Open savings account if you have some spare money in your chequing account and you don’t want to put it into long term GIC account. Below there is a list of best high-interest savings accounts in Canada. Choose which one fits most of your needs as accounts require different minimum deposit amount. Use savings calculator to see what interest you’ll earn with the rate you pick.
This is list of savings accounts in Canadian banks, so make sure you”ll check rates at your local credit union before opening account at bank, as credit unions sometimes have slightly better rates.
Banks are listed in alphabetic order (last update February, 2019)
|Bank Name||Minimum Investment||Interest||Notes|
|Bank of Montreal||$5000||0.95%||Interest is calculated on the daily account closing balance, and paid monthly on the last business day of the month.|
|Bridgewater Bank||$25||2.50%||One free withdrawal per calendar month. Interest compounded and paid monthly|
|Canadian Tire Bank||1.50%|
|Canadian Western Bank||1.25%||Interest is calculated on the daily closing balance and paid on the last day of the month|
|CIBC||$5000||1.20%||this is rate for CIBC eAdvantage Savings Account. CIBC Premium Growth Account is better choise if your account balance is less then $5000|
|CS Alterna Savings||$5000||1.20%|
|First Nations Bank of Canada||$1000||0.20%||There is no rate change since July, 2017|
|Laurentian Bank of Canada||$5000||0.15%|
|Manulife Bank of Canada||1.50%|
|National Bank of Canada||$5000||1.20%|
|Royal Bank of Canada||1.05%|
|TD Canada Trust||$5000||0.50%||If you have at least $10,000 the TD ePremium Savings Account is the best choice. It pays 1.2% at the moment.|
Check these GIC accounts if you want invest your money for longer term.