Best Savings Account In Canada

Whether you’re starting to save or have a lump sum you want to build on, an account with a high-interest rate is a must. 

Although there are other things you should look out for – ease of use, mobile app, customer service – a high-interest rate can be the difference between meeting your goal or falling short. 

If you’re looking for an account that can help you grow your savings, or even start up a nest egg, then keep reading to find out more about the best savings accounts in Canada. 
Alternatively, for our American readers, you can find the best checking accounts over at Crediful.

EQ Savings Plus

PROSCONS
1. Unlimited transactions1. Maximum balance of $200,000
2. Very generous 2.0% interest rate
3. No monthly account fees
4. Can deposit cheques via your mobile phone

EQ is one of the most popular banks in Canada, and with their Savings Plus account, it’s clear why. 

Their banking systems are entirely online, meaning there are no branches. This could be a deal-breaker for more old-school bankers, but the lack of branches means that EQ can offer a very competitive interest rate. 

The interest rate of 2.0% is the highest non-promotional interest rate in the country but unfortunately is capped at $200,000. 

The interest rate is calculated on a daily basis, and you’ll receive it directly into your account every month. There’s nothing better than watching your money grow, and EQ will speed the process along for you. 

It’s an overall convenient account for the average on-the-go Canadian. There are no fees, unlimited transactions, free bill payments, free e-transfers, and you can even deposit cheques using your mobile phone.

Motive Financial Savvy Savings 

PROSCONS
1. Interest rates of up to 2.05%1. Can only withdraw 2x for free
2. No monthly fees
3. Can open the account with a zero balance

To get started with Motive Financial, you can easily register for an account online – whether it be a single account or a joint account. 

With a Savvy Savings account, you get 2x withdrawals for free – which is a good way of preventing you from digging into your savings.

Any withdrawals after the first two will cost you $5 each, but that’s understandable considering there are no monthly fees and no minimum balance requirements.

The Savvy Savings Account currently offers you a balance of 2.05% on account balances up to $1 million, which is perfect for the average Canadian. With any balance over $1 million, you’ll receive a decreased interest rate of 0.25%, so it may be time to look for other accounts. 

Their more basic account gives you a slightly lower interest rate of 1.25% on any balance up to $5 million.

Wealth One Bank of Canada

PROSCONS
1. An interest rate of 1.75%1. Relatively new account so not many customer reviews
2. Access to their automatic savings program (ASP) 
3. No monthly fees or starting balance requirements 

More and more banks are becoming ‘online only’, and branch banking is becoming a thing of the past – but not with Wealth One Bank of Canada. 

With this account, you can do your banking online, on the mobile app, and in branch – which many customers actually prefer. 

This bank is ideal for any Canadian, but it aspires to become the preferred bank for the Chinese community in Canada. 

Like many of its competitors, this account boasts no hidden fees and charges, which is always good to hear. There are also no monthly fees, and no minimum balance requirements – which makes Wealth One Bank of Canada a great place to start and build your nest egg. 

Tangerine Savings Account 

PROSCONS
1. Promo rate of 2.5% for your first 5 months!1. Interest rate reduces to 0.25% after 5 months
2. $50 cash back bonus on sign up (using promo link)
3. Zero account fees and zero minimum balance

Tangerine has certainly provided many reasons to become a member of their bank with the Tangerine Savings Account – the main one being the current promo offer. 

When you register for a Tangerine Savings Account, you not only get a very tempting $50 cash back bonus, but you also get an unbeatable 2.5% interest rate for 5 months when you use a promo link.

Once the five months is over, the interest rate will drop to 0.25%, which is a pretty standard interest rate for a savings account. 

If you need that extra helping hand, then Tangerine has you covered with the included automatic savings plan, which can be set up to regularly withdraw from other accounts to maximize savings. 

As expected with a quality savings account, the Tangerine Savings Account has no monthly fees and doesn’t require a starting balance, which makes it a great place to start your savings journey.

Robert Taylor Smith
 

Robert's motto is to start "with the end in mind." He married the love of his life in December 2016. Together with his wife Tanya, they're putting the building blocks in place for their eventual retirement. He's taken over the mantle at retirementsavvy.net and hopes to share his experiences with our readers.

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