Personal Finance

Official RFD thread for High Interest Savings Accounts (Updated 2021-APR-20)

  • Last Updated:
  • Jun 16th, 2021 2:58 pm
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Dec 17, 2008
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Winnipeg

Official RFD thread for High Interest Savings Accounts (Updated 2021-APR-20)

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

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)

Canadian Tire Financial Services (CTFS) - High Interest Savings
• Rate: 1.55%
• Not available to Quebec residents.
Service Fees // Online Banking // RFD Thread

Neo Financial - Neo Savings Account
• Rate: 1.55%
• Not currently available to Quebec residents, but they claim they're coming soon.
• Online banking through mobile app only. They are working on an online banking site, currently in Beta
RFD Thread

Saven Financial (division of FirstOntario Credit Union) - High Interest Savings Account
• Rate: 1.55%
Only available to Ontario residents.
• Requires a $25 membership share.
Service Fees // Online Banking

Wealth One Bank of Canada - WealthONE High Interest Savings
• Rate: 1.50%
• Not available to Quebec residents.
Service Fees // Online Banking // RFD Thread

Bridgewater Bank (wholly owned subsidiary of the Alberta Motor Association) - Bridgewater Savings
• Rate: 1.45%
• Not available to Quebec residents.
Service Fees // There is No Online Banking

EQ Bank (a division of Equitable Bank) - Savings Plus Account
• Rate: 1.25%
• Not available to Quebec residents.
Service Fees // Online Banking // RFD Thread

Motive Financial (division of Canadian Western Bank) - Motive Savvy Savings
• Rate: 1.25% (0.50% on whole balance if account balance exceeds $5,000,000)
• Not available to Quebec residents.
Service Fees // Online Banking // RFD Thread

Rosenort Credit Union - High Yield Savings
• Rate: 1.25% (1.35% on portion > $100,000 and 1.55% 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

AcceleRate Financial (a division of Crosstown Civic Credit Union) - AcceleRate Savings
• Rate: 1.20%
Service Fees // Online Banking

Achieva Financial (a division of Cambrian Credit Union) - Daily Interest Savings
• Rate: 1.20%
Service Fees // Online Banking

B2B Bank (division of Laurentian Bank) - High Interest Savings
• Rate: 1.20% (0.30% on portion > $500,000)
• 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

Koho - Koho Save
• Rate: 1.20%
• Online banking only through mobile app. NOTE: Must have Direct Deposit to Account to Get Rate Shown.
RFD Thread

LBC Digital (division of Laurentian Bank) - Digital High Interest Savings
• Rate: 1.20% (0.30% on portion > $500,000)
• 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

Peoples Trust Company - e-Savings
• Rate: 1.20%
Service Fees // Online Banking // RFD Thread

Oaken Financial (backed by Home Bank, Powered by Home Trust Company) - Oaken Savings Account
• Rate: 1.15%
Service Fees // Online Banking

Access Credit Union - Platinum Savings
• Rate: 1.10% (1.25% on portion > $100,000 and 1.40% 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

Alterna Bank - High Interest e-Savings
• Rate: 1.10%
Service Fees // Online Banking // RFD Thread

Implicity Financial (a division of Entegra Credit Union) - Implicity Savings
• Rate: 1.10%
Service Fees // Online Banking

Maxa Financial (a division of Westoba Credit Union) - High Interest Savings
• Rate: 1.10%
Service Fees // Online Banking

Outlook Financial (a division of Assiniboine Credit Union) - High Interest Savings
• Rate: 1.10%
Service Fees // Online Banking

Steinbach Credit Union - Regular Savings
• Rate: 1.10% (1.25% on portion > $100,000 and 1.40% 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

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

Hubert Financial (a division of Sunova Credit Union) - Hubert Happy Savings
• Rate: 1.00%
• Not available to Quebec residents.
Service Fees // Online Banking

Motusbank - High Interest Savings
• Rate: 1.00%
Service Fees - Scroll to Bottom // Online Banking // RFD Thread

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 Apr 20th, 2021 7:20 am, edited 109 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

Motusbank: 2.25% for 90 days on a maximum of $250 000 when you open a new HISA. To get the offer, you must open your new account by 5pm (presumably eastern time) on July 31.

Manulife: 2% for 120 days on a maximum of $50 000. Only works if you've never held an Advantage Account before. You need to open your Advantage Account by July 16 to get this promo.

