Finding savings accounts that offer an unlimited number of free withdrawals isn’t easy unless you use a smaller financial institution.
Some of Canada’s Big Five banks have savings accounts that come with one free withdrawal every month while others charge you for every single withdrawal you make. Although savings accounts are primarily meant for depositing money and not withdrawing it, there may be occasions when you need to make frequent withdrawals. If that’s the case, here are some savings accounts (all of which are also high-interest savings accounts) with an unlimited amount of free withdrawals:
EQ Bank Savings Plus Account
The EQ Bank Savings Plus Account has one of the best interest rates on the market (currently 2%). The account has no minimum balance or monthly fees, lets you make bill payments for free, and allows you to send five free Interac e-Transfers every month. With these features, the EQ Bank Savings Plus Account acts as both a savings and chequing account.
Alterna Bank High Interest eSavings Account
The Alterna Bank High Interest eSavings Account offers an interest rate of 1.95%. It also has no minimum balance requirement, unlimited free bill payments and transfers, and comes with two free Interac e-Transfers each month ($0.95 thereafter).
Meridian Credit Union Good to Grow High Interest Savings Account
The Meridian Good to Grow High Interest Savings Account has an interest rate of 1.5%, no monthly fees, and there’s no minimum balance required. The account has an unlimited number of free transactions as well as surcharge-free access to Meridian ATMs and more than 3,300 Exchange Network ATMs across the country.
Oaken Savings Account
The Oaken Savings Account also has an interest rate of 1.5%, no monthly fees, and there’s no minimum balance required. Plus, there’s an unlimited number of free transactions.
PC Financial Interest Plus Savings Account
The PC Financial Interest Plus Savings Account has an interest rate of just 0.8%, which is lower than the accounts mentioned above. However, the account has no monthly fees, no minimum balance required, and an unlimited number of free transfers between PC Financial accounts.
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