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The best saving accounts in Canada for 2024

Each savings account comes with its own unique features. Compare the best savings accounts from the best banks in Canada, to find the one that’s right for you.

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Rates updated:

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  1. 4.00%$200 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  2. Featured

    6.00%$300 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  3. Featured

    4.00%$200 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  4. Featured

    3.40%$170 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  5. Featured

    3.00%$150 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  6. Featured

    3.00%$150 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00

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Our guide to the best savings accounts in Canada

A savings account is a common type of deposit bank account that can earn interest on it's balance. This type of account is perfect for specific goals such as an emergency fund, wedding or an upcoming expensive purchase. 

There are a few things to look for when searching for a new savings account. We've outlined these key features below. 

Top saving interest rates in Canada

Why you should open a savings account

Savings accounts typically pay a higher rate of interest compared to chequing accounts. Major Canadian banks pay 0% interest on chequing accounts, whereas savings accounts can pay between 1.5% - 2.5%.

With a savings account, you can separate money that is in surplus to your day-to-day requirement and earn a little extra. 

What to look for in a savings account:

Rate of return

When you deposit money in a savings account, you earn interest on the amount you deposit. Some accounts offer everyday high interest rates, and some offer “teaser” rates that start off high and then drop off after a certain length of time. Ignore flashy looking interest rates that don’t last for long, and look instead for accounts that offer the highest first-year return.

Transaction fees

Some savings accounts charge fees for transactions including deposits, withdrawals, and transfers to and from other accounts. Look for savings accounts that offer a number of free transactions every month, especially if you know you’ll be making a lot of transactions.

Monthly fees

There are lots of great high-interest savings accounts available that don’t charge monthly fees even if you don’t have a lot of money saved. Don’t get tricked into thinking you need to pay a monthly charge for the privilege of earning a high interest rate on your savings.

Deposit insurance

When you deposit money in a bank account in Canada, it’s usually federally protected by the Canadian Deposit Insurance Corporation (CDIC). Some financial institutions aren’t covered by CDIC insurance, however, so make sure you know how your money is protected.

Extras

Sometimes banks will offer extras to stand out from their competitors. Keep an eye out for special offers like introductory interest rates and cash bonuses, but be aware that another savings account without those gimmicks might earn you more interest in the long run. Better extras to look for are free transactions, free Interac® e-Transfers, and better online/mobile banking experiences.

Convenience

Choosing a savings account that's convenient and has your banking preferences in mind is important. Things to keep in mind before choosing a new financial institution:

  • If you prefer going into a physical location, ensure you bank with an institution with physical branches.
  • If you prefer online banking, it may be wise to go with an online-only bank. If this is the case, ensure the digital experience offers everything you may need, including customer service for questions. 
  • Many people enjoy having their chequings and savings account with the same financial institution
  • It's important to ensure that when needed, you're able to easily withdraw money. Can you use a debit card at an ATM or do you need to transfer funds to another bank prior to withdrawal? 

FAQ

What are the benefits of a savings account?


What Canadian Bank has the best high interest savings account?


What types of savings accounts are available?


Will saving account interest rates rise with Bank of Canada rates?


Are savings accounts taxable in Canada?


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Natasha Macmillan, Business Director of Everyday Banking

With over a decade of experience in the finance industry, Natasha works closely with Canada's top financial institutions - from banks to credit unions - to help Ratehub.ca's 1,200,000 monthly users get matched with the right banking products. read full bio

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