5 Best High Interest Savings Accounts

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When saving your money, why not have it maximized to the best of your advantage? For me, especially since the pandemic, I have done my research on different savings accounts. I thought I’d pass along my “finds” for the best high interest savings accounts here to you, so you can reap the benefits too!

1. EQ BANK – SAVINGS PLUS ACCOUNT (1.70%)

EQ Bank is a trade name of Equitable Bank who has been serving Canadians for approximately 45 years. EQ is an online only bank that makes the best high interest savings accounts list due to its great standard interest rate of 1.70%.

  • No minimum balance
  • Free transactions
  • No everyday banking fees
  • Free bill payments
  • No monthly fees
  • Interest rate calculated daily and paid monthly
  • Free e-transfers
  • Cheap international money transfers
  • Interest rate is standard (non-promo)
  • Free EQ to EQ transfers
  • Eligible for CDIC protection on deposits (up to $100,000)

Get more details: EQ Bank

2. TANGERINE SAVINGS ACCOUNT (2.50% PROMOTIONAL)

Tangerine is owned by the Bank of Nova Scotia (Scotiabank). They launched several years ago as an online only bank. I have added them as one of the best high interest savings accounts due to their great promotional rates that they offer much of the time.

  • New clients earn 2.50% from August 17, 2020 to October 14, 2020 (0.20% interest after promo)
  • No unfair fees
  • Zero monthly fees
  • No minimum balance
  • Use their Automatic Savings Program to save faster
  • No service charges
  • See details on their website to receive $200 (by opening a chequing account too)
  • Use their Savings Calculator to calculate when you will reach your goal
  • Eligible for CDIC protection on deposits (up to $100,000)

Get more details: Tangerine

3. ALTERNA BANK HIGH INTEREST eSAVINGS ACCOUNT (1.40%)

Alterna Bank is another online only bank, who has been around since 1992. They are a subsidiary of Alterna Savings, who has been around for decades. With a standard interest rate of 1.40%, they rank as offering one of the best high interest savings accounts.

  • No monthly fees
  • High interest rate on every dollar
  • Free, unlimited bill payments, transfers and debits
  • No minimum balance
  • Interest paid monthly
  • Free, unlimited Interac e-transfers
  • Interest rate is standard (non-promo)
  • Eligible for CDIC protection on deposits (up to $100,000)

Get more details: Alterna Bank

4. OAKEN FINANCIAL SAVINGS ACCOUNT (1.50%)

As part of Home Bank and powered by Home Trust Company, Oaken Financial is a very trustworthy option. At 1.50% interest, they most definitely make the list for the best high interest savings accounts.

  • Zero monthly fees
  • No minimum balance
  • Free, unlimited transactions
  • Interest calculated daily and paid monthly
  • Eligible for CDIC coverage
  • Interest rate is standard (non-promo)

Get more details: Oaken Financial

5. MOTUSBANK SAVINGS ACCOUNT (1.30%)

Motusbank is young but it’s backed by parent company, Meridian Credit Union, who has been around for over 75 years. Meridian Credit Union is the second largest credit union in Canada, so we know they must be quite successful.

  • An always competitive rate
  • No minimum balance
  • Zero monthly fees
  • Unlimited debit purchases and withdrawals
  • Eligible deposits insured up to $100,000 by CDIC
  • Free, unlimited use of their Price Drop feature (they’ll try to find you better rates on items you’ve purchased while shopping)
  • Auto-Save feature allows you to round up your debit purchases and have the difference directly deposited into your savings account
  • Free, unlimited transactions with their Money Mover (moving money)

Get more details: Motusbank

There you have it! I have high interest savings accounts with both Tangerine and EQ Bank. I like both but with EQ Bank, their interest rate is standard, not a promotional rate that will eventually end. So I like that aspect. However, although the rate with Tangerine is a promotional one, they tend to offer a promotion quite often. I like that too, of course.

As for the other banks that made the best high interest savings accounts list here, after doing my research on them, I think they all sound great too! You be the judge for whatever one sounds best for you. Until next time…

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