Account (CA)
10 best High-Interest Savings Accounts in Canada!
Don't you love the feeling of knowing that your hard-earned money is doing its best for you? If so, keep reading to know which are the Best High Interest Savings Accounts in Canada!
Best options for High-Interest Savings Accounts in Canada 2022
The average Canadian has a lot of questions about the best high-interest savings accounts in Canada. Therefore, this blog post will discuss a few factors to take into consideration when searching for your next savings account. First, it is important to find out if you are eligible for any bonuses or rewards offered by the bank. Second, consider what type of banking services you need on an everyday basis.
Finally, ask yourself which type of financial institution would be most convenient for your needs. These are just some things to consider before choosing your next high-interest savings account! So keep reading our post to find out which one is the best for your financial needs!
What is the best credit card to use in Canada?
Credit cards can help you save money, earn rewards quickly and easily. So, read more to know which is the best credit card in Canada!
What is a high-interest savings account?
A high-interest savings account is an account that offers much higher interest than regular savings accounts. Moreover, if you have a savings account, you can make deposits, withdrawals, and many other common transactions. However, the money you have in your account will earn you very high interest. Therefore, it can be worth it to open a high-interest savings account. This way, you can save more money to use for a future life goal you have.
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Which Canadian bank has the highest savings interest rate? 10 best options in 2022
1. EQ Bank Savings Plus Account
EQ Bank is an online bank in Canada that offers one of the best savings accounts in the market. Moreover, the high-interest savings account offered by this bank has an interest rate of 1.25%. Plus, there are zero monthly fees and no minimum balance required.
Interest rate | 1.25% interest rate |
Insurance | CDIC protection of up to $100,000. |
Fees | No monthly fees. |
Top perks | No minimum balance. No monthly fees. Ten free linked accounts. Excellent mobile app. 1.25% interest rate. Free withdrawals. Mobile cheque deposits. |
2. Oaken Financial Savings Account
The Oaken Financial Savings Account offers an interest rate of 1.25%. Plus, you can get access to TFSA and RRSP savings accounts. Moreover, this savings account does not have monthly fees or a minimum balance.
Interest rate | 1.25% interest rate (calculated monthly). |
Insurance | CDIC protection. |
Fees | No monthly fees or transaction fees. |
Top perks | There are no monthly fees. One of the highest interest rates (1.25%) There is no minimum balance. You can make free unlimited transactions. |
3. CIBC RRSP Daily Interest Savings Account for Retirement
The CIBC RRSP Daily Interest Savings Account is one of the best options for Canadians who want to save money for retirement at a high-interest rate. In addition, you do not have to pay any monthly fees. However, if you transfer your money to another bank, there is a fee of $100.
Interest rate* | Current offer of 1.25% interest rate. *Terms apply. |
Insurance | CDIC protection. |
Fees | There are no monthly fees. |
Top perks* | There is a current offer of a 1.25% interest rate. No monthly fees. This account is covered by CDIC protection. There is a minimum investment amount of only $25. *Terms apply. |
4. KOHO Earn Interest
If you have a free KOHO account, you can earn 1.2% interest on your spending and savings account. Moreover, you can even earn cash back with this account. All you have to do is set up direct deposits.
Interest rate | 1.2% interest rate. |
Insurance | CDIC protection. |
Fees | No monthly fees. |
Top perks | 1.2% interest rate. 0.5% cash back on purchases. No minimum balances. |
5. Wealthsimple Save
The Wealthsimple Save savings account can be best for those who want spending and savings account all in one place. Moreover, there is an interest rate of 0.5%. It may seem little, but you can get many perks with this account. For example, you do not have to pay for foreign transactions, and there is an excellent mobile app available.
Interest rate | The everyday interest rate is 0.5%. |
Insurance | CDIC protection. |
Fees | No banking fees. |
Top perks* | Free withdrawals. No banking fees. There is no account minimum balance required. Joint accounts available. *Terms apply. |
6. Saven Financial High Interest Savings Account
The Saven Financial High-Interest Savings Account has one of the best interest rates in the market. Plus, there is no minimum balance requirement. Moreover, the high-interest rate is 1.50%! However, you need to invest at least $25 because you need to become a member of FirstOntario.
Interest rate | 1.50% interest rate. |
Insurance | Deposits are insured with Deposit Insurance Reserve Fund. |
Fees | There are no fees besides the $25 FirstOntario fee). |
Top perks | There is no minimum balance. The high-interest rate is 1.50%. |
7. EQ Bank Retirement Savings Plan
The EQ Bank Retirement Savings Plan offers a relatively high-interest rate of 1.25% for your savings. Moreover, the insurance rate is calculated daily, and they pay it every month. In addition, there are no transaction fees or monthly fees.
Interest rate | 1.25% interest rate. |
Insurance | CDIC insured. |
Fees | No monthly fees. |
Top perks | The high-interest rate is 1.25%. There are no monthly fees. |
8. Motive Financial Savings Account
The Motive Financial Savings Account can be excellent for those looking for a savings account with no monthly fees and unlimited transactions. In addition, with this savings account, you can make free withdrawals at eligible ATMs. Plus, there is an interest rate of 0.75%.
Interest rate* | 0.75% interest rate. *Terms apply. |
Insurance | CDIC insured. |
Fees | There are no monthly fees. |
Top perks | You can make unlimited transactions. There are zero monthly fees. You can make free withdrawals at eligible ATMs. |
9. Wyth High Interest Savings Account
The Wyth High-Interest Savings Account offers a high-interest rate of 1.40%, which is paid annually. In addition, your savings are insured by the CDIC. Therefore, you do not have to worry about the safety of your money. Moreover, you do not have to pay any monthly fees. However, there is not much information about the transaction fees charged.
Interest rate | 1.40% interest rate. |
Insurance | CDIC insured. |
Fees | There are no monthly fees. |
Top perks | The high-interest rate is 1.40%. You do not have to pay any monthly fees. |
10. CIBC Tax Advantage Savings Account
The current interest rate offer of the CIBC Tax Advantage Savings Account is 1.25%. However, this offer may not be available after a while. So, if you are thinking of opening your account because of the interest rate, maybe consider a savings account with a fixed rate.
But there are some benefits to this savings account. For example, there are no restrictions for you to access your money. In addition, if you set up recurring deposits, you can save more money. However, you need to make an initial investment of $25 to enjoy the benefits of this savings account.
Interest rate | The current interest rate is 1.25%. |
Insurance | CDIC insured. |
Fees | There are no monthly fees. |
Top perks | There are good interest rate offers. You do not have to pay any monthly fee. |
Now, if you want to save money, maybe you need to find different ways to earn money. Therefore, a good option is learning about more investments. However, you will also need to find out which are the good investment apps. So, check out our post below to know which are the ten best investment apps!
The 10 best investment apps
Needing an investment app? Come see the main ones. They'll definitely help you to invest better, follow the market, and get great results!
About the author / Victória Lourenço
Reviewed by / Aline Barbosa
Senior Editor
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