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Savings account interest rates

We've compiled the latest savings account interest rates from banks, credit unions and fintechs across the Canadian market so you can easily compare your options.

The interest rate is the most important factor to consider when comparing savings accounts — the higher the rate, the faster your balance will grow. In this guide, we’ll show you the best savings account interest rates from the Big Five, popular digital banks and major credit unions to help you choose an account and reach your savings goals sooner.

Summary: Savings account interest rates in Canada

Check out the table below for savings account interest rates currently available from a wide range of major banks, digital banks and credit unions in Canada.

BankSavings accountStandard interest ratePromo rateLearn more
EQ BankNotice Savings Account3.50% - 3.65%N/A
KOHOEarn Interest5%N/A
Simplii FinancialHigh Interest Savings Account0.35% – 3.75%6% (for the first 5 months)
Achieva FinancialDaily Interest Savings Account3%N/A
Alterna BankHigh Interest eSavings Account1.85%N/A
ATB FinancialSpringboard Savings Account0.6% – 1.8%N/ALearn More
BMOSavings Amplifier Account1.35%4.75% (for up to 120 days)
BridgewaterSmart eSavings Account Interest Rate3.60%N/A
Canadian Tire BankCanadian Tire High Interest Savings Account3.70%N/A
Canadian Western BankCWB Summit Savings Account1.10%N/A
CIBCeAdvantage Savings Account0.3% – 1.5%5.25% (for the first 4 months)
CI Direct InvestingHigh Interest Savings Account2.75%N/ARead review
Coast Capital SavingsHigh-Interest Savings Account1.1%N/ALearn More
DUCAEarn More Savings Account0.05%5.25% until Nov. 18, 2024, then 4% until Feb. 28, 2025Learn More
FirstOntario Credit Union​High Interest eSavings Account1.50% – 1.60%N/ALearn More
HubertHappy High-Interest Savings2.35%N/ALearn More
ICICI Bank CanadaHiSAVE Savings Account1.25%N/ALearn More
Innovation Credit UnionSavings Account1.05%N/ALearn More
Laurentian BankHigh Interest Savings Account1% – 3.75%N/A
Manulife BankAdvantage Account2.35%N/ALearn More
Meridian Credit UnionHigh Interest Savings Account1.65%5.5% (for the first 4 months)Learn More
Motive FinancialSavvy Savings Account3.6%5.75%(for the first 120 days)
MotusbankHigh Interest Savings Account1.65%N/ALearn More
National BankHigh Interest Savings Account1.4%N/A
NeoHigh Interest Savings Account3%N/A
Oaken FinancialOaken Savings Account3.4%N/ALearn More
PC FinancialPC Money Account4.25%N/ALearn More
RBCHigh Interest eSavings1.15%(for the first )
ScotiabankMomentumPLUS Savings Account1% – 2%5.5% (for the first 3 months)
Servus Credit UnionPremium Savings Account0.3%– 1.6%N/ALearn More
Steinbach Credit UnionHigh Interest Savings Account2.70% - 2.90%N/ALearn More
TangerineSavings Account0.3%6% (for the first 5 months)
TDePremium Savings Account1.55% (on balances of $10,000 or more)N/A
VancityJumpstart High Interest Savings Account1.4%5% (until 20 November 2024)Learn More
WealthsimpleHigh Interest Cash Account2.75% – 3.75%N/A

Big Five Bank savings account interest rates

Want to know how the big banks stack up against each other in terms of their Canadian currency savings account interest rates. Check out the tables below.

RBC savings account interest rates

RBC offers the following rates across its selection of savings accounts.

RBC savings accountStandard interest ratePromo rate
High Interest eSavings1.15% (for the first )
NOMI Find & Save0.45%N/A
Day to Day Savings0% – 0.01%N/A

Scotiabank savings account interest rates

Check the table below for a breakdown of Scotiabank’s savings account interest rates.

Scotiabank savings accountStandard interest ratePromo rate
MomentumPLUS Savings Account1% – 2%5.5% (for the first 3 months)
Savings Accelerator Account0.95%N/A
Money Master Savings Account0.01%N/A

Scotiabank Preferred Package

Earn up to 5.45% interest for 3 months on your savings when you open both a MomentumPLUS Savings Account and a Scotiabank Preferred Package. Plus, you'll earn up to an $800 bonus with the Preferred Package.

