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Interest Rates on Savings Accounts

Financial Products > Savings Accounts
A list of Savings Accounts available in Canada.
Use this comparison chart to find the highest interest rates and the right savings account.

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Savings Account Interest Rate Minimum Balance Withdrawal Fee Deposit Insurance Customer Rating Available In 
Steinbach Regular Savings Account2.55 %$0$?DGCMAll Provinces
MAXA Savings Investment Account2.45 %$0$1.00 (1 Free/Month)DGCMAll Provinces
Outlook High-Interest Savings Account2.40 %$0$1.00 (1 Free/Month)DGCMAll Provinces
Implicity High Interest Savings Account2.30 %$0$0DGCMAll Provinces
Achieva Daily Savings Account2.30 %$25$1.00 (1 Free/Month)DGCM3.25All Provinces
EQ Bank Savings Plus Account2.30 %$0$0CDIC2.5All Provinces except QC
Oaken Savings Account2.30 %$0$0CDICAll Provinces
AcceleRate Savings2.25 %$0$1.00 (1 Free/Month)DGCM5All Provinces
Entegra Advantage Savings Account2.00 %$0$1.00 (1 free/month)DGCMMB
Hubert Financial Happy Savings Account1.70 %$0$0DGCM4.81All Provinces except QC
Steinbach Monthly Savings Account1.65 %$0$?DGCMAll Provinces
Canadian Direct Financial KeyRate Savings Account1.50 %$0$0CDICAll Provinces except QC
Scotiabank Momentum Savings Account1.50 %$5000$5CDICAll Provinces
Canadian Tire High Interest Savings Account1.50 %$0CDICAll Provinces except QC
Parama Daily Interest Premium Savings Account1.50 %$0$0DICOON
Peoples Choice E-Savings Account1.45 %$0$0CDICAll Provinces except NU
FirstOntario Credit Union High Interest eSavings1.40 %$0$3.50 (1 Free/Month)DICO4ON
ICICI HiSAVE Savings Account1.35 %$0CDIC2.75All Provinces
Meridian Good to Grow High Interest Savings Account1.30 %$0$0DICOON
Manulife Advantage Account1.20 %$0$0CDICAll Provinces
Steinbach Plan 24 Savings1.15 %$0$1 (1 free/month)DGCMAll Provinces
Scotiabank Savings Accelerator Account1.10 %$25000$5CDICAll Provinces
ATB Springboard Savings Account1.10 %$5000$04AB
Tangerine Savings Account1.10 %$0CDIC3.27All Provinces
RBC High Interest eSavings1.05 %$0CDIC2.75All Provinces
TD High Interest Savings Account1.05 %$5000$5.00CDICAll Provinces
CIBC eAdvantage Savings Account1.05 %$5000$0CDICAll Provinces
President's Choice Financial Interest Plus Savings Account1.00 %$0CDICAll Provinces except QC
Comtech Life Saver High Interest Savings Account0.95 %$0$5.00 (1 free/month)DICOON
Windsor Family CU ALTO Savings0.80 %$0$1.50 (1 free/month)DICOON
BMO Smart Saver Account0.80 %$5000$5.00 (1 free/month)CDIC1.06All Provinces
State Bank of India (Canada) Super Saver Account0.60 %$1000$0CDICON BC
HSBC High Rate Savings0.55 %$0$0CDICAll Provinces
Comtech Daily Interest Savings Account0.50 %$0$0DICOON
Empire Life Treasury Interest Option0.25 %$0$?-All Provinces
FirstOntario Credit Union Investment Savings0.20 %$0$? (1 Free/Month)DICOON
Entegra Ultra Savings Account0.15 %$0$1.00 (1 free/month)DGCMMB
Entegra Daily Savings Account0.15 %$0$0.70DGCMMB
National Bank Special Project Savings Account0.10 %$0$5.00 (1 free/month)CDICAll Provinces
Alterna CU Investment Savings Account0.10 %$0$2.50 (1 free/month)DICOON
Effort Trust Daily Interest Savings Account0.10 %$0$?CDICAll Provinces
BMO Premium Rate Savings Account0.05 %$0$5.00 (1 free/month)CDICAll Provinces
TD Every Day Savings Account0.05 %$0$0CDIC2.67All Provinces
CIBC Premium Growth Account0.05 %$0$1.25CDICAll Provinces
CIBC Bonus Savings Account0.05 %$0$5.00 (1 free/month)CDICAll Provinces
Meridian Advantage Savings Account0.05 %$0$1.00 (1 Free/Month)DICOON
Scotiabank Money Master Savings Account0.05 %$0$0CDICAll Provinces
FirstOntario Credit Union Daily Interest Savings0.05 %$0$0.75 (2 Free/Month)DICOON
Laurentian Bank Investment Excellence Account0.05 %$0$1.00 (1 Free/Month)CDICAll Provinces
Entegra Regular Savings Account0.05 %$0$0.70DGCMMB
Alterna CU Daily Interest Savings0.05 %$0$0.80DICOON
Windsor Family CU Plan 24 Savings Account0.03 %$0$1.50 (1 free/month)DICOON
Scotia Power Savings Account0.02 %$5000$0CDICAll Provinces
State Bank of India (Canada) Saving Account0.01 %$100$0CDIC2.88ON BC
RBC Day to Day Savings0.01 %$0$0CDICAll Provinces
RBC Enhanced Savings0.00 %$5000$0CDICAll Provinces
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drc on June 23, 2014
TORONTO, ON - April 8, 2014 – ING DIRECT has changed its name to Tangerine.
The name change is the result of ING DIRECT’s sale by ING Groep to Scotiabank in 2012.
Tangerine will continue to operate as a wholly-owned subsidiary of Scotiabank.
drc- Hubert Financial - Special term deposit endin on June 17, 2014
Effective 5:00 pm CST on June 27 our one year term deposit special will no longer be available.
drc - Hubert Financial on May 9, 2014
Re: Hubert Financial limited time offer for 1 year TD.
See complete information in message below.
drc on May 9, 2014
For a limited time only, we are happy to offer a one year term deposit special featuring one of the best rates around! Paying interest up to 2.50%, this term deposit special (which is also TFSA eligible) will keep you smiling for a full 365 days.

