Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Savings accounts help your money grow, sometimes with tax advantages. The best savings accounts have competitive annual percentage yields (APYs). The higher the APY, the more money you’ll earn over time.

Our picks for best savings account interest rates

The best savings account interest rates for non-registered HISAs, TFSAs and RRSPs as of Nov. 6, 2024, are:

Best HISAs

Best TFSA HISAs

Best RRSP HISAs

Best savings accounts in Canada

Things to know about savings accounts

WHY TRUST NERDWALLET

NerdWallet follows strict editorial guidelines to remain objective in our evaluations and ensure accuracy for our readers. Evaluations are based on a proprietary formula that factors in the overall value and benefits of each savings account.
Nearly 40 financial institutions, including traditional banks, credit unions and online banks reviewed by our banking specialists.
Over 180 currently-available savings accounts, including high interest savings accounts (HISAs), tax-free savings accounts (TFSAs) and registered retirement savings plans (RRSPs) examined to determine their eligibility for our roundup.

Best Savings Accounts in Canada from Our Partners

Bank Account	Interest Rate	Monthly Fee
Learn more Simplii Financial™ High Interest Savings Account	6.00%* Promotional rate	$0	Apply Now Learn more
Learn more Tangerine Savings Account	5.50%* Promotional rate	$0	Learn more
Learn more RBC High Interest eSavings Account	5.10%* Promotional rate	$0	Learn more

The best savings accounts:

The best HISAs in Canada

Interest Rate
6.00%*

Bonus Offer
N/A

Monthly Fee
$0

Simplii’s no-fee HISA gives account holders access to CIBC ATMs in Canada.
Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.

Get a special interest rate. Earn 6.0% interest rate on your first Simplii Financial High Interest Savings Account for the first 5 months. Limits apply. Offer ends January 31st, 2025.
0.35% to 3.75% interest rate depending on account balance.
No monthly fee.
Manage your money through online banking and a mobile app.
Easily set up automatic deposits.
HISA account holders can open a no-fee chequing account to access money from any CIBC ATM in Canada without a fee.
No transaction or service fees.
No minimum balance.
Immediate access to your money through withdrawals, Interac e-Transfer, transfers to linked accounts, and more.
Eligible for CDIC deposit insurance.

Apply Now

Interest Rate
Up to 5.40%*

Bonus Offer
N/A

Monthly Fee
$0

The MomentumPLUS Savings Account offers a higher interest rate on long-term savings for multiple goals in one account.
Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Earn a savings rate of up to 5.40%* for 3 months.¹
Save for multiple goals in one account.
No monthly account fees or minimum balance required.
Earn even more interest¹ when you open and fund a Premium Period(s).²
The longer you save, the higher your interest rate.
Rates, fees and other information are effective as of November 13, 2024. Subject to change.
Terms and Conditions Apply. Click ‘Apply Now’ for complete details.

Apply Now

Interest Rate
5.50%*

Bonus Offer
N/A

Monthly Fee
$0

Tangerine’s promotional interest rate will earn you a high rate of return for five months. Pair it with the virtual bank’s no-fee chequing account, credit card, registered accounts or a GIC to maximize your financial goals.
Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.

0.30% regular interest rate.
No monthly fee.
Automated savings program available.
Unlimited free self-serve transactions per month.
Service fees are limited to a $45 charge for non-sufficient funds.
No minimum balance.
Immediate access to your money through withdrawals, transfers to linked accounts, and more.
Eligible for CDIC deposit insurance.

Interest Rate
5.35%*

Bonus Offer
N/A

Monthly Fee
$0

Earn interest at a competitive rate on this no-fee and no-minimum balance HISA.
Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

Get a Motive Savvy Savings account at 5.35%* for 120 days. Then, continue earning at the standard 3.20%* rate.
3.20% interest for balances under $5,000,000, and 0.50% interest for balances $5,000,000.01 and over.
Interest is calculated on the daily closing balance at the applicable rate tier and paid on the last day of the month, for the period beginning on the last day of the previous month and ending on the second last day of the month.
No monthly fee.
No minimum balance is required.
Unlimited transfers between accounts.
Free deposits.
Withdrawals can be deposited into a Motive Savings or Motive Chequing account, a no-fee chequing account that earns interest.
Manage your money by phone, through online banking and a mobile app.
Unlimited transactions.
Service fees are listed online.
Eligible for CDIC deposit insurance.
Motive Financial products are not available to Québec residents.

