The best youth savings accounts in Canada
better choices made
to Canada’s top financial institutions
Best savings accounts in Canada
Free transactions, sign up in 5 minutesGet this rate
TFSA1.25%Get this rate
1.25% interest* on every tax-deferred dollarGet this rate
HSBC High Rate Savings Account1.75%
Open an HSBC Canadian Dollar High Rate Savings Account and enjoy a total interest rate of 1.75% on New Deposits± from September 13, 2021 to December 16, 2021.Get this rate
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Other types of savings accounts
High interest savings accounts pay the most interest of any kind of savings account, but are often only available to people who have reached the age of majority (either 18 or 19 years old, depending on your province).
Tax-free savings accounts (TFSAs) are a type of registered saving account that earns interest tax-free. By law, TFSAs can only be opened by Canadians who are 18 years of age and over.
Senior savings accounts
Similarly to how banks offer special accounts with lower fees to children, seniors 65 and over can sometimes take advantage of seniors savings accounts that waive minimum balances and transaction fees.
Mikael is a Senior Business Manager at Ratehub.ca and the driving force behind our Everyday Banking Team. He knows everything there is to know about the best credit cards and bank accounts, and works closely with Canada’s top financial institutions - from banks to credit unions - to help ensure our over 1,200,000 monthly users get matched with the right plastic. A numbers guy at heart, having worked as a strategy consultant at the Boston Consulting Group, he’s found himself right at home as a personal finance expert at Ratehub.ca.
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