Best High-Interest Savings Accounts In Canada For 2020

The introduction of online banks and the increased competition that has created for the big banks has helped deliver Canadians more cost-effective and valuable financial solutions. Included in those improvements are a collection of what can be dubbed the best high-interest savings accounts in Canada.

These high-interest savings accounts are a great solution for your short-to-mid-term financial goals. No fees, no minimum balances, unlimited transfers, higher interest rates and other benefits support you in your financial journey towards whatever that savings goals might be.

This is money that isn’t related to long-term investments for retirement or you day-to-day financial needs. The account generates you a return on every dollar saved in it through a higher interest rate than your typical chequing account or cookie cutter savings accounts.

High-Interest Savings Accounts For Canadians

As noted above, high-interest savings accounts are a financial tool to generate a return on your money. The ins and outs of each of these accounts differ slightly with their teaser interest rates, fees, transfer limits and specific details.

However essential requirements no matter what account you choose are that the money needs to be readily available (liquid) and protected by the Canada Deposit Insurance Corporation (CDIC). After that it comes down to high interest rates, low fees, ease of access, unlimited transactions and other beneficial features that fit for you.

Long gone are the days of banks paying you 0.05% to 0.50% on your money. Why not find a product that delivers you guaranteed returns, shelters it from market volatility and supports your financial goals?

With that in mind, here are some of the best high-interest savings account in Canada to help you generate a return on your money. Note: there are dozens of other products from regional banks and credit unions not listed here.

EQ Bank Savings Plus Account: Big Returns, No Cost

EQ Bank is a trademark of Equitable Bank, a federally regulated Schedule 1 Bank with over 650 employees that was founded in 1970. EQ Bank itself launched as a digital bank for Canadians in 2016 with no physical locations, operating entirely online. The total assets under management by Equitable Bank ring in at over $26 billion.

It’s a trusted, safe and valued financial solution in Canada.The 2.30% everyday high interest* rate on the EQ Bank Savings Plus Account has been making waves ever since it hit the market.

This FREE account offers a competitive interest rate, no fees, unlimited transfers and much more. You can set up multiple sub-accounts with different automatic transfers and deposits so you can save towards a collection of financial goals at once.

The registration process is quick and easy for new members, taking a matter of minutes. You’ll need to provide your name, address, date of birth, profession and SIN while you set up your account.

The EQ Bank Savings Plus Account is truly one of the best high-interest savings accounts in Canada. Please note, the EQ Bank Savings Plus Account is NOT available to residents of Quebec.

SIGN UP FOR THE EQ BANK SAVINGS PLUS ACCOUNT NOW

Tangerine Savings Account: Great Initial Teaser Rate

Tangerine Bank is an all-around leader in Canada’s online banking market and that holds true with their Savings Account. Two of their other most popular products, the No Fee Daily Chequing Account and Money-Back Credit Card, deliver great value too.

The Tangerine Savings Account is a free account with zero fees, unlimited transactions and no minimum balance required. The Savings Account offers new customers a 2.75% interest rate for the first 6 months. After the 6 month teaser rate it drops to 1.20%.

The interest rates offered by Tangerine definitely come up short in the long-term when compared to EQ Bank. However, it’s still a viable solution for many Canadians and does offer a few distinctions.

If you already bank at Tangerine or want to take advantage of the 2.75% teaser rate, getting an account set up is straightforward. Tangerine Bank is always adding new products and delivering additional value to their members, so it’s a great all-around banking solution.

REGISTER FOR THE TANGERINE SAVINGS ACCOUNT TODAY

Wealthsimple Save Account: High-Interest Savings And Unique Features

Next up is a company that has made major waves across the financial marketplace in Canada, Wealthsimple. You’ve likely encountered their ads on TV, web banners and bus stops in recent years. Most often it’s speaking to their digital investment products as opposed to their high-interest savings account.

However, the Wealthsimple Save Account is another great solutions for Canadians looking to generate a return as they save towards their financial goals. This product launched in 2018 and has continued to gain momentum thanks to unique product features and 2.0% interest rate.

The Wealthsimple Save Account offers two unique features we often see in the US: Roundup and Overflow.

The Roundup feature takes the difference between what you spent on your debit card and the nearest dollar, then rounds it up and automatically deposits that into your Save Account. The Overflow feature allows you to set a minimum balance to always keep in the bank account you connect to Wealthsimple. At the end of the month, the excess above that minimum balance is transferred to your Save Account.

OPEN A WEALTHSIMPLE SAVE ACCOUNT NOW

motusbank High-Interest Savings Account: Great Rates For Everyone

motusbank is an online bank launched by one of Canada’s most popular and fastest growing credit unions, Meridian Credit Union.

The motusbank High-Interest Savings Account is undoubtedly one of the best in Canada. Why? No fees, no minimum balance and interest rates of 2.25% or 2.50%.

Based on the details above, it’s easy to see why so many Canadians are changing to motusbank.

GET STARTED WEITH MOTUSBANK TODAY

Alterna Bank High-Interest eSavings Account: High Rates And No Fees

Alterna Bank is a division of Ottawa-based Alterna Savings and Credit Union, which has close to 150,000 members. This is yet another online, modern banking solution available to Canadians looking to generate a return on their money.

The Alterna Bank High-Interest eSavings Account offers a very competitive 2.30% interest rate. Alterna also provides a consistent approach to other accounts listed here with no monthly fees, no minimum balance and unlimited transactions.

Alterna Bank offer aligns closely to that of EQ Bank. The account is available to all Canadians and it takes minutes to open a new account.

SIGN UP FOR THE ALTERNA BANK HIGH-INTEREST eSAVINGS ACCOUNT

Scotiabank Momentum PLUS Savings Account: Tiered Savings Rates

One of Canada’s biggest banks, Scotiabank, offers a competitive high-interest savings accounts. While not as high as some of the online banks offerings noted above, the Momentum PLUS still delivers a better return than many of the other big banks in Canada.

The Scotiabank Momentum PLUS Savings Account differs from other accounts noted here because of it’s tiered interest rates. The standard rate of 1.05% increases depending on the length of time you hold money in the account. After 90 days it bumps up to 1.80%, 180 days jumps to 1.85%, 270 days to 1.90% and finally 1.95% after 360 days.

It’s a different approach to high-interest savings accounts, but the Momentum PLUS does offer some value compared to other big banks.

OPEN A SCOTIABANK MOMENTUM PLUS SAVINGS ACCOUNT

Simplii Financial High-Interest Savings Account: Safe And Secure

Simplii Financial, formerly President’s Choice Financial, is an online bank that is a division of CIBC Financial. Their products aren’t available in Quebec but are accessible to all other areas of Canada.

The Simplii Financial High-Interest Savings Account is a modern product that offers no fees, no minimum balance and an everyday interest rate of 1.20%.

Registration is quick and easy for the Simplii Financial High-Interest Savings Account. If you’re already a CIBC member, this might be the right solution for you.

SIGN UP AT SIMPLII FINANCIAL NOW

Conclusion: Best High-Interest Savings Accounts In Canada For 2020

Keep your costs low, interest high and money secure with the best high-interest savings accounts in Canada. Whether it’s the EQ Bank Savings Plus Account, Wealthsimple Save Account or one of the other accounts noted above, the best thing you can do is get started today.

Personal finances are of course, personal. The ideal solution for one may not be the right fit for you. However, taking action and moving towards your financial goals is an evergreen approach.

Long gone are the days of earning 0.05% or 0.50% on your savings. Move your money into one of these high-interest savings accounts and let your money start working for you.

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