Personal Finance

Official RFD thread for High Interest Savings Accounts (Updated 2019-OCT-06)

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Dec 17, 2008
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Winnipeg

Official RFD thread for High Interest Savings Accounts (Updated 2019-OCT-06)

Things to Note:
- Rates were last updated as of the date in the thread title at the top.
- The order listed is from highest rate to lowest rate. If multiple accounts have the same rate, they will be listed in alphabetical order.
- Only accounts with a savings rate of 0.50% or higher will be listed.
- The rates are assumed to be earned on the full balance starting at $0.01 - Unless specifically mentioned.
- Interest is calculated on the daily closing balance and paid monthly unless stated otherwise.
- Only accounts available to all Canadians (except Quebec) will be listed.

Other Helpful Links:
- TFSA Savings Account Rates: HERE
- US Dollar Savings Account Rates (Accounts based in Canada); HERE
- How to Link External Accounts Helpful Thread: HERE (Simplii Financial Specific: HERE)

NOTE: Short Term Offers will be listed below in the thread summary after this first post (members please update as you see fit, and remove old ones, as I will not actively be updating the thread summary post)


*B2B Bank (division of Laurentian Bank) - "High Interest Savings" -- Rate: 3.30%
-- (Service Fees) // (Online Banking) // (RFD Thread)

*Motive Financial (division of Canadian Western Bank) - "Motive Savvy Savings" -- Rate: 2.80% (0.25% for amount over $1,000,000)
-- (Service Fees) // (Online Banking) // (RFD Thread)

*Rosenort Credit Union - "High Yield Savings" -- Rate: 2.60% (2.70% on portion > $100,000 and 2.90% on portion > $250,000)
-- (Service Fees – Not Available Online) // (Online Banking) // (RFD Thread)
-- Notes: Interest is paid annually based on the minimum monthly balance. Interest is paid in January.

*Access Credit Union - "Platinum Savings" -- Rate: 2.50% (2.60% on portion > $100,000 and 2.80% on portion > $250,000)
-- (Service Fees – Not Available Online) // (Online Banking) // (RFD Thread)
-- Notes: Interest is paid annually based on the minimum monthly balance. Interest is paid in January.

*Steinbach Credit Union - "Regular Savings" -- Rate: 2.50% (2.60% on portion > $100,000 and 2.80% on portion > $250,000)
-- (Service Fees) // (Online Banking) // (RFD Thread)
-- Notes: Interest is paid annually based on the minimum monthly balance. Interest is paid in January. Cheques are permitted on this account.

*Crosstown Civic Credit Union - "Premium Tiered Savings" -- Rate: 2.45% (2.65% on portion > $100,000 and 2.85% on portion > $250,000)
-- ( Service Fees) // (Online Banking)
-- Notes: Interest is paid annually based on the minimum monthly balance. Interest is paid in January.

*Maxa Financial (a division of Westoba Credit Union) - "High Interest Savings" -- Rate: 2.45%
-- (Service Fees) // (Online Banking)

*Ideal Savings (a division of Carpathia Credit Union) - "Savings Account" -- Rate: 2.40%
-- (Service Fees) // (Online Banking)

*Outlook Financial (a division of Assiniboine Credit Union) - "High Interest Savings" -- Rate: 2.40%
-- (Service Fees) // (Online Banking)

*Bridgewater Bank (wholly owned subsidiary of the Alberta Motor Association) - "Bridgewater Savings" -- Rate: 2.35%
-- ( Service Fees) // (There is No Online Banking)

*AcceleRate Financial (a division of Crosstown Civic Credit Union) - "AcceleRate Savings" -- Rate: 2.30%
-- (Service Fees) // (Online Banking)

*Achieva Financial (a division of Cambrian Credit Union) - "Daily Interest Savings" -- Rate: 2.30%
-- (Service Fees) // (Online Banking)

*Alterna Bank - "High Interest e-Savings" -- Rate: 2.30%
-- (Service Fees) // (Online Banking) // (RFD Thread)

*EQ Bank (a division of Equitable Bank) - "Savings Plus Account" -- Rate: 2.30%
-- (Service Fees) // (Online Banking) // (RFD Thread)

