My Rate Compass

Compare Savings Accounts

EQ Savings Plus Account
1.50%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
The account that gives more.
Open Account
Open Account
EQ Savings Plus Account
Account Details
Account Type: Savings
Bank/Credit Union Name: EQ Bank
Key Infos
The EQ Bank Savings Plus Account offers a 1.50% everyday interest rate* with a whole lot of other perks. At $0 minimum balance, the account offers unlimited EFTs, unlimited bills payments, unlimited Interac eTransfers® and ZERO everyday banking fees.
CIBC eAdvantage® Savings Account
1.00%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
Maximize your savings with a high interest rate on every dollar you save.
CIBC eAdvantage® Savings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: CIBC
Key Infos
The CIBC eAdvantage Savings Account is a high interest rate account that allows maximum savings for every dollar saved. The account pays 1.00% interest rate for every dollar saved at $0 monthly fee. Transaction fee for CIBC eAdvantage Savings Account is $5.00 each.


Other relevant CIBC Topics

 

CIBC Rewards Review

Tim Hortons Rewards

Best CIBC Credit Cards


CIBC Bonus Savings Account
0.10% for balances $3,000.00 and more / 0.05% for balances $2,999.99 and below%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
Earn interest on every dollar and a higher interest rate on higher balances.
CIBC Bonus Savings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: CIBC
Key Infos
The CIBC Bonus Savings Account offers higher interest rate for higher balances. This account pays 0.10% interest rate for a minimum of $3,000 and higher and 0.05% interest rate for balances $2,999.99 and below. At $0 monthly fee, this account also offers 1 free transaction every month.


Other relevant CIBC Topics

 

CIBC Rewards Review

Tim Hortons Rewards

Best CIBC Credit Cards

CIBC Advantage® for Youth
0.15%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
A head start on savings with the benefits of an unlimited chequing account.
CIBC Advantage® for Youth
Account Details
Account Type: Savings
Bank/Credit Union Name: CIBC
Key Infos
Kickstart a child's savings account with the CIBC Advantage for Youth account. This account offers a 0.15% interest rate with $0 monthly fee and unlimited transactions.


Other relevant CIBC Topics

 

CIBC Rewards Review

Tim Hortons Rewards

Best CIBC Credit Cards

CIBC Smart for Seniors: Premium Growth Account™
0.05%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
When you turn 65, you're automatically eligible for the perks of CIBC Smart for Seniors.
CIBC Smart for Seniors: Premium Growth Account™
Account Details
Account Type: Savings
Bank/Credit Union Name: CIBC
Key Infos
The CIBC Smart for Seniors offer competitive benefits for people who reached the age of 65. Its Premium Growth Account offers a 0.05% interest rate for no minimum balance.  With $0 monthly fee this account also offers 2 free transactions per month.


Other relevant CIBC Topics

 

CIBC Rewards Review

Tim Hortons Rewards

Best CIBC Credit Cards

CIBC US$ Personal Account
0.15%%
Annual Interest Rate
0.50% bonus interest if you also have a CIBC Bank USA Smart Account%
Promotional Interest Rate
$0
Minimum Balance
$0
Monthly Fee
Deposit, withdraw and save your U.S. dollars.
CIBC US$ Personal Account
Account Details
Account Type: Savings
Bank/Credit Union Name: CIBC
Key Infos
The CIBC US$ Personal Account allows an easy way to manage US funds. The account offers 0.15% interest rate and an additional 0.50% for clients with existing

Other relevant CIBC Topics

 

CIBC Rewards Review

Tim Hortons Rewards

Best CIBC Credit Cards

RBC High Interest eSavings Account
1.000%%
Annual Interest Rate
2.50% for the first three months%
Promotional Interest Rate
$0
Minimum Balance
$0
Monthly Fee
An Online Savings Account Offering High Interest On Every Dollar.
RBC High Interest eSavings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: RBC
Key Infos
RBC's High Interest eSavings Account offers free online transfers from this account to other RBC Royal Bank accounts in your name — 24/7 with no delay. 

