The interest rate is the most important factor to consider when comparing savings accounts—the higher the rate, the faster your balance will grow. In this guide, we’ll show you the best savings account interest rates from the Big Five, popular digital banks and major credit unions to help you choose an account and reach your savings goals sooner.
Check out the table below for savings account interest rates currently available from a wide range of major banks, digital banks and credit unions in Canada.
| Bank | Savings account | Standard interest rate | Promo rate | Learn more |
|---|---|---|---|---|
| EQ Bank | Notice Savings Account | 3.50% - 3.65% | N/A | |
| KOHO | Earn Interest | 5% | N/A | |
| Simplii Financial | High Interest Savings Account | 0.35% – 3.75% | 6% (for the first 5 months) | |
| Achieva Financial | Daily Interest Savings Account | 3% | N/A | |
| Alterna Bank | High Interest eSavings Account | 1.65% | N/A | |
| ATB Financial | Springboard Savings Account | 0.6% – 1.8% | N/A | Learn More |
| BMO | Savings Amplifier Account | 1.35% | 4.75% (for up to 120 days) | |
| Bridgewater | Bridgewater Smart eSavings Account | 3.6% | N/A | |
| Canadian Tire Bank | Canadian Tire High Interest Savings Account | 3.7% | N/A | |
| Canadian Western Bank | CWB Summit Savings Account | 0.90% | N/A | |
| CIBC | CIBC eAdvantage Savings Account | 0.3% – 1.5% | 5.25% (for the first 4 months) | |
| CI Direct Investing | CI Direct Investing High Interest Savings Account | 2.75% | N/A | Read review |
| Coast Capital Savings | Coast Capital High-Interest Savings Account | 1.1% | N/A | Learn More |
| DUCA | Earn More Savings Account | 5.25% | 5.25% until Nov. 18, 2024, then 4% until Feb. 28, 2025 | Learn More |
| FirstOntario Credit Union | FirstOntario Credit Union High Interest eSavings Account | 1.30% - 1.40% | N/A | Learn More |
| Hubert | Hubert Happy High-Interest Savings | 2.35% | N/A | Learn More |
| ICICI Bank Canada | HiSAVE Savings Account | 1.25% | N/A | Learn More |
| Innovation Credit Union | Savings Account | 1.05% | N/A | Learn More |
| Laurentian Bank | High Interest Savings Account | 1% – 3.75% | N/A | |
| Manulife Bank | Advantage Account | 2.35% | N/A | Learn More |
| Meridian Credit Union | High Interest Savings Account | 1.35% | 5.2% (for the first 4 months) | Learn More |
| Motive Financial | Savvy Savings Account | 3.2% | 5.35% (for the first 120 days) | |
| Motusbank | High Interest Savings Account | 1.65% | N/A | Learn More |
| National Bank | High Interest Savings Account | 1.15% | N/A | |
| Neo | High Interest Savings Account | 3% | N/A | |
| Oaken Financial | Oaken Savings Account | 3.4% | N/A | Learn More |
| PC Financial | PC Money Account | 4.25% | N/A | Learn More |
| RBC | High Interest eSavings | 1.15% | N/A | |
| Scotiabank | MomentumPLUS Savings Account | 1% – 2% | 5.4% (for the first 3 months) | |
| Servus Credit Union | Premium Savings Account | 0.3%– 1.4% | N/A | Learn More |
| Steinbach Credit Union | High Interest Savings Account | 2.70% - 2.90% | N/A | Learn More |
| Tangerine | Savings Account | 0.3% | 6% (for the first 5 months) | |
| TD | ePremium Savings Account | 1.3% (on balances of $10,000 or more) | N/A | |
| Vancity | Jumpstart High Interest Savings Account | 1.2% | 5% (until November 20, 2024) | Learn More |
| Wealthsimple | High Interest Cash Account | 2.75% – 3.75% | N/A |
Want to know how the Big Banks stack up against each other in terms of Canadian currency savings account interest rates? Check out the tables below.
RBC offers the following rates across its selection of savings accounts.
| RBC savings account | Standard interest rate | Promo rate |
|---|---|---|
| High Interest eSavings | 1.15% | N/A |
| NOMI Find & Save | 0.45% | N/A |
| Day to Day Savings | 0% – 0.01% | N/A |
Check the table below for a breakdown of Scotiabank’s savings account interest rates.
| Scotiabank savings account | Standard interest rate | Promo rate |
|---|---|---|
| MomentumPLUS Savings Account | 1% – 2% | 5.4% (for the first 3 months) |
| Savings Accelerator Account | 0.55% | N/A |
| Money Master Savings Account | 0.01% | N/A |
Scotiabank Preferred Package
The current BMO savings account interest rates for its main savings accounts are shown below.
| BMO savings account | Standard interest rate | Promo rate |
|---|---|---|
| Savings Amplifier Account | 1.35% | N/A |
| Savings Builder Account | 0.01% | 0.01% (when you save at least $200 per month) |
| Premium Rate Savings Account | 0.01% | N/A |
Check current TD savings account interest rates below.
| TD savings account | Standard interest rate | Promo rate |
|---|---|---|
| ePremium Savings Account | 1.3% on balances of $10,000 or more, 0% on balances less than $10,000 | N/A |
| High Interest Savings Account | 0% – 0.05% | N/A |
| Every Day Savings Account | 0.01% | N/A |
Check the table below for the current CIBC savings account interest rates.
| CIBC savings account | Standard interest rate | Promo rate |
|---|---|---|
| eAdvantage Savings Account |
Additional interest rate of 0.50% applies on balances up to $200,000 when you save at least $200 per month | 5.25% (for the first 4 months) |
The average savings account interest rate in Canada right now is 1.64% based on savings accounts offered by Big Banks, digital banks and credit unions in Canada.
