Personal Finance

Official RFD thread for High Interest Savings Accounts (See Thread Summary for Updates)

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Dec 17, 2008
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Official RFD thread for High Interest Savings Accounts (See Thread Summary for Updates)

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.
- Generally only accounts with a savings rate of 1.25% or higher will be listed. (Temporarily Suspended due to low rates all around)
- 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

PLEASE SEE THREAD SUMMARY BELOW THIS POST FOR THE MOST UP TO DATE INFORMATION

If this list falls out of date, the chart on High Interest Savings is also a good resource. It's missing some HISAs that are included in this list, though.
Last edited by Shawguy on Mar 17th, 2022 6:49 pm, edited 117 times in total.
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Thread Summary
Do you see info that's inaccurate or out of date? Or do you know of a HISA that's missing from this list? Hit the Edit button below this thread summary and update it yourself.

Short-Term HISA Offers

• Simplii: 6.00% for new clients for 153 days when you become a new client between February 1 and April 30, 2024, apply for and be approved for a financial product, and then open the applicable high interest savings account within 30 days of being a client.

• Tangerine: 5.75% for new clients for 153 days. Use promo code EARNMORE when you become a new client between February 9 and April 22, 2024 and open an applicable chequing account and an applicable savings account within 30 days of being a client.

• BMO: 5.50% for new clients until June 30, 2024 when you open a new chequing account and a new savings account between March 1 and June 30, 2024.

• DUCA (credit union, Ontario only): 5.25% on new money for new AND existing clients (no announced end date but rate and deal can change/end). Non-registered account only.

• Manulife Advantage Account: 5.25% for 120 days. Account must be opened by Dec.15th, 2023

• CIBC eAdvantage Savings Account: 4.25% up to $200k for your first four months of a new account (or 3.5% up to $1M). To get the full rate, which includes "smart interest" of 0.75%, you need to transfer in at least $200/month.

Best Non-Promotional HISA Rates

Rosenort Credit Union - High Yield Savings
• Rate: 4.20% (4.35% on portion > $100 000 and 4.5% on portion > $250 000)
• Interest is based on your minimum monthly balance. It's paid annually in January.
• Service Fees Not Available Online // Online Banking // RFD Thread

Saven Financial (division of FirstOntario Credit Union) - High Interest Savings Account
• Rate: 4.20%
Only available to Ontario residents.
• Requires a $25 membership share.
Service Fees // Online Banking

Motive Financial (division of Canadian Western Bank) - Motive Savvy Savings
• Rate: 4.10% (0.5% on portion > $5 000 000)
• Not available to Quebec residents.
Service Fees // Online Banking // RFD Thread

Wealthsimple
• Rate: 4.00% interest rate no minimum balance
  • Rate: 4.5% interest with $100k balance across all accounts
  • Rate: 5.0 % interest with $500k balance across all accounts
• NEW (as of Dec 1 2023): Additional 0.5% if direct deposit at least $2000 per month (except for Generation clients already earning 5%).
RFD Thread

Neo Financial - Neo Money
• Rate: 4.00%
• Not available to Quebec residents, but they claim they're coming soon.
• The app is much more functional than the online banking site.
Online Banking // RFD Thread

Steinbach Credit Union - Regular Savings
• Rate: 3.80% (3.85% on portion > $100 000 and 4% on portion > $250 000)
• Interest is based on your minimum monthly balance. It's paid annually in January.
• Cheques are permitted on this account.
Service Fees // Online Banking // RFD Thread

Canadian Tire Financial Services (CTFS) - High Interest Savings
• Rate: 3.70%
• Not available to Quebec residents.
Service Fees // Online Banking // RFD Thread

Wealth One Bank of Canada - WealthONE High Interest Savings
• Rate: 3.65%
• Not available to Quebec residents.
Service Fees // Online Banking // RFD Thread

AcceleRate Financial (division of Crosstown Civic Credit Union) - AcceleRate Savings
• Rate: 3.60%
Service Fees // Online Banking

Access Credit Union - Platinum Savings
• Rate: 3.60% (3.65% on portion > $100 000 and 3.8% on portion > $250 000)
• Interest is based on your minimum monthly balance. It's paid annually in January.
• Service Fees Not Available Online // Online Banking // RFD Thread

Achieva Financial (division of Cambrian Credit Union) - Daily Interest Savings
• Rate: 3.60%
Service Fees // Online Banking // RFD Thread

Hubert Financial (division of Sunova Credit Union) - Hubert Happy Savings
• Rate: 3.60%
• Not available to Quebec residents.
Service Fees // Online Banking

Outlook Financial (division of Assiniboine Credit Union) - High Interest Savings
• Rate: 3.60%
Service Fees // Online Banking