Other relevant RBC Topics

RBC Rewards Program

WestJet Rewards

Best RBC credit cards

NOMI Find & Save
0.50%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
Using predictive technology, NOMI Find & Save does all the work for you, so you can save money without lifting a finger.
NOMI Find & Save
Account Details
Account Type: Savings
Bank/Credit Union Name: RBC
Key Infos
NOMI Find & Save will learn your transaction patterns, find those extra dollars that we think you won’t miss, and then set them aside for you automatically.

If a payment or transfer is due to come out of your linked chequing account, or you have an overdraft balance in it, we will automatically move money from your NOMI Find & Save account back to your account – up to $1,000 per day – to cover you.

You don’t need to do anything but have a NOMI Find & Save account with enough money saved to cover the balance of the upcoming payment. Everything else is done for you without needing to lift a finger.

Other relevant RBC Topics

RBC Rewards Program

WestJet Rewards

Best RBC credit cards

RBC U.S. High Interest eSavings
0.150%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
High interest on every U.S. dollar
RBC U.S. High Interest eSavings
Account Details
Account Type: Savings
Bank/Credit Union Name: RBC
Key Infos
Earn high daily interest on every U.S. dollar and receive free online transfers from this account to other RBC Royal Bank deposit accounts in your name – 24/7 with no delay. This account offers 0.150% interest rate.

Other relevant RBC Topics

RBC Rewards Program

WestJet Rewards

Best RBC credit cards

TD Every Day Savings
0.05%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
Ideal if you’re starting to save or want frequent access to your funds.
TD Every Day Savings
Account Details
Account Type: Savings
Bank/Credit Union Name: TD Canada Trust
Key Infos
TD's Every Day Savings account offers 0.05% interest for every dollar saved. This account also allows unlimited transfers to other TD accounts and $0 monthly fee.
TD High Interest Savings
0.300%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
High interest rate for $5,000.00 and above.
TD High Interest Savings
Account Details
Account Type: Savings
Bank/Credit Union Name: TD Canada Trust
Key Infos
TD's High Interest Savings account offers an interest rate of 0.300% on balances of $5,000.00 or more. Additionally, maintain a balance of $25,000.00 to waive transaction fees.
TD ePremium Savings Account
1.000%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
Save more with a high interest rate and free online transfers.
TD ePremium Savings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: TD Canada Trust
Key Infos
TD's ePremium Online Savings Account offers 1.00% interest for balances of $10,000.00 and higher. This account also offers unlimited free online transfers to your other TD deposit accounts.

Other relevant TD Topics

TD Rewards Points program

Expedia for TD

TD Credit Cards : find the best TD credit cards in Canada

 

MomentumPLUS Savings Account
1.000%%
Annual Interest Rate
Additional rates applied after certain periods: ( 0.50% after 90 days)/ (0.60% after 180 days) / (0.80% after 270 days) / (1.00% after 360 days) %
Promotional Interest Rate
$0
Minimum Balance
$0
Monthly Fee
With the MomentumPLUS Savings Account, you can earn up to 2.00% interest.
Open Account
Open Account
MomentumPLUS Savings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: Scotiabank
Key Infos
Scotiabank's MomentumPLUS Savings account offers up to 2.00% interest rate within their premium period. Additional Premium Interest rate:
90-day premium period: +0.50% interest
180-day premium period: +0.60% interest
260-day premium period: +0.80% interest
360-day premium period: +1.00% interest

Other relevant Scotiabank Topics

 
Scotia Rewards Points Program

SCENE Rewards

Best Scotiabank credit cards

Savings Accelerator Account
(0.050% for balances $0 - $4,999) / (1.000% for balances $5,000 - $249,999) / (1.100% for balances $250,000 or more)%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
No monthly fee, and competitive interest rates.
Open Account
Open Account
Savings Accelerator Account
Account Details
Account Type: Savings
Bank/Credit Union Name: Scotiabank
Key Infos
Scotiabank's Savings Accelerator account offers competitive interest with no monthly fee. The Accelerator account offers the following annual interest rates:
0.050% for $0 - $4,999 balance
1.000% for $5,000 - $249,999 balance
1.100% for $250,000 or more balance