*Implicity Financial (a division of Entegra Credit Union) - "Implicity Savings" -- Rate: 2.30%
-- (Service Fees) // (Online Banking)

*Oaken Financial (backed by Home Bank, Powered by Home Trust Company) - "Oaken Savings Account" -- Rate: 2.30%
-- (Service Fees) // (Online Banking)

*Wealth One Bank of Canada - "WealthONE High Interest Savings" -- Rate: 2.30%
-- (Service Fees) // (Online Banking) // (RFD Thread)

*Hubert Financial (a division of Sunova Credit Union) - "Hubert Happy Savings" -- Rate: 2.25%
-- (Service Fees) // Online Banking)

*Crosstown Civic Credit Union - "Premium Savings" -- Rate: 2.15%
-- (Service Fees) // (Online Banking)

*Motusbank - "High Interest Savings" -- Rate: 2.10%
-- (Service Fees – Scroll to Bottom) // (Online Banking) // (RFD Thread)

*People Trust Company - "e-Savings" -- Rate: 2.00%
-- (Service Fees) // (Online Banking) // (RFD Thread)

*Wealthsimple - "Save Account" -- Rate: 2.00%
-- (Service Fees – Scroll to Bottom) // (Online Banking)
Note: Old Smart Savings Account Information // Wealthsimple Save v.s. Smart Savings Account

*ICICI Bank - "HiSave Savings Account" -- Rate: 1.60%
-- (Service Fees) // (Online Banking)

*Canadian Tire Financial Services - "High Interest Savings" -- Rate: 1.50%
-- (Service Fees) // (Online Banking)

*Motive Financial (division of Canadian Western Bank) - "Motive Savings" -- Rate: 1.50% (0.50% for amount over $5,000,000)
-- (Service Fees) // (Online Banking) // (RFD Thread)

*DUCA Credit Union - "Earn More Savings" -- Rate: 1.40%
-- (Service Fees) // (Online Banking) // (RFD Thread)
-- Note: Only Available to Ontario Residents.

*First Ontario Credit Union - "High Interest e-Savings" -- Rate: 1.30% (1.35% balance > $100,000 and 1.50% balance > $200,000)
-- (Service Fees) // (Online Banking)
-- Note: Only available to Ontario Residents.

*Meridian Credit Union - "Good To Grow Savings" -- Rate: 1.30%
-- (Service Fees) // (Online Banking) // (RFD Thread)

*Canadian Western Bank - "Summit Savings Account" -- Rate: 1.25% (0.50% for amount over $15,000,000)
-- (Service Fees) // (Online Banking)

*Manulife Bank - "Advantage Account" -- Rate: 1.20%
-- (Service Fees) // (Online Banking)

*Manulife Bank - "All-In-Banking Package" -- Rate: 1.20%
-- (Service Fees) // (Online Banking)

*Simplii Financial (a division of CIBC) - "High Interest Savings" -- Rate: 1.10%
-- (Service Fees – see page 18 onwards) // (Online Banking)

*Tangerine Bank (owned by Scotiabank) - "Tangerine Savings" -- Rate: 1.10%
-- (Service Fees) // (Online Banking)

*1Q Bank (a division of Korea Exchange Hana Bank of Canada) - "1Q Daily Investment Savings" -- Rate: 1.00%
-- (Service Fees) // (Online Banking)

*Canadian Imperial Bank of Commerce - "eAdvantage Savings" -- Rate: 1.00%
-- (Service Fees) // (Online Banking)

*Desjardins - "High Interest S@vings Account" -- Rate: 1.00%
-- (Service Fees) // (Online Banking)
-- Note: Available to Ontario and Quebec Residents.

