Best Savings Account Canada 2020
Finding the right savings account comes down to two essential things.
First, you need to look for an institution you can trust to keep your money safe.
Second, you need to find an institution that will provide you with the best interest rate on the market. This might seem simple, but for the team at Income.ca, it is an art.
With our financial expertise and stellar research skills, this list is comprehensive. From online banks to the banks of the big five, here are the best savings accounts in Canada!
COMPARE THE BEST SAVINGS ACCOUNTS FOR CANADIANS
Scotiabank has always been a little different than the other big five banks. Their savings account offers are also different, and we love them.
The Scotiabank Momentum Plus Savings account is the perfect account for long-term savers. The base rate for the account is 1.00% but will double to 2.00% if you do not touch the money for 365 days.
Plus, since interest compounds daily, you will be making money in no time. Account users also have no fees to worry about and have unlimited transactions. This is an excellent account, especially from a big five bank. If you are looking for long-term saving options, then the Momentum Plus account might be for you!
Tangerine, the online banking leader, has a user-friendly savings account. The bank has several options available for their savings, including RRSP and TFSA’s. For this review, we will focus on the standard savings account.
Tangerine’s Savings Account is an excellent no-fee and unlimited transaction account. The savings account comes with a base 1.05% interest rate, which compounds daily. As well, for a limited time, new clients will enjoy a 2.75% interest rate for the first five months.
This account is an excellent option for those who want to store their money and move money around with ease. Tangerine is a reliable bank with a fantastic online portal. You will feel at ease if you choose to go with Tangerine for your savings account in Canada.
Wealthsimple is a wealth management company. They offer Wealthsimple Cash, and it is impressive. Although not an official bank, the Wealthsimple Cash Account is CIPF (Canadian Investor Protection Fund) protected. Thus, your money will be safe and growing with this phenomenal account.
The account itself has no fees and unlimited transactions, including e-transfers. What makes this account pop is the interest rate. With an industry-leading 2.4%, Wealthsimple is one of the highest rates on the market. As this is a newer venture, more features are coming. This includes no foreign transaction fees and partnerships with ATM networks.
Plus, the bank card is tungsten, and that might be worth an account for the cool factor. If you are looking for a company doing things a little different, then it might be time to look to Wealthsimple.
EQ Bank has established itself as one of the premier savings accounts in Canada. The bank is an online entity and offers banking for clients across the country. Owned by Equitable Bank, EQ Bank is a reliable institution that is worth investing with.
The account itself is a no-fee and unlimited transaction savings account. We should note that there are no cash withdrawals from this account. You can move money through unlimited e-transfers and EQ-EQ electronic transfers.
The big reason to pay attention to EQ is the interest rate. EQ Bank offers an unprecedented 2.45% standard interest rate. The highest for savings accounts in Canada. No matter if you are looking for long-term saving, or short-term goals, the Savings Plus Account is worth a gander.
The CIBC eAdvantage account makes saving an easy option for clients. The bank has started to focus back on personal banking, and this account is one of its new offerings. Although it does not compare in rates, it does in ease of set-up and use.
The eAdvantage Saving Account is an account for people looking to save long-term. The account itself has no fees and comes with unlimited CIBC to CIBC transfers. If you are looking to move money out of CIBC, you will face a $5.00 charge per transfer.
As well, the account comes with a standard 1.00% interest rate. Make sure to check the CIBC site to ensure you are getting the best rate. Also, check for sign-up bonuses. This account is the gold standard from the big banks, and CIBC makes banking easy. With their great online portal and reliable app, CIBC is making the jump to online banking with ease. If you are looking for a reliable account with a reasonable base interest rate, then this account is worth a peek for you.
THE BOTTOM LINE
- Best Savings Accounts for Long-Term Savings: Scotiabank Momentum Plus Savings Account
- Best Savings Accounts for Short-Term Savings: EQ Bank Savings Plus Account
- Best Savings Accounts for Online Users: EQ Bank Savings Plus Account
- Best Savings Accounts for Canadians: EQ Bank Savings Plus Account
Savings Accounts Summary
Scotiabank Momentum Plus Savings Account
1.00% + up to another 1.00%
Unlimited self-serve, $1.00 per transaction otherwise
Tangerine Savings Account
2.75% for the first five months
Wealthsimple Cash Account
EQ Bank Savings Plus Account
Unlimited e-transfers and EQ-EQ transfers but no cash withdrawal option.
CIBC eAdvantage Savings Account
Unlimited transfers between CIBC accounts, otherwise $5.00 each
Other Popular Bank Accounts for Canadians