BMO savings account interest rates

The current BMO savings account interest rates for its two main savings accounts are shown below.

BMO savings accountStandard interest ratePromo rate
Savings Amplifier Account1.35%N/A
Savings Builder Account1.55% (when you save at least $200 per month)
Premium Rate Savings Account0.01%N/A

TD savings account interest rates

Check current TD savings account interest rates below.

TD savings accountStandard interest ratePromo rate
ePremium Savings Account1.55% on balances of $10,000 or more0% on balances less than $10,000N/A
High Interest Savings Account0% – 0.05%N/A
Every Day Savings Account0.01%N/A

CIBC savings account interest rates

Check the table below for the current CIBC savings account interest rates.

CIBC savings accountStandard interest ratePromo rate
eAdvantage Savings Account
  • $9,999.99 or less: 0.3%
  • $10,000 – $24,999.99: 0.35%
  • $25,000 – $99,999.99: 0.5%
  • $100,000 – $499,999.99: 1.2%
  • $500,000 and over: 1.5%

Additional interest rate of 0.50% applies on balances up to $200,000 when you save at least $200 per month

5.25% (for the first 4 months)

What is the average yearly savings rate for Canadians right now?

The average savings account interest rate in Canada right now is 1.64% based on savings accounts offered by Big Banks, digital banks and credit unions in Canada.

This figure was calculated using the interest rate data in the summary tables above (as of October 25, 2024). It only takes into account the accounts listed in the table, not the full range of savings accounts available in the Canadian market.

Please note that the average interest rate quoted does not take into account any promotional interest rates. And in cases where an account pays tiered interest — the higher your balance is, the higher the rate you get — we used the account’s lowest interest rate tier for our calculations.

Types of savings account interest rates

There are two types of savings account interest rates: simple and compound.

Simple interest is only paid on the amount you deposit (the principal). Compound interest applies to the principal as well as the interest you’ve already earned in your account.

The power of compound interest lets you grow your savings balance faster. For example, let’s say you invest $1,000 in a savings account that pays 5% interest for 10 years:

  • With simple interest you would earn $500 interest
  • With compound interest you would earn $647 interest — an extra $147

The key figure you need to look at when comparing savings account rates is the APY, or annual percentage yield. This figure takes into account the effect of compounding and shows you how much interest you can earn from an account per year.

How are savings account interest rates calculated?

There are two main factors that affect the savings account interest rates offered by banks:

  • The Bank of Canada’s policy rate. Just like mortgage rates, savings account rates tend to move up or down in line with interest rate hikes and reductions.
  • Competition. Banks will also look at what their competitors are doing when setting their rates. If they want to attract new customers to deposit savings they will up their rates to stand out from the competition.

Interest on most savings accounts is calculated daily and paid out monthly. Interest is calculated on your account’s closing balance at the end of each day, and it typically compounds daily, monthly or annually.

Earn interest & No fees

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  • Earn up to 3.65% interest
  • $0 account fee
  • No minimum balance required
  • No monthly deposit requirements
  • CDIC protection up to $100,000

No Fees and High Interest

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  • 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

Accelerated interest

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  • Earn 5.50% for 3 months, 1.00% thereafter
  • Can earn interest rate boosts
  • No account fee
  • No minimum balance required
  • CDIC protection up to $100,000

Where to find the best high interest savings account rates

If you’re searching for high interest savings account rates that will help you grow your balance sooner, you won’t find them at the big banks. The best savings account rates are usually offered by digital banks.

For example, EQ Bank offers 3.5% or 3.65% with a Notice Savings Account, KOHO pays 5% interest across all of its plans, and Neo pays 3% interest on its High Interest Savings Account. To find the best rates in Canada, compare high interest savings accounts.

TFSA savings account rates

Tax free savings accounts (TFSAs) are a popular alternative to standard savings accounts in Canada. They offer the benefit of allowing your savings grow without having to pay taxes on your investment earnings.