Other relevant Scotiabank Topics

 
Scotia Rewards Points Program

SCENE Rewards

Best Scotiabank credit cards

Money Master Savings Account
0.050%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
Earn interest on every dollar you save.
Open Account
Open Account
Money Master Savings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: Scotiabank
Key Infos
Scotiabank's Money Master Savings account offers interest for every dollar saved at 0.050% interest. This account also offers no fee unlimited self-service transfers at $0 monthly fee.

Other relevant Scotiabank Topics

 
Scotia Rewards Points Program

SCENE Rewards

Best Scotiabank credit cards

RBC Day to Day Savings
up to 0.01%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
Interest increases as balance grows.
RBC Day to Day Savings
Account Details
Account Type: Savings
Bank/Credit Union Name: RBC
Key Infos
RBC's Day to Day Savings Account is a straightforward savings account that pays interest on every dollar invested, and the rate increases as your balance increases. Account offers up to 0.01% interest at $0 monthly fee.

Other relevant RBC Topics

RBC Rewards Program

WestJet Rewards

Best RBC credit cards

Scotia US Dollar Daily Interest
up to 0.150%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
A smarter way to save your U.S. dollars .
Open Account
Open Account
Scotia US Dollar Daily Interest
Account Details
Account Type: Savings
Bank/Credit Union Name: Scotiabank
Key Infos
Scotiabank's US Dollar Daily Interest account offers up to 0.15% interest rate. The account also offers a waiver of its $1.00USD monthly fee when a minimum of $200 daily closing balance is maintained.


Other relevant Scotiabank Topics

 
Scotia Rewards Points Program

SCENE Rewards

Best Scotiabank credit cards

Scotia Euro Daily Interest
up to 0.100%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
A smarter way to save Euros .
Open Account
Open Account
Scotia Euro Daily Interest
Account Details
Account Type: Savings
Bank/Credit Union Name: Scotiabank
Key Infos
Scotiabank's Euro Daily Interest account offers up to 0.100% interest rate. The account also offers a waiver of its €1.00 monthly fee when a minimum of €200 daily closing balance is maintained. Seniors also get to experience €0.00 monthly fee after Seniors' discount.

Other relevant Scotiabank Topics

 
Scotia Rewards Points Program

SCENE Rewards

Best Scotiabank credit cards

Tangerine Savings Account
0.15%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
No minimums, no service charges and no fees with Tangerine Savings Account.
Open Account
Open Account
Tangerine Savings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: Tangerine
Key Infos
Tangerine Savings Account offers high interest of 0.15%. This account also offers no minimums, no service charges and no fees.

Special Offer: Get a 2.15% savings rate when you open your first Savings and Chequing Accounts. Plus, you could earn $200*.

How the online offer works:

How the online offer works:
To earn 2.15% interest*
1. Become a new Client online by November 23, 2020 using promo code 'EARNMORE'
2. Open your first eligible Savvings Account and Chequing Account within 30 days
3. Earn 2.15% interest in your Savings Account for 5 months

To get a $200 payroll Bonus*
4. Complete steps 1 to 3
5. Add your payroll 0 have the first payroll direct deposit in your Chequing Account within 60 days of opening the Account
6. Keep your payroll direct deposits going into your Account for at least 3 straight months and you'll earn a $200 bonus after the 3rd month


Other relevant Tangerine Topic

 Tangerine Credit Cards

Tangerine Tax-Free Savings Account
0.15%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
A tax-free savings account with the benefits of a regular savings account.
Open Account
Open Account
Tangerine Tax-Free Savings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: Tangerine
Key Infos
Maximize your savings with a high interest Tangerine Tax-Free Savings Account. You’ll enjoy the same advantages of our regular Savings Account– no minimums, and no service charges or fees while you save with us – with the added benefit of paying no tax on interest you earn or on your withdrawals.


