Thinking about earning tangible returns on funds in your savings account? You should take a look at the best high-interest savings accounts in Canada.
Savers have not seen much in returns on their savings accounts for the better part of a decade. This has largely been due to a low-interest-rate environment in which the Bank of Canada’s (BoC) benchmark rate remained at historically low levels along with inflation.
While things have changed rapidly in 2022, with the BoC already raising its policy rate five times, you still need to go hunting for the best savings rates as they are not widely available at the “big banks.”
Savings accounts are generally not the place to park your funds if you want to generate significant returns and realize capital growth.
However, if you have funds that are meant for short-term projects (such as a vacation, wedding, tuition, or home down payment) which you do not want to be exposed to the vagaries of the stock market, a high interest savings account (HISA) can serve as a low-risk option to safeguard your money.
A high-interest savings account can also help you earn some interest while keeping pace with inflation and the best ones today are close to the inflation rate or higher.
Top High-Interest Savings Accounts in Canada
Here are the best high-interest savings accounts available in Canada as of today. Before choosing a bank to save with, take a look at their small print, including:
- Are there any restrictions on transactions allowed per month? Any lock-in periods?
- Are any fees charged on withdrawals or transfers? Does it offer free transactions?
- Is the offered rate a promotional or introductory rate, or is it an ongoing non-promotional rate?
- Is there a minimum balance requirement?
- Are automatic transfers possible? Can you conduct a mobile cheque deposit?
- How accessible is your savings account? Is it an online-only bank?
| Featured Bank Accounts | Interest Rate | Other Perks |
| Simplii HISA | 5.00% (promo) | Access to a free chequing account and a $350 cash bonus when you meet the eligibility requirements; unlimited transactions |
| HSBC HRSA | Up to 4.90% | Includes 3 free debits monthly and no monthly account fees |
| Neo Financial | 2.25% | No fees, unlimited debits, bill payments, and Interac e-Transfers, user-friendly online banking |
| EQ Bank Savings Plus | 2.50% | Unlimited debits, Interac e-Transfers; mobile cheque deposits; set up pre-authorized payments |
| KOHO Earn Interest | Up to 2% | Up to 5% cash back on debit purchases, unlimited transactions |
| Motive Financial | 3.00% | Two free withdrawals ($5 after) and no monthly fees |
| Motusbank | 2.10% | No monthly service fees and unlimited transfers |
1. Simplii Financial High-Interest Savings Account (5.00%)
Simplii Financial is offering one of the highest promotional savings account interest rates in Canada.
This new 5.00% interest rate offer is available until January 31, 2023. The Simplii high-interest savings account has no monthly fees, and there is no minimum balance required.
Along with this HISA, you can also open a free chequing account that includes unlimited free debits, Interac e-Transfers, withdrawals, and personalized cheques.
New clients who open a new chequing account using the link above and set up a direct deposit of $100 or more for 3 consecutive months, get a $350 cash bonus.
2. HSBC High Rate Savings Account (Up to 4.90%)
HSBC is one of the largest banks in the world. HSBC Canada, a subsidiary of HSBC Holdings plc., has had a presence in Canada for over 40 years.
Its High Rate Savings Account currently offers an annual interest rate of up to 4.90% on new deposits* on up to $1 million from October 17, 2022, to January 27, 2023.
The savings interest rate applies as follows:
- A competitive total interest rate* of up to 4.90% per annum on new deposits:
- 4.90% interest rate when your daily closing balance is $25K or more
- 4.40% otherwise
This savings account has no monthly fee, no minimum balance, and interest is calculated daily and paid out monthly.
You get 3 free debit transactions per monthly statement cycle. Additional transactions cost $5 each.
You can access your money using thousands of HSBC Bank Canada and THE EXCHANGE network ® ATMs across Canada.
Note that the promotional interest is available only for the promotional period (October 17, 2022, to January 27, 2023). It includes a bonus interest rate of 3.50% per annum on top of the regular interest rate for the High Rate Savings Account.