*National Bank of Canada - "High Interest Savings" -- Rate: 1.00%
-- (Service Fees) // (Online Banking)

*Royal Bank of Canada - "High Interest e-Savings" -- Rate: 1.00%
-- (Service Fees) // (Online Banking)

*Scotiabank - "Momentum Plus Savings Account" -- Rate: 1.00% Base Rate (Bonus Interest paid if balance has no debits in the following periods: +0.50% (90 days), +0.60% (180 days), +0.80% (270 days), +1.00% (360 days)
-- (Service Fees) // (Online Banking)

*Community Trust Company - "Maximizer Savings Account" -- Rate: 0.85%
-- (Service Fees) // (Online Banking)

*Bank of Montreal - "Smart Saver Account" -- Rate: 0.80%
-- (Service Fees) // (Online Banking)

*State Bank of India (SBI) - "Super Saver Savings" -- Rate: 0.60%
-- (Service Fees) // (Online Banking)

*HSBC Canada - "High Rate Savings" -- Rate: 0.55% (1.05% > $25,000, 1.10% > $50,000, and 1.10% on portion > $100,000)
-- (Service Fees) // (Online Banking)

*Casera Financial (a division of Casera Credit Union) - "High Yield Savings" -- Rate: 0.25% (1.40% on portion > $5,000, 1.65% on portion > $50,000, and 2.10% on portion > $100,000)
-- (Service Fees) // (Online Banking)

*Bank of Montreal - "Savings Builder Account" -- Rate: 0.20% (If you deposit $200 or more each month you will get a bonus +1.40%)
-- (Service Fees) // (Online Banking)

*Alberta Treasury Branches - "Springboard Savings" -- Rate: 0.10% (1.05% only on portion over $5,000)
-- (Service Fees) // (Online Banking)
-- Note: Only available to Alberta Residents.

*Scotiabank - "Savings Accelerator Account" -- Rate: 0.05% (1.00% on portion > $5,000 and 1.10% on portion > $250,000)
-- (Service Fees) // (Online Banking)

*TD Canada Trust - "ePremium Savings" -- Rate: 0.00% (1.05% on balances over $10,000)
-- (Service Fees) // (Online Banking)

*TD Canada Trust - "High Interest Savings" -- Rate: 0.00% (0.50% on balances over $5,000)
-- (Service Fees) // (Online Banking)
Last edited by Shawguy on Oct 7th, 2019 10:09 am, edited 46 times in total.
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Thread Summary
Short Term Offers
Manulife Bank "Advantage Account" - 2.75% (First 180 days) No minimum, maximum $250,000
3276 replies
Moderator
User avatar
Mar 23, 2004
38267 posts
4378 upvotes
Markham
armandino101 wrote:
Feb 7th, 2009 12:16 pm
Anyone has an account with these guys? Do they have online banking?
tons of ppl have that here.

And no they dont have online banking. There is a thread on it here, do a search.
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
Deal Addict
Nov 18, 2008
3271 posts
70 upvotes
Keep in mind:

Scotia Power Savings only works if you have a Scotia Chequing account to pair with it, otherwise you pay $5 each transaction. Same for RBC eSavings.

CIBC and BMO only allow 1 withdrawal the entire month, otherwise $5 per transction.
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User avatar
Mar 23, 2004
38267 posts
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Markham
tng11 wrote:
Feb 7th, 2009 11:36 pm
Keep in mind:

Scotia Power Savings only works if you have a Scotia Chequing account to pair with it, otherwise you pay $5 each transaction. Same for RBC eSavings.

CIBC and BMO only allow 1 withdrawal the entire month, otherwise $5 per transction.
oh really? i didnt even know that about scotia!

but its the same with bmo actually, u need a chequing account first before u can open a smart savers, going to edit my op.

Thanks for the tips.
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
Moderator
User avatar
Mar 23, 2004
38267 posts
4378 upvotes
Markham
okay bump with some updates :D
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
Deal Addict
User avatar
Aug 26, 2005
3422 posts
30 upvotes
Coquitlam
Thanks for the informative post. :)
Deal Addict
Dec 25, 2005
2106 posts
112 upvotes
Royal Bank "High Interest eSavings" - 2.25% (Must pair with a chequing account)

thats just wrong, I know its not tied selling but its still dirty.
Deal Fanatic
Jul 1, 2007
8204 posts
1108 upvotes
bellboy26 wrote:
Feb 8th, 2009 1:55 pm
Royal Bank "High Interest eSavings" - 2.25% (Must pair with a chequing account)

thats just wrong, I know its not tied selling but its still dirty.
It's actually a pretty smart idea. You have the option of a regular savings account at whatever the market rate is on moneymarket/savings (less than 2%) or you agree to open a checking account and do your main banking at RBC and you get a bonus rate.