Special Offer: Get a 2.15% savings rate when you open your first Savings and Chequing Accounts. Plus, you could earn $200*.

How the online offer works:

How the online offer works:
To earn 2.15% interest*
1. Become a new Client online by November 23, 2020 using promo code 'EARNMORE'
2. Open your first eligible Savvings Account and Chequing Account within 30 days
3. Earn 2.15% interest in your Savings Account for 5 months

To get a $200 payroll Bonus*
4. Complete steps 1 to 3
5. Add your payroll 0 have the first payroll direct deposit in your Chequing Account within 60 days of opening the Account
6. Keep your payroll direct deposits going into your Account for at least 3 straight months and you'll earn a $200 bonus after the 3rd month

Other relevant Tangerine Topic

 Tangerine Credit Cards

Tangerine RSP Savings Account
0.15%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
An RSP savings account with great interest rate.
Open Account
Open Account
Tangerine RSP Savings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: Tangerine
Key Infos
Grow your RSP with a great interest rate and save for your retirement. With no minimums or fees while you save with us, and the ability to set up regular deposits, our RSP Savings Account is a key component of your retirement planning.

Special Offer: Get a 2.15% savings rate when you open your first Savings and Chequing Accounts. Plus, you could earn $200*.

How the online offer works:

How the online offer works:
To earn 2.15% interest*
1. Become a new Client online by November 23, 2020 using promo code 'EARNMORE'
2. Open your first eligible Savvings Account and Chequing Account within 30 days
3. Earn 2.15% interest in your Savings Account for 5 months

To get a $200 payroll Bonus*
4. Complete steps 1 to 3
5. Add your payroll 0 have the first payroll direct deposit in your Chequing Account within 60 days of opening the Account
6. Keep your payroll direct deposits going into your Account for at least 3 straight months and you'll earn a $200 bonus after the 3rd month



Other relevant Tangerine Topic

 Tangerine Credit Cards

Tangerine US$ Savings Account
0.15%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
US Savings account with great interest.
Open Account
Open Account
Tangerine US$ Savings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: Tangerine
Key Infos
Tangerine's US$ Savings Account offers 0.15% interest rate . This account also offers no minimums and no fees and charges.

Special Offer: Special Offer: Become a new Client and earn 2.50%* interest for the first 5 months on your first Savings Account. Plus, you could earn $200*.

How the online offer works:

To earn 2.50% interest*
1. Become a new Client online by October 14, 2020 using promo code 'EARNMORE'
2. Open your first eligible Savvings Account and Chequing Account within 30 days
3. Earn 2.50% interest in your Savings Account for 5 months

To get a $200 payroll Bonus*
4. Complete steps 1 to 3
5. Add your payroll - have the first payroll direct deposit in your Chequing Account within 60 days of opening the Account
6. Keep your payroll direct deposits going into your Account for at least 3 straight months and you'll earn a $200 bonus after the 3rd month


Other relevant Tangerine Topic

 Tangerine Credit Cards

Tangerine RIF Savings Account
0.25%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
An RIF Savings account with great interest with no minimum charges and fees.
Open Account
Open Account
Tangerine RIF Savings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: Tangerine
Key Infos
Tangerine's RIF Savings Account offers a great interest rate of 0.20%. Like all Tangerine savings account, The RIF Savings Account comes with no minimum balance, no charges and no fees.

Special Offer:

Make every dollar count, get a 2.50% savings rate when you open your first Savings and Chequing Accounts. Plus, you could earn $200 when you add payroll*.


Other relevant Tangerine Topic

 Tangerine Credit Cards

BMO Savings Builder Account
up to 1.600%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
An account for active savers.
BMO Savings Builder Account
Account Details
Account Type: Savings
Bank/Credit Union Name: BMO
Key Infos
BMO's Savings Builder Account is best for active savers. Its base interest is 0.200% is earned even without increasing the balance and earns up to 1.600% as the balance increases.