- Open a HSBC High Rate Savings Account (up to 4.90% interest).
3. EQ Bank Savings Plus Account (2.50%)
EQ Bank is the online banking arm of Equitable Bank. Its high-interest savings account (HISA) is known as the “EQ Bank Savings Plus Account” and currently offers one of the best non-promotional savings interest rates in Canada at 2.50%. Non-promo rates mean you won’t start earning less on your savings after a few months.
This account has no monthly transaction fees, offers unlimited transactions, free electronic fund transfers, no minimum balance, free mobile cheque deposits, free bill payments, and unlimited free Interac e-Transfers per month.
The interest rate is calculated daily on your closing balance and paid monthly. The maximum balance you can hold in your account is $200,000.
The bank also offers TFSA and RSP accounts with high-interest rates, and if you are looking to save money inside these registered accounts, the interest rate is 2.50%*.
Visit:
- EQ Bank General Savings to earn a non-promotional rate of 2.50%
- TFSA Savings Account
- RRSP Savings Account
Learn more: EQ Bank review.
4. Neo Financial Money Account (2.25%)
Neo Financial’s savings account was recently rebranded to Neo Money, and it offers a regular 2.25% savings account interest rate on your deposits.
The Neo Money account has no monthly fees and includes unlimited debit purchases, free bill payments, and Interac e-Transfers.
This financial technology company also offers a no-fee cash back credit card, secured credit card, and more.
As per the company, free Neo to Neo transfers and mobile cheque deposits are also in the works. To deposit money, you can link an external bank account.
Neo Financial does not currently support tax-free savings accounts (TFSA) or registered retirement savings plans (RRSP).
5. KOHO Earn Interest (Up to 2% interest and 5% cash back)
With your KOHO account, you can earn a 0.50% to 2.00% interest rate on every dollar and up to 5% cash back on purchases.
Similar to EQ Bank, a KOHO account works like a hybrid bank account, and you can send unlimited free Interac e-Transfers, pay online and in-store bills, and not have to worry about promotional interest rates coming to an end.
In addition, KOHO comes with a reloadable prepaid Mastercard that earns up to a 5% cash back on purchases.
Interest earned varies with your KOHO account type.
Learn more about KOHO in this review or open an account (use our referral code CASHBACK to get a $20 welcome bonus after your first purchase).
6. Motive Financial Savings
Motive Financial is a division of the Canadian Western Bank, which is a member of CDIC. Its HISA is known as “Motive Savvy Savings” and currently offers 3.00%. Its basic savings account (Motive Savings) offers a 1.00% interest rate.
The account comes with two free withdrawals (costs $5 each after), no monthly fees, and no minimum balance requirements.
Learn more: Motive Financial Review
7. Wealth One Bank of Canada HISA
WealthOne Bank of Canada is a relatively new bank and a member of CDIC. Its HISA is known by the same name and currently pays a 3.25% interest rate. The bank also offers TFSA and RRSP savings accounts.
There are no monthly fees, no minimum balance requirements, and you have access to their automatic savings program (ASP) with an easy process for depositing money.
Learn more: Wealth One Bank of Canada Review
8. Motusbank Savings
motusbank is a newer online bank and a subsidiary of Meridian Credit Union, the most popular credit union in Ontario and the third-largest in Canada. It offers a high-interest savings account, no-fee chequing, competitive mortgage rates, investment accounts, and more.
motusbank’s general savings account offers a 2.10% non-promotional interest rate. There’s a $1.25 fee per Interac e-Transfer.
Learn more: Motusbank review
9. Wealthsimple Save
Wealthsimple is better known as a robo-advisor for managing your investment portfolio. Its HISA is called “Wealthsimple Save” and offers an interest rate of 1.50%. There are no monthly fees and no minimum account size.
This account allows unlimited withdrawals and transfers to your linked bank accounts.