Scotiabank: Up to 1.8% until August 31. Read the kafkaesque fine print.

Best Non-Promotional HISA Rates

Canadian Tire Financial Services (CTFS) - High Interest Savings
• Rate: 1.55%
• Not available to Quebec residents.
Service Fees // Online Banking // RFD Thread

Saven Financial (division of FirstOntario Credit Union) - High Interest Savings Account
• Rate: 1.55%
Only available to Ontario residents.
• Requires a $25 membership share.
Service Fees // Online Banking

Neo Financial - Neo Savings Account
• Rate: 1.3%
• 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

EQ Bank (division of Equitable Bank) - Savings Plus Account
• Rate: 1.25%
• Not available to Quebec residents.
Service Fees // Online Banking // RFD Thread

Hubert Financial (division of Sunova Credit Union) - Hubert Happy Savings
• Rate: 1.25%
• Not available to Quebec residents.
Service Fees // Online Banking

Motive Financial (division of Canadian Western Bank) - Motive Savvy Savings
• Rate: 1.25% (0.5% on portion > $5 000 000)
• Not available to Quebec residents.
Service Fees // Online Banking // RFD Thread

Rosenort Credit Union - High Yield Savings
• Rate: 1.25% (1.35% on portion > $100 000 and 1.55% 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

Wealth One Bank of Canada - WealthONE High Interest Savings
• Rate: 1.25%
• Not available to Quebec residents.
Service Fees // Online Banking // RFD Thread

AcceleRate Financial (division of Crosstown Civic Credit Union) - AcceleRate Savings
• Rate: 1.2%
Service Fees // Online Banking

Achieva Financial (division of Cambrian Credit Union) - Daily Interest Savings
• Rate: 1.2%
Service Fees // Online Banking

Bridgewater Bank (subsidiary of the Alberta Motor Association) - Smart eSavings Account
• Rate: 1.2%
• Not available to Quebec residents.
Service Fees // There is No Online Banking

Koho - Koho Save
• Rate: 1.2%
Only available if you have a direct deposit with Koho.
• Online banking only through mobile app.
RFD Thread

B2B Bank (division of Laurentian Bank) - High Interest Savings
• Rate: 1.15% (0.3% on portion > $500 000)
• 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: 1.15% (0.3% on portion > $500 000)
• 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

Oaken Financial (backed by Home Bank, Powered by Home Trust Company) - Oaken Savings Account
• Rate: 1.15%
Service Fees // Online Banking

Peoples Trust Company - e-Savings
• Rate: 1.15%
Service Fees // Online Banking // RFD Thread

Implicity Financial (division of Entegra Credit Union) - Implicity Savings
• Rate: 1.1%
Service Fees // Online Banking

Outlook Financial (division of Assiniboine Credit Union) - High Interest Savings
• Rate: 1.1%
Service Fees // Online Banking

Steinbach Credit Union - Regular Savings
• Rate: 1.05% (1.2% on portion > $100 000 and 1.35% 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

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

Access Credit Union - Platinum Savings
• Rate: 1% (1.15% on portion > $100 000 and 1.3% 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

Alterna Bank (subsidiary of Alterna Savings) - High Interest e-Savings
• Rate: 1%
Service Fees // Online Banking // RFD Thread

Maxa Financial (division of Westoba Credit Union) - High Interest Savings
• Rate: 1%
Service Fees // Online Banking

Motusbank (subsidiary of Meridian Credit Union) - High Interest Savings
• Rate: 1%
Service Fees - Scroll to Bottom // Online Banking // RFD Thread

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
4178 replies
Deal Addict
Nov 18, 2008
3271 posts
75 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
43671 posts
9492 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
User avatar
Aug 26, 2005
3428 posts
36 upvotes
Coquitlam
Thanks for the informative post. :)
Deal Addict
Dec 25, 2005
2208 posts
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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
8492 posts
1616 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
75 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
43671 posts
9492 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
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 Guru
User avatar
Feb 24, 2008
14757 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
748 posts
883 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
43671 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
8 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
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User avatar
Mar 23, 2004
43671 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:
Sr. Member
Aug 1, 2006
993 posts
85 upvotes
Outlook - usually the same rates as Achieva.
Deal Fanatic
Jul 1, 2007
8492 posts
1616 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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