Apply Now

Interest Rate
Up to 5.25%*

Bonus Offer
N/A

Monthly Fee
$0

CIBC’s eAdvantage® Savings Account can earn a healthy regular interest rate of up to 1.70%, which can be boosted to 5.25% through bonus interest and Smart Interest, which rewards you for saving at least $200 per month.
CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.

Regular interest rate: 0.40% to 1.70% earned on all balances.
Earn up to 5.25%.
0.50% Smart Interest when you save at least $200 a month (up to a balance limit of $200,000).
3.05% bonus interest rate for the first four months when you open your first account (up to a balance limit of $1,000,000).
Set up automatic transfers with AutoSave so you can grow your savings without even thinking about it.
Free online transfers between your accounts.
No monthly fee.
$5 fee for transactions, including debit purchases, CIBC withdrawals (including CIBC ATM), Interac e-Transfer transactions, cheques, pre-authorized payments, and bill payment.
Bank when, where and how you want with CIBC Online Banking® and the award-winning CIBC Mobile Banking® App.
Access to nearly 4,000 ATMs across Canada.
Use your mobile device to deposit personal or business cheques.
CIBC Smart Balance Alert™ gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
Eligible for CDIC deposit insurance.
To be eligible, you must be a Canadian resident who is the age of majority in your province or territory. If you’re under the age of majority, apply by visiting a CIBC Banking Centre.

Interest Rate
5.10%*

Bonus Offer
N/A

Monthly Fee
$0

RBC High Interest eSavings Account offers a competitive interest rate on your deposit with no minimum requirements with free instant e-transfers to your other RBC accounts at any time.
Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1864.

Earn high interest on every dollar.
Free electronic self-service transfers 24/7 with no delay – Including ATM and unassisted telephone fund transfers, from this account to any other RBC Royal Bank personal deposit account in your name.
Free access to RBC Online, Mobile, and Telephone Banking.
No minimum deposit requirements.
The ability to set up a regular, automatic savings plan by arranging pre-authorized transfers from a bank account to your savings account.
Know what your money is up to with a digital service that can help capture all of your savings and investments in one place.
Canada Deposit Insurance Corporation (CDIC) provides deposit insurance against the loss of eligible deposits in the event of failure.

Interest Rate
Up to 5.00%

Bonus Offer
30-day free trial

Monthly Fee
$0-$19

Why we like it

This hybrid chequing-savings account earns up to 5.00% interest on savings and up to 5.00% cash back on purchases depending on the subscription plan selected.
KOHO is a virtual bank that also offers cash back prepaid Mastercards cards

Interest Rate varies by selected subscription plan. Essential Plan: 3.5%, Extra Plan: 4%, Everything Plan: 5%.
Monthly Fee varies by selected subscription plan. Essential Plan: $4, Extra Plan: $9, Everything Plan: $19.
The account comes with the KOHO prepaid Mastercard that earns up to 5% instant cash back on spending (depending on the selected subscription plan).
The mobile app comes with spending pattern analysis, budgeting, automated savings and a RoundUp! feature that helps you save money on every purchase.
No minimum balance.
Immediate access to your money through free withdrawals, e-Transfers, and more.
Eligible for up to $100k CDIC deposit insurance.
Boost Your Credit Score by Simply Paying Rent! With KOHO’s Rent Reporting, your rent payments can now help build your credit history. Here’s how:
a. Choose any KOHO paid plan OR subscribe to Credit Building.
b. Pay rent using your KOHO account via e-Transfer, pre-authorized debit, or your KOHO card.

Apply Now

The best TFSA HISAs in Canada

Interest Rate
5.50%*

Bonus Offer
N/A

Monthly Fee
$0

This flexible, no-fee TFSA comes with a generous promotional offer that will earn you cash and a high rate of return for five months.
Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.

0.30% regular interest rate.
No monthly fee.
Automated savings program available.
Manage your money by phone, through online banking and a mobile app.
Other Tangerine TFSA investment options include Tax-Free GICs, available in 90-day to 5-year terms, and investment accounts and portfolios.
Service fees are listed online.
Deposits and withdrawals are free.
$50 fee to transfer your TFSA to another bank (transferring in another TFSA is free).
No minimum balance is required.
Eligible for CDIC deposit insurance.

