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The Best Savings Accounts in Canada

We have compiled an extensive list of the top savings accounts in Canada. Below you can sort savings account based on your saving style financial institution and a lot more!

Best Savings Accounts in Canada

Savings Account Canada is simply a deposit account issued by a financial institution which pays you interest on deposits, also called the principal. The accounts usually include a limited number of transactions and may also feature high transaction charges than the chequing accounts. Some accounts by certain banks may require minimum deposits for you to set up a savings account with them.

Best for Earning High-Interest


Specification: Tangerine Savings Account

Monthly Fee $0
Insurance CDIC Insured
Interest Calculated Daily
Interest Paid Monthly

High Interest & Flexible Terms


Specification: EQ Bank Savings Plus Account

Other ATM Fee N/A
Interac e-Transfer Free
Minimum Balance No Minimum
Insurance CDIC Insured
Additional Transaction Free
Transactions Unlimited

Best Children Savings Account


Specification: Scotiabank Youth Savings Account

Monthly Fee $0
Transactions Unlimited
Interac e-Transfer $1
Additional Transaction Free
US ATM fee $3
Overdraft fee $5
Overdraft interest 21.00%
EQ Bank Savings Plus Account Review

EQ Bank Savings Plus Account Review

Equitable Bank has been in business for over four decades. With its credibility, it has leverage as ...

Compare Savings Accounts

A savings account can be opened from banks, credit unions, and trust companies. When choosing a financial institution to open the account with, it’s prudent to first shop around and make comparisons on their interest rates, interest calculation approach, service fees, access, taxes, and protection.

Best High-Interest Savings Account Canada

Interest rates offered by different institutions vary with some having a great marginal difference. For instance, the highest interest rate on a savings account is 2.5% offered by President’s Choice Financial while the lowest is 0.02% offering from National Bank of Canada. Some offerings by certain institutions are good but last only for a while.

DUCA Financial Services, for instance, offers 2.55% at the start, but after 90 days the rate is slashed to 1.5%. This is still much better compared to the rates from institutions such as National Bank of Canada. It’s important to note that these figures are also subject to change from time to time.

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