The Best High Interest Savings Accounts in Canada

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I hate having my money sit in a bank account doing nothing which is why I always move any funds I don’t immediately need to my high interest savings account (HISA). As the name implies, any money you have parked in a HISA earns you high interest. Of course, the term high interest is pretty relative these days since we’re in a low interest rate environment.

That being said, I would much rather have my money earn 2.30% in my EQ Bank Savings Plus Account as opposed to 0% in my chequing account with my regular bank. If you’re ready to start making your money work for you, check out the best high interest savings accounts in Canada now

High Interest AccountInterest Rate
EQ Bank Savings Plus Account2.30%
Tangerine Savings Account2.75% (teaser), 1.10% regular
Alterna Bank High Interest eSavings Account2.25%
Oaken Financial Oaken Savings Account1.50%
Meridian Good to Grow High Interest Savings Account1.40%
Simplii Financial High Interest Savings Account1.10%

EQ Bank Savings Plus Account

  • 2.30%* Interest rate
  • No monthly fees
  • 5 free monthly Interac e-transfers ($1.50 each after)
  • CDIC insured

You can’t have a discussion about the best high interest savings accounts in Canada without mentioning the EQ Bank Savings Plus Account. What makes EQ Bank so attractive is the fact that you get a 2.30%* annual interest rate (paid monthly). That’s not a promotional rate, you’ll earn 2.30%* interest on any money in your account. In addition, you get 5 free Interac e-transfers every month. If you’re unfamiliar with EQ Bank, they’re a trademark of Equitable Bank who has been operating in Canada for four decades and are a CDIC member so your money will be protected. One thing to note, EQ Bank is not available to residents of Quebec.

Sign up for the EQ Bank Savings Plus Account now

Tangerine Savings Account

  • 2.75% Interest rate until October 31, 2018
  • 1.10% Regular interest rate
  • No monthly fees
  • CDIC insured

Tangerine used to be ING Bank, when Scotiabank acquired the online bank, the name had to change. The good thing is, the Tangerine Savings Account is still one of the best high interest savings accounts in Canada. The 2.75% interest rate is only available to new customers, but existing customers will often get targeted promotions where they can earn interest of more than 2.00% on new deposits. The regular interest rate of 1.10% is considerably lower than EQ Bank, but you do get access to Scotiabank’s networks of automated bank machines if you need to withdraw cash.

Sign up for the Tangerine Savings Account now

Alterna Bank High Interest eSavings Account

  • 2.25% Interest rate
  • No monthly fees
  • Free monthly Interac e-transfers
  • CDIC insured

Alterna Bank is a credit union and has a pretty competitive high interest savings account since they offer 2.05% interest. Getting free unlimited monthly Interac e-transfers but note that there is  $3,000 daily limit for e-transfers (this applies to all banks and credit unions). Alterna Bank does have a few bricks and mortar locations in Ontario, but the Alterna Bank High Interest eSavings Account is strictly for online users.

Oaken Financial Oaken Savings Account

  • 1.50% Interest rate
  • No monthly fees
  • CDIC insured

The Oaken Financial Oaken Savings Account is pretty basic, but it’s still one of the best high interest savings accounts in Canada since it offers 1.50% interest which is still higher than a basic savings account at any of the major banks in Canada. There are no monthly fees and no minimum balance required to have this account. You’ll also get unlimited transactions, but these are features that all of the mentioned HISAs have.

Meridian Good to Grow High Interest Savings Account

  • 1.40% Interest rate
  • No monthly fees
  • DICO insured

Meridian is a credit union based in Ontario and offers 1.40% interest for their Good to Grow High Interest Savings Account. The Good to Grow High Interest Savings Account will likely appeal to current Meridian customers, but as you’ve noticed there are better high interest savings accounts in Canada. Meridian is not a CDIC member, but your deposits are insured up to $250,000 by the Deposit Insurance Corporation of Ontario (DICO).

Simplii Financial High Interest Savings Account

  • 1.10% Interest rate
  • No monthly fees
  • CDIC insured

PC Financial recently split off their online banking portfolio which CIBC acquired and renamed Simplii. The Simplii Financial High Interest Savings Account has an interest rate of 1.10% which is the same as Tangerine’s daily rate, but they offer no promotional rates. Note that the free Interac e-transfers and use of CIBC ABMs only applies to the Simplii No Fee Chequing Account which has a much lower interest rate.

By |2018-11-09T12:47:13+00:00August 13th, 2018|Investing, My Money, Personal Finance|

4 Comments

  1. Sd August 16, 2018 at 12:43 am - Reply

    Simplii does offer promotional interest once in a while to existing customers, like right now. I think it’s 2.5% on new deposits but I forgot until when.

    EQ bank is quite tempting but I already have accounts at TD, ATB, Simplii and Tangerine. I wonder if they’ll lower the interest rate at some point. I said to myself before that I didn’t want to be like my parents and have my money all over the place because it would be hard to keep track of it all. They used to purchase GICs at whichever bank gave higher rates, so now they have accounts at several different banks. Is this normal?! Lol

    • Barry Choi August 16, 2018 at 5:42 am - Reply

      Hi SD,

      I think many people don’t mind having their money at various banks since in the, people want the best bang for their buck. EQ Bank started at 3% interest when they first launched, but that was always a teaser rate. Their current rate if 2.3% is quite steady and is actually higher than their previous rate since interest rates have started to go up. The funny thing is, Tangerine only introduced promotional rates AFTER EQ Bank launched.

  2. Anna Maria Magnifico September 4, 2018 at 3:10 pm - Reply

    It is not a high interest savings account but may as well be if you can leave your money in Tangerine GIC for 1 year @ 2.5%

  3. Jan September 16, 2018 at 8:06 pm - Reply

    DUCA Credit Union Ltd. has an Earn More Savings Account where you earn 1.50% interest. This is my financial institution and I have been with them for more than 30 years. Every now and then they have a promotional interest rate, which they have right now, for new money. That rate is 3.25% and I switch any new money coming into my accounts over to that account for as long as the promotion is on. Then all that money goes directly back into my Earn More Savings Account when the promotion is over. duca.com is their website for anyone who is interested in taking a look.

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