Interest Rate
3.75%

Bonus Offer
N/A

Monthly Fee
$0

Use this no-fee TFSA to earn tax-free interest in an easy, flexible way.
WealthONE Bank of Canada is a Canadian Schedule 1 bank that serves all Canadians including the newcomers. It has two offices in Toronto and Vancouver and offers online banking, a mobile app and competitive interest rates.

No monthly fee.
Automated savings program available. Manage your money by phone, through online banking and a mobile app.
Other Wealth One TFSA investment options include guaranteed investment certificates, available in 6-month to 5-year terms, and investment accounts and portfolios through Smart Money Invest.
Service fees are listed online.
Deposits and withdrawals are free.
$50 fee to transfer your TFSA to another bank (transferring in another TFSA is free).
$100 fee to close your TFSA account.
No minimum balance is required.
Eligible for CDIC deposit insurance.

Interest Rate
3.70%

Bonus Offer
N/A

Monthly Fee
$0

This online-only high-interest TFSA features all the benefits of Canadian Tire’s ‘Money Magnet’ HISA, with tax-free advantages.
Canadian Tire Bank (CTB) is a federally chartered virtual bank that operates the Triangle Rewards Program and offers credit cards, savings accounts, and GICs.

3.70% variable interest rate. Interest is calculated daily, based on the closing balance of the account, and paid monthly.
No monthly fee.
Automatic savings plan available.
Manage your money by phone or through online banking.
Other Canadian Tire TFSA investment options include Tax-Free GICs, available in one to five-year terms.
Service fees are listed online.
Deposits and withdrawals are free.
$50 fee to transfer your TFSA to another bank (transferring in another TFSA is free).
No minimum balance.
Eligible for CDIC deposit insurance.
This account is not available to Québec residents.

Interest Rate
3.40%

Bonus Offer
N/A

Monthly Fee
$0

Saven Financial TFSA earns you an attractive interest rate with an option to grow your tax-free savings in a GIC.
Saven Financial is a division of FirstOntario Credit Union. The credit union offers attractive perks and interest rates on savings accounts and GICs. Not available to Quebec residents.

Grow savings in a high interest savings account, tax free.
Interest is calculated daily and paid on a monthly basis.
No monthly fees or minimum balance requirements.
Potentially earn higher returns with a GIC.
Get unlimited free transfers. Contribution and transfer limits apply.
Eligible deposits covered under the Financial Services Regulatory Authority of Ontario’s (FSRA) deposit insurance program.

Interest Rate
3.20%

Bonus Offer
N/A

Monthly Fee
$0

Earn interest at a competitive rate on this no-fee and no-minimum balance high-interest TFSA.
Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

3.20% variable interest rate. Interest is calculated on the daily closing balance at the applicable rate tier and paid on the last day of the month, for the period beginning on the last day of the previous month and ending on the second last day of the month.
No monthly fee.
Withdrawals can be deposited into a Motive Savings or Motive Chequing account, a no-fee chequing account that earns 0.15% interest.
Manage your money by phone, through online banking and a mobile app.
Other TFSA investment options include the Motive® TFSA GIC, available in one to 10-year terms.
Service fees are listed online.
Free TFSA withdrawals and deposits.
$50 fee to transfer your TFSA to another bank (transferring in another TFSA is free).
$50 fee to close the account within one year of opening.
No minimum balance is required.
Eligible for CDIC deposit insurance.
Motive Financial products are not available to Québec residents.

Interest Rate
3.00%

Bonus Offer
N/A

Monthly Fee
$0

This high-interest no-fee TFSA will help you save up for a TFSA GIC or a Qtrade Direct Investing online investment account, both offered through the virtual bank.
Achieva Financial is an online division of Manitoba’s Cambrian Credit Union and offers savings accounts, GICS, TFSAs, Registered Retirement Savings Plans (RRSPs), and Registered Retirement Income Funds (RRIFs).

3.00% variable interest rate. Interest is calculated on the daily closing balance and added to the principal on the last day of each month.
No monthly fee.
To open this account, you must agree to become a member of Cambrian Credit Union Limited, which requires a $5 share. Your is considered an investment and is fully refundable should you decide to cancel your membership.
Earn $1 per month when you choose electronic documents.
Manage your money by phone, through online banking and a mobile app.
Other Achieva TFSA investment options include TFSA GICS, available in one to five-year terms, and Qtrade Direct Investing online investment accounts.
Service fees are listed online.
Free deposits and one free cheque, direct transfer or pre-authorized payment every month.
$15 fee to close the account within six months of opening.
No minimum balance is required.
Eligible for Deposit Guarantee Corporation of Manitoba deposit insurance.

