Personal Finance

Official RFD thread for High Interest Savings Accounts (Updated 2020-APRIL-14)

  • Last Updated:
  • May 30th, 2020 3:06 pm
[OP]
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Dec 17, 2008
2592 posts
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Winnipeg

Official RFD thread for High Interest Savings Accounts (Updated 2020-APRIL-14)

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 1.50% 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: 2.25% (1.00% for amount over $500,000.01, only applies to balance above that amount) **Consumers can no longer open accounts unless it is done through an adviser** Listed for people with grandfathered accounts.
-- (Service Fees) // (Online Banking) // (RFD Thread)
-- Notes: CDIC Coverage under B2B Bank. If you open accounts at B2B AND LBC then you must use a separate email address for each. If you open accounts at both B2B and LBC, you will have separate CDIC Coverage at B2B vs LBC.

*LBC Digital (division of Laurentian Bank) - "Digital High Interest Savings" -- Rate: 2.25% (1.00% for amount over $500,000.01, only applies to balance above that amount)
-- (Service Fees) // (Online Banking) // (RFD Thread)
-- Notes: CDIC Coverage under Laurentian Bank of Canada. If you open accounts at B2B AND LBC then you must use a separate email address for each. If you open accounts at both B2B and LBC, you will have separate CDIC Coverage at B2B vs LBC.

*Motive Financial (division of Canadian Western Bank) - "Motive Savvy Savings" -- Rate: 2.20% Rate: 2.05% (on all balances)
-- (Service Fees) // (Online Banking) // (RFD Thread)

*Ideal Savings (a division of Carpathia Credit Union) - "Savings Account" -- Rate: 2.11%
-- (Service Fees) // (Online Banking)

*Bridgewater Bank (wholly owned subsidiary of the Alberta Motor Association) - "Bridgewater Savings" -- Rate: 2.10%
-- ( Service Fees) // (There is No Online Banking)

*AcceleRate Financial (a division of Crosstown Civic Credit Union) - "AcceleRate Savings" -- Rate: 2.00%
-- (Service Fees) // (Online Banking)

*Achieva Financial (a division of Cambrian Credit Union) - "Daily Interest Savings" -- Rate: 2.00%
-- (Service Fees) // (Online Banking)

*Alterna Bank - "High Interest e-Savings" -- Rate: 2.00%
-- (Service Fees) // (Online Banking) // (RFD Thread)

*EQ Bank (a division of Equitable Bank) - "Savings Plus Account" -- Rate: 2.00%
-- (Service Fees) // (Online Banking) // (RFD Thread)

*Hubert Financial (a division of Sunova Credit Union) - "Hubert Happy Savings" -- Rate: 2.00%
-- (Service Fees) // Online Banking)

*Implicity Financial (a division of Entegra Credit Union) - "Implicity Savings" -- Rate: 2.00%
-- (Service Fees) // (Online Banking)

*Maxa Financial (a division of Westoba Credit Union) - "High Interest Savings" -- Rate: 2.00%
-- (Service Fees) // (Online Banking)

*Oaken Financial (backed by Home Bank, Powered by Home Trust Company) - "Oaken Savings Account" -- Rate: 2.00%
-- (Service Fees) // (Online Banking)

*Outlook Financial (a division of Assiniboine Credit Union) - "High Interest Savings" -- Rate: 2.00%
-- (Service Fees) // (Online Banking)

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

*Wealth One Bank of Canada - "WealthONE High Interest Savings" -- Rate: 2.00%
-- (Service Fees) // (Online Banking) // (RFD Thread)

*Motusbank - "High Interest Savings" -- Rate: 1.75%
-- (Service Fees – Scroll to Bottom) // (Online Banking) // (RFD Thread)

*Rosenort Credit Union - "High Yield Savings" -- Rate: 1.55% (1.65% on portion > $100,000 and 1.85% 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: 1.30% (1.40% on portion > $100,000 and 1.55% 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: 1.25% (1.40% on portion > $100,000 and 1.55% on portion > $250,000)
-- ( Service Fees) // (Online Banking)
-- Notes: Interest is paid annually based on the minimum monthly balance. Interest is paid in January.

*Crosstown Civic Credit Union - "Premium Savings" -- Rate: 1.20%
-- (Service Fees) // (Online Banking)

*Access Credit Union - "Platinum Savings" -- Rate: 1.10% (1.20% on portion > $100,000 and 1.35% 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.

*Wealthsimple - "Cash Account" -- Rate: 0.90%
-- (Service Fees – Scroll to Bottom) // (Online Banking)
Note: Old Smart Savings Account Information // Wealthsimple Save v.s. Smart Savings Account // Additional Coverage Info
Last edited by Shawguy on Apr 14th, 2020 8:35 pm, edited 63 times in total.
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Thread Summary
Short Term Offers

CIBC 2.75% on Esavings.

Simplii 2.80% on Savings until April 30, 2020.
3693 replies
Deal Addict
Nov 18, 2008
3271 posts
74 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
40497 posts
6585 upvotes
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
3428 posts
36 upvotes
Coquitlam
Thanks for the informative post. :)
Deal Addict
Dec 25, 2005
2147 posts
223 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
8344 posts
1343 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
74 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
40497 posts
6585 upvotes
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
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
14584 posts
5542 upvotes
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
701 posts
492 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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