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Compare High-interest Accounts

EQ Savings Plus Account
1.50%%
Annual Interest Rate
$0
Minimum Balance
$0
Monthly Fee
The account that gives more.
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EQ Savings Plus Account
Account Details
Account Type: High-interest
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: High-interest
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.


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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: High-interest
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. 

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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: High-interest
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: High-interest
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.

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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.
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MomentumPLUS Savings Account
Account Details
Account Type: High-interest
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

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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.
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Savings Accelerator Account
Account Details
Account Type: High-interest
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

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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.
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Tangerine Savings Account
Account Details
Account Type: High-interest
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


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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: High-interest
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.

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High-Interest Savings Account Overview: Everything You Need To Know


Thinking about investing but worried about the volatility of the current global investment market? If so, you may want to look into a high-interest savings account. These banking products are designed to help savers maximize their savings and as the name implies, pay a better interest rate than traditional savings account products. Referred to as a HISA for short, many major banks, credit unions, and similar financial institutions offer their members access to high-interest savings accounts. The main purpose of a HISA is to allow individuals to earn a modest return on their savings without losing immediate access to their funds in the meantime.

HISAs are a great way to save money for a short-term goal such as a down payment, wedding, or vacation. They can also be a smart way to store money during economic uncertainty or a downturn when the stock market seems too risky. Low-risk investors often complement their financial portfolio with a HISA for the added security.


What's the Difference Between High-Interest Savings Accounts and Regular Savings Accounts?

Both HISA savings accounts and savings accounts are designed to help customers save money. The main difference is that high-interest savings accounts usually pay a better interest rate which allows savings to actually grow. The interest rate on standard savings accounts usually results in very minimal growth whereas HISA accounts do produce measurable results over time. Since HISAs are not meant to be used regularly, they are usually subject to transfer limits, withdrawal limits, minimum balance requirements, and/or transaction fees.

In general, a regular savings account is sufficient for storing surplus cash that isn't needed on a regular basis while a HISA is a better place to save money intended for use farther down the road such as tuition, home renovations, or a vacation. While you may dip into a regular savings account here and there, the goal of a HISA savings account is only to access it once you have reached your anticipated total.

How do High-Interest Savings Accounts Work?

As noted above, the largest appeal of high-interest savings accounts is that they allow your money to grow at a steady and secure rate. Large financial institutions that are members of the CIDC can insure HISAs up to $100,000 whereas credit unions that are insured locally by province usually cover the entire deposit amount without limits. While they may seem complex, the principle behind high-interest savings accounts is actually quite simple. Money that is placed into a HISA account generates a higher amount of interest because the bank is allowed to use these funds to loan out money to others.

In other words, when you place money in a HISA, your bank or credit union will use it to back their own loans which generate interest-driven profits that the bank, in turn, shares with you. In general, HISA accounts offer rates that start around .5% and extend up to 2% depending on the financial institution you choose. Usually, there are no monthly service fees but there may be limits on the number of transfers or withdrawals you are allowed since the account is not meant to be regularly accessed. Some banks also charge transaction fees to offset costs.

Are High-Interest Savings Accounts Taxable?

Any earnings that you make off a high-interest savings account are considered taxable. You must declare your earnings from interest and then pay the proper tax rate. However, savvy savers who hold a HISA placed within a Registered Retirement Savings Plan or a Tax-Free Savings account can protect their savings from taxes.

Who Should Open a High-Interest Savings Account?

To reiterate, someone with the goal of saving money for a long-term purchase or financial goal would benefit from a high-interest savings account. Someone who likely needs to access their money in their savings account on a regular basis would not since there are usually fees associated with transactions that will offset the benefits of a higher interest rate.

How to Choose the Best High-Interest Savings Account

Most major banks and credit unions in Canada offer their customers access to high-interest savings accounts so you should have a wide array of options. Since the goal of a high-interest savings account is to maximize your earning potential you need to start by looking at interest rates. You need to look for an interest rate that is higher than the rate of inflation so that you end up with measurable results. Over the last decade the inflation rate has leveled off around 2% so ideally a HISA with a 2% interest rate or higher is the best choice.

However, you should never shop for a HISA based on interest rate alone. You also need to look at the terms and conditions that are applicable to any potential account. Some financial institutions may require a minimum balance, limit withdrawals, charge fees on any transactions and/or have a certain period in which your initial deposit is locked-in.

While shopping around for a HISA also keep an eye out for high promotional rates and cash signing bonuses to help optimize the amount you are able to earn upfront. Keep in mind that the long-term interest rate will pay off better than a short-term rate and place most of your emphasis on it. For instance, earning 2% for the entire lifespan of an HISA will pay more than an initial offer of 3% for the first year and then 1.5% thereafter.