You can also open a Wealthsimple Cash account and use it to send money instantly to friends and family members on your phone contact list.
Note that Wealthsimple Cash does not pay interest on your balance; however, you can easily move funds you don’t need to your Save account and earn a 1.50% interest rate.
10. Tangerine High-Interest Savings Account
Tangerine is a subsidiary of Scotiabank and was formerly known as ING Direct. Its HISA is referred to as the “Tangerine Savings Account” and currently offers a 1.00% interest rate.
This savings account has no monthly fees or account minimum, no lock-in periods or service charges, and an automatic savings plan. In addition to the HISA, Tangerine also offers a Tax-Free Savings Account and RRSP savings plan that offer similar rates.
Learn more: Tangerine Bank Review.
11. Alterna Bank HISA
Alterna Bank and Alterna Savings are together known as the Alterna Financial Group. Their HISA is known by the same name and currently offers a non-promotional interest rate of 2.00%.
There is no minimum balance requirement, unlimited free bill payments, and free unlimited Interac e-Transfers per month. The maximum balance for new customers is $250,000, and it is also available in Quebec.
Learn more: Alterna Bank review
12. Oaken Financial Savings Account
Oaken Financial is Home Trust’s direct banking arm. Their HISA is known as “Oaken Savings Account” and currently offers an interest rate of 3.40%. They also offer TFSA and RRSP savings accounts.
The Oaken savings account has no monthly fees and no minimum balance.
Learn more: Oaken Financial
Credit Unions
Some of the credit unions in Canada also offer great rates. Check their small print for details on how the rates work and whether there are transaction fees.
13. Maxa Savings: 2.90% interest rate HISA
14. AcceleRate Financial: offers a 3.00% interest rate on their HISA
15. Achieva Financial: offers 2.95% on their HISA
16. Outlook Financial: offers a 3.00% interest rate HISA
17. Hubert Financial: offers a 3.00% interest rate on their HISA
18. Saven Financial: offers a 3.75% HISA rate
Big 5 Bank High-Interest Savings Accounts
How about the big banks and their savings interest rates?
Unfortunately, the top 5 banks in Canada, i.e., RBC, CIBC, TD, BMO, and Scotiabank, rarely offer the highest savings rates.
If you want to earn returns on your deposits and stand a chance against inflation, you may need to look elsewhere for competitive returns.
You can learn more about what the big banks offer below:
19. Scotiabank High-Interest Savings Account:
The Scotiabank MomentumPLUS Savings Account offers up to a 4.40% interest rate. This offer includes the following:
- 1.50% regular interest rate
- 1.70% welcome bonus interest
- Premium period interest when you keep your funds for 90-360 days. This interest rate ranges from 0.90% to 1.10%.
- 0.05% to 0.10% bonus interest when you have an eligible Scotiabank chequing account.
20. RBC High-Interest Savings Account (1.30% interest rate)
21. TD High-Interest Savings Account (0.05% interest rate)
22. BMO High-Interest Savings Account (0.50% interest rate on BMO Savings Builder Account)
23. CIBC High-Interest Savings Account (1.40% regular interest rate)
Methodology:
Savvy New Canadians compiled the best high-interest savings accounts in Canada based on their interest rates, monthly fees, transaction limits, minimum balance requirements, convenience, accessibility, and many other features. We carefully evaluate each bank account’s offerings and place more weight on each account’s overall value. Based on our research, these are some of the best savings accounts, but they may not be suitable for you. Visit each bank’s website to see the most recent information.
What is a High-Interest Savings Account?
Simply put, a high-interest savings account (HISA) pays a higher rate on your money than you would get from a regular savings account. The interest rate is calculated on your daily closing balance and paid out monthly.
High-interest savings accounts are also known as high-yield savings accounts.
They are a great place to put the money you don’t need right away but that you need access to on short notice, such as your emergency fund.
