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Best savings accounts in Canada 2021

Compare accounts

Rates updated:

Toronto, ON
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All account types

with a balance of

$5,000
1.25%

$63 first year return based on

$5,000 balance

Monthly fee
$0.00
Transaction fees
$0.00
E-transfer
$0.00

Featured

1.35%

$68 first year return based on

$5,000 balance

Monthly fee
$0.00
Transaction fees
$0.00
E-transfer
$0.00

Featured

1.25%

$63 first year return based on

$5,000 balance

Monthly fee
$0.00
Transaction fees
$0.00
E-transfer
$0.00

Featured

1.25%

$63 first year return based on

$5,000 balance

Monthly fee
$0.00
Transaction fees
$0.00
E-transfer
$0.00

Featured

1.15%

$58 first year return based on

$5,000 balance

Monthly fee
$0.00
Transaction fees
$0.00
E-transfer
$0.00

Featured

0.75%

$38 first year return based on

$5,000 balance

Monthly fee
$0.00
Transaction fees
$0.00
E-transfer
$0.00

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FAQ

What is a savings account?

What types of savings accounts are available?

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How to choose the right savings account

Each savings account comes with its own unique features and it’s important to compare savings accounts carefully to find the one that’s right for you. There are a few things to look for when searching for a new 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.

Mikael Castaldo, Senior Business Manager of Everyday Banking

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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