Best savings accounts in Canada 2021
EQ Bank
1.50%Joining EQ Bank gets you $150**
get this rateWyth Financial
1.60%Enjoy a great interest rate with a High Interest Savings Account while maintaining the flexibility to make deposits and withdrawals
get this rateCIBC
2.60%CIBC RRSP Daily Interest Savings Account (DISA)
get this rateSaven Financial
2.00%No account fees
get this rate
Compare accounts
Rates updated:
$75 first year return based on
$5,000 balance
- Monthly fee
- $0.00
- Transaction fees
- $0.00
- E-transfer
- $0.00
Featured
$130 first year return based on
$5,000 balance
- Monthly fee
- $0.00
- Transaction fees
- $0.00
- E-transfer
- $1.50
Featured
$130 first year return based on
$5,000 balance
- Monthly fee
- $0.00
- Transaction fees
- $0.00
- E-transfer
- $0.00
Featured
$100 first year return based on
$5,000 balance
- Monthly fee
- $0.00
- Transaction fees
- $0.00
- E-transfer
- $0.00
Featured
$93 first year return based on
$5,000 balance
- Monthly fee
- $0.00
- Transaction fees
- $3.00
- E-transfer
- $0.00
Featured
0.45% after
$87 first year return based on
$5,000 balance
- Monthly fee
- $0.00
- Transaction fees
- $0.00
- E-transfer
- $0.00
Why Ratehub.ca?
A few things we're proud of
1,200,000
monthly users
11 years
young
Over 1M
better choices made
Trusted partner
to Canada’s top financial institutions
FAQ
What is a savings account?
What types of savings accounts are available?
The knowledge bank
By submitting your email address, you acknowledge and agree to Ratehub.ca‘s Terms of Use and Privacy Policy. Contact us for more information. You can unsubscribe at any time.
Mikael Castaldo
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.
read linkedin bioAbout Ratehub.ca
Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.
When it comes to mortgages, Ratehub.ca is more than just a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place.
Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and over $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada.
How does Ratehub.ca make money?
Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.