Steinbach Credit Union TFSA Variable Savings

Interest Rate
2.80%

Bonus Offer
N/A

Monthly Fee
$0

SCU’s TFSA Variable Savings offers a flexible way to save and earn tax-free interest for your short- or long-term goals.
Steinbach Credit Union, or SCU is one of Manitoba’s largest credit unions offering personal and business solutions online, by phone and in person.

Offers a competitive, variable interest rate.
No introductory rate to expire after a few months — Steinbach Credit Union offers high-interest rates right from dollar one.
Interest is calculated on your minimum monthly balance and paid annually on December 31st.
Automate your contributions to your TFSA monthly so you can save without even thinking about it. Make sure you’re within your annual contribution limits.
Deposits can be added to your savings at any time without paying a fee.
All deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba.

Outlook Financial TFSA High-Interest Savings Account

Interest Rate
2.75%

Bonus Offer
N/A

Monthly Fee
$0

This flexible high interest TFSA offers easy transfers between accounts via Outlook Financial mobile app or online banking.
Outlook Financial is an online division of Assiniboine Credit Union and offers savings accounts, GICS, TFSAs, Registered Retirement Savings Plans (RRSPs), and Registered Retirement Income Funds (RRIFs).

2.75% variable interest rate. Interest is calculated daily and paid back monthly.
No monthly fee.
To open this account, you must agree to become a member of Assiniboine Credit Union membership, which requires a $5 share. Your share is considered an investment and is fully refundable should you decide to cancel your membership.
Manage your money by phone or through online banking.
Other TFSA investment options include guaranteed investment certificates, available in one to five-year terms. RRSPs and RRIFs are also available.
Service fees are listed online.
One free cheque, pre-authorized debit, or transfer per month. Deposits are free and unlimited.
$50 fee to transfer your TFSA to another bank, transfers in are free.
$10 fee to close the account.
No minimum balance is required.
Eligible for Deposit Guarantee Corporation of Manitoba deposit insurance.

Interest Rate
2.70%

Bonus Offer
N/A

Monthly Fee
$0

This TFSA Savings account offers competitive rates, the convenience of no minimum balance and added savings through zero monthly fee.
MAXA Financial is an operating division of Westoba Credit Union Ltd. and offers a high-interest savings account, GICs, and TFSA, RRSP and RRIF products.

Get one free withdrawal monthly. After that, there will be a $3 fee per withdrawal.
Deposits are guaranteed 100% by Deposit Guarantee Corporation of Manitoba.
No minimum balance is required.
No monthly maintenance fee.
Interest is calculated on the daily closing balance and paid monthly.
MAXA MemberCard for ATM and Point-of-Sale transactions.
Account information is available online or by phone.
Contributions can be easily transferred from your MAXA High-Interest Savings account online or by phone.
You can set up recurring transfers from your MAXA High-Interest Savings account online or by phone.

The best RRSP HISAs in Canada

Interest Rate
5.50%*

Bonus Offer
N/A

Monthly Fee
$0

This flexible, no-fee RRSP comes with a generous promotional offer that will earn you cash and a high rate of return for five months.
Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.

No monthly fee.
Automated savings program available.
Manage your money by phone, through online banking and a mobile app.
Other Tangerine RSP investment options include RSP GICs, available in 90-day to 5-year terms, and investment accounts and portfolios.
Service fees are listed online.
Deposits and withdrawals are free.
$50 fee to transfer your RRSP to another bank (transferring another in is free).
No minimum balance is required.
Eligible for CDIC deposit insurance.

Interest Rate
3.75%

Bonus Offer
N/A

Monthly Fee
$0

This RRSP savings account features a competitive interest rate and comes with access to a digital investing service with professionally managed, low-cost investment portfolios.
WealthONE Bank of Canada is a Canadian Schedule 1 bank that serves all Canadians including the newcomers. It has two offices in Toronto and Vancouver and offers online banking, a mobile app and competitive interest rates.

