The Best High-Interest Savings Accounts in Canada 2019

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

*all rates current as of May 28, 2019

When it comes to making daily 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 don’t mind earning some interest), high-interest savings accounts could be a good option for you. They’re a great vehicle for long-term and short-term savings goals, with many of the best high-interest savings accounts in Canada offering interest rates over 2% on deposits.

Below, you’ll find the best high-interest savings accounts in Canada currently available. You can learn more about each savings account, their interest rates, and the various benefits of each account below.


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

 


 

What is a savings account?

A savings account is a bank account that pays you interest on account deposits. Unlike guaranteed investment certificates (GICs), savings accounts allow access to your money at any time, making them an excellent 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. Ultimately, the purpose of a savings account is to keep money parked in there for an extended amount of time.

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

There are many different types of savings accounts available to Canadians. The most commonly used 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 financial institution. Other examples of savings accounts include youth savings accounts, savings accounts for seniors, and registered savings accounts like a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Account (RRSP).

You can compare the best rates in Canada on high-interest savings accounts using the drop-down list below.


 

 

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

 

 


EQ Bank Savings Plus Account

For years, EQ Bank has offered one of the best high-interest savings accounts in Canada. The EQ Savings Plus Account currently offers a competitive 2.3% interest rate. Savings while being insured by the Canada Deposit Insurance Corporation (CDIC). No minimum deposit is required and the account is free. EQ provides unlimited Interac e-transfers and internal transfers. An EQ Bank Savings Plus Account doesn’t come with a debit card, as the bank operates online and only offers various savings accounts. Still, you can send yourself e-transfers for free to your daily chequing account. EQ Bank also has an easy-to-use mobile app.

It’s 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 is not currently available in Quebec.


Alterna Bank High-Interest eSavings Account

Alterna Bank is a division of Ottawa-based Alterna Savings and Credit Union. Alterna’s High-interest eSavings Account offers one of the best savings interest rates in the country, at 2.3%. An Alterna Bank HISA is CDIC insured, comes with no fees and offers unlimited transactions and internal transfers. Each month, clients can use two free Interac e-Transfers to move their money from the account. The limitation which allows more incentive to keep money parked in their savings accounts. Another distinctive feature that may be enticing to potential clients is that Alterna’s savings account is eligible for RRSPs and RRIFs.

Alterna Savings is available to citizens of Quebec.


Oaken Financial High-Interest Savings Account

Oaken Financial is a CDIC-insured bank, owned by parent-company, Home Trust. The high-interest savings account offers an interest rate of 2.3%, on deposits and comes with unlimited withdrawals and transfers. The savings account also comes with no minimum deposit requirement. Interest is calculated daily and paid out to customers monthly. An Oaken Financial HISA also comes unlimed interact e-transfers.

Oaken Financial products are available to all Canadian citizens.


Motusbank High-Interest Savings Account

Motusbank is an online bank owned and operated by Meridian Credit Union. Currently, motusbank offers a competitive interest rate of 2.25% on HISA deposits. As a bank that operates exclusively online, Motusbank offers customers the luxury of an easy-to-use online interface and customer service via telephone. The high-interest savings account is CDIC-insured with no monthly fees, unlimited transactions, and internal transfers. Customers banking with motusbank can use ATMs that belong to THE EXCHANGE NETWORK.

Motusbank is not available to citizens of Quebec.


Simplii Financial High-interest Savings Account

CIBC’s direct-to-consumer brand, Simplii Financial, offers an affordable, no-frills banking option to Canadian citizens. It has become one of Canada’s favourite online banks, for their high-interest savings accounts and other financial products. Right now, Simplii high-interest savings account offers a 1.2% interest rate on deposits. CDIC insurance is included and Simplii Financial offers its customers unlimited withdrawals, account transfers, and Interac e-transfers. The best part? There are no monthly fees on any of the accounts.

Simplii Financial products are not available in Quebec.


Manulife Bank of Canada Advantage Account

Manulife Bank of Canada Advantage Account offers a high-interest savings account with a promotional rate of 3.25% for the first 182 days. Once the promotional term is complete, customers can enjoy a rate of 1.5%. An account with Manulife Bank allows customers to bank for free with a minimum savings account balance of $1,000. Using the account with a balance below the required amount, transactions and e-transfers cost $1.00. Using an ATM outside of the EXCHANGE Network costs $1.50.

Manulife Bank of Canada proudly serves citizens of Quebec.