This figure was calculated using the interest rate data in the summary tables above (as of October 25, 2024). It only takes into account the accounts listed in the table, not the full range of savings accounts available on the Canadian market.
Please note that the average interest rate quoted does not take into account any promotional interest rates. In cases where an account pays tiered interest—the higher your balance, the higher your rate—we used the account’s lowest tier interest rate for our calculations.
There are two types of savings account interest rates: simple and compound.
Simple interest is only paid on the amount you deposit (the principal). Compound interest applies to the principal as well as the interest you’ve already earned in your account.
The power of compound interest lets you grow your savings balance faster. For example, let’s say you invest $1,000 in a savings account that pays 5% interest for 10 years:
The key figure you need to look at when comparing savings account rates is the APY, or annual percentage yield. This figure takes into account the effect of compounding and shows you how much interest you can earn from an account per year.
There are two main factors that affect the savings account interest rates offered by banks:
Interest on most savings accounts is calculated daily and paid out monthly. Interest is calculated on your account’s closing balance at the end of each day, and it typically compounds daily, monthly or annually.
If you’re searching for a high interest savings account rate that will help you grow your balance sooner, you won’t find it at the Big Banks. The best savings account rates are usually offered by digital banks.
For example, EQ Bank offers 3.5% or 3.65% with a Notice Savings Account, KOHO pays 5% interest across all of its plans and Neo pays 3% interest on its High Interest Savings Account. To find the best rates in Canada, compare high interest savings accounts.
Tax free savings accounts (TFSAs) are a popular alternative to standard savings accounts in Canada. These accounts offer the benefit of allowing your savings to grow without your investment earnings being taxed.
Check the table below for the latest TFSA interest rates from the Big Five and other popular digital banks.
| Bank | TFSA bank account | Interest rate |
|---|---|---|
| RBC | Tax Free Savings Account | 0.65% |
| BMO | Tax Free Savings Account | 0.01% |
| TD | TD Canada Trust TFSA | 0.5% |
| Scotiabank | Savings Accelerator Account – Tax Free Savings Account | 0.25% |
| CIBC | TFSA Tax Advantage Savings Account | 0.65% |
| EQ Bank | TFSA | 2.5% |
| Simplii Financial | Tax-Free Savings Account | 0.4% |
| Tangerine | Tax-Free Savings Account | 0.3% |
These are the key factors you need to consider when comparing savings accounts.
Shop around to find the account with the highest rate—the higher the interest rate, the faster your savings account balance will grow.
But check the fine print to find out if there are any terms and conditions you need to meet to get the maximum advertised rate. For example, you may need to deposit a specified amount each month to qualify for the highest rate.
Other accounts have tiered interest rates. The larger your account balance, the higher the interest rate. Check the tiers to find out which rate your balance will allow you to qualify for.
Some savings accounts offer a high promotional interest rate for a limited introductory period like four or five months. These accounts can be very useful if you’re saving for a short-term goal, such as a vacation, in a few months’ time.
But once the promo period ends, the account will revert back to its standard rate, which is usually much lower than the promo rate. So, if you want to keep saving, you may want to move your money to a new high interest savings account at this point.
When comparing promo rate savings accounts, remember to check how long the promo period lasts and whether you need to meet any special conditions (such as making a minimum monthly deposit) to qualify for the rate.
Most savings accounts don’t have monthly fees, but some charge transaction fees when you make a withdrawal or transfer funds to another account. If you need easy access to your money, look for an account with no transaction fees or an account that supports a certain number of free transactions per month.
Some banks require you to also open a chequing account before you can open a savings account. If this is the case, check if the chequing account comes with a monthly fee attached.
Easy access to your money is always important, so choose a bank with user-friendly mobile and online banking portals. If you like to have the option of accessing face-to-face customer service, choose a bank with brick-and-mortar branches rather than a digital bank.
Finally, check how you will be able to withdraw money from your savings account when needed. Will you be able to withdraw cash at an ATM, or will you need to transfer funds to a different account first?
Choose a savings account with a financial institution that is a member of the Canada Deposit Insurance Corporation (CDIC). The CDIC insures deposits up to $100,000 in the unlikely event that your bank fails. Each Canadian province has its own deposit insurer that covers deposits at provincial credit unions.
While a small difference in savings account interest rates might not seem like much, it can make a big impact on how quickly your balance grows. Let’s take a look at a representative example.
Mike wants to open a high interest savings account to help pay for his daughter’s education. He has $1,000 to deposit right away and plans to automatically transfer $150 from his paycheque each week to boost his savings.
Mike’s regular Big Five bank pays 1.40% interest, but Mike browses high interest savings account rates and finds a digital bank offering 4%. Interest compounds monthly for both accounts. Mike crunches the numbers to work out how much the higher interest rate will help him save by the time his daughter graduates five years in the future.
As you can see in the table below, choosing the account with the higher rate will help him save an extra $1,963.
| Account A | Account B | |
|---|---|---|
| Interest rate | 1.40% | 4% |
| Initial deposit | $1,000 | $1,000 |
| Weekly deposit | $100 | $100 |
| Interest earned after 5 years | $988 | $2,951 |
| Total account balance after 5 years | $27,988 | $29,951 |
Want to find out just how much you could save with a high interest savings account? Use the calculator below to see how a high rate and compound interest can help you reach your savings goals sooner.
| Total savings | |
| Total monthly contributions | |
| Interest earned |
Shopping around for the best savings account interest rates in Canada can make a big impact on the time it takes to reach your savings goals. The best rates are generally offered by digital banks, but make sure you compare a range of options before choosing the best place to deposit your money.
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