Ontario and wants to open a savings account to save for her 40th birthday trip to Europe in five years. She considers opening a regular savings account with her Big Five Bank but decides to compare how much she could earn with a high-interest savings account in Ontario from a digital bank.
The HYSA has an interest rate of 4.25%, while the standard account pays 1.15%. Megan plans to start with an initial deposit of $500 and then set up an automatic deposit of $125 from her pay every two weeks.
As you can see in the table below, the HISA pays $1,938 interest over five years compared to the standard account’s $498—that’s an extra $1,440 that Megan can put towards her Euro vacation if she chooses the high-interest savings account in Ontario.
Standard savings account | High-interest savings account | |
---|---|---|
Interest rate* | 1.15% | 4.25% |
Initial deposit | $500 | $500 |
Amount deposited every 2 weeks | $125 | $125 |
Balance after 1 year | $3,773 | $3,836 |
Balance after 2 years | $7,084 | $7,316 |
Balance after 3 years | $10,433 | $10,947 |
Balance after 4 years | $13,821 | $14,736 |
Balance after 5 years | $17,248 | $18,688 |
Total interest earned | $498 | $1,938 |
Difference | — | +$1,440 |
*These interest rates are for example purposes only based on our review of interest rates typically available on the Canadian market. For up-to-date interest rates, visit our full guide to savings account interest rates.
HISA vs. TFSA
A TFSA (tax-free savings account) can be used just like a high-yield savings account to earn interest on the money you deposit, but it can also be used to invest in stocks, ETFs, bonds and GICs. But, as its name suggests, you don’t have to pay tax on the interest you earn or any capital gains from investments.
Unlike a high-interest savings account, there are limits on how much you can contribute to a TFSA each year without being taxed.
What is the best tax free savings account in Canada?
Some of the best tax free savings accounts in Canada include the EQ Bank TFSA with a 2.50% interest rate and—if you prefer a Big Bank—the RBC TFSA, which pays 0.65%.
TFSA GIC rates vary widely depending on the financial institution you choose, so shop around for a competitive rate at a financial institution that works for you.
HYSA vs. GIC
A Guaranteed Investment Certificate (GIC) lets you earn a guaranteed rate of return on the money you deposit. The money you invest is usually locked away for a fixed period of time and, when the time is up, your money is returned to you with interest.
Unlike high-interest savings accounts with variable interest rates, most GICs have fixed interest rates. This protects you from falling rates, but also means you could miss out on any potential rate rises before your term ends.
The downside is that most GICs are non-redeemable, which means you usually can’t access the money in a GIC until the end of the investment term without incurring a financial penalty. With a high-interest savings account, however, you can typically access your money any time.
HISA vs. RRSP
RRSP stands for registered retirement savings plan. This type of plan allows you to make tax-deductible contributions, reducing your annual taxable income.
You also don’t pay any tax on the interest or investment income you earn in an RRSP until you make a withdrawal. But if you don’t withdraw until retirement, you will be in a lower tax bracket and pay tax at a lower rate.
The main difference between a high-yield savings account and an RRSP is that, while a savings account only allows you to hold cash, an RRSP also allows you to invest in GICs, stocks, ETFs, mutual funds, bonds and more.
Annual contribution limits also apply to RRSPs, while there’s no such limit for high-interest savings accounts.
Should I open a high-yield savings account?
There are lots of good reasons why you should open a high-interest savings account in Canada. A HISA can help you reach any short- or long-term savings goals sooner, no matter whether you’re saving for a vacation, a home deposit or just a rainy day.
Opening an account is a low-risk way to build a bigger bank balance, and there’s minimal time and effort required to open and manage your account. It also makes good sense to use a high-yield savings account to make your money work harder for you, rather than let it sit in a chequing account where it won’t earn a cent of interest.
It’s true that other types of investments offer the potential for higher returns, but if you’re searching for a safe and secure way to build a bigger bank balance, a high interest savings account is a wise choice for most Canadians.
How to choose the best high-interest savings account
Before you can choose a high-yield savings account in Canada, you’ll need to define your savings goals. How much do you want to save, what for and in what timeframe? You can then compare accounts by asking five simple questions.
What is the interest rate?
Look for accounts with the best interest rates in Canada. The higher the interest rate, the faster your balance will grow. We’ve done the comparison work for you, so you can easily see the best HYSAs in Canada in our list above.
You can also compare savings account interest rates from financial institutions across Canada in our guide here.
Do you need to meet any terms and conditions to get the maximum interest rate?
Check if the account pays a flat rate on your entire balance or you need to meet certain terms and conditions to access the maximum advertised interest rate. These include:
- Depositing a minimum amount each month or not making any withdrawals.
- Using a tiered interest rate structure. The higher your balance, the higher the interest rate you qualify for.
- Paying a high promo interest rate for a limited introductory period of 3 to 5 months then reverting back to a much lower standard interest rate.
- Giving advance notice before making a withdrawal.
Check the fine print to find out if there are any hoops you have to jump through to get the attractive rate being advertised.
Are there any fees or minimum balance requirements?
The best high-interest savings account in Canada won’t charge any monthly fees. However, some accounts come with a limited number of free transactions per month with any transactions beyond this limit incurring extra fees. You can look at this in one of two ways.
If you like to have a blocker in place to stop you from dipping into your savings too much, these fees are helpful. But if you want the freedom to access your money whenever without penalty, an account that comes with free unlimited withdrawals is better.