No monthly fee.
Automated savings program available.
Manage your money by phone, through online banking and a mobile app.
Other Wealth One RRSP investment options include spousal RRSPs, guaranteed investment certificates, available in 6-month to 5-year terms, and investment accounts and portfolios through Smart Money Invest.
TFSAs and RRIFs are also available.
Service fees are listed online.
$50 fee to transfer your RRSP to another bank (transferring in another RRSP is free).
$100 fee to close your RRSP account.
No minimum balance is required.
Eligible for CDIC deposit insurance.

Interest Rate
3.40%

Bonus Offer
N/A

Monthly Fee
$0

Saven Financial RRSP earns you an attractive interest rate with an option to grow your retirement savings in a GIC.
Saven Financial is a division of FirstOntario Credit Union. The credit union offers attractive perks and interest rates on savings accounts and GICs. Not available to Quebec residents.

No minimum deposit required.
Interest is calculated daily and paid on a monthly basis.
Contribution and withdrawal rules apply.
Potentially earn higher returns with a GIC.
Eligible deposits covered under the Financial Services Regulatory Authority of Ontario’s (FSRA) deposit insurance program.

Interest Rate
3.00%

Bonus Offer
N/A

Monthly Fee
$0

This online-only high-interest RRSP features a competitive rate and the ability to set up spousal RRSPs.
Achieva Financial is an online division of Manitoba’s Cambrian Credit Union and offers savings accounts, GICS, TFSAs, Registered Retirement Savings Plans (RRSPs), and Registered Retirement Income Funds (RRIFs).

3.00% variable interest rate. Interest is calculated on the daily closing balance and added to the principal on the last day of each month.
No monthly fee.
To open this account, you must agree to become a member of Cambrian Credit Union Limited, which requires a $5 share. Your share is considered an investment and is fully refundable should you decide to cancel your membership.
Earn $1 per month when you choose electronic documents.
Ability to set up recurring contributions.
Manage your money by phone, through online banking and a mobile app.
Other Achieva RRSP investment options include spousal RRSPs, RRSP GICS, available in one to five-year terms, and Qtrade Direct Investing online investment accounts.
TFSAs, RRIFs, Locked-In Retirement Accounts (LIRAs) and Life Income Funds (LIFs) are also available.
Service fees are listed online.
$15 fee to close the account within six months of opening.
No minimum balance is required.
Eligible for Deposit Guarantee Corporation of Manitoba deposit insurance.

Outlook Financial RRSP High-Interest Savings Account

Interest Rate
2.75%

Bonus Offer
N/A

Monthly Fee
$0

This easy-to-use high-interest RRSP savings account offers a competitive interest rate and flexible options for new savers.
Outlook Financial is an online division of Assiniboine Credit Union and offers savings accounts, GICS, TFSAs, Registered Retirement Savings Plans (RRSPs), and Registered Retirement Income Funds (RRIFs).

2.75% variable interest rate. Interest is calculated daily and paid back monthly.
No monthly fee.
To open this account, you must agree to become a member of Assiniboine Credit Union membership, which requires a $5 share. Your share is considered an investment and is fully refundable should you decide to cancel your membership.
Manage your money by phone or through online banking.
Start saving to reach the $1,000 minimum needed to invest in an RRSP Fixed GIC, which may earn higher rates.
Other Outlook Financial RRSP investment options include spousal RRSPs and guaranteed investment certificates, available in one to five-year terms.
TFSAs and RRIFs are also available.
Service fees are listed online.
$50 fee to transfer your RRSP to another bank (transferring in another RRSP is free).
$15 fee to close the account within three months of opening.
No minimum balance is required.
Eligible for Deposit Guarantee Corporation of Manitoba deposit insurance.

Interest Rate
2.70%

Bonus Offer
N/A

Monthly Fee
$0

This High-Interest Savings Account offers competitive rates, the convenience of no minimum balance and added savings through zero monthly fee.
MAXA Financial is an operating division of Westoba Credit Union Ltd. and offers a high-interest savings account, GICs, and TFSA, RRSP and RRIF products.

The High-Interest Savings Account offers exceptional rates with the convenience and flexibility to make meeting your financial goals easy.
Deposits are guaranteed 100% by Deposit Guarantee Corporation of Manitoba.
No minimum balance is required.
No monthly maintenance fee.
Interest is calculated on the daily closing balance and paid monthly.
MAXA MemberCard for ATM and Point-of-Sale transactions.
Account information is available online or by phone.
Contributions can be easily transferred from your MAXA High-Interest Savings account online or by phone.
You can set up recurring transfers from your MAXA High-Interest Savings account online or by phone.

