Are there high-yield savings accounts in Canada?

Yes, in Canada you'll mostly find high-yield savings accounts offered by digital banks. Compared to standard savings accounts, these accounts pay a higher rate of interest on every dollar you deposit.

How can I find the best Canadian high-interest savings account?

You can start by reviewing our list of the best Canadian high-interest savings account above. These accounts offer a high ongoing interest rate, no fees and no minimum balance requirements. To find the best high-yield savings account for you, compare interest rates, check if you need to meet any special conditions to qualify for the maximum rate and make sure there are no monthly fees or minimum balance requirements to worry about.

Where can I find the best interest rates in Canada?

Digital banks tend to offer better interest rates on high-yield savings accounts than traditional providers. These banks make it easy to manage your money via online and mobile banking, so you'll need to be comfortable doing all your banking digitally if you want to open one of these accounts and get access to the best interest rates in Canada.

Is it safe to open a high-interest savings account?

Yes, provided you deal with a reputable financial institution. Unlike other types of investments, there's no risk of losing the money you deposit into a high-yield savings account. Look for an account from a CDIC member—or from a provincial credit union covered by your provincial deposit insurer—to make sure you won't be left out of pocket if your financial institution goes under.