High Interest Savings Account
Best High Interest Savings Account Canada 2020
Trying to find the right high-interest savings account in Canada comes down to finding the best deal at a solid bank. These accounts are perfect for helping grow your nest egg and help with your long-term investing.
We have evaluated the available high-interest savings accounts in Canada and have selected the following options due to their flexibility and power to grow your savings.
Unlike most accounts, the savings accounts in Canada are better with the smaller credit unions and banks.
COMPARE THE BEST HIGH INTEREST SAVINGS ACCOUNTS FOR CANADIANS
This Laurentian account is hands down one of the best high-interest savings accounts on the market today. This bank has recently expanded its services and offers online banking across Canada. If you are in Quebec, you can also enjoy traditional banking services.
This account beats GIC’s and offers clients an incredible 3.3% interest rate. As well, like most online banking options, the account comes with unlimited transactions.
Further to this, your money is CDIC insurable, and there are no account fees. What more do you want from a savings account? The LBC Digital High Savings Account is the crème de la crème of high-interest savings accounts in Canada.
Motive Financial, a division of Canadian Western Bank, is making waves in the industry. Their savings account has the highest interest for a traditional bank on this list. That is not something balk about, and Motive Financial is an excellent option.
The account itself offers a competitive 2.8% on deposits up to $1,000,000 and 0.25% after that. As well, there are unlimited transactions and e-transfers. As Canadian Western Bank backs this account, the account is CDIC insurable. Not too bad for a new financial division that specializes in online banking.
Alterna Bank, the subsidiary of Alterna Savings, is one of the top banks in Canada for innovation. The bank has over 110 years of experience and delivers a top-notch client experience. Based in Ontario, Alterna is worth a look at for your savings account.
For their High-Interest e-Savings account, you will receive a solid 2.2% interest rate with no maximum. As well, the account offers free and unlimited e-transfers and transactions. Plus, Alterna has spent significant time in its app, and the client experience is fantastic.
Finally, the account is CDIC insurable and has zero fees. Not a bad deal for those who are looking for a trusted bank with a reliable savings account. Make sure to check both online and in the bank for bonus offers, as Alterna rotates their incentives quite often.
Equitable Bank’s subsidiary, EQ Bank, has excellent savings accounts for those looking for simplicity. The bank, albeit small, has been in business for over 50 years, and is quite good. No matter if you are looking for information or want to open an account, their online portal is excellent.
Their Savings Plus Account offers a competitive, 2.45% interest rate. The EQ Bank is on the upper end of interest rates in the country. The account is also insured with CDIC and offers unlimited transfers and e-transfers.
You should be aware that the account does have a maximum balance, which is $200,000 in the account. For an easy to set-up account, the EQ Bank Savings Plus Account is worth looking into here in Canada.
The only big bank on this list, Scotiabank, has done a great job on their tiered savings accounts. Unlike the other accounts on this list, tiers work differently. Instead of one rate, this method provides a base percentage and then increases the rate as long as you do not debit from the account. Not too bad from one of the big guys in Canada.
The account itself offers a 1% rate, with a 0.4% increase at 90 days without a debit, and another 0.6% at 365 days. This account is ideal for those who are stashing away a chunk of cash for at least a year.
As well, the account comes with unlimited self-service transfers and e-transfers. Plus, no fees and insured by CDIC. For a big bank, this is one of the best savings account you will find.
THE BOTTOM LINE
- Best High-Interest Savings Account LBC Digital High: Interest Savings Account
- Best Online Savings Account: LBC Digital High-Interest Savings Account
- Best Savings Account from a Traditional Bank: Motive Financial Savvy Savings Account
- Best Tiered Savings Account: Scotiabank Momentum Plus Savings Account
High Interest Savings Accounts Summary
LBC Digital High-Interest Savings Account
3.3% on deposits up to $500,000
Motive Financial Savvy Savings Account
Two free monthly withdrawals
2.8% on deposits up to $1,000,000
Alterna Bank High-Interest eSavings Account
EQ Bank Savings Plus Account
Scotiabank Momentum Plus Savings Account
1% with an additional 1%
Other Popular Bank Accounts for Canadians