Other relevant BMO Topics

 

BMO Rewards Points Program

Air Miles Points Guide

BMO Credit Cards

BMO Smart Saver
0.800%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
Perfect for anyone with long-term savings goals.
BMO Smart Saver
Account Details
Account Type: Savings
Bank/Credit Union Name: BMO
Key Infos
BMO's Smart Saver account is perfect for people with long term savings plans. Maximize savings with 0.800% interest and save as much or as little as you’d like each month. You’ll still get the same great interest rate on every dollar in the account, no matter what your balance.

Other relevant BMO Topics

 

BMO Rewards Points Program

Air Miles Points Guide

BMO Credit Cards

Premium Rate Savings
0.050%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
A savings account that can be integrated with your Chequing account.
Premium Rate Savings
Account Details
Account Type: Savings
Bank/Credit Union Name: BMO
Key Infos
A flexible and convenient account that can be opened together with a chequing account under the same Plan. The Premium Rate Savings account is a great option to help you save while giving you access to your money whenever you need it. If you're an existing BMO Chequing plan owner, you can integrate the U.S. Dollar Premium Rate Savings Account to pay only one monthly fee.

Other relevant BMO Topics

 

BMO Rewards Points Program

Air Miles Points Guide

BMO Credit Cards

U.S. Dollar Premium Rate Savings Account
0.050%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
Best for frequent travelers to the US.
U.S. Dollar Premium Rate Savings Account
Account Details
Account Type: Savings
Bank/Credit Union Name: BMO
Key Infos
BMO's U.S. Dollar Premium Rate Savings Account allows you the flexibility to hold your U.S. dollars until you’re ready to exchange them. If you're an existing BMO Chequing plan owner, you can integrate the U.S. Dollar Premium Rate Savings Account to pay only one monthly fee.

Other relevant BMO Topics

 

BMO Rewards Points Program

Air Miles Points Guide

BMO Credit Cards

What is a Savings Account?

A savings account is a bank account that pays interest on your deposits. They’re available through the Big 5 banks and online-only self-serve banks.

 

Savings accounts aren’t for your daily transactions (that’s what chequing accounts are for). And they aren’t for long-term goals like retirement. Instead, they provide a safe and accessible place to stow and grow your money in the short term.


Why Use a Savings Account?

 

Here are a few reasons you might use a savings account:

 

Makes Saving Easier

The main reason to use a savings account is to, well, save!

 

Think about how hard it would be to save money if you only used your chequing account. All your money would be lumped together; you wouldn’t know what was for spending and what was earmarked for saving.

 

It makes much more sense to separate your funds. Money for bills and spending should go into a chequing account, and money dedicated to savings goals should go into a savings account. This makes it easier to manage your finances.

 

Savings accounts are best for short-term savings goals and for money you might need to access quickly. Examples include:

  • An emergency fund
  • A vacation
  • A down payment on a house or car
  • A bigger purchase like a furniture set or a new computer



Helps Grow Your Money Faster

Savings accounts aren’t just for organizing your money. They also help you make money, by paying interest.

 

Savings accounts pay a set interest rate on your deposits. Many accounts calculate your interest daily and pay it monthly (but check your terms to be sure). This is ideal because it leads to a magical thing called compound interest.

 

What is compound interest? It’s when you earn interest on interest. It’s easiest to illustrate with an example:

 

Say you have $1,000 in a savings account. The interest rate is 2% annually, and interest is calculated daily and paid monthly.

 

2% divided by 365 yields a daily interest rate of 0.005479%.

 

$1,000 x 0.005479% = $0.05479 in daily interest. So each subsequent day, your interest is calculated based on your initial $1,000 plus that $0.05479 you earned the day before. Your interest is earning interest! At the end of the month, you’ll get an interest deposit for $1.67.

 

Some accounts pay a higher interest rate when you maintain a minimum balance. Others offer special introductory rates for new customers. Taking advantage of these offers is a great way to grow your money faster.

 


Offers Security and Peace of Mind

It’s no secret that interest rates on savings accounts are low compared to the returns you might earn by investing in the market.

