Best High-Interest Savings Account in Canada in 2019
Comparison of Best High-Interest Savings Account in Canada
|Bank Account||Interest Rates||Minimum Balance||Learn More|
|Tangerine Standard Savings||2.75% for new clients, regular rate 1.15%||$0||Learn More|
|Momentum Plus Savings Account||Up to 1.95%||$0||Learn More|
|Wealthsimple Save||2%||$0||Learn More|
|TD ePremium Savings||0.9%||$10,000||Learn More|
|RBC High Interest eSavings||0.9%||$0||Learn More|
|CIBC eAdvantage Savings||1.05%||$5,000||Learn More|
|BMO Savings Builder||0.2% to 1.4%||$0||Learn More|
How to Choose a High-Interest Savings Account
With interest rates ranging from 0.05% to 2.75% in high-interest accounts, it’s vital to shop around and get the best rate you can. But what other factors should you consider when trying to identify the high-interest savings account in Canada that best suits you? Consider the following questions:
- How many free transactions do you get per month?
- Do you need to have an existing chequing or savings account with the bank in order to qualify for the high-interest account?
- How much are extra fees for transfers, statements, etc.?
- What is the regular interest rate after any promotional offer ends?
- How long are you required to leave your money in the account without moving it?
We chose the best high-interest savings accounts in Canada from each of the seven leading banks in the country. Interested in one of the accounts listed in the above table? Check out its section below for more details.
Best Canadian High-Interest Savings Accounts
Tangerine High-Interest Savings Account: Tangerine Savings Account
Tangerine’s ‘regular’ savings account also qualifies as a high-interest account, and stands out for its flexibility and lack of fees. Currently, Tangerine is offering new clients a special interest rate of 2.75% for the first 6 months after opening an account, after which interest rates return to 1.15%, which is still high for such a flexible account. You can withdraw or move your money whenever you’d like, there’s no minimum balance or monthly fee, and transactions and internal transfers are free. You will be charged at least $1 for other transfers.
Tangerine also offers a free Automatic Savings Program (ASP), which transfers money into your savings account from your Tangerine checking account at regular intervals. You set the amounts and the intervals, and then you can leave it to save effortlessly.
Scotiabank MomentumPLUS Savings Account
Scotia’s Momentum Plus Savings Account has a basic interest rate of 1.05%, but what makes it appealing to savers is the bonus interest that you can earn. Bonus interest (which Scotia refers to as Premium Period Interest) is payable when you leave your savings untouched for a certain period of time. You can earn up to an extra 0.9% interest on your money, depending on how long you’re willing to lock it away without debiting from it. You also won’t be charged any monthly fees, and self-service transfers to other Scotiabank accounts are free and unlimited.
With the regular interest of 1.05% and the potential bonus interest of up to 0.9%, you could earn up to 1.95% interest on your money until the promotion expires.
Wealthsimple Save Account
Wealthsimple offers high-interest savings through its Wealthsimple Save account, which collects 2.00% interest on deposited balances without the same kinds of restrictive requirements imposed elsewhere. There is no minimum balance, for example, and accountholders can avail of fee-free unlimited withdrawals and deposits. Both individual and joint accounts are available, and Wealthsimple can also connect a savings account to apps such as Roundup, allowing accountholders to “round up” credit card purchases to the nearest $1 with the excess cents deposited into the savings account.
TD High-Interest Savings Account: ePremium Savings Account
At 1.05%, TD’s best savings account offers a competitive interest rate and makes it easy to save and to access your savings. There are no monthly fees, you’ll get free online transfers to other TD accounts, and you can set up Automated Savings to have a fixed amount transferred to your ePremium savings account at whatever intervals you choose. However, the minimum balance is $10,000, and you’ll pay a $5 transaction fee for external or in-person transactions.
RBC High-Interest Savings Account: RBC High Interest eSavings
Earn a simple 0.9% interest on every dollar you deposit, which is reasonable for low balances and an instant-access account, with RBC’s High Interest Savings Account. There’s no monthly fee, minimum balance, or minimum withdrawals period. You also get free unlimited online or telephone transfers to any other RBC account, and one free ATM withdrawal per month. Other transactions cost between $1 and $5 each time. Although there are higher interest rates out there, the low fees make this worthwhile for low balances.
CIBC High-Interest Savings Account: eAdvantage® Savings Account
The highest interest rate with CIBC’s eAdvantage® Savings Account you’ll get is the flat 1.05% rate on balances over $5,000, which is at least a lower minimum balance than TD’s best savings account. On the plus side, you won’t pay any monthly fees, most transfers to other CIBC accounts are free, and it’s one of the few savings accounts to offer free receipt of Interac transfers. You’ll pay between $1.50 and $5 for other transactions, though.
BMO High-Interest Savings Account: Savings Builder Account
BMO’s Savings Builder Account has a unique type of bonus rate. Although the base interest rate is a very low 0.2%, you’ll get a bonus 1.2% interest for every month that you save at least $200, making a total 1.4% rate with no minimum balance. There is a maximum balance of $250,000.
You’ll only get one free transfer from your account per month, and you’ll have to pay $5 for every additional transfer or withdrawal. However, for regular savers who are starting with a low balance, it’s a very attractive rate.
motusbank High-Interest Savings Account: Smart-Working Savings Account
If you don’t mind banking in an online-only environment, motusbank offers a high 2.25% interest savings account with few restrictions and most features that regular banks provide. There’s no monthly fee nor any minimum balance to get this high rate, unlimited debit purchases and withdrawals–and though your transactions are feeless each Interac e-Transfers costs $1.25.