The Best High-interest Savings Accounts in Canada 2019

Ratehub.ca
by Ratehub.ca April 9, 2019 / No Comments

*all rates current as of April 8, 2019

When it comes to making purchases, using chequing accounts or a credit card are certainly great options for day-to-day banking. However, if you have some extra money left over (and wouldn’t mind earning some interest on it), high-interest savings accounts could be a good option for you.

High-interest savings accounts are an excellent vehicle for long-term and short-term savings, with many of the best high-interest savings accounts in Canada offering interest rates over 2%.

Below, you’ll find the best high-interest savings accounts in Canada that are currently available. You can learn more about each account’s savings interest rate, the various benefits of each account, and compare the different rates available.

Want to see how your savings account compares to the rest? Compare Best Savings Accounts

 

What is a savings account?

A savings account is simply a bank account that pays you interest on the money that you deposit in the account. Unlike guaranteed investment certificates (GICs), savings accounts allow you to have access to your money at any time, making them a great vehicle for emergency fund savings. However, unlike chequing accounts, savings accounts are not meant to be used for day-to-day transactions. Depending on the type of savings account you choose, your number of daily transactions can be limited.

So what types of savings accounts can you open in Canada?

There are many different types of savings accounts available to Canadians. The basic (and most known) savings account is a high-interest savings account (HISA). As its name suggests, a high-interest rate offers high interest on the funds invested in the savings account. These accounts are available to Canadians who reached the age of maturity in their respective provinces. The number of monthly transactions included relies heavily on the type of financial institution chosen. Other examples of savings accounts include youth savings accounts, savings accounts for seniors, and registered savings accounts like a TFSA and RRSP. This post is focusing on the best high-interest savings accounts in Canada.

You can compare and choose from the drop-down list below.

 

 

 

Best High-Interest Savings Accounts in Canada 2019 (View All)

 

 

 


DUCA Earn More Savings Account

DUCA is an Ontario-based Credit Union that currently offers some of the highest interest savings accounts in Canada at 3.00%. This is a promotional offer. However, DUCA’s promotional offer expires on January 31, 2020! On top of this fantastic rate, DUCA’s savings account comes with no locked-in terms, daily calculated interest, and pays interest monthly. There’s also no minimum balance requirement. Although this is a promotional offer, exclusive to new deposits, there is no minimum deposit or monthly fee.

If you’re considering a DUCA Earn More Savings account, remember that after January 31st, 2020, this savings account will go back to its base rate of 1.65%. As an Ontario Credit Union, DUCA is insured by the Deposit Insurance Corporation of Ontario (DICO).

DUCA Earn More Savings Account

  • 3.00% interest rate
  • No monthly fees
  • Provincially insured

 

EQ bank savings plus account

For years, EQ Bank has offered one of Canada’s best high-interest savings accounts – and this year is no different. EQ’s Savings Plus Account currently offers a competitive 2.3% interest rate, while being insured by the Canada Deposit Insurance Corporation (CDIC). EQ provides unlimited Interac e-transfers and unlimited transfers and withdrawals. Its account is available anywhere in Canada but with the exception of Quebec. It is also worth noting that EQ Bank’s Savings Account is a winner of Ratehub.ca’s Personal Finance Awards for the category of the Top High-interest Savings Account.

EQ Bank Savings Plus Account

  • 2.3% interest rate
  • No monthly fees
  • CDIC insured

 

Alterna Bank High-interest eSavings Account

Alterna Bank is a division of Ottawa-based Alterna Savings and Credit Union, which boasts 143,000 members (2016). Alterna’s High-interest eSavings Account offers one of the best savings interest rates in the country, at 2.35%. Similar to EQ’s offering, Alterna’s savings account is CDIC insured, comes with no fees, and offers unlimited transactions and internal transfers. Also included are two free Interac e-Transfers. One distinctive feature that may be enticing to some clients is that Alterna’s savings account is RRSP and RRIF eligible.

Alterna Bank High-interest eSavings Account

  • 2.35% interest rate
  • No monthly fees
  • RRSP and RRIF eligible

 

Oaken Financial High-interest Savings Account

Oaken Financial is a CDIC-insured credit union, owned by parent company, Home Banl. Its high-interest savings account offers an interest rate of 2.3%, and comes with unlimited withdrawals and transfers.

Oaken Financial High-interest Savings Account

  • 2.3% interest rate
  • Unlimited withdrawals and transfers
  • CDIC insured

 

Simplii Financial High-interest Savings Account

CIBC’s direct-to-consumer brand, Simplii Financial, was founded after the bank’s agreement with PC Financial ended in 2017. Clients found the same affordable, no-frills banking options they came to expect from PC Financial when they transferred over following the end of the partnership. Right now, Simplii high-interest savings account offers a 1.2% interest rate, is CDIC insured, and offers unlimited withdrawals and transfers – all for no monthly fees. Clients can also rest assured when banking with Simplii, as it belongs to one of the country’s largest banks.

