High Interest Savings Account

Best High-Interest Savings Accounts in Canada in 2022

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Last updated on November 18, 2022 Comments: 49

High-interest savings accounts, or HISAs, pay interest rates typically ranging from around 1-3%. We’ve reviewed the high-interest savings accounts offered by Canada’s major banks as well as smaller, virtual banks and have pared the options down to the accounts offering the very best rates and terms.

Best Canadian High-Interest Savings Accounts

Bank AccountBase Interest Rate
Neo Money2.25%
EQ Bank's Savings Plus Account2.50%*
KOHOUp to 1.50%
Scotia Momentum PLUS Savings Account1.35%

Neo Money

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If you are looking for a HISA with the best rates, then Neo Financial‘s Saving Account is the clear winner. Its current interest rate of 2.25% is the highest in Canada right now. Plus, with no annual or monthly fees or minimum balance requirements, it’s very beginner-friendly. You also get unlimited free transactions so you’re not getting dinged with fees just for moving money around. Neo-to-Neo deposits are still in the works, and for now you can’t deposit mobile cheques. But earning 2.25% with this flexible account is the main perk.

Key Features

  • Welcome Offer: Sign up today using our link and get a $5 bonus!
  • Fees: none
  • Minimum Deposits: none
  • Interest Rate: 2.25%
  • Additional Perks: Free Interact e-Transfers® and bill payments

Open a Neo Money Account or learn more by reading our complete Neo Financial review.

Neo Money is provided by Concentra Bank.

Neo Money Interest Rate is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

EQ Bank Savings Plus Account

Not far behind is EQ Bank’s Savings Plus Account, with a very close-to-the-top-spot 2.50%* interest rate. And as a free bank account with no monthly fees and no charge for Interac e-Transfers®, electronic funds transfers, bill payments, and EQ-EQ transfers, you’ve got a solid HISA that really allows you to focus on saving your money. There are no monthly minimums with the Savings Plus account, however, keep in mind that there is a maximum balance of $200,000.

Key Features

  • Fees: none
  • Minimum Deposits: none
  • Interest Rate: 2.50%*
  • Additional Perks: Free Interact e-Transfers®, bill payments, EQ-EQ transfers, and electronic funds transfers

Open an EQ Bank Savings Plus Account or learn more by reading our complete EQ Bank review.

* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.


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With a standard KOHO account, you can earn up to 5% cash back at partnered merchants. You can earn saving interests on your entire KOHO account balance, up to 1.50% without a minimum deposit requirement. That interest rate depends on if you stick with the no-fee KOHO Easy version or choose one of the paid (Essential or Premium) versions. KOHO works as more of a hybrid account, giving you access to your funds whenever you need them.

Qualifying is pretty straightforward. You’ll need to go through the steps to first open a standard KOHO account, and provide your social insurance number, you can add the earning on savings as well.

  • Current promotion: Sign up and get a $20 instant cash bonus (once you load your account and make your no minimum first purchase within 30 days) right to your KOHO account with GREEDYRATES referral code.
  • Minimum balance: none

Who Should Sign Up?

If you’re already using KOHO, adding this option is a no-brainer. For those who aren’t KOHO clients yet, this presents a good option for an additional bank account, where you can simultaneously earn cash back and interest on your balance, all without any fees.

Open an account or learn more by reading our complete KOHO review.

Scotiabank MomentumPLUS Savings Account

ScotiabankThose who want the face-to-face accessibility of a traditional bank, and are willing to lock their money away for long periods of time in exchange for high interest rates, should consider applying for Scotia’s Momentum PLUS Savings Account. The account has a basic interest rate of 1.50%, which in and of itself isn’t particularly impressive. But what makes it appealing to savers is the bonus interest that you can earn. Bonus interest (which Scotia refers to as ‘Premium Period Interest’) is payable when you leave your savings in the account without making any withdrawals for a designated period of time. You can earn the maximum Premium Period Interest—up to 1.10% extra—by refraining from withdrawals for 360 days. Deposits made by those who sign up for the Scotiabank Ultimate Package are eligible for an added 0.10% interest rate boost on top of that. Plus, for a limited time, Bonus Interest is calculated daily at the Bonus Interest Rate of 1.80% for 150 days (5 months) on your first MomentumPLUS Savings Account opened between October 6th 2022 and March 31st, 2023.