I reiterate, all rates above 2% are either short-term "bonus rates", which are unsustainable, or else you really gotta question the credit-worthiness (and hope that there is CDIC insurance) of a company that's offering people over 3% on a few thousand dollars of savings when commercial paper can be issued at much lower rates in amounts in the millions.
Deal Addict
Nov 18, 2008
3271 posts
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Thalo wrote:
Feb 8th, 2009 3:06 pm
It's actually a pretty smart idea. You have the option of a regular savings account at whatever the market rate is on moneymarket/savings (less than 2%) or you agree to open a checking account and do your main banking at RBC and you get a bonus rate.
It's simply more convenient for people to do their banking at the same bank... the RBC eSavings is designed for RBC customers as transfers in/out are unlimited and free. I'm pretty sure they'll gladly open an account for any customer without a Chequing account, but you'll be paying $5 for each transaction.
I reiterate, all rates above 2% are either short-term "bonus rates", which are unsustainable, or else you really gotta question the credit-worthiness (and hope that there is CDIC insurance) of a company that's offering people over 3% on a few thousand dollars of savings when commercial paper can be issued at much lower rates in amounts in the millions.
The question is, how did institutions like PCF historically sustain rates that were better than money market rates, or better than your typical Big 5 HISA. (Putting aside crappy service arguments)
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Mar 23, 2004
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Thalo wrote:
Feb 8th, 2009 3:06 pm
I reiterate, all rates above 2% are either short-term "bonus rates"...
i dont think so. Yes they can change instantly, but they are not your so called short-term bonus rates for sure.
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
Moderator
User avatar
Mar 23, 2004
38267 posts
4378 upvotes
Markham
tng11 wrote:
Feb 8th, 2009 3:15 pm
It's simply more convenient for people to do their banking at the same bank... the RBC eSavings is designed for RBC customers as transfers in/out are unlimited and free. I'm pretty sure they'll gladly open an account for any customer without a Chequing account, but you'll be paying $5 for each transaction.
i have called into rbc, and they insist that i must have a chequing account there before u can open a savings (exactly like bmo)...can anyone confirm?
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
Jr. Member
Jan 1, 2009
172 posts
14 upvotes
Peoples Trust "Peoples Choice Savings Account" - 3.6%

So, this is basically 0.6% above prime, seems almost like free money if you are borrowing from prime.

Is there fees on this account to transfer money back and forth from this account? When do they pay the interest, monthly, annually?

I just can't get my head around how a savings account could have a better return than GICs... :confused:

Does their rate fluctuate alot and are they consistently above prime?
Deal Guru
User avatar
Feb 24, 2008
14445 posts
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Los Angeles
angel_wing0 wrote:
Feb 8th, 2009 3:33 pm
i have called into rbc, and they insist that i must have a chequing account there before u can open a savings (exactly like bmo)...can anyone confirm?
I can't confirm (well I haven't confirmed that).

But, Anyone can easily obtain a free chequing account with RBC. The chequing account I'm referring too is the Day to Day Banking account. This account gives you 15 transactions and is priced at $4/month.

So how is this free?

Well if you open up one an investment product (RRSP, TFSA/etc) and open up one of their Rewards Visa's (I have the RBC Gold Visa that has no annual fee) and deposit at least $1 into the investment account you choose, then they apply a $4/month rebate on your Checking account. Making the Day to Day Banking Chequing account free.

Hook up the RBC High Interest eSavings with that, and yer set.

djino
Sr. Member
Jan 23, 2009
695 posts
449 upvotes
Ontario
angel_wing0 wrote:
Feb 7th, 2009 10:46 am
Please give me any suggestions on how to improve this thread, and no flames! Thanks :)
thread as well :lol:
Hello and thanks for the links i hope you will be able to update your list with cdic member or not

Thanks

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