Want to earn maximum interest on your savings? High interest savings accounts are the answer, typically having no minimum deposit requirement, and earning anywhere from 1.05% to 2.25%. Input your estimated account balance, then compare and find the best rate available for you!
| Purchase interest rate | Bank account | Included | 1st year return | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.5% |
EQ Bank Savings Plus Account
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Free e-transfers and no monthly fees | $75 | Get this rate Get more details | ||||||||||||||||||
| 1.30% |
MAXA Financial High Interest Savings Account
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No monthly fee, one free debit transaction per month | $65 | Get this rate Get more details | ||||||||||||||||||
| 1.25% |
La Capitale Stow & Grow High-Interest Savings Account
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Unlimited | $62 | Get this rate Get more details | ||||||||||||||||||
| 1.25% |
Oaken Financial Oaken Savings Account
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unlimited withdrawals and transfers | $62 | Get this rate Get more details | ||||||||||||||||||
1.25%
Interest rate tiers
|
Steinbach Credit Union Regular Savings Account
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1 withdrawal | $62 | Get this rate Get more details | ||||||||||||||||||
1.1%
Interest rate tiers
|
Scotiabank Momentum PLUS Savings Account (360-premium)
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Unlimited transfers to Scotiabank accounts | $55 | Get this rate Get more details | ||||||||||||||||||
1.05%
Interest rate tiers
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ATB Financial Springboard Savings Account
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1 withdrawal or transfer | $52 | Get this rate Get more details | ||||||||||||||||||
| 2.15% 0.15% after 150 days |
Tangerine Savings Account
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unlimited transfers | $49 | Get this rate Get more details | ||||||||||||||||||
| 0.75% |
Wealthsimple Wealthsimple Cash
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Unlimited free transactions | $38 | Get this rate Get more details | ||||||||||||||||||
| 1.5% 0.05% after 120 days |
CIBC eAdvantage Savings Account
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Free paperless e-statements; Free Braille/large print statement (if requested) | $26 | Get this rate Get more details | ||||||||||||||||||
| 0.15% |
National Bank High Interest Savings Account
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Transfers between your national bank account: free of charge. Transfers to other national bank clients: $5/transfer. | $8 | Get this rate Get more details | ||||||||||||||||||
0.1%
Interest rate tiers
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Scotiabank Savings Accelerator Account
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Unlimited no-fee transfers to your other Scotiabank accounts | $5 | Get this rate Get more details | ||||||||||||||||||
0.05%
Interest rate tiers
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TD Bank High Interest Savings Account
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None | $2 | Get this rate Get more details | ||||||||||||||||||
0.05%
Interest rate tiers
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Scotiabank Money Master Savings Account
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Unlimited no-fee self-service transfers to your other Scotiabank accounts | $2 | Get this rate Get more details | ||||||||||||||||||
| 0.05% |
RBC Royal Bank High Interest eSavings
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1 withdrawal | $2 | Get this rate Get more details | ||||||||||||||||||
0.01%
Interest rate tiers
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TD Bank Every Day Savings Account
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1 free transaction per month | $0 | Get this rate Get more details | ||||||||||||||||||
0.01%
Interest rate tiers
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RBC Royal Bank Day to Day Savings
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None | $0 | Get this rate Get more details | ||||||||||||||||||
0.001%
Interest rate tiers
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RBC Royal Bank Enhanced Savings
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1 withdrawal | $0 | Get this rate Get more details | ||||||||||||||||||
0%
Interest rate tiers
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TD Bank TD ePremium Savings Account
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Unlimited online transfers to same financial institution deposit accounts | $0 | Get this rate Get more details | ||||||||||||||||||
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This account is a winner of the Personal Finance Awards in the Top Savings Account product category. Learn more about our yearly Personal Finance Awards here.
2020 Winner
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A high interest savings account is a type of savings account that pays higher interest than standard savings accounts. Unlike a chequing account which are meant for everyday transactions, high interest savings accounts are designed to save money in for a longer period of time. They often have higher transaction fees than chequing accounts, but there are plenty of high interest savings accounts available that don’t charge monthly fees or transaction fees. You can open a high interest savings account with any bank or credit union, even if you do your everyday banking with another financial institution.
Tax-free savings accounts usually offer lower interest rates than high interest savings accounts, but there is no tax on the interest earned.
Many financial institutions offer special savings accounts just for children to teach them how to save money and how to bank.
Some banks offer special savings accounts for Canadians 60 and over that offer lower transaction fees or waive minimum balance requirements.
When comparing high interest savings accounts, there are a number of factors to consider. Look for accounts that offer an everyday high interest rate, and low transaction fees. You can also consider extras, like whether the account offers online and mobile banking, free Interac® e-Transfers, and bill payments. Some high interest savings accounts also offer sign up incentives and promotional interest rates. Even though these offers look attractive, you may find that you’ll come out ahead by choosing an account with an everyday high interest rate.