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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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56 thoughts on “21 Best High Interest Savings Accounts in Canada for 2024”

  1. Gravatar for The Curious Frugal

    Very thorough post. I had been curious about what current savings account rates are. They’re marginally better than I expected 🙂

    • Gravatar for Enoch Omololu

      @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.

  2. Gravatar for Spinaltap

    What about Hubert Financial? 2.50% non-promotional rate.

    • Gravatar for Enoch Omololu

      Hubert Financial is on the list.

  3. Gravatar for Mady


    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

    • Gravatar for Enoch Omololu

      @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.

  4. Gravatar for Michael Forest

    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.

  5. Gravatar for ALAN DONALD MACLEOD

    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?

    • Gravatar for Enoch Omololu

      @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.

  6. Gravatar for Stef

    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?

  7. Gravatar for Syed Ali

    Is there a way to secure your money over CDIC limit, other than opening multiple accounts with different institutios?

    • Gravatar for Enoch Omololu

      @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.

      • Gravatar for Stuart Rushworth

        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!

        • Gravatar for Enoch Omololu

          @Stuart: The $50 promo is currently paused. However, you get 2.75% interest rate for 6 months.

  8. Gravatar for Sheri

    What about Achieva Financial? It is currently offering a rate of 2.4%.

  9. Gravatar for Enoch Omololu

    @Bob: Gold is an alternative investment and I have written about them here:


    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?

  10. Gravatar for jean

    Hey Enoch, If saving all my money in BMO bank’s builder saving account reasonable?

    • Gravatar for Enoch Omololu

      @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.

  11. Gravatar for Samuel Lau

    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.

    • Gravatar for Enoch Omololu

      @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.

  12. Gravatar for Claim Experts

    great information you’ve got there keep up the great work!

  13. Gravatar for Manish Shah

    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.

    • Gravatar for Enoch Omololu

      @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.

  14. Gravatar for P


  15. Gravatar for Newb

    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.

  16. Gravatar for AGENDIA ALOYSIUS

    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.

    • Gravatar for Enoch Omololu

      @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.


  17. Gravatar for Frank Mardian

    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.

    • Gravatar for Enoch Omololu

      @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.

  18. Gravatar for Jeremy

    As of July 2020, EQ Bank offers a Joint Savings Plus Account. This makes the account even more appealing.

  19. Gravatar for FunlayoB

    Thank you Enoch. I like that this is updated from time to time. Thank you for taking time to do this.

    • Gravatar for Enoch Omololu

      @FunlayoB: You are welcome – appreciate your feedback!

  20. Gravatar for Tony

    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.

    • Gravatar for Enoch Omololu

      @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.

  21. Gravatar for AL

    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.

    • Gravatar for Enoch Omololu

      @Al: Yes, the offer from Tangerine is only for new clients.

  22. Gravatar for AS

    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

  23. Gravatar for denis beland

    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?

  24. Gravatar for Frank Mardian

    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%

  25. Gravatar for Whitney

    Very informative I enjoyed the read

    • Gravatar for Enoch Omololu

      @Whitney: Great to hear. Cheers!

  26. Gravatar for Jad

    What about Saven Financial? Is there a reason you’ve not included in on your list?

    • Gravatar for Enoch Omololu

      @Jad: Ontario only.

  27. Gravatar for Dr Mike

    The B of C is aggressively (for them) raising their rate. When will this be reflected in Savings accounts

    • Gravatar for Enoch Omololu

      @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.

  28. Gravatar for Mudi

    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.

    • Gravatar for Enoch Omololu

      @Mudi: Glad to hear you found it useful. Cheers

  29. Gravatar for Graham

    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.

  30. Gravatar for AL Sayed

    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

    • Gravatar for Enoch Omololu, MSc (Econ)

      @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.

    • Gravatar for Fraser

      I’ve also been with simplii a long time, only reason I keep them is for bill payments and depositing large cheques… I’ve had zero holds on $30,000+ cheques (awesome and shocking).

      All my spare cash is spread around multiple banks – Motus, EQ and Saven for now. I’m in process of opening an account with Oaken at which point I’ll likely split between Oaken and Saven.

      I would go with motive but they rejected me (a common complaint it seems).

  31. Gravatar for Fraser

    Motive rejected me for a savings account, wtf? My credit scores are well over 800 at Equifax and TransUnion, I have hardly any debt 🤣

  32. Gravatar for Luiz Araujo

    I’ve applied for Motive and one way to avoid fees on transfers is if you apply for the chequing account and then you won’t have any issue to transfer the money between their account and the chequing account is unlimited e-transfers.

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Luiz: Thanks for your feedback.

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