You also won’t be charged any monthly fees, and self-service transfers to other Scotiabank Savings and Chequing accounts are free and unlimited.

  • Regular interest rate: 1.50%
  • Maximum interest rate: Earn up to 4.50% on your MomentumPLUS Savings Account for 5 monthswith the Scotiabank Ultimate Package (Regular Interest Rate + Premium Period Interest Rate + Ultimate Interest Rate Boost + Welcome Bonus Interest Rate Offer)
  • Minimum balance: none

1 Conditions apply. Actual interest rate will vary based on the savings period (the Premium Period) that applies. Visit scotiabank.com/mpsa to learn more.

Additional terms apply. See https://www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/momentum-plus-savings-account.html/ for full details, including a description of how Bonus Interest is calculated.

How Much Can You Save?

Want to know how much you can save with one of the above accounts? Use the savings calculator below to find out how these interest rates will compound over time with whatever amount you can afford to save each month. Or start with the end goal you have in mind and find out how much you need to save on a monthly basis to get there. Learn more about the ins and outs of the calculator by reading this brief article.

High-Interest Savings Accounts vs. Regular Savings Accounts

The primary distinguishing feature between high-interest and regular savings accounts is the interest rate. As you can guess from the name, HISAs offer a much higher interest rate than traditional savings accounts. A competitive HISA in Canada should provide an interest rate around 1.5%+; regular savings accounts will offer interest rates below that.

Other distinguishing features of HISAs vs. regular savings accounts:

  • While some brick and mortar banks offer HISAs, the best rates are usually found at virtual (online-only) banks.
  • There are usually limits to how many monthly withdrawals you can make from a HISA.
  • Many HISAs only permit electronic funds transfers, Interac transfers, and other digital transfers. You’ll usually pay a fee to make a withdrawal at an ABM or ATM.

How to Choose a High-Interest Savings Account

With interest rates ranging from 0.05% to 3.00% in high-interest accounts, it’s vital to shop around and get the best rate you can. But what other factors should you consider when trying to identify the high-interest savings account in Canada that best suits you? Consider the following questions:

  • How many free transactions do you get per month?
  • Do you need to have an existing chequing or savings account with the bank in order to qualify for the high-interest account?
  • How much are extra fees for transfers, statements, etc.?
  • What is the regular interest rate after any promotional offer ends?
  • How long are you required to leave your money in the account without moving it in order to avail of the account’s maximum interest rate?

Pros and Cons of High-Interest Savings Accounts

Consistently high interest ratesThe best HISAs are online-only, which restricts the ways that you can make deposits and withdrawals
Relatively few/low fees compared to standard savings accountsSome types of transfers and transactions do come with high fees
Reliable returns from interestGenerally lower returns than investment vehicles
Easier to access/more liquid than invested fundsFunds are not as liquid as a chequing account


If you have a savings goal and you’d like to know how long it will take you to reach that goal, you can find out by using our savings calculator: https://www.greedyrates.ca/blog/savings-calculator/

If you have no particular goal in mind but would like to know about how much you can expect to save if you make consistent deposits over time, the above linked calculator can estimate that as well.
As long as you choose a high-interest savings account from a reputable bank or financial institution, your money is extremely safe. Unlike investments in mutual funds, stocks and bonds, or buying cryptocurrency, HISAs deliver a fixed interest rate every month. With a HISA, you won't lose money if the stock market suddenly plunges. Many HISAs are also eligible for CDIC coverage, which means that if the bank that holds your money fails, you'll get reimbursed for the money you deposited, plus the interest you earned already.
Generally speaking, yes. You will have to pay tax on the interest that you earn from a HISA, just like you do for the interest from any other savings account. Note that you only pay tax on the interest, not on the money that you deposit into the account, and you'll be taxed at your regular rate. There's one exception: if you open a tax-free savings account (TFSA) that also pays high interest rates, you can enjoy tax-free interest.