Simplii Financial High-interest Savings Account

  • 1.2% interest rate
  • No monthly fees
  • CDIC insured

 

Motive Financial Savvy Savings Account

A division of Canadian Western Bank, Motive Financial operates solely online and via mobile banking. Its high-interest savings account offers tiered interest rates. Clients with a balance of $0-$1 million earn a rate of 2.8%. Clients with a balance over $1 million earn 0.25%. All clients pay no monthly fees and granted two free transactions per month.

Motive Financial Savvy Savings Account

  • Up to 2.8% interest rate
  • No monthly fees
  • Two free transactions per month

 

MAXA Financial High-interest savings account

When it comes to HISA interest rates, MAXA Financial currently offers the best high-interest savings account in Canada, offering 2.45% for its high-interest savings account. However, unlike some other offerings, clients will pay $1 per transaction. Still, there are no fees and offer one free debit transaction per month. If you want an account to park your money for any significant period, MAXA’s HISA may be your best choice.

MAXA Financial High-interest Savings Account

  • 2.45% interest rate
  • One free debit transaction per month
  • The highest available HISA interest rate

 

Implicity Financial High-interest Savings Account

If you’re someone who wants the freedom to make withdrawals at will, Implicity’s high-interest savings account might be a good option. It provides a very competitive 2.4% interest, while also offering unlimited withdrawals and deposits. Interac e-transfers cost $1.50 per transaction, however. There are no monthly fees. Though this account is not CDIC insured, it is insured by the province of Ontario. Note that this account is only available in Ontario.

Implicity Financial High-interest Savings Account

  • 2.4% interest rate
  • Unlimited withdrawals and deposits
  • Provincially insured

 

CIBC High-interest Savings Account

CIBC is currently offering a 1.05% interest on its eAdvantage Savings Account. This account comes with no monthly fees and a minimum daily balance of 1.05% interest on your deposits $5,000 and over. Transactions, such as debit purchases, ATM withdrawals, bill payments, and branch transfers come with a flat rate of $5.00. Paperless statements to keep track of your account are free, however. Like any major Canadian bank, CDIC applies to CIBC’s High-Interest Savings Account.

 

Tangerine High-interest savings account

For a limited time, Tangerine is offering 3% interest on their HISAs. After six months, the interest rate will drop to 1.25%. This account is a no-fee account that allows it to be used in conjunction with Tangerine’s Automatic Savings Program, allowing you to move money directly into your savings account to help you save automatically.

 

Scotiabank High-interest Savings Account

Scotiabank’s high-interest savings account currently offers a savings account with a tiered interest of up to 1.95% on your deposits. It’s a no-fee account that offers a unique tiered savings structure to give incentive clients to leave their money in the account. It includes a regular interest rate of 1.05% and an additional top-up of up to 0.90% (if money remains in the account for 360 days).

Scotiabank High-interest Savings Account

  • 1.95% interest rate
  • No monthly fees
  • Tiered savings incentive structure

TD High-interest Savings Account

TD’s high-interest savings account offers a 0.5% interest rate. It charges $5 per transaction and offers one withdrawal each month.

RBC High-interest Savings Account

RBC’s high-interest savings account offers 1.05% and, similar to that of TD’s HISA and offers one free withdrawal. A $5 per transaction fee is applied to additional withdrawals.


 

Compare Some of the Best High-Interest Savings Accounts in Canada 2019 Side by Side (Clicks to view)

The table below lists some of the best high-interest savings accounts in Canada*, with interest rates and availability for different accounts by Canadian province. You can find more information about included transactions and individual savings accounts on the convenient comparison table located below.

Savings Account Savings Account Interest Rate* Savings Account Availability
DUCA Earn More Savings Account 3% Not available in Quebec
Motive Financial Savvy Savings Account 2.8% (up to $1 million; drops to 0.25% if balance exceeds $1 million) Canada-wide but not available in French
MAXA Financial High-interest savings account 2.45% Canada-wide but not available in French
Implicity Financial High-interest Savings Account 2.4% Ontario only
Alterna Bank High-interest eSavings Account 2.35% Canada-wide
EQ Bank Savings Plus Account 2.3% Not available in Quebec
Oaken Financial High-interest Savings Account 2.3% Canada-wide but not available in French
Simplii Financial High-interest Savings Account 1.2% Not available in Quebec
Scotiabank Momentum PLUS Savings Account up to 1.95% Canada-wide
CIBC eAdvantage Savings Account 1.05% Canada-wide
RBC High-interest eSavings Account 1.05% Canada-wide
TD High-interest Savings Account 0.5% Canada-wide
Compare all high interest savings accounts in Canada Compare Savings Accounts

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Photo by Andrew Neel on Unsplash