There are different types of high-interest savings accounts, including:
- Tax-Free Savings (TFSA) HISA
- Registered Retirement Savings Plan HISA
- Registered Retirement Income Fund HISA, and
- US Dollar Savings HISA
How To Open a High-Interest Savings Account in Canada
You can open any of the online high-interest savings accounts on this list fairly easily. In fact, some of them take only a few minutes to set up.
To get started, visit the website of the bank using the links provided and have the following information handy:
- Basic personal details, i.e. name, address, date of birth, phone number
- Social Insurance Number (SIN)
- Copy of government-issued photo ID
You may need to connect an external chequing account to fund your deposit in the new savings account.
High-Interest Savings Account vs. Traditional Savings Account
When people hear “high-interest savings accounts” or “HISA,” they often wonder what differences (if any) are between them and traditional savings account at their bank.
For starters, a high-interest savings account pays a higher interest rate than is offered on regular savings accounts. For example, compare a 0.05% rate on a savings account at a major bank while 0.50% is offered on a HISA at the same bank.
There may be limits on the frequency at which you can withdraw from a HISA. The reasoning behind this is simple – the bank lends some of the deposits they hold to borrowers in order to generate income. The longer your deposit sits in your HISA, the more it earns for the bank. If you are ‘in’ and ‘out’ of your account too frequently, then your money is not earning as much for the bank and they are unable to justify paying you higher rates.
That being said, the majority of online-only banks which offer great HISA rates do not have limits on the number of withdrawals you can make from your HISA per month.
There may be fees associated with some transactions conducted in a HISA if you exceed your monthly quota. These may include when you exceed a certain number of withdrawals, money transfers, or when you request a paper statement. The bank may also require you to maintain a minimum balance in order to earn the HISA rate. Again, most online-only banks waive these fees, except for free Interac transfers, which often have a limit.
Essentially, a high-interest savings account is not designed to conduct day-to-day transactions.
Advantages of a High-Interest Savings Account
1. Higher Returns: You will earn better returns with a high-interest savings account than with a traditional savings account.
2. Safe and Guaranteed: Your money is generally safe in a savings account. If the financial institution is a member of the Canada Deposit Insurance Corporation (CDIC), your funds are insured for up to $100,000 per customer if the bank goes bankrupt. Deposits at credit unions are insured provincially and usually cover the customer’s full deposit, even those exceeding $100,000.
3. Flexible: Compared to a Guaranteed Investment Certificate (GIC) which may lock in your funds from 6 months to 5 years or even longer, most high-interest savings accounts are readily accessible and penalty-free if you need your money. As such, they can be a good option for holding emergency funds.
4. Bonuses: Some banks will offer cash bonuses when signing up. They may also offer promotional rates that come up now and then.
Disadvantages of a High-Interest Savings Account
A savings account will not double your money overnight, but that’s not necessarily bad. They are less risky than many other investment assets, and your expected return is supposed to reflect your assumed investment risk.
In general, the main downside to savings accounts and other fixed-income assets is taxes. The tax on interest income is at your marginal tax rate, which can result in a significant chunk of your earnings going to the taxman if you are in a high-tax bracket. Interest income is taxed less favourably compared to dividends or capital gains.
To avoid paying taxes on the returns earned on your savings account, you can utilize a TFSA Savings Account.
Compound Interest Calculator
Are High-Interest Savings Accounts Taxable?
High-interest savings accounts are not tax-free unless when held inside a TFSA. The interest earned is included in your taxable income at the end of the year and taxed at your marginal tax rate.
Your bank will send you an investment income slip or T5 showing how much interest you earned for the year.
Are High-Interest Savings Accounts Safe?
All the online banks listed above are Canada Deposit Insurance Corporation (CDIC) members. This means that your deposits in regular savings, HISA and chequing accounts are insured for up to $100,000 should the bank become insolvent.
