Compare the Best High Interest Savings Accounts in Canada 2020

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!

Savings Accounts that are eligible for a promotional offer are marked throughout the comparison chart with a promotional offer icon such as or . Click this box to show only Savings Accounts that contain free promotional offers. For gift card FAQs and Terms & Conditions click here.
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Purchase interest rate Bank account Included 1st year return
2.7% Interest rate tiers
If balance is Rate
$0.00 or more after 90 days 2.10%
$0.00 or more after 180 days 2.20%
$0.00 or more after 270 days 2.35%
$0.00 or more after 360 days 2.70%
tiered interest rate 		Unlimited transfers to Scotiabank accounts $135 Get this rate Get more details
1.8% No monthly fee, one free debit transaction per month $90 Get this rate Get more details
1.75% Interest rate tiers
If balance is Rate
$0.00 - $1,000,000.00 1.75%
$1,000,000.01 or more 0.25%
tiered interest rate 		2 free monthly transactions $88 Get this rate Get more details
1.7% Free e-transfers and no everyday banking fees $85 Get this rate Get more details
1.5% unlimited bill payments, transfers & debits $75 Get this rate Get more details
1.5% unlimited withdrawals and transfers $75 Get this rate Get more details
2.5% 0.2% after 177 days unlimited transfers $66 Get this rate Get more details
1.3% Interest rate tiers
If balance is Rate
$0.00 or more 1.30%
$100,000.00 - $249,999.00 1.40%
$250,000.00 or more 1.55%
tiered interest rate 		1 withdrawal $65 Get this rate Get more details
1.25% Unlimited $62 Get this rate Get more details
1.05% Interest rate tiers
If balance is Rate
$0.00 - $4,999.00 0.10%
$5,000.00 or more 1.05%
tiered interest rate 		1 withdrawal or transfer $52 Get this rate Get more details
0.9% Unlimited free transactions $45 Get this rate Get more details
2.1% 0.1% after 120 days n/a $38 Get this rate Get more details
2.5% 0.05% after 90 days 1 withdrawal $33 Get this rate Get more details
0.25% 1 free monthly transaction $12 Get this rate Get more details
0.15% 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
If balance is Rate
$0.00 - $4,999.00 0.05%
$5,000.00 - $249,999.00 0.10%
$250,000.00 or more 0.20%
tiered interest rate 		Unlimited no-fee transfers to your other Scotiabank accounts $5 Get this rate Get more details
0.05% Interest rate tiers
If balance is Rate
$0.00 - $4,999.99 0.00%
$5,000.00 - $49,999.99 0.05%
$50,000.00 - $99,999.99 0.05%
$100,000.00 - $249,999.99 0.05%
$250,000.00 - $1,000,000.00 0.05%
$1,000,000.01 or more 0.05%
tiered interest rate 		None $2 Get this rate Get more details
0.05% Interest rate tiers
If balance is Rate
$0.00 - $5,000.00 0.05%
$5,000.00 or more 0.05%
tiered interest rate 		Unlimited no-fee self-service transfers to your other Scotiabank accounts $2 Get this rate Get more details
0.01% Interest rate tiers
If balance is Rate
$0.00 - $999.99 0.01%
$1,000.00 - $4,999.99 0.01%
$5,000.00 - $9,999.99 0.01%
$10,000.00 - $24,999.99 0.01%
$25,000.00 - $59,999.99 0.01%
$60,000.00 or more 0.01%
tiered interest rate 		1 free transaction per month $0 Get this rate Get more details
0.01% Interest rate tiers
If balance is Rate
$0.00 - $999.99 0.00%
$1,000.00 - $2,999.99 0.01%
$3,000.00 - $4,999.99 0.01%
$5,000.00 or more 0.01%
tiered interest rate 		None $0 Get this rate Get more details
0.001% Interest rate tiers
If balance is Rate
$0.00 - $4,999.99 0.00%
$5,000.00 - $9,999.99 0.00%
$10,000.00 - $24,999.99 0.00%
$25,000.00 - $59,999.99 0.01%
$60,000.00 - $99,999.99 0.02%
$100,000.00 - $149,999.99 0.05%
$150,000.00 - $249,999.99 0.15%
$250,000.00 or more 0.15%
tiered interest rate 		1 withdrawal $0 Get this rate Get more details
0% Interest rate tiers
If balance is Rate
$0.00 - $9,999.99 0.00%
$10,000.00 or more 0.01%
tiered interest rate 		Unlimited online transfers to same financial institution deposit accounts $0 Get this rate Get more details
For a limited time, you will receive a promotional offer from Ratehub.ca if your application is approved. Terms and conditions apply. Click here for details.
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Interest rate tiers tiered interest rate
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What is a high interest savings account?

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.

Other types of savings accounts

Tax-free savings accounts

Tax-free savings accounts usually offer lower interest rates than high interest savings accounts, but there is no tax on the interest earned.

Youth savings accounts

Many financial institutions offer special savings accounts just for children to teach them how to save money and how to bank.

Senior savings accounts

Some banks offer special savings accounts for Canadians 60 and over that offer lower transaction fees or waive minimum balance requirements.

How to choose the right high interest savings account

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.

Best Savings Account Providers