This redeemable term deposit special features compounding interest that will pay you interest quarterly. Here’s what you will earn:

The first three months: 2.20%
Months four to six: 2.30%
Months seven to nine: 2.40%
The last three months: 2.50%

The good news? You’re not locked in for the entire year – you can redeem your term after three, six or nine months. The even better news? If you sign up for the term special and keep your funds in place for the entire year, you’ll earn an average rate of 2.35% for the year. Not too shabby, is it?

Since this is a limited time offer, don’t wait to sign up and risk missing out on this great rate! To set up your one year term deposit special, you can add the term right in Hubert Online (our online banking system) or, if you’re not yet a Hubert member, click on the ‘open account’ link below.

And don’t forget, all deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba. Like other Hubert terms, a $1,000 minimum balance is required to be eligible for this special rate.
Dollarguide on December 29, 2013
Ally financial has been removed from the above table as it was killed by RBC. It is a shame that that happened. It almost seems like RBC bought Ally just so they could shut down the savings arm of Ally and get rid of some competition. You would think that it would have made business sense for Royal Bank to at least hang on to the deposits (even at a reduced interest rate or perhaps by converting the accounts to an RBC branded deposit account). But instead RBC opted, by default, to return all of the deposits to linked accounts at other financial institutions (which, one would assume, in many cases was not RBC). To us, this does not make any sense.
drc on December 5, 2013
Effective Tuesday, December 10, Hubert Happy Savings Account rate will be adjusted to 1.80%.
Ally High Interest Saving does not exist. on November 3, 2013
Ally should be removed from above listing.
drc on August 28, 2013
Effective Friday, August 30, Hubert Financial Happy Savings Account rate will be adjusted to 1.85%.
drc on April 19, 2013
effective Friday April 19, 2013
Hubert Financial Happy Savings Account increased from 1.80% to 1.90%
Speedy on April 1, 2013
Effective April 1,2013
Hubert FinancialHappy Savings Account redueced for 2.00% to 1.80%
Marie on February 6, 2012
I keep my emergency fund at Canadian Tire bank. It is currently paying 2% which, these days, is not too bad.
Yatti420 on November 20, 2011
I'm using TD for main banking.. Hubert Financial - Happysavings.ca for savings and a small cash TFSA portion.. Hoping for RRSP savings soon..
Bones on November 8, 2011
And I was just wodenring about that too!
Eric on June 5, 2011
Personally, I use Ally for the bulk of my canadian cash savings. It pays the highest rate of interest of any savings account available in Canada, and it is insured by the Canada Deposit Insurance Corporation (up to 100 000 dollars). I can get 2% at some Manitoban virtual credit unions, but I don't trust their provincial credit union insurance as much as the CDIC.

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