Top 10 Best Savings Account In Canada Of 2023: Reviews & Picks
Reviewed by Randolph Vialva, MBA
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Whether you are looking for a high-interest savings account, a no-fee savings account, or a savings account that offers additional perks, there are quite a few options in Canada from a bank or credit union. Most financial institutions in Canada offer savings accounts, however, choosing the best high-interest savings account is an important financial decision for every individual, and it depends on your savings goals and needs.
This article will review the top 10 best savings accounts in Canada for 2022 to help you make an informed decision.
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10 Best Savings Account In Canada 2023
We have listed our top picks for the best savings account in Canada by extensively comparing their features, benefits, pros and cons, fees, and interest rates.
- Tangerine Savings Account: Best Overall
- Peoples Bank e-Savings Account: Best for Convenience
- EQ Bank Savings Plus Account: Best for Competitive Interest Rate
- Scotiabank Momentum Plus Savings Account: Best for Long-term Savings
- Simplii Financial™ High-Interest Savings Account: Best for Welcome Bonus
- HSBC Savings Account: Best for Simplicity
- Motive Savvy Savings Account: Best for Internal Fund Transfers
- Oaken Savings Account: Best for Avoiding Accidental Withdrawals and Spending
- KOHO High-Interest Savings Account: Best for Earning Cashback
- TD High-Interest Savings Account: Best for Comprehensive Banking Solutions
What is a saving account?
A savings account allows you to grow your money by earning interest on your deposited funds while still having access to your money when needed. This type of account is a safe place to store your money and grow it over time. It keeps your money separate from your chequing account, which you keep for day-to-day expenses.
Factors To Choose A suitable savings account
Different savings accounts have different features, benefits, and drawbacks. The best savings account for you is the one that best meets your needs. Ideally, when choosing savings accounts in Canada, here are some of the factors you may consider:
Deposit Insurance
When depositing your money, you will always want to ensure that your money is protected. In Canada, the Canadian Deposit Insurance Corporation (CDIC) protects all deposits up to $100,000.
Ease of Use
You will want the best high-interest savings accounts that are easy to use and access. This means being able to access your account online and through mobile devices, conveniently make deposits and withdrawals, and have customer service available when needed.
Promotional Rates
Some banks offer promotional interest rates for a set period when you open a new account. This can be a great way to earn more interest on your deposits, but compare the promotional rate to the regular interest rate to see how much you will be making.
Transfer Fees
When you need to access your money, you will want to be able to do so without incurring any fees. Look for a regular savings account that has no fees for withdrawals or transfers. High transfer fees may cause inconvenience for you down the road.
Currency
If you plan to use your regular savings account for international travel, a savings account from a bank or credit union that allows you to convert your CAD amount to other popular international currencies like USD can come in handy.
Lockup Periods
Some savings accounts have lockup periods, which means you cannot access your money from the bank or credit union for a set period. This could be anywhere from 3 to 12 months. If you think you may need to access your money during this time, look for regular savings account without a lockup period.
Top 10 Best Savings Account In Canada June 2023
Tangerine Savings Account
Tangerine offers one of the best high-interest savings accounts with a great opportunity to earn a welcome bonus interest rate of up to 4.5%.
- Welcome bonus interest
- No service fees for regular savings account
- Excellent online banking
- $45 fee for insufficient funds
- No physical branch
You will get to enjoy excellent online banking facilities provided by the Tangerine online bank. They offer:
- Simplified banking: Tangerine is an online-only or direct bank, and you can open your first Tangerine regular savings account within minutes.
- Accurate estimation: You can effortlessly use the Tangerine savings estimator to learn how much you can save within a specific time.
- Investment options: Tangerine bank also lets you do free electronic fund transfers from the regular savings account to more high-value long-term investment accounts.
Tangerine bank provides an excellent Automatic Savings Program (ASP) that lets you connect and transfer money from external bank accounts periodically to help you achieve a savings goal.
Peoples Bank e-Savings Account
Founded in 1921, Peoples Bank is one of the most reputed financial institutions in North America and offers one of the best high-interest savings accounts. You will get a 2.60% interest rate with Peoples Bank’s e-savings account, which is much higher than many other regular savings accounts offered by the competitors.