You can learn more about Tax-Free Savings Accounts by reading our complete TFSA guide: https://www.greedyrates.ca/blog/a-guide-to-the-tfsa/
That depends on the rules and regulations of your bank. Most banks will let you make a certain number of withdrawals each month, fee-free, although you might have to pay a fee for the method of the withdrawal. Some banks, notably online-only/virtual banks, offer unlimited withdrawals without any penalties or deductions. Bear in mind that you’ve opened a HISA in order to save money, and every time you make a withdrawal, you’re reducing your own total, so try to keep withdrawals to a minimum regardless of the fees involved.

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Article comments

Victoria says:

Saven Financial offers 1.55% on their HISA, regular rate not promo

Daniel from GreedyRates says:

Hi Victoria,
Thanks for the heads up. More saving options are always welcome!

alan says:

You got it wrong. Tangerine does not charge for interac email transfers and you can also negotiate rates on your HISA accounts about every 3 months. I currently get 1.4%, but will likely be reduced again this month.

Daniel at GreedyRates says:

Hi Alan,

Thanks for spotting this. We’ll be sure to get this updated. Also appreciate the tip on negotiating interest rates on the HISA. Good luck on your next negotiation.

Tenzing says:

I am new into getting the most out of my finances. I’m currently with TD and have the basic savings account. I want to save 20k for a period of time (a year or more) and wanted to know what the best options are. Thank you for all the information ?

Aaron Broverman says:

Hi Tenzing,
I would get that money into a high yield savings account with the largest interest rate you can find until you can invest it. Perhaps a tax-free savings account, but these don’t have the highest interest rates. What you invest it in depends on whether your goal for the money is short-term or long term. Pick an investment vehicle that matches your goals. If it is short-term, try something that’s moderate to low risk but if it’s longer term try something that’s higher risk and higher return. Usually, the greater the return, the more volatility in the investment, so even though you get a greater return, you might lose money in the short-term to gain overall in the long-term. I would speak to a financial advisor about your specific situation and they can help you explore your options more specifically according to your investment goals.

Weasie says:

There are some high-interest accounts that I have been dealing with and they are covered by CIDC or Credit-Union insurance. They are: EQ Bank (1.50%); Motive Financial (1.55%), Alterna Bank (1.20%); Oaken Financial (1.25%). I have all of these accounts, and I’m very pleased. The best feature is that you can withdraw all, or a portion, of your money at any time.

Aaron Broverman says:

Hi Weasie,
Thanks so much for the recommendations. Hopefully Tenzing sees your comment and does some research for themselves based on these accounts to find the one that’s right for them.

Mo says:

The savings calculator up there shows interest to be compounded monthly. But one earns interest annually with banks. So how does the calculator help us with practical numbers?

Rod says:

Hey Rob! I am also new to this forum and seeking options for Daily Interest Savings returns.
I agree with Nate’s comments regarding liquidity and access to Reps and Services when considering your larger Banks, however, all of that comes at a cost to you (the depositor) which can be anywhere from 50% to 75% lower savings rates. Most institutions are protected by CDIC. In your case, you could open several accounts (individual and joint) including TFSA and spread your deposits to the safe CDIC limit.
Multiple accounts are by CDIC.
The convenience of walking in to your local Bank branch to discuss your savings deposits will not make up for the $400 to $600 in lost interest.
Simplii Financial is currently offering a Savings rate of 2.8% on new deposits.
Give them a call for details.

Rob says:

I am new to Greedy Rates & very much appreciate your incite & comments.
I will receive an inheritance shortly of aprox $ 500K & would like to park it some where.
I open a TFSA mutual fund last year of $1,200 so perhaps I should max this out as I will be retiring late 2020.
I have open a HISA with LBC 3.3% with no deposit yet. Any info on them?
Could you recommended where to place the balance with retirement in mind?

Nate Siegel says:

Hey Rob,

Appreciate you coming to GreedyRates with your questions and concerns. If you’ll receive a larger inheritance like that, then we suggest you park it with one of the biggest and most established Canadian banks—one of the “Big Five”, if you will. Any of the following banks, BMO, TD/MBNA, CIBC, or RBC will be a trustworthy custodian of your money and help you put it in the types of accounts that will protect and maximize its growth. It’s important to make use of tax-advantaged accounts like the TFSA and RRSP for long-term yield across assets like stocks, bonds, mutual funds, ETFs and more.

