👋 Park Your Emergency Fund at 2.30% or More!

Below are some great savings accounts that will help you grow your emergency fund at no risk and at a high 2.30% always on rate for a high-interest savings account, or more for a tax-free savings account! Check out all account features below and choose one (or both) best suitable for your financial needs.

Compare accounts by key features

Features EQ Bank Savings Plus Account (HISA) Alterna Bank TFSA eSavings Account (TFSA)
Interest Rate 2.30% 2.35%
Monthly Transactions Unlimited Free Me-to-Me transfers
Interact e-Transfers Unlimited n/a
Insurance CDIC (up to $100,000) CDIC (up to $100,000)
Interest Taxable Yes No
Availability All of Canada (except Quebec) All of Canada

Ready to choose (or get both 👯)?

What is a savings account anyway?

A savings account is a kind of bank account used to save money over a long period of time. Unlike a chequing account, which is typically used for day-to-day transactions like paying bills, savings accounts are meant to be used to achieve long-term goals without a large number of transactions. You can open a savings account with any bank or financial institution, and your savings account doesn't have to be with the same bank you use for your daily banking.

Because savings accounts aren’t meant to be used for everyday transactions, many savings accounts pay a higher rate of interest on money that’s deposited. They also offer fewer free transactions and charge higher transaction fees than many chequing accounts. There are a number of savings accounts in Canada that offer high interest rates without charging monthly fees or transaction fees. Consider interest rates, transaction fees, and ease of use when comparing savings accounts.

Compare the Best Savings Accounts in Canada

Use our savings accounts comparison tool to find the best savings accounts from providers across Canada.