- Zero monthly account fees and deposit requirement
- Excellent mobile app and online support
- Competitive interest rate for the bank account
- Limited customer service
Peoples Bank keeps your savings account protected as a member financial institution of the CDIC. Additionally, they offer:
- Transaction tracking: You will get detailed transaction reports online so that you can always stay updated about your manual and automated transactions.
- Interest rate adjustment: Peoples Bank regularly updates its interest rate to keep in line with the market standard and ensure a competitive interest rate.
- Various accounts: You will find various investment and deposit options at Peoples Bank with options for easy internal electronic funds transfers.
Peoples Bank e-savings account is an excellent choice if you want a clutter-free, simplified savings account to grow your money consistently.
EQ Bank Savings Plus Account
EQ bank is one of the pioneers in Canada to introduce direct banking features as an online-only bank, and you will find excellent flexibility with their Savings Plus account.
- Backed by Equitable Bank
- Chequing flexibility
- Free bill payments
- No direct ATM access
- No physical branch
EQ Bank provides various affordable banking solutions, and its Saving Plus account is no exception. You will get:
- Free transfers and bill payments: EQ Bank lets you perform an unlimited number of Interac e-transfer transactions and online bill payments for free.
- Chequing account features: EQ Bank offers similar features to a chequing account within your regular savings account.
- Strong security: Despite being an online-only bank, EQ Bank Savings Plus account uses many of the industry-leading security features to keep your funds safe.
EQ Bank Saving Plus account is straightforward and secure, providing you with one of the most premium online banking experiences possible.
Scotiabank Momentum Plus Savings Account
The MomentumPlus savings account by Scotiabank has a lot to offer compared to many other savings accounts if you want to grow your money with one of the best high-interest savings plans.
- A special promo interest rate of up to 4.5% for five months
- Free unlimited transfers within Scotiabank
- Higher interest rates for longer deposits
- No Point-of-Sale transaction support
- No option for everyday banking
A Scotiabank MomentumPlus regular savings account lets you earn a healthier interest rate if you’re putting money aside for the long term. They also feature:
- Zero monthly fees: Scotiabank does not require you to maintain any minimum balance or pay any monthly fee for account maintenance.
- Savings planning: You can plan specific savings goals through the savings and timeline tracking feature.
- Multiple savings plan: Scotiabank lets you save for multiple goals within your account.
The Scotiabank MomentumPlus savings account is an excellent option for a good return on your idle money.
Simplii Financial High Interest Savings Account
Simplii Financial high-interest savings account is a great way to earn extra cash if you have extra money you won’t need immediately.
- Promotional interest rate of up to 5%
- Easy fund transfer to and from the chequing account
- Paperless verification
- Lower interest earnings compared to many alternatives
- $20 inactivity fee every year
Simplii Finance has made it very easy to open and manage your savings and chequing accounts. They also offer:
- Online account opening: You can complete your identity verification online without having to visit a physical branch.
- No minimum balance: Simplii savings account does not have any minimum balance requirement or maintenance fees.
- Automatic deposit: You can connect your chequing account effortlessly and set up automatic periodic deposits.
Opt for the Simplii promotional plan to earn up to 5% on your idle cash.
HSBC Savings Account
HSBC, one of the most reputable banking institutions globally and in Canada, lets you earn up to 4.9% interest on one of the best high-interest savings accounts.
- Excellent promotional interest rate on new deposits
- 24/7 call center support
- Feature-rich mobile app and online banking
- Low-interest rates for entry-level deposits
- High eligibility criteria for HSBC Premier
HSBC savings accounts lets you earn a competitive interest rate of up to 4.9% if you deposit over $25,000. The account plans also offer:
- Free fund transfers: You can connect and transfer funds between your other HSBC accounts for free.
- ATM network: You will get ATM withdrawal facilities through THE EXCHANGE network.
- Online banking: HSBC’s online banking is one of the best among the major global banks. You can access all the features of your savings account.
An HSBC savings account can help you earn good interest if you have a high deposit balance.
Motive Savvy Savings Account
The Motive Savvy savings account offers one of the most simplified and best high-interest savings accounts in Canada.
- CDIC insurance
- 2 free ATM withdrawals from THE EXCHANGE network
- Unlimited deposits
- $1.50 fee for non-EXCHANGE ATM withdrawal
- $1 fee for interac e transfer transactions
Motive works as an online banking branch of the Canadian Western Bank. You will get
- Competitive interest rate: Motive Savvy provides a competitive interest rate of up to 3%.