You should also open another HISA (not LBC) and a chequing account to go with it for greater access to your money. After all, access is what the Big Five provide. There’s no messing about with online interfaces or trying for hours to get ahold of someone over the phone. You get to go in, see your account manager or teller, pick from a wealth of investment instruments and that’s that. Let us know which bank you go with.


Rin says:

I will be moving to Canada in 2020. As a new immigrant, I want to open a savings account that will give high interest rates. Apart from that i would like to know which bank would be the best that have good offers for the new immigrants. I dont want to put all eggs in one basket. Hence i would like to know about other high interest savings option as well.

Nate Siegel says:

Hey Rin,

Thanks for coming to GreedyRates, and we look forward to your joining us in Canada! If you want to join the banking sector and start building credit quickly, then the best way to do so is by depositing money into the same ‘Big Five’ Canadian bank where you also get your credit cards and savings or investment accounts. Though you might feel like you’re putting all your eggs into one basket, your “eggs” (the types of accounts and cards you get) will be much bigger and more beneficial when the bank behind them also has a line of sight on your collateral.

In our experience, you can’t go wrong with banks like BMO, CIBC, and MBNA. They offer the largest variety of financial products including the savings and chequing accounts you need, as well as some great entry-level credit cards so you can start building credit. If you don’t plan on depositing money from your country of origin, then we’d advise starting with a secured credit card. Something like the Home Trust Secured Visa lets you get a credit limit contingent on a low security deposit. If you need any further assistance just reply or email us at [email protected]. Thanks!


Rita says:

I sold my home, took advantage of RBC’s high interest savings account and have now parked my money in a Monthly Income Bond Fund until I decide if I want to buy another home. Motusbank and Alterna look good and even BMO. Should I switch?

Nate Siegel says:

Hey Rita,

Ideally you want to put your money where it’ll earn the most interest, and because you say that you’ve “parked” your money, we’re willing to bet that you save diligently and refuse to touch what you’ve saved. If we’re right on that case, then Motusbank and some of the other online banks offer tax-free savings accounts with a multitude of GIC instruments that will suit your needs. A GIC is like a bond but on a one to five-year timeline, usually, and Motus is known to have GICs that you can park in your TFSA (with tax advantage) to get well over 2.00%. Whether or not to switch accounts is always up to you, but we think it’s worth exploring the newer finance options becoming available, if only to take the temperature of the market and ensure you’re getting a good deal at your old bank.


Juls says:

Hi! I recently just went through a separation and got bought out of our house which means I got a good amount of money.. I am looking at buying a house with a decent down payment, with the rest of the money I want 1) to invest a smaller part in a long term investment (forgot about that $) 2) secure about half in a short term account that I can access at any time without penalties 3) put the other half in a year or so account with higher interest that I won’t touch for at least a year..
Seems simpler to do this all at one bank but it is the smartest idea?? What accounts do you suggest these 3 situations?? Thanks in advance, just so many options out there and it is confusing since I am not familiar with any of this..

Nate Siegel says:

Hey Juls!

Great questions, and you’re right in your assumption that opening and managing all these accounts will be easiest at a single bank. In that case, we recommend you open them all at one of the “Big Five” banks, like BMO or MBNA. An RRSP will be the first order of business: to make regular contributions towards each year in pursuit of a healthy retirement. Another thing to get is a regular tax-free savings account to keep cash in in the medium-term, and then a chequing account attached to it for greater access to your money. For that medium-term savings plan we recommend that you get a GIC with your bank and put that in your tax-free savings account. A GIC is a guaranteed investment certificate which locks your money down for a certain time, with a guaranteed return in interest.

In the meantime, make sure you’re putting money in your TFSA and making annual contribution maximums to the RRSP. If you’re looking for more variety, remember that you’re allowed to allocate money within your RRSP in different ways as well. Hope that helps!


Mary Clarke says:

I have a Tax Free Savings Account which is only about .4 % interest. I’m wondering how this could possibly have any worth over a higher interest savings account for the little tax it’s likely to save.

