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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 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.

  2. 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 🤣

  3. 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).

  4. 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.

  5. 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

  6. 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.

  7. 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.

  8. Gravatar for Whitney

    Very informative I enjoyed the read

    • Gravatar for Enoch Omololu

      @Whitney: Great to hear. Cheers!

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