EQ Bank Savings Plus Account
Interest rate of 1.5%
- Zero everyday banking fees
- Free transactions
- No minimum account balance
With no everyday banking fees and free transactions, open an EQ Bank Savings Plus Account and get an interest rate of 1.50%.
The primary feature of a savings account is to safely grow your money over time – an extra 1% yield on an account with a balance of $5,000 will pay out about $50 each year, which is more than you’ll likely pay in fees. However, if the Bank of Canada begins to raise interest rates on loans, other banks might lower savings account interest rates to avoid losing money.
Another obstacle to saving money is inflation. Your money is expected to lose up 3% of its value each year, so keeping your funds in a savings account with a high interest rate can help lessen the effects of inflation and help protect you financially.
Fees can rob you of the interest you’d earn in your savings account. Fortunately, you can still get great rates with an account that charges absolutely no monthly, quarterly or annual fees to maintain it.
Below are just some of the Canadian banks that offer no-fee savings accounts. Other options exist including the TD ePremium Savings Account (0.95% with a $10,000 minimum balance) and the RBC Enhanced Savings Account (tiered interest rate).
Tangerine Savings Account 0.15% interest rate
EQ Bank Savings Plus Account1.50% interest rate
Scotiabank MomentumPLUS Savings Account
starting at 0.05% interest rate
BMO Smart Saver Account 0.8% interest rate
Sometimes the savings accounts with the best rates also have the most hoops to jump through. If you want to grow your savings without putting down a huge sum up front or worrying about maintaining a minimum balance, look for banks that offer savings accounts with no minimum deposit or a low-minimum deposit. Below are just some examples of Canadian banks that offer such accounts.
Tangerine Savings Account
EQ Bank Savings Plus Account
RBC High Interest eSavings Account
TD Every Day Savings Account
Think about the ways you save money. Do you need regular access to your accounts or do you want to tuck a large chunk of money away for the future? Match your savings style to the points below to help you choose the best savings account type for your situation.
Consider a basic savings account if you want to regularly moving money between accounts and prefer visiting a brick-and-mortar bank in person.
These accounts often have better interest rates and could be good if you make regular deposits and don’t intent to withdraw frequently.
If you’re a business owner or are self employed, this account allows you to keep your business and personal transactions separate.
There are so many savings options out there, it can be hard to determine how to pick the best for your savings style. Here are the benefits to look for:
Savings accounts are a great place to start growing your money, but there are also other ways to make your money work even harder for you. Consider these drawbacks:
Joint accounts are a great way to reach collective financial goals. Generally, joint accounts allow up to two account holders, but some providers allow for even more. Before opening a joint savings account, consider if it’s right for your financial situation. Consider the pros and cons below:
When interest rates are low, where can you get the best return for your money? If the best high-interest savings accounts aren’t enough or don’t fit your financial goals, there are other ways of getting the most out of your money.
Consider these other ways to save:
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