Nate Siegel says:

Hi Mary,

Thanks for coming to GreedyRates. That .4% is hard to swallow after seeing all the great options available to Canadians in the current market, isn’t it? Thankfully it’s easy to get on another Tax-Free Savings Account, as they’re offered everywhere, and all banks have an interest in signing on new members. First, explore the alternatives we list on our ‘Best of’ page, including motusbank, which has the same account but a 2.35% interest rate on savings. That’s about as much as a similar online bank will offer, like Alterna or EQ.

Second, it’s useful to know that you can save and invest using all kinds of other instruments inside a tax-free savings account itself! For example, when holding a Guaranteed Investment Certificate inside your TFSA, even the Big Five banks will offer over 2.00%, just as long as you’re willing to lock that money down in the TFSA for a few years. We’d start the process by letting your bank know that you’re leaving, and to expect a request for a TFSA funds transfer. They might do something for you right then, but you’ll need to be willing to flex your biggest muscle as a consumer: the willingness to choose another provider.


Kenny says:

I can across your site through a google search. Very informative
I am a new immigrant to Canada, coming over with substantial savings (35K) apart from my basic upkeep money for the first few month ahead of landing a job.
I desire a financial investment with healthy returns for said money(i can afford to lock it in there for a while). What are the ideal options for a newcomer like me?
Also which of the regular big 5 banks would be ideal for my everyday banking needs? alongside building a credit score.
I hope my questions aren’t too loaded.


Nate Siegel says:

Hey Kenny,

Great questions, and welcome to Canada! If you’ve got savings that you need to transfer to a Canadian bank, any of them will gladly set you up with the accounts that are appropriate and help get you started. We can also provide some relevant advice, but the first would be to find one of the “Big Five” first. CIBC, MBNA, BMO, and RBC are excellent places to begin, and you can phone or open an account online very easily. With a large deposit we’re willing to be they’ll even start you off with an unsecured credit card, but if not, a card like the Home Trust Secured Visa is accessible with a cash deposit and plugs you into the Canadian credit system.

There are a few financial instruments you want to be aware of beside a Canadian HISA (high-interest savings account), which are offered by all of the Big Five. A GIC is essentially a bond promising a certain amount of interest for locking up your deposit, $1,000 for 5 years at 3.00%, would be a good example. GICs can be held in a HISA account but also a TFSA account, which can also hold investments. These are options to explore with your banker, or via online banks like motusbank, for when and if you’re comfortable handling your banking via screen and phone only.


B says:

Just wondering why I do not see a reference to Alterna Bank’s HIeSA offer of 2.30 %, or an EQ Bank Saving Plus Account, also with an interest rate of 2.30% ?

Nate Siegel says:

Hey B,

We looked at Alterna and found that it will indeed be a great option for many Canadians who are comfortable with a no-frills experience that prioritizes interest rates. It’s hard to beat 2.30%, but at 2.10% we found that the motusbank Savings Account gets pretty close, and from the accolades of readers has shown itself to be great bridge between the lightweight plus low rates model, and the traditional excellent customer experience of traditional banks. In this situation you should go with whatever you feel fits best.

GreedyRates Staff

KATHY says:

I am looking for a high interest savings account. Why are business accounts interest rate -1 or more % lower than a personal account?

Nate Siegel says:

Hey Kathy,

Thanks for coming to GreedyRates. Your question is valid and has a simple answer: when the bank offers a lower interest rate to one party over another, it usually means that it’s because they’re a bigger risk. For a business this notion would fit, considering that in many cases businesses have a more capital than an individual person and therefore bigger cash flows, so bank is on the hook for more when rewards dollars, cash back, or interest is paid on these larger sums. If you yourself are looking for a high interest savings account (HISA), then a business account isn’t relevant unless you’re a sole operator of a small business.

We’d readily recommend options like the Motusbank high interest savings account, which doesn’t have a minimum balance nor a monthly fee, and offer 2.25% interest on your money. That’s a great option—probably the best—if you’re comfortable with online-only banks. If you’d rather have a branch to walk into, we’d check out BMO for its flexible and incentivized savings programs. For example, the BMO Savings Builder account offers 0.2% but an extra 1.2% for each month that you save at least $200. That’s like hitting two birds with one stone. Good luck on your search!