- Deposit and maintenance fees: You won’t have to put in a minimum deposit or pay any monthly fee.
- Savings calculator: Savvy provides interactive savings and investment calculators to ease your financial planning.
If you don’t need to make a lot of transactions and yet like easy access to basic savings account functionalities, consider a Motive Savvy savings account.
Oaken Savings Account
Oaken savings account lets you maintain a savings plan with Oaken Financial, a Home Bank and Home Trust Company of Canada subsidiary.
- Excellent interest rate
- Easy transfer to long-term investment accounts like GIC
- Option to have your account backed up by either Home Bank or Home Trust Company
- No debit transaction cards
- No special bonus interest rate
Oaken lets you open your savings account within minutes through their user-friendly banking app. You will also enjoy
- High-interest rate: Oaken provides a 3% interest rate, one of the highest in Canada.
- Unlimited transactions: You can perform an unlimited number of internal transfers free of charge.
- CDIC protection: Both Home Bank and Home Trust Company are CDIC members.
Oaken’s interest rates are among the best in the market, making it an excellent choice for your savings account in Canada.
KOHO High Interest Savings Account
KOHO High Interest saving account is one of the more unique savings accounts in Canada because it lets you use your savings account as a spending account for unlimited debit purchases and still earn a good interest rate.
- Cashback on spending
- Savings planner
- Same interest rate for all users
- Lower interest rate compared to competitors
- Lack of long-term investment options
KOHO regular savings account does not require any minimum balance or fees paid monthly. KOHO also offers:
- Various direct deposits: KOHO lets you deposit your funds through various channels, including paycheck and automated fund transfers.
- Instant chequing account transfer: You can instantly transfer funds to the KOHO chequing account at any time.
- Financial coaching: KOHO offers a free financial advisory service known as KOHO Financial Coaching to assist you.
KOHO’s regular savings account includes cashback features, making it a highly convenient option to save money.
TD High Interest Savings Account
The TD High Interest Savings Account is a well-known regular savings account. The bank also offers other savings options such as a registered retirement savings plan, which is a tax-free savings account, in addition to their regular savings account.
- Zero monthly fees
- Access to the well-regarded TD Bank
- Transaction fee waiver
- Low interest earned compared to several alternatives
- $5 transaction fees per transaction
TD high interest savings account helps you save and grow your money over time. You will get:
- Transaction fee waiver: If you maintain a balance of over $25,000, TD will waive your transaction fees.
- Versatile product line: TD Bank has a broad product line offering a good range of banking solutions.
- Spend tracking: TD mobile app lets you accurately track your spending and savings habits over time.
If you are looking for comprehensive banking features with your savings account, TD High Interest Savings is a top choice.
How To Open A Saving Account
Opening a savings account is pretty straightforward in Canada. Most banks now allow you to open an account online or through mobile apps. Alternatively, you may also visit a branch or service center nearby to open an account.
When you open a savings account, you must provide personal information such as your name, address, date of birth, and Social Insurance Number (SIN). You will also have to provide some identification, such as a driver’s license, passport, or Canadian government-issued ID. In addition, some banks may require you to keep a minimum account balance in your account.
Final Thoughts
Your savings account will help you grow your idle money while providing several perks and rewards. Choosing the right savings account that best suits your needs and requirements is essential. To help you decide, we have reviewed the top 10 best savings accounts in Canada for 2022. The Tangerine Savings Account tops our list as the best savings account in Canada.
Frequently Asked Questions (FAQs)
Typically, if account holders keep their money deposited or locked in a bank or financial institution for a more extended period, they will likely earn a greater interest rate. Many savings accounts tend to offer a high promotional interest rate for new deposits. Simplii Financial currently offers a 5% promotional interest rate, one of the highest you can find among savings accounts in Canada.
Many different banks offer savings accounts, each with its unique benefits. The Tangerine savings account is the best overall savings account in Canada due to its great interest rates, zero fees, and other features.
A savings account lets you deposit money in a bank, credit union or any other financial institutions and earn interest on it. Unlike a chequing account, you can’t use a savings account to write cheques or make everyday purchases. Although you can perform some regular transactions, you may have to bear a high fee.
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- Canada Deposit Insurance Corporation. cdic.ca. Accessed November 18, 2022. https://www.cdic.ca/