The credit unions are also insured by their provincial deposit insurers, such as the Deposit Guarantee Corporation of Manitoba, which guarantees 100% of deposits held by Manitoba’s credit unions and Caisses Populaires.
You do not need to reside within Manitoba to take advantage of this benefit.
Best High Interest Savings Accounts in Canada FAQs
Online banks like EQ Bank offer one of Canada’s highest interest rates. While their rates are also subject to change at any time, I find that they are more consistent and don’t fluctuate every few weeks like some other banks. Also, EQ Bank’s interest rates are non-promotional.
If you go with a big bank paying 0.01%, you can expect to end the year with approximately 10 cents in interest using a “simple interest” calculation, and you will have $1,000.10. Assuming your funds are saved at an online bank offering 1.25%, you will earn $12.50 for a total of $1,012.50. Your $12.50 return is not a lot; however, it is 125x what you’d earn at the 0.01% rate. If you use daily compounding interest, you earn a little more over time. The current low rates don’t make much of a difference.
Online banks have lower overhead and can pass on the savings in operational costs to their customers through higher savings interest rates.
If you don’t need access to your funds for a while, you can consider investing in GICs, stocks, bonds, or ETFs. Note that some of these investments are higher risk, and you can lose your capital.
There are high interest savings TFSA accounts that earn higher interest than standard TFSAs. The difference between a TFSA and a general savings account is that income earned in a TFSA is not taxable, while you pay interest on HISAs. As investment vehicles, TFSAs can hold other assets including stocks and mutual funds.
While your RRSP may offer high interest on your savings, there are differences between a regular HISA and an RRSP. Income earned in an RRSP is non-taxable until you start making withdrawals. Also, RRSP contributions are tax deductible when you file your income tax return. For a regular savings account, contributions are not taxable, and you pay taxes on income in the year it is earned.
Related Posts:
- Top GICs in Canada
- Best No-Fee Cash Back Cards in Canada
- 15 Best Budgeting and Personal Finance Apps Canada
- Advantages and Disadvantages of Savings Accounts
- CIBC eAdvantage Savings Account Review
Savings rates continue to trend down in Canada. What strategies are you using to maximize your returns?
*Terms and conditions apply. Rates as of October 17, 2022, and subject to change without notice. The Regular Interest Rate is calculated daily and paid monthly.
±New Deposits is the lower amount of the increase in Total Deposits (all your deposit accounts under the same Customer Account Number with HSBC Bank Canada) and increase in High Rate Savings Account Balance.
+ Debit card fees for withdrawal may apply (see Personal Service Charges Statement of Disclosure to learn more).
® THE EXCHANGE and Accel are registered trademarks owned by Fiserv Inc. licensed for use in Canada by FICANEX Services Limited partnership.
®Interac e-Transfer is a registered trade-mark of Interac Inc. Used under license.For more information and to confirm most recent rates, please visit www.hsbc.ca
Very thorough post. I had been curious about what current savings account rates are. They’re marginally better than I expected 🙂
@Curious Frugal: I think we will see more hikes in the rates in the coming months (if Trump’s trade war doesn’t first dampen economic growth). On the flip side, loan rates will rise even more.
What about Hubert Financial? 2.50% non-promotional rate.
Hubert Financial is on the list.
Hello,
I need to open 2 high interest saving account.
One for my emergency and one for my future condo that I plan to buy in 2 years
I choose Alterna but I can’t choose the 2nd.
Any recommandation? I live in Quebec so I can’t choose EQ bank unfortunately.
Thank you
@Mady: Based on the current rates as of today, I would look at any of the financial institutions listed above that have a presence in Quebec, such as Wealthsimple, Tangerine, credit unions, etc.
Helpful review but there’s an error for Motive Financial. Their HISA only offers 2 free withdrawals per month. Otherwise they charge $5 each withdrawal.
Any more details on the “up to $200” for the Tangerine account, how do i ensure i get the full $200 for opening a checking account but also the $50 for a saving account?