Steinbach Credit Union RRSP Variable Savings

Interest Rate
2.70%

Bonus Offer
N/A

Monthly Fee
$0

This RRSP variable savings account earns a healthy regular interest rate on your daily minimum balance while reducing your taxable income.
Steinbach Credit Union, or SCU is one of Manitoba’s largest credit unions offering personal and business solutions online, by phone and in person.

Offers a competitive, variable interest rate.
No introductory rates that expire after a few months — Steinbach Credit Union offers high-interest rates right from dollar one.
Interest is calculated on your minimum monthly balance and paid annually on December 31st.
Manage your accounts on the go with free access to online banking and our mobile app anytime, anywhere.
Automate your contributions by setting up a monthly preauthorized debit to your RRSP so you can save without even thinking about it.
Deposits can be added to your savings at any time without paying a fee.
All deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba.

Methodology

NerdWallet Canada selects the best savings accounts based on several criteria. Factors in our evaluation methodology include annual percentage yields, minimum balances, fees, digital experience, access to other services, and more. Both registered TFSAs, RRSPs and non-registered savings accounts that are available in more than one province are considered for this list.

Honourable mentions

Though they didn’t make it into our picks for the best overall savings account, the accounts below are also solid choices that can help you meet your savings goals.

Top options from Canada’s largest financial institutions.

Bank	HISA	TFSA	RRSP
Bank of Montreal (BMO)	BMO Bank of Montreal Premium Rate Savings	BMO Tax-Free Savings Account (TFSA)	BMO Registered Retirement Savings Plan (RRSP)
Canadian Imperial Bank of Commerce (CIBC)	CIBC eAdvantage Savings Account	CIBC TFSA Tax Advantage Savings Account	CIBC RRSP Daily Interest Savings Account
National Bank of Canada	NBC HISA	NBC Cash Advantage Solution TFSA	NBC Cash Advantage Solution RRSP
Royal Bank of Canada	RBC High Interest eSavings Account	RBC Tax-Free Savings Account (TFSA)	RBC Registered Retirement Savings Plan (RRSP)
Scotiabank	Scotiabank MomentumPLUS: Ultimate Package for MomentumPLUS	Scotiabank Savings Accelerator Account TFSA	Scotiabank Savings Accelerator Account RRSP
TD Bank	TD High Interest Savings Account	TD Canada Trust High Interest TFSA Savings Account	TD RRSP Daily Interest Savings Account (DISA)

If you’re comfortable managing your money digitally, consider these online-only accounts from virtual banks.

Non-registered savings from online banks

Simplii Financial High Interest Savings Account
Tangerine Savings Account
Motive Financial Motive Savvy Savings Account
KOHO Spending and Savings Account
PC Money Account
EQ Bank’s Savings Plus Account
WealthONE High Interest Savings Account

High-interest TFSAs from online banks

Tangerine Tax-Free Savings Account
WealthONE Tax-Free Savings Account
Canadian Tire Tax Free® High Interest Savings Account
Motive Financial TFSA Savings Account
Achieva Financial TFSA Daily Interest Savings Account
Steinbach Credit Union TFSA Variable Savings
Outlook Financial TFSA High-Interest Savings Account

High-interest RRSPs from online banks

Tangerine RSP Savings Account
WealthONE RRSP Savings Account
Saven Financial RRSP HISA
Achieva Financial RRSP Savings Account
Outlook Financial RRSP High-Interest Savings Account
MAXA Financial RRSP Savings Outlook
Steinbach Credit Union RRSP Variable Savings

Things to know about savings accounts

By Hannah Logan

What is a savings account?

A savings account is a common type of deposit bank account that earns interest on its balance.

Savings accounts can make it easier to achieve specific savings goals, such as a new car, a wedding, or an emergency fund. Since savings accounts earn interest, they help your money grow over time.

