Do you dream of seeing the money in your savings account grow thanks to a higher return? A high interest savings account is the solution! The Big Five Canadian Banks as well as various financial institutions provide you with a full range of high interest savings accounts wherever you are in Canada. We’ve reviewed the thirty best high interest savings accounts in Canada, from those that don’t require a minimum or maximum deposit, to those that don’t have any additional account fees. We invite you to consult our savings account comparator to help you choose the high interest savings account that’s right for you!
The Tangerine Savings Account
The Tangerine Savings Account has no minimum balance, service fees or additional fees. It allows you to benefit from high interest on every dollar thanks to its interest rate of 0.10% . The special offer currently available allows you to obtain a savings rate of 2.15%for 150 days after opening your first savings account and earn $ 200 by depositing your paycheck. The main advantages of this account are its favorable rates, the absence of service fees and additional fees, the absence of a minimum balance and the possibility of creating a personalized savings goal. The automatic savings program allows money to be transferred directly to the Tangerine account and a savings calculator is available on the Tangerine website to view your goals. For example, if your savings goal is $ 15,000 and your savings capacity is $ 200 every two weeks, you’ll reach your goal in three years with the Tangerine Savings Account.
This account is available across Canada.
Thanks to Bridgewater Bank’s Smart eSavings account, you benefit from an interest rate of 1.55%by making the initial deposit of $ 25 required to open this account. No minimum permanent balance is required. You can easily transfer funds from other financial institutions there thanks to the “Set it and forget it” feature which allows you to automate your pre-authorized transfers. This savings account includes several service fees. After a first free monthly withdrawal, each withdrawal is charged $ 5. The charge for a bad check or pre-authorized debit cancellation is $ 20. No additional fees apply for inactive account, requesting account history, issuing a duplicate statement and transferring funds to another Bridgewater Bank smart savings account or certificate guaranteed investment of Bridgewater Bank.
The CIBC eAdvantage Savings Account
The CIBC eAdvantage Savings Account allows you to maximize your savings by earning interest on every dollar you deposit. Its interest rate is 0.05% and no monthly fees apply. A $ 5 fee applies to all transactions (debit card purchases, CIBC bank withdrawals, Interac transfers, etc.). The special offer currently available allows you to benefit from an interest rate of 1.50%for 120 days after opening your first CIBC eAdvantage savings account. All money transfers between your CIBC bank accounts made using online banking are free. To open this account, you must be a Canadian resident and have reached the age of majority in the province or territory of residence. This savings account offers various advantages, such as the possibility of setting up periodic transfers in order to reach your savings goals more quickly, expert advice to optimize your financial decisions and the possibility of depositing checks with your phone using CIBC e-filing. To avoid insufficient funds or refused payment charges, CIBC Smart Balance Alert alerts you when your account is low on funds. A savings calculator is available on the CIBC website to estimate the time it takes to reach a savings goal. For example, if you are saving for a car for $ 15,000 and your monthly savings capacity for that purchase is $ 200, it will take six years to buy it at a rate of return. annual rate of 3%.