@Alan: I believe you can only claim one of the offers. Once you become an account holder, any new account you open does not qualify for a bonus.
Great article, you mentioned one of the downsides of a high interest savings account is that you are taxed on the interest earned. Which of the online banks offers the highest return for a TFSA?
Here is a list of high-interest TFSA’s in Canada:
https://www.savvynewcanadians.com/best-tfsa-savings-accounts-rates-canada/
Thanks very much, I have been going back and forth on what is the better option. TFSA or a High Interest Savings account. Very hard to pick the better choice…
Hello,
Is there a way to secure your money over CDIC limit, other than opening multiple accounts with different institutios?
@Syed: Opening multiple accounts with different banks is one way. Also, different categories of deposits are individually covered even if they are with the same bank. For example, general savings, tfsa savings, chequing, etc.
Hi there,
I was just wondering for the Tangerine savings account is the $50 for signing up still active? I can’t see mention of it on their website is all.
Thanks for an informative article!
Stuart
@Stuart: The $50 promo is currently paused. However, you get 2.75% interest rate for 6 months.
What about Achieva Financial? It is currently offering a rate of 2.4%.
@Bob: Gold is an alternative investment and I have written about them here:
https://www.savvynewcanadians.com/alternative-investments/
That being said, there are many factors to take into consideration when deciding on whether you want to put your money in a HISA, mutual fund, ETF, stocks, etc. What’s your overall investment portfolio like? Your investment time horizon? Risk tolerance? Are you likely to need the funds soon?
Hey Enoch, If saving all my money in BMO bank’s builder saving account reasonable?
@Jean: I checked and their current offer is not too bad. However, you will need to read the terms and conditions very well. The standard base rate is 0.20%, however, if you contribute a specified minimum every month, a bonus rate applies.
Is there a difference between how these banks compound their interest, and does that make a significant difference? For example, looks like Motive is compounded annually vs. others are monthly.
@Samuel: Monthly compounding will give you a bit more money than annual compounding. The significance of the extra amount will depend on the disparity in the interest rates and how large your principal is.
great information you’ve got there keep up the great work!
Hi Enoch what is your opinion about DUCA Credit Union? They are currently running a promotional rate of 2.5% p.a on a new HISA upto March 31st, 2020. How safe would our funds be with a credit union as opposed to a CDIC insured FI?
Have a great Easter.
@Manish: Provincial credit unions are members of a provincial deposit insurance corporation that guarantees deposits up to an amount. In the case of DUCA, eligible deposits in non-registered accounts are insured up to $250,000 through FSRA.
Thanks!
This taught me a lot as I’m looking for an accessible money making product for a term of 5 years to want access. After seeing the volatility as a result of the pandemic I’m wondering if the old style of investing still applies or a healthy way is going to emerge.
Hi Enoch,
Ii stumbled on your blog while researching information on how to turn my TFSA into an investment with better returns and no tax on gains. I bank with RBC. The little money sits there and does not earn any interest gain. I was thinking of linking my TFSA account to mutual funds and investing there.
I must commend you for this great blog that i am sharing with all my networks especially people from The Cameroons. What you are providing here is that typical life saving, and life changing financial education which is not offered in classrooms. Thank you very much brother.
Also, if you can add whatsapp among your share icons. your shared icons that would be great.
@Agendia: Glad to hear you fund the blog useful and thanks for sharing it with friends! I will look into adding the WhatsApp sharing button.
Cheers!
EQ Bank has a limit of 200k, Laurentian and B2B have a limit of 500K or the interest goes to nothing. Tangerine usually caps the offers at 500k so the only viable bank paying interest seems to be Motive Financial with the Savvy Savings account at 2.05%. They had a million limit but recently eliminated that and they now pay that rate up to 5 million. So I think Motive probably outshines them all because it is a pretty steady rate. They were at 2.8 for years before finally dropping to 2.05%. I guess the only real question here is how much money are you willing to risk depositing at a bank that falls outside of the big 5.