Maxa Financial (division of Westoba Credit Union) - High Interest Savings
• Rate: 3.55%
Service Fees // Online Banking

Bridgewater Bank (subsidiary of the Alberta Motor Association) - Smart eSavings Account
• Rate: 3.45%
• Not available to Quebec residents.
Service Fees // There is No Online Banking

Oaken Financial (backed by Home Bank, Powered by Home Trust Company) - Oaken Savings Account
• Rate: 3.40%
Service Fees // Online Banking

Peoples Trust Company - e-Savings
• Rate: 3.40%
Service Fees // Online Banking // RFD Thread

B2B Bank (division of Laurentian Bank) - High Interest Savings
• Rate: 3%
• You can no longer open a B2B account unless you do it through an advisor. So if you're interested in getting a B2B HISA, go with its doppelganger LBC Digital instead.
• If you open accounts at both B2B and LBC, you must use a different email address for each. And you'll have separate CDIC coverage at B2B and LBC.
Service Fees // Online Banking // RFD Thread

LBC Digital (division of Laurentian Bank) - Digital High Interest Savings
• Rate: 3%
• If you open accounts at both B2B and LBC, you must use a different email address for each. And you'll have separate CDIC coverage at B2B and LBC.
Service Fees // Online Banking // RFD Thread

Manulife Bank - Advantage Account
• Rate: 2.85%
Service Fees // Online Banking

EQ Bank (division of Equitable Bank) - Savings Plus Account
• Rate: 2.5%
• Additional 0.5% if direct deposit or PAD at least $500 per month
Service Fees // Online Banking // RFD Thread

Motusbank (subsidiary of Meridian Credit Union) - High Interest Savings
• Rate: 2.50%
• Not available to Quebec residents.
Service Fees - Scroll to Bottom // Online Banking // RFD Thread

Alterna Bank (subsidiary of Alterna Savings) - High Interest e-Savings
• Rate: 2.25%
Service Fees // Online Banking // RFD Thread

Ideal Savings (division of Carpathia Credit Union) - Savings Account
• Rate: 1.01%
• Not available to Quebec residents.
Service Fees // Online Banking

If this list falls out of date, the chart on High Interest Savings is also a good resource. It's missing some HISAs that are included in this list, though.

Related Threads

Top Tax Free Savings Accounts

Top US Dollar Savings Accounts
5812 replies
Deal Addict
Nov 18, 2008
3271 posts
81 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.
Moderator
User avatar
Mar 23, 2004
47725 posts
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Markham
tng11 wrote: 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.
Deal Addict
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Aug 26, 2005
3434 posts
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Coquitlam
Thanks for the informative post. :)
Deal Addict
Dec 25, 2005
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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
8569 posts
1763 upvotes
bellboy26 wrote: 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
81 upvotes
Thalo wrote: 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)
Moderator
User avatar
Mar 23, 2004
47725 posts
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Markham
tng11 wrote: 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?
Jr. Member
Jan 1, 2009
185 posts
19 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 Expert
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Feb 24, 2008
15587 posts
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Gatineau
angel_wing0 wrote: 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
946 posts
1932 upvotes
Ontario
angel_wing0 wrote: 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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Mar 23, 2004
47725 posts
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agit wrote: Hello and thanks for the links i hope you will be able to update your list with cdic member or not

Thanks
yes they should all be insured...the banks and ppls trust are with cdic, the credit unions are with someone else...cant bring the name on top of my head.
Member
Jan 20, 2009
491 posts
9 upvotes
Ontario
djino wrote: 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
And if you have a mortgage or Homeline Plan with them as well, like I do, then you get the full rebate for their No Limit Chequing a/c, unless you're a senior :cheesygri
Moderator
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Mar 23, 2004
47725 posts
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Markham
found this on citizens website:

Our Ultimate Savings Account offers great rates - see for yourself!

Ulimate Savings Account
Citizens BMO CIBC RBC Scotiabank TD Canada Trust
2.50% 2.75% 2.25% 2.50% 2.40% 1.25%

They are posting outdated rates and it is also higher than what they are offering :lol:
Deal Addict
Aug 1, 2006
1005 posts
100 upvotes
Outlook - usually the same rates as Achieva.
Deal Fanatic
Jul 1, 2007
8569 posts
1763 upvotes
tng11 wrote: 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)
Half a year ago they were yielding around the same as an average money market fund. It's only as of late that PCF and the other institutions listed above have broken from offering rates roughly in line with average money market rates to offering rates well in excess.

Hey, it's all good for the depositor, just don't expect those rates to last and understand that there is a market feasible rate (money market rates) and there are the rates above. The difference is a promotional bonus that could quickly disappear. Another poster hit the nail on the head as to why Citizens Bank can offer a savings rate above prime. They can't... not for very long.

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