Over the past few weeks, we’ve been reviewing high-interest savings accounts. Some are great because they pay a high rate of interest and have some good features. There’s no perfect savings account but there are some that are better than the rest.
Here are what we consider the best savings accounts in Canada:
EQ Bank Savings Plus Account
The EQ Bank Savings Plus Account is our top pick. It offers an interest rate of 2%—the best long-term rate on the market—as well as free bill payments and electronic funds transfers. There’s no monthly fee and you also get five free Interac e-transfers each month. With features like these, you may be able to ditch your chequing account.
Alterna Bank High Interest eSavings Account
The Alterna Bank High Interest eSavings Account is another great high-interest savings account. It has an interest rate of 1.95% and offers free bill payments, transfers, and debits. The account doesn’t have a monthly fee and two free Interac e-transfers are included every month.
Oaken Savings Account
The interest rate on the Oaken Savings Account isn’t as high as the two accounts mentioned above. But the rate is a respectable 1.75%. You also receive an unlimited number of free withdrawals and transfers. And there’s no monthly fee.
You may be wondering why the no-fee Tangerine Savings Account made our list. While the interest rate isn’t that high (it’s currently 0.8% for current clients; new clients get 2.4% for the first 182 days and 0.8% thereafter), the account does offer an unlimited number of free transfers and transactions (many credit unions don’t offer those features). That means you won’t need to pay a fee if you need access to your cash quickly or often.
- Review: EQ Bank Savings Plus Account
- Review: Alterna Bank High Interest eSavings Account
- Review: Oaken Savings Account
- Review: Tangerine Savings Account
Flickr: KMR Photography