@Frank: I would consider EQ Bank, Tangerine and Motive Financial to be very competitive depending on your needs. For example, if you are a bank client who prefers to have all your accounts in one place, Tangerine shines as they essentially offer a full suite of banking products e.g. credit cards, investments, mortgages, chequing, etc. If your goal is a non-promotional interest rate that doesn’t bounce all over the place, EQ Bank and Motive Financial definitely shine in that area.
As of July 2020, EQ Bank offers a Joint Savings Plus Account. This makes the account even more appealing.
Thank you Enoch. I like that this is updated from time to time. Thank you for taking time to do this.
@FunlayoB: You are welcome – appreciate your feedback!
Wealthsimple send to be continuously screwing is over and lowering the interest rate on their account over time.
When I first opened my account, they were touting a 2.5% interest rate, which is amazing, so I put basically all my savings into this account.
Then, only a few months later, COVID started and I got an email saying the rate was dropping to 1.5%, then 0.9%, and now it’s only 0.75% which is a far cry from the 2.5%, the entire reason why I signed up for the account. Not to mention the badass looking metal debit card WHICH I HAVE NEVER RECEIVED IN ALMOST A YEAR OF HAVING THIS SAVING.
Give me my interest rate back and I want my damn debit card.
@Tony: Interest rates have trended down for all financial institutions this year and this seems to be a theme of the COVID-19 era. Wealthsimple is not alone in this regard as it is a reflection of lower interest rates across the board.
Hi Enoch. In regard to Tangerine, it will not extend the advertised 2.1% promotional interest to existing customers. It is only for new customers.
@Al: Yes, the offer from Tangerine is only for new clients.
What about PeopleTrust? 1.3% on saving (no promo just their regular rate).
I think Tangerine has gotten worse over the years – once top rates now at bottom 0.1% – promos are only for new customers or for new deposit.
I agree with Wealthsimple – once great rate now just average.
Bottom line I“m moving away from Tangerine & Wealthsimple after being a long time customer
It is a financial dereliction of duty not to mention the dividend yield offered by these banks on both common and preferred shares. Even the paltry dividend paid by EQ bank is better than most of these savings deposits rates. Landlord or tenant? Dividends(around 4.5 to 5%)compared to those inflation losing returns?
Could you please double check the e-transfer fee for motus bank?
I cannot see anywhere that there is a fee for sending e-transfers using the savings account.
Second: I am not sure why you are leaving out Canadian Tire Financial which has been the leader at 1.55% since Motive Financial dropped to 1.25%
Very informative I enjoyed the read
@Whitney: Great to hear. Cheers!
What about Saven Financial? Is there a reason you’ve not included in on your list?
@Jad: Ontario only.
The B of C is aggressively (for them) raising their rate. When will this be reflected in Savings accounts
@Dr Mike: Banks are quick to pass on cost increases in the benchmark rates, but it takes them a while to pass on savings to consumers through higher rates on savings account deposits.
Wow Enoch, I am grateful for you post. I have learned so much about the finances in Canada as a new PR it’s so difficult to choose. Thanks again for your review of the different options we have.
@Mudi: Glad to hear you found it useful. Cheers
Tangerine has a new client offer of $400 cash back for online purchases using their debit card plus a promotional 3.25% savings account rate for 5 months. Might be good to include.
Hi Enoch,
Thank you for this great article.
I hope you can provide more clear info about Simpli Financial offer. I am actually a Simpli customer from a long time. I can say with all due respect to you that Simpli is the — I have ever dealt with. I had a balance close to $150,000 and they refused to offer me the 4.9 % promo because I am not a new customer, which is total nonsense and ignorance. As a result, I withdrew the money and went with HSBC. Please advise all your readers.
Thank you
@AL Sayed: The savings offer only applies to new deposits. This is usually the case for most banks, although they may also offer promo rates to existing customers every now and then.