Karthi says:


I am new to saving. So my plan is to move $50 from my each pay to this account and dont touch this account for about 10 years or more. or even if i take it i will take the entire amount and use it for some big project (buying house or something). for my situation, which bank would be worth opening a saving account with? Thanks for your reply

The GreedyRates Team says:

Hey Karthi,

If you’re looking to save slowly and consistently, and on a 10-year plus horizon then a savings account is definitely suitable. Moreover, if you’re comfortable with an online bank then try motusbank—its high-interest savings account will get you 2.25% interest without a monthly fee or a minimum deposit. You’ll also be able to do unlimited deposits and withdrawals with the account for when you need access to the money. There are few accounts that can match motus in terms of interest rate, but if you really prefer a teller and face-to-face interactions then any savings account from the Big 5 will do. In this case we’d recommend Scotia’s Momentum Plus savings account.

Motus also offers GICs and other savings instruments if you’re looking to get a bit higher rate, and are willing to lock in your cash (once you’ve saved up enough to put away). This can be a great option along with the already generous rate you’re getting from motusbank’s HISA.


ryannito says:

I appreciate this article a lot, I found it extremely helpful to gather a bunch of major savings accounts with competitive interest rates into one place.

I’m currently using BMO’s Savings Builder Account but have been eyeing Scotiabank’s Momentum Plus Savings Account for a while now. Its interest building trick is a little hard for me to wrap my head around, but I think it’s basically a GIC-lite, with how it encourages you to keep your savings locked down to reach the maximum interest rate.

Obviously the trade-off of such a potentially high rate is that it discourages you from pulling money out when you might need it. But at a base rate of 1.05%, which already goes toe-to-toe with other savings accounts mentioned like TD and CIBC’s, I was hoping you could provide some insight as to why I might not want to make the jump to Scotia’s Momentum Plus Savings Account.

The GreedyRates Team says:

Hey Ryannito!

Great of you to stop by GreedyRates with your question. The Scotia Momentum Plus Savings account is an interesting proposition and does represent a sort of “grey area” between a normal savings account and a more permanent instrument such as a GIC. While it does represent a decent value proposition, in many cases it’s better to simply opt for a flat interest rate without any caveats or conditions. Banks like those you mentioned (motus, Alterna, EQ, and other online banks) offer great rates without any minimum balance.

The Scotiabank Momentum Plus Savings Account has some conditions that make it a circumstantial benefit for most customers. For example, if you’re willing to not touch your account for the full year (to get the 1.05% regular interest plus the maximum Premium Period interest of 0.90%), then you’ll be close to 2.00% interest. You can get the same amount of interest without all the minimum balance or holding period clauses by sticking with the BMO Savings Builder. IF you opt for a 1-year GIC via motusbank, you’ll get near 3.00% interest back on that amount, rendering the Scotia account into nothing more than a novelty. Manulife and EQ are worthwhile as well.


Rich says:

Are online banks chartered in Canada?

The GreedyRates Team says:

Hey Rich,

Good question. It’s legitimate to wonder whether or not an online bank such as Tangerine, EQ, motusbank, or Alterna are chartered in Canada or somewhere else. Lots of online banks tend to charter overseas to take advantage of favorable financial regulatory rules, especially many that serve the US, so is this the case in Canada as well? First, banks that are “online only” but are subsidiaries of larger commercial banks like Meridian (motusbank) or Scotiabank (Tangerine) will most definitely be chartered in Canada, and the rest should be examined on a case-by-case basis.

EQ Bank is owned by Equitable Bank, an old organization certainly chartered in Canada, while Alterna is chartered as a Credit Union. The banks that we mention on GreedyRates are trusted Canadian financial institutions that you shouldn’t worry about depositing with, but we appreciate your due diligence and caution. Good on you, and let us know if you need anything else!


David O’Hare says:

We’re just looking for an account that will help us grow over a year to save for our seasonal campground costs and maybe a little more when you factor in insurance for our trailer! EQ Bank seems to have a good rate, but are we better off with a one year GIC or just a regular savings account with a high interest rate. I think I opened an account for a 1 year GIC at 2.65% for one year as we won’t need the money until next May of 2020. Are we doing this right?