Motive Financial Savvy Savings Account

A division of Canadian Western Bank, Motive Financial operates solely online and via mobile application. Its high-interest savings account offers tiered interest rates. For clients with investing of $1 million or less, a HISA rate of 2.80%. Investments over one million receive an interest rate of 0.25%.

Motive Financial is not available to citizens of Quebec.


MAXA Financial High-interest Savings Account

MAXA Financial currently offers one of the best high-interest savings account in Canada, at 2.45%. MAXA accounts come with no monthly fees and one free debit transaction per month. Interest in a MAXA HISA is calculated daily and paid to customers monthly. E-transfers cost $1.50 and transactions are $1.00 each. Investments are provincially insured. This account is perfect for cost-conscious Canadians seeking to leave their savings untouched.

MAXA Financial products are available to all Canadian citizens.


Implicity Financial High-interest Savings Account

If you’re someone who needs the freedom to make withdrawals at will, Implicity’s high-interest savings account might be a good option for you. The account provides a very competitive interest rate on their HISA, at 2.4%. The account also allows its customers unlimited withdrawals and deposits.

Though Interac e-transfers cost $1.50 per transaction, no monthly account fees make it a suitable option. This account is provincially insured.

Implicity Financial products are available to all Canadian citizens.


Scotiabank Momentum PLUS Savings Account

Scotiabank’s currently offers several high-interest savings accounts. The Scotiabank Momentum Plus, Scotiabank Savings Accelerator Account, and the Money Master Savings Account. None require a monthly fee from account holders. The major Canadian bank offers a mobile banking app and 24/7 customer service.

Scotiabank’s Momentum Plus account offers tiered interest rates. Higher rates are applied to savings that remain untouched for longer periods. It is the most basic HISA Scotiabank currently offers. Scotiabank’s Savings Accelerator Account offers the highest interest rate on a Scotiabank HISA. Finally, Scotiabank’s Money Master Savings Account requires no minimum balance and allows unlimited transfers.

All accounts are eligible for CDIC insurance.

Scotiabank products are available to all Canadian citizens.


CIBC eAdvantage Savings Account

CIBC eAdvantage Savings Account offers interest on every dollar deposited at 1.05% on deposits over $5,000. Transactions, such as debit purchases, ATM withdrawals, bill payments, e-transfers, and branch transfers come with a fee of $5.00 each. Like many Canadian financial institutions, CDIC insurance is included.

The CIBC eAdvantage Savings Account is available to all Canadian citizens.


Tangerine High-interest Savings Account

Tangerine, Scotiabank’s direct-to-customer bank, offers a high-interest savings account with an interest rate of 1.25%. New clients earn 2.75% for the first six months. The account requires no minimum balances or monthly fees.

Tangerine products are available to all Canadian citizens.


TD Bank High-interest Savings Account

TD Bank offers a high-interest savings account with no monthly fee or minimum deposit requirement. Interest on a TD HISA is 0.50%. Transactions and internal transfers cost $5. E-transfers and external ATMs cost $1.50. All TD Bank accounts and deposits are covered CDIC insurance.

As one of Canada’s largest financial institutions, TD Bank is available to all Canadians.


RBC High-interest Savings Account

Royal Bank of Canada’s High-interest Savings Account offers CDIC insurance and an interest rate of 1.00% on deposits. Transactions cost $5.00, e-transfers cost $1.00. and external ATMs use costs $1.50. Internal transfers are free.

RBC Royal Bank products are available to all Canadians.


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).


Compare Some of the Best High-Interest Savings Accounts in Canada 2019

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* Account Availability
Manulife Bank of Canada 3.25% Canada-wide.
Motive Financial Savvy Savings Account 2.80% (up to $1 million; drops to 0.25% if balance exceeds $1 million) Unavailable in Quebec.
MAXA Financial High-interest savings account 2.45% Unavailable in Quebec.
Implicity Financial High-interest Savings Account 2.40% Canada-wide.
Alterna Bank High-interest eSavings Account 2.30% Canada-wide
EQ Bank Savings Plus Account 2.30% Unavailable in Quebec.
Oaken Financial High-interest Savings Account 2.30% Unavailable in Quebec.
motusbank High-Interest Savings Account 2.25% Unavailable in Quebec.
DUCA Earn More Savings Account 1.40% Canada-wide.
Simplii Financial High-interest Savings Account 1.20% Unavailable 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 0.50% Canada-wide
Compare all high-interest savings accounts in Canada Compare Savings Accounts

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