 

However, the potential for a higher return comes with the potential for loss. That kind of volatility is unattractive when you need your money in the short term or are uncomfortable with risk.

 

Think about it: how would you feel if your emergency fund took a 20% hit tomorrow?

 

Unlike mutual funds, ETFs, and stocks, savings accounts are risk-free. The value of a savings account will never decrease—there’s no risk of losing your principal. Even in the extremely unlikely event that your bank goes under, your funds are safe. This is because they are typically insured against loss by the CDIC (Canadian Deposit Insurance Corporation).

 

CDIC insurance covers deposits at member institutions up to $100,000 per insured category. Accounts held in just your name are insured separately from joint accounts. This means you can have up to $100,000 of insured funds in your account, plus another $100,000 in the joint account you share with your spouse, plus another $100,000 in the account you share with your child, etc.



It’s Accessible

Although savings accounts may not be as accessible as chequing accounts, your funds are never locked in and you can access them any time (although this might impact bonus rate offers). This isn’t the case with some other savings vehicles, like non-redeemable GICs. This is another reason savings accounts are great for short-term savings.



Drawbacks of Savings Accounts

 

As previously mentioned, savings accounts are often less accessible than chequing accounts because they may not be linked to a debit card or include cheques. There may also be fees attached if you do multiple withdrawals a month.

 

The main drawback of a savings account is that funds left there for a long time might not keep pace with inflation.

 

Again, savings accounts are not for long-term savings goals. The danger in treating them this way is that your money will lose spending power if the interest rates don’t match inflation rates.

 

The second drawback is that interest earned on a savings account is taxable. Your bank will send you a T5 slip and you’ll have to report it as income when you file your taxes. If you have the contribution room, holding a savings account within a Tax-Free Savings Account solves this problem.



Savings Account Pros and Cons

 

Pros Cons

·       Facilitates saving 

·       May be less accessible than chequing accounts

·       Helps grow your money

·       May not keep pace with inflation

·       Safe and secure

·       Interest earned is taxable

·       More accessible than other investments

 



Types of Savings Accounts

It used to be that the Big 5 banks were consumers’ only options for getting any kind of bank account. They offered a few different savings accounts, including options for kids.

 

Now, Canadians have more options than ever before. Online-only banks offer self-serve accounts with attractive interest rates—perfect for people comfortable with online banking.

 

For those who prefer a brick and mortar bank presence, traditional banks still have you covered.

 

Here are a few types of savings accounts available to meet your needs:



Traditional Savings Accounts

These basic savings accounts are usually offered by traditional banks and pay a low interest rate. The benefit is that there’s face-to-face service if you need it, and you can usually use a debit card to access a network of ATMs.



High Interest Savings Accounts

Offered by online banks and traditional banks, these accounts pay higher interest rates. Online banks tend to offer the best rates, and you’ll often see introductory offers. For example, you might earn a special rate for the first six months. Sometimes offers depend on making a minimum deposit or maintaining a minimum balance, so make sure you understand the terms.

 

Online high interest savings accounts may not link to a debit card, so you need to be comfortable with online or mobile banking to make the most of them.

 

Tiered Savings Accounts

These accounts offer different interest rates based on your balance. The more you have on deposit, the higher your rate.

 

Kids’ Accounts

Starting a savings account for your kids is a great way to teach them about money. Most traditional banks offer free interest-bearing accounts for children that may include several withdrawals a month.

 

U.S. Dollar Savings Accounts

Many banks offer U.S. dollar savings accounts for people who want to stash U.S. funds for an upcoming trip. This makes it easy to watch the rate and buy funds online when it’s favourable. Note that U.S. accounts are not CDIC-insured.

 

How to Open a Savings Account

You can open a savings account in person at a traditional bank or online. You’ll need to provide your:

  • Name
  • Address
  • Telephone number and email address
  • Date of birth
  • Occupation
  • Social Insurance Number (so the bank can issue a T5 for tax purposes)

 

If you open an account in person, you’ll need two pieces of valid ID (see ID requirements here). For online applications, you might be asked to provide ID details, like your driver’s licence number.