Last updated August 6th, 2020.
Top Savings Account Interest Rates – Banks
| Bank | Account | Interest Rate | Monthly Fees | Debit Transaction Fee | Minimum Balance | Restrictions |
|---|---|---|---|---|---|---|
| B2B Bank | High Interest Savings | 1.65% | – | – | – | None; subsidiary of Laurentian Bank of Canada |
| Motive Financial | Motive Savvy Savings | 1.75% | – | 5$ | – | Unavailable in Quebec; two free debit transactions per month |
| EQ Bank | Savings Plus Account | 1.70%* | – | – | – | Unavailable in Quebec |
| Oaken Financial | Oaken Savings | 1.50% | – | – | – | n/a |
| Wealth One Bank of Canada | High Interest Savings | 1.75% | – | – | – | Unavailable in Quebec |
| Alterna Bank | High Interest eSavings | 1.50% | – | – | – | n/a |
| motusbank | High Interest Savings | 1.40% | – | – | – | n/a |
| Peoples Trust | e-Savings | 1.75% | – | – | – | n/a |
| Scotiabank | MomentumPLUS | 1.25% | – | – | – | If there is a debit transaction within 360 days, the interest rate reverts to 0.15%; up to 1.15% without the Ultimate Package |
| Wealthsimple Save | Wealthsimple Save | 0.90% | – | – | – | n/a |
| Canadian Tire Bank | High Interest Savings | 1.80% | – | – | – | Unavailable in Quebec |
* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
Top Savings Account Interest Rates – Credit Unions
| Credit Union | Account | Interest Rate | Monthly Fees | Debit Transaction Fee | Minimum Balance | Restrictions |
|---|---|---|---|---|---|---|
| Steinbach Credit Union | Regular Savings Account | 1.30% | – | $1.00 | – | One free debit transaction per month; interest is paid annually and is calculated using the minimum balance of each month |
| MAXA Financial | MAXA Savings | 1.80% | – | $1.50 | – | One free debit transaction per month |
| Ideal Savings | Ideal Savings | 1.61% | – | $3.00 | – | Unavailable in Quebec; three free debit transactions per month |
| Outlook Financial | High Interest Savings | 1.50% | – | $1.00 | – | One free debit transaction per month |
| AcceleRate Financial | AcceleRate Savings | 1.75% | – | $1.00 | – | One free debit transaction per month |
| Achieva Financial | Achieva Savings | 1.50% | – | $1.00 | – | One free debit transaction per month |
| Implicity Financial | High Interest Savings | 1.60% | – | – | – | n/a |
| Hubert Financial | Happy Savings | 1.60% | – | – | – | Unavailable in Quebec |
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These lists are updated monthly, but interest rates are subject to change at any time, so there is no guarantee that they are accurate.
If you find a mistake or an account with a better rate, please send us a message!