Types of savings accounts

There are a number of different types of savings accounts available to Canadians. Most are fairly simple, while others have features designed to meet specific needs. Options include:

Basic savings accounts: Earn a modest interest rate.
High-interest savings accounts (HISAs): Earn a higher rate of interest; may come with more restrictions.
Registered savings accounts: Receive tax benefits with TFSAs and RRSPs, which are registered with the Canada Revenue Agency (CRA).
Online savings accounts: Earn competitive interest rates with low or no fees at one of Canada’s virtual banks.
Joint savings accounts: Accessible by more than one person, such as a married couple.
Kids savings accounts: Available to children and teens; different eligibility requirements, features and fees than adult accounts.
Senior savings accounts: Receive discounts and benefits for senior citizens.
Foreign currency savings accounts: Save in U.S. dollars without exchanging currency.
Business savings accounts: Separates business savings from personal savings.

Comparing HISAs, TFSAs and RRSPs

Here’s a breakdown of basic similarities and differences between each kind of savings account:

HISAs	TFSAs	RRSPs
Uses
Easy access savings, such as emergency funds. To earn interest as you plan bigger investments, such guaranteed investment certificates (GICs).	Long-term or bigger purchases, such as travel or a wedding. Or, invest in a TFSA and earn compound interest tax-free to help fund your retirement.	Save for retirement. Borrow funds from RRSP for the Home Buyers’ Plan and Lifelong Learning Plan to pay for your first home or education expenses.
Eligibility
May be at least 18 years of age and a Canadian with a Social Insurance Number (SIN), unless terms mention otherwise.	Must be at least 18 years of age and have a Social Insurance Number (SIN).	Must be under 71 years of age, earn an income and be a Canadian resident paying income tax.
Contribution limits
None, in most cases.	The set annual TFSA contribution limit for 2024 is $7,000 — you may have additional room based on past contributions.	The RRSP contribution limit for 2023 tax year is $30,780. It is 18% of your previous year’s earned income — up to an annual maximum limit set by the CRA, plus any unused contributions from past years.
Withdrawals
Generally, no restrictions on withdrawals. Fees may apply.	If you withdraw from your TFSA, you get that contribution room back the following year.	Once you withdraw from your RRSP, you lose that contribution room and the potential for compound growth on your savings. Plus, withdrawals are subject to withholding tax.
Taxes
Earnings are taxed.	TFSA contributions are not tax-deductible. Withdrawals from a TFSA are tax-free.	RRSP contributions are tax-deductible, helping reduce the total income tax you pay for that year. RRSP withdrawals are taxable at your annual marginal tax rate in the year you make them. Plus, these withdrawals are subject to withholding tax.
Time limits
No time limits.	No time limits.	You can contribute to an RRSP up until December 31 of the year in which you turn 71. After this point, you must transfer the funds to a registered retirement income fund (RRIF) or an annuity, or withdraw the entire amount in a lump sum and pay withholding tax.

How savings accounts work

When you deposit your money in a savings account at a bank or credit union, you’re lending funds to the institution. In exchange, the bank pays you interest. You typically have full access to your money stored in a savings account, whenever you need it.

Your savings account may have rules about how many withdrawals you can make each month, but it’s typically easy to transfer funds and make deposits as needed.

Savings accounts don’t tend to come with debit cards or cheques like you’d get with chequing accounts. If you have chequing and savings accounts at the same institution, you may be able to link them both to your debit card. Note that you may be charged a fee for using your debit card to withdraw money from your savings account.

How does interest work on a savings account?

Interest rates on savings accounts vary by the financial institution. Some banks or credit unions pay interest on the total amount in your account, while others only pay interest on amounts above a minimum required balance.

Typically, savings account interest is compounded, which means you can earn interest on your interest, not just on the amount you originally deposited. Read the terms and conditions of the account carefully to see whether the interest is compounded annually, monthly or daily. The more frequently your account compounds interest, the more your money will grow.

How to choose a savings account

Savings accounts are offered by many different banking institutions across Canada, which include Big Six banks, traditional banks and credit unions as well as online banks.

Each financial institution provides unique banking and account features. Make sure you take the time to shop around to find the best option to suit your needs. Here are some things to consider:

Interest rate

How much interest will you earn on the money in your savings account? Many banks offer promotional interest rates that may seem enticing at first, but drop down to a much lower rate after a few months. Depending on your savings goals, this type of introductory interest rate might work for you.

However, it’s often better to look at the best regular interest rate instead of solely focusing on the promotional rates. This way you can best anticipate the annual percentage yield (APY), which shows how much interest you will earn over a year.

Minimum balance

Some savings accounts in Canada require that you keep a minimum balance, such as $1,000, in your account at all times if you want to earn interest. If you can be sure you will always have that minimum amount in place, that’s fine.