Check the table below for the latest TFSA interest rates from the Big Five and other popular digital banks.

BankTFSA bank accountInterest rate
RBCTax Free Savings Account0.75%
BMOTax Free Savings Account0.5%
TDTD Canada Trust TFSA0.5%
ScotiabankSavings Accelerator Account – Tax Free Savings Account0.45%
CIBCTFSA Tax Advantage Savings Account0.65%
EQ BankTFSA2.5%
Simplii FinancialTax-Free Savings Account0.4%
TangerineTax-Free Savings Account0.3%
WealthsimpleTax-Free Savings Account0%

How to compare savings accounts and interest rates in Canada

These are the key factors you need to consider when comparing savings accounts.

Interest rate

Shop around to find the account with the highest rate — the higher the interest rate, the faster your savings account balance will grow.

But check the fine print to find out if there are any terms and conditions you need to meet to get the maximum advertised rate. For example, you may need to deposit a specified amount each month to qualify for the highest rate.

Other accounts have tiered interest rates — the larger your account balance, the higher the interest rate. Check the tiers to find out what rate your balance will allow you to qualify for.

Promo rate

Some savings accounts offer a high promotional interest rate for a limited introductory period, such as 4 or 5 months. These accounts can be very useful if you’re saving for a short-term goal, such as a vacation in a few months’ time.

But once the promo period ends, the account will revert back to its standard rate — which is usually much lower than the promo rate. So if you want to keep saving, you may want to move your money to a new high interest savings account at this point.

When comparing promo rate savings accounts, remember to check how long the promo period lasts, and whether you need to meet any special conditions (such as a minimum monthly deposit) to qualify for the rate.

Fees

Most savings accounts don’t have monthly fees, but some charge transaction fees when you make a withdrawal or transfer funds to another account. If you need easy access to your money, look for an account with no transaction fees or that supports a certain number of free transactions per month.

Linked account requirement

Some banks will require you to open a chequing account with them before you can open a savings account. If this is the case, check whether the chequing account comes with a monthly fee attached.

How to manage your money

Easy access to your money is always important, so choose a bank with user-friendly mobile and online banking portals. If you like to have the option to access face-to-face customer service, you’ll want to choose a bank with bricks-and-mortar branches rather than a digital bank.

Finally, check how you will be able to withdraw money from your savings account when needed. Will you be able to withdraw cash at an ATM, or will you first need to transfer funds to a different account?

Insurance

Choose a savings account with a financial institution that is a member of the Canada Deposit Insurance Corporation (CDIC). The CDIC insures deposits of up to $100,000 in the unlikely event that your bank fails. Each Canadian province also has its own deposit insurer that covers deposits at provincial credit unions.

How savings account interest rates make a BIG difference for your money

While a small difference in savings account interest rates might not seem like much, it can make a big difference to how quickly your balance grows. Let’s take a look at a representative example.

Mike wants to open a high interest savings account to help pay for his daughter’s education. He has $1,000 to deposit straight away, and plans to automatically transfer $150 from his paycheque each week to boost his savings.

Mike’s regular Big Five bank pays 1.40% interest, but Mike shops around and finds a digital bank with high interest savings account rates of 4%. Interest is compounded monthly on both accounts. Mike crunches the numbers to work out how much the higher interest rate will help him save by the time his daughter graduates 5 years in the future.

As you can see in the table below, choosing the account with the higher rate will help him save an extra $1,963.

Account AAccount B
Interest rate1.40%4%
Initial deposit$1,000$1,000
Weekly deposit$100$100
Interest earned after 5 years$988$2,951
Total account balance after 5 years$27,988$29,951

Savings account interest rates calculator

Want to find out just how much you could save with a high interest savings account? Use the calculator below to see how a high rate and compound interest can help you reach your savings goals sooner.

Initial deposit
$
Monthly contribution
$
Interest rate p.a.
%
Number of years
Total savings
Total monthly contributions
Interest earned

Bottom line

Shopping around for the best savings account interest rates in Canada can make a big difference to how soon you reach your savings goals. The best rates are generally offered by digital banks, but make sure you compare a range of options before deciding on the best place to deposit your money.

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Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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