The GreedyRates Team says:

Hi David!

Great questions, you came to the right place. If you’re looking to save money for around a year or more, than a 1-year GIC is a perfect solution! There are lots of banks, both online and brick-and-mortar which offer the ability to hold a GIC in a high-interest savings account, but the best rates you’ll find will be with online banks. EQ, motusbank, and Alterna are comparable, with motusbank for example providing a 1-year non-redeemable GIC that can be held in their RRSP or TFSA accounts, both at 2.80%. If you bump that up to 18 months, then you’ll be eligible to receive 3.10%.

Either way, this represents the upper range of what you’ll get as far as rates go, so if you already opened a 1-year GIC and managed to get 2.65%, then consider us impressed! Nice job. Now you just need to play the waiting game and enjoy the money when the GIC’s term is over. So cool that you’re saving for campground and trailer insurance costs! If you need any further financial tips for road warriors such as yourselves, you know where to find us.


Josef says:

where is DUCA with 3%. The best deal going for cash money.

The GreedyRates Team says:

Hey Josef,

Thanks for the informative post! We’re not too aware of DUCA but can already tell you that these kinds of interest rates are attainable with many of Canada’s more agile online banks such as motusbank. Motus offers a few tax-free savings account options which can achieve above 3.00% for you with a range of GICs. If you’d rather have a different type of account, then perhaps DUCA is a better option, but it also pays to be aware that they’re a credit union and not a bank. This means that it may not be as easy to attain the 3.00% as you think but give it a shot and let us know how it goes! We’ll be here to offer other suggestions if you aren’t approved.


Bhavesh Dodwani says:

Hi CIBC eAdvantage savings account offers interest rate of 1.05% not 0.9%

The GreedyRates Team says:

Hey Bhavesh,

Thanks for your comment and for pointing out the update to CIBC’s awesome eAdvantage savings account. You’re right that now, when accountholders have at least $5,000 in the account they’ll earn a solid 1.05% interest rate and enjoy other great perks like $0 monthly fees and free paperless statements. For those who just want a basic account that delivers on its promises of low fees and good interest, and who don’t need to do frequent transfers to and from other banks, it’s one of the best. Enjoy!


Lucie says:

Hi, there.
Thank you for your hard work folks. I like reading your articles and love your answers to all of the comments. It is very personalized.
I have a question. I opened my first ever TFSA account with CIBC a few days ago and put 6000 CAD in. Now I would like to open Tangerine TFSA. Can I put another 6000 in it if its a different bank or do they count 6000 annually on all of your TFSA accounts? Can I have more then one with different banks and put 6000 in each?
Thank you

The GreedyRates Team says:

Hi Lucie,

Thanks for the shoutout and for showing us appreciation in the comments. We’re super glad you like our site! Now onto your question about Tax-Free Savings Accounts in Canada. The TFSA is a special instrument available to all Canadians that helps them save for retirement in small amounts, and there’s a universal ceiling on yearly contributions that can be made to any TFSA account (or accounts). In 2019, that contribution ceiling is $6,000, meaning that you can only deposit up to $6,000 across all your TFSA accounts within a single year, assuming that you had no extra contribution room that rolled over from 2018.

All Canadians are limited to this $6,000 because if you could open up any number of TFSA accounts then you could technically save all of your money tax-free, right? That wouldn’t be so healthy for the country, and it would also allow those with more money to have an enormous savings advantage over less-wealthy individuals. Better to restrict everyone to the $6,000 maximum. Hope that helps!

GreedyRates Staff

Justin says:

Hi Lucie.

Late response so you probably already have the answer but if it’s your first TFSA your limit should be a lot more than $6000 because of previous year contribution limits that you haven’t used. Unless you’re a recent immigrant and only have just recently filed taxes or lived in Canada.


Brian says:

DUCA bank has 3.0% until January 2020 and it is not listed here.