Though, it might be a better idea to look for an account with no minimum requirements for peace of mind that you can always earn interest no matter your balance.

Fees

Most financial institutions in Canada do not charge monthly fees for savings accounts, but there might be fees for certain types of transactions or a limited number of free transactions you get per month. Pay attention to the fine print and check how many monthly withdrawals you’re allowed, whether you can make free e-transfers, and if there are other service fees to note.

CDIC Insurance

Many Canadian financial institutions are covered by a provincial or federal deposit insurer, such as the Canada Deposit Insurance Corporation (CDIC). The insurance protects your money — up to $100,000 per type of account — in case the bank fails. To be sure, check the financial institution’s website to see if it has deposit insurance protection before you apply for a savings account.

Convenience

You’ll want to make sure it is easy to withdraw your money when you need it. Consider your banking preferences and choose a savings account that’s convenient for you. For example, you may choose the RBC savings account if you prefer a big bank that has a large branch network to facilitate your in-person banking needs.

In many cases, people prefer to have their savings and chequing accounts at the same financial institution. If you already have a chequing account at a particular bank or credit union, it might be easier to open a savings account there, too. Plus, it will be convenient to move money between the accounts.

When considering an online-only savings account, make sure you understand how your money can be accessed. Can you use a debit card at an ATM or will you need to transfer the funds to a chequing account with another bank? Also, evaluate whether the digital experience is suitable for your needs. Is there a mobile app? Is the online banking interface easy to use? Can you call a customer service representative for questions?

How to open a savings account

Opening a savings account is generally a straightforward process and can be done in person or online depending on your financial institution. The application should only take a few minutes, but you will need to meet a few requirements and share some personal information. You can find a list of these requirements on the bank’s website or contact them to ask about this option.

Most Canadian banks require you to be a Canadian resident with a permanent address in Canada. However, some financial institutions will allow you to open a bank account as a non-resident.

You’ll also need to be the age of majority in your home province or territory. You will have to show an official government ID and provide personal information, including your:

Social Insurance Number (SIN).
Address and phone number.
Date of birth.
Email address, if you plan to use online banking.

Children and younger teens can open youth savings accounts, such as the CIBC Youth Account with a parent or legal guardian.

Are savings accounts taxable in Canada?

Yes, you will have to pay income tax on any interest you earn in your savings account. Every year, your financial institution will send you a T5 slip that shows how much interest you earned. You’ll claim this interest income along with all other personal income on your tax return.

You won’t pay taxes on the interest you earn in a tax-free savings account (TFSA), which is a registered savings account that can hold both investments and cash deposits. However, these accounts come with strict contribution and withdrawal rules and they aren’t a replacement for a basic savings account.

Alternatives to basic savings accounts

A savings account is a great option for most people, but it may not be the best type of bank account for all your needs. If you want to save money for less immediate financial goals, consider an option that earns more interest.

Alternatives to basic savings accounts include:

Chequing accounts.
Hybrid or online bank accounts.
Guaranteed investment certificates (GICs).
Market-linked investments options, such as bonds, exchange-traded funds (ETFs), market-linked GICs and mutual funds.

Fortunately, you don’t have to pick just one type of account. You can choose any of these accounts to help you reach your financial goals. It’s all about finding the right combination of bank accounts for your needs.

» Ready for a new bank? Here’s how to switch to a new bank or credit union

Yes, your savings account is as secure as any other type of bank account. Many Canadian banks and credit unions are covered by federal or provincial deposit insurers, such as the Canada Deposit Insurance Corporation (CDIC). This insurance protects your money — up to $100,000 per type of account — in case the bank fails. However, it’s also up to you to be cautious and protect your banking and personal information to avoid identity theft.

The Canadian banks that have the best savings account interest rates as of Nov. 6, 2024, are:

Simplii Financial, the Simplii Financial High Interest Savings Account rate: 6.00%*

Tangerine Bank, the Tangerine Tax-Free Savings Account rate: 5.50%*

Tangerine Bank, the Tangerine RSP Savings Account: 5.50%*

*Special rates

The best savings account for you will depend on your banking preference, savings goals and other account features. Check out our picks for the best high-interest savings accounts (HISAs), tax-free savings accounts (TFSAs) and registered retirement savings plans (RRSPs) above to choose the best savings account for your needs.