Also check if the account has any minimum balance requirement, which could prevent you from opening the account if you’re just starting to save.
How can you access your money?
The easiest way to access money in a high-interest savings account is via online and mobile banking, so look for a provider with user-friendly digital portals. Some accounts offer a linked debit card or a reloadable card to use at ATMs and to pay for purchases, but most don’t.
You’ll also need to decide if you’re comfortable doing all your banking online or if you like the convenience of being able to access in-branch customer service. Digital banks offer some of the best savings interest rates in Canada but don’t run any physical branches.
Is your money covered by insurance?
Look for a high-yield savings account from a financial institution that is a member of the Canada Deposit Insurance Corporation (CDIC). Up to $100,000 of your savings account deposits will be covered by CDIC insurance in the unlikely event that your bank fails. Or, if you open an account with a provincial credit union, check that you’ll be covered by your provincial deposit insurer.
How to use a high-interest savings account
A high-yield savings account provides a very effective way to reach your savings goals sooner. You can use your account to put aside money for a wide range of savings goals, including:
- Vacations
- Home renovations
- A down payment on a car
- A home deposit
- Education costs (for yourself or your children)
- Your wedding
- Any major purchase
You don’t even need to have a specific goal in mind. Instead, you may want to use your high-interest savings account to build a rainy-day fund to cover unexpected bills or financial emergencies.
But it’s worth mentioning that there may be other types of accounts that are better suited to helping you reach specific goals. For example, if you’re saving for retirement, you may be better off taking advantage of the tax benefits of a registered retirement savings plan (RRSP).
How to open a high-interest savings account in Canada
It’s easy to open a high-yield savings account online. Here’s how.
- Compare high-interest savings accounts in Canada to find one that’s right for you.
- Select the Go to site link to be redirected to your chosen financial institution’s website and start an application.
- Provide your name, date of birth, contact details and Social Insurance Number.
- Confirm your identity by using Interac verification service or uploading a selfie along with proof of ID (such as a driver’s licence or passport).
- Review all your details and submit the application.
- Once your application is approved, deposit funds into your account to start saving.
To open a high-interest savings account, you will typically need to be:
- A Canadian resident.
- The age of majority in your province or territory.
How to get the most out of your HISA
These five simple tips will help you find the best savings rates and boost your bank balance.
Budget for savings
You’ll reach your financial goal sooner if you make saving money part of your regular weekly budget. Aim to set aside 10% of your take-home pay each week and you’ll be surprised at just how quickly your balance will grow. Even if you don’t always reach your weekly target, you’ll still be taking small steps towards your savings goal.
Automate your savings
Set up a recurring deposit from your chequing account to your high-interest savings account. For example, if you get paid every Monday, set up a weekly transfer to your savings account every Tuesday. This allows you to set money aside each week without lifting a finger.
Resist temptation to spend
When you’ve got a big chunk of cash sitting in your account, it can be oh-so-tempting to dip into your savings and treat yourself with a shopping spree or a night out. But that’s only going to set you back from reaching your savings goals, so call on all your discipline to avoid withdrawing any money unless it’s absolutely essential.
Take advantage of promo rates
Promo rate savings accounts can be very handy tools if you’re saving for a short-term savings goal. If you’re willing to put in a little bit of time and effort, you can give your savings balance a big boost by “promo hopping” between different accounts.
Find a great promo rate, open an account and deposit money, then take advantage of the high interest rate during the introductory promo period. When this period ends, close the account and move your money to a new high-interest savings account with an attractive promo rate.
Don’t be afraid to switch
A high-interest savings account lets you “set and forget,” so you can take a hands-off approach to growing your money. But it’s still worth checking the best savings rates every few months to find out if you could be getting a higher rate elsewhere. If you find a better deal, don’t be afraid to switch.
How is savings account interest taxed?
Savings account interest is taxed in Canada. That means you’ll need to include any interest earned as part of your taxable income when filing your return.
The rate at which you’re taxed is the same rate that applies to your other income. Your marginal tax rate depends on which income tax bracket you fall into—you can find the latest income tax rates on the Government of Canada website.
Alternatives to high-yield savings accounts in Canada
Not sure if a high-interest savings account is right for you? Consider these alternatives.
- Regular savings accounts. Commonly offered by Big Five Banks, these savings accounts pay interest at a lower rate than a HISA but can be a good option if you want a place to store your money at a Big Bank.
- GICs. Guaranteed investment certificates offer a guaranteed return when you agree to deposit your money for a fixed period, but you usually can’t access your money before maturity without paying a penalty.
- Hybrid accounts. Hybrid accounts combine the interest-earning power of a savings account with the unlimited transactions and easy day-to-day access of a chequing account.
- RRSPs. Registered retirement savings plans are designed to help you save for retirement by providing tax-deductible contributions, with no tax payable on your interest and investment income until you withdraw funds from the account.
- RESPs. Registered education savings plans allow you to save for your children’s education by providing tax-free investment income.
- TFSAs. A tax-free savings account allows you to avoid paying income tax on the interest and investment income you earn in your account.
Bottom line
A high-yield savings account is a very handy tool to help you save for a specific goal or just for a rainy day. It’s easy to open an account and get a great rate, while setting up regular automatic deposits will boost your savings even further. Compare high-interest savings accounts in Canada to lock in the best savings rates.
FAQs about the best savings accounts in Canada
Banking scores
Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into over 30 different data points across both chequing and savings accounts.
To find out more, read our full savings account methodology and full chequing account methodology.
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