Compare & Find the Right Savings Account.

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!

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

Tangerine Savings Account
0

Specification: Tangerine Savings Account

Monthly Fee

$0

Insurance

CDIC Insured

Interest Calculated

Daily

Interest Paid

Monthly

2.75%

High Interest & Flexible Terms

EQ Bank Savings Plus Account
0

Specification: EQ Bank Savings Plus Account

Different Bank ATM Fee

N/A

Interac e-Transfer

Free

Minimum Balance to Earn Interest

No Minimum

Insurance

CDIC Insured

Additional Transaction Charges

Free

Transactions included per month

Unlimited

2.30%

Best Tax-Free Savings Account

Tangerine Tax-Free Savings Account
0

Specification: Tangerine Tax-Free Savings Account

Monthly Fee

$0

Insurance

CDIC Insured

Interest Calculated

Daily

Interest Paid

Monthly

2.75%

Best Children Savings Account

Scotiabank Youth Savings Account
0

Specification: Scotiabank Youth Savings Account

Monthly Fee

$0

Transactions included per month

Unlimited

Interac e-Transfer

$1

Additional Transaction Charges

Free

US ATM fee

$3

Overdraft fee

$5

Overdraft interest

21.00%

0.10%
0
TFSA Advantages & Contribution Limit

TFSA Advantages & Contribution Limit

If you intend to invest in the Tax Free Savings Account (TFSA), it is important that you understand ...

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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