The GreedyRates Team says:

Hey Brian,

Great suggestion. We’ve also been exploring some other nice savings products from banks like Alterna and Motusbank recently, and think they are worth reviewing in your case. For example, Motusbank has a short 18-month tax-free GIC that’ll earn you 3.10%. Even if you don’t want to hold the GIC in a TFSA you can still get 3.00% with Motus and start with as little as $100 principal. This would be a great option if you aren’t planning on withdrawing your money and need it more as an emergency fund, savings instrument or retirement tool.

In general, you’ll find tons of lucrative offers from the leaner online-only banks and lenders that now populate Canada’s financial market, but we just focus on the ones where we can confirm their quality. With lower margins that come from the absence of in-person service and brick-and-mortar costs, you’ll always find higher rates with these banks but also need to consider the service gap as well. Good luck in your search!


Mickey Jay. says:

As a Tangerine customer, I no longer put $ into that savings account because I don’t think there should be such a large discrepancy between new customers (2.75%) and those of us who have been loyal customers for years(1.25%). Where is the bonus for loyalty? At 1.25% it is only a shade above banks, so EQ bank seems to eclipse the value of Tangerine. The only problem I can see with EQ is they don’t offer joint accounts which could make income splitting difficult, or so I think. So maybe the solution is $into Tangerine for six months, then move it to EQ.

The GreedyRates Team says:

Hey Mickey!

Great comment, and welcome to GreedyRates. We’re also of the opinion that Tangerine could raise their savings account interest rates a bit, because new online banks like EQ (but also Alterna, Motus and others) are turning up the heat. With rates on these online-only accounts typically above 2.30%, it casts a shadow over Tangerine and leaves people questioning why they’re customers in the first place.

One answer is that Tangerine is a better compromise between traditional brick-and-mortar banks and the online-only banks like EQ. Sure, EQ will give you a debit card and a great rate on your savings, but Tangerine allows you to link their MoneyBack credit card to a savings account and then get an extra category where you’ll earn 2.00% cash back (and then 1.25% on that!). That means those who take advantage of Tangerine’s wider and more developed variety of products can receive 2.00% in three places (like on gas, groceries, and home improvement).

Also consider that when moving your balance around, you might incur fees that cut away at your interest. Thanks again.


Dion says:

Annual interest rates on some crypto currency masternode holders are in upwards of 25% per year banks dont stand a chance in hell. Do your home work people

The GreedyRates Team says:

Hey Dion!

Thanks for the interesting and unique comment—we’ve honestly never had someone come here and recommend this type of thing. Fortunately, our position as experts in the Canadian financial space means that we understand it and can respond, even if we don’t necessarily agree with your conclusion! Cryptocurrency and blockchain are significantly risky investments and for several reasons are very poor choices for Canadians, especially because they are not recognized as licensed, legal, or compliant with regulations in any regard. When you put your money into cryptocurrency, it can therefore disappear in any number of ways without giving you any type of recourse or protection.

If the project or token you “invest” in goes bust, is proven fraudulent, or if the value simply declines into the gutter then that’s it—game over. You don’t own equity in anything, just worthless digital signatures, effectively. While there are some interesting decentralized ideas, by nature of their infrastructure, users are entirely liable for their own success. If they make a mistake with their wallet or network node, it’s on them. In contrast, if you were to invest that money into shares of a Canadian publicly-traded company, you legally own a piece of that company. Anything that fraudulently compromises this idea is covered under Canadian regulations.

Even a competitive-interest savings account is a better long-term bet. You don’t need to worry about volatility whatsoever–and will simply collect a solid 1-2% on your money each year. It’s not as glamorous as fringe digital asset gambling, but then again, it won’t ruin you either.


OC says:

Hi there, I am a student with no experience in savings accounts and looking for clarification. Are the percentages listed above the annual interest rate? or monthly (I am assuming annual).

Thank you

Thank you

The GreedyRates Team says:

Hey OC,

Thanks for the comment. No question is too simple to answer, and you can always feel free to ask us anything about the cards listed here. All percentages that we list on GreedyRates are annual, not monthly (thankfully) and if you have any further inquiries about how specific things are calculated in your balance, just ask. You can also check out our own interest rate calculator. Hope to hear from you again!

GreedyRates Staff