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Best High-Interest Savings Accounts in Canada

If you want to save more while enjoying special privileges, here’s what to know. With these best high-interest savings accounts in Canada, you will find options based on your needs to help maximize your money with minimal fees and obtain valuable rewards. Each account offers advantages from high interest rates, cash-back rewards, and bonus offers to credit-building opportunities. Top options in 2024 include accounts such as EQ Bank, Simplii Financial, Motive Financial, Neo and KOHO that fit varied saving goals, running from short-term high interest to cash-back incentives on everyday spending.

In this article, we will review the best high-interest savings accounts in Canada, highlighting their features, fees and benefits to help you identify the high-interest savings account that aligns with your financial needs.

EQ Bank Personal Account: Best Bonus Offer

If you’re a Canadian looking for a feature-rich, high-interest banking option without the hassle of every monthly fee, the EQ Bank Personal Account is a top choice. This account is known for its hybrid nature; it balances the interest-earning power of a savings account and the flexibility of a chequing account and is, therefore, ideal for someone wanting to grow their money as well as have access to money.

Features and Benefits

• High Interest Rate: Receive a competitive 3.75%* interest rate on your balance. Your funds grow steadily by having interest calculated daily and paid monthly.
• Bonus Interest Offer: To get a 3.75% interest rate for an entire year, customers must set up a direct deposit of $500 or more per month or arrange for recurring pre-authorized debits. The offer works on Personal, Joint and EQ Bank Card balances and rewards qualifying users automatically.
• No Monthly Fees: There are no monthly charges at EQ Bank. There are no fees for Interac eTransfers®, bill payments, overdrafts or dormant accounts.
• Mobile Banking Convenience: Mobile cheque deposits through the EQ Bank mobile app make it easy to manage your funds. You can also access online banking and transfer funds with Interac e-Transfers® or Electronic Funds Transfer (EFT).
• Flexible and Accessible: Its straightforward, simple account and no requirement for minimum balance give you the advantages of chequing as well as a savings account, without any wait and swift access to your balance. You should also note the maximum balance limit of $200,000.
• CDIC Insurance: All deposits are insured by CDIC insurance, which gives customers peace of mind across Canada.
• Available Across Canada: At the end of 2022, EQ Bank also opened access to Québec residents, meaning all Canadians can now get this account.

The EQ Bank Personal Account is a simple, affordable and secure way to grow your money; it is so easy to use that you’ll wonder why you didn’t open one earlier.

Simplii Financial™ High-Interest Savings Account

For Canadians who wish to maximize their savings return effectively in the short term, the High-Interest Savings Account offered through Simplii Financial™ may be just what they need. This account provides high growth potential with no monthly fees and is known for its 6.25% promotional rate on eligible deposits during its promotional period.

Features and Benefits

• High Promotional Interest Rate: Get a first 5 months interest rate of 6.25* per cent on your eligible deposits. The high rate it offers enables account holders to increase their savings quite hugely in a relatively short time. (This offer is valid until October 31, 2024.)
• No Monthly Fees: No monthly or maintenance fees exist, so every dollar you save remains in your account and has a higher potential to grow.
• Flexible and Accessible Banking: Simplii allows you to manage your funds in online banking and mobile apps, and it’s easy to set up, automatically deposit, transfer funds and track how much you save.
• No Minimum Balance Requirement: You can deposit any amount; there’s no minimum balance and no penalty.

• Additional Access with No-Fee Chequing Option: If you’re a Simplii account holder, you can open a Simplii no-fee chequing account to access your money free from any CIBC ATM throughout Canada.
• No Transaction Fees: Simplii Financial does not charge transaction or service fees on any of our withdrawals or deposits, ensuring you have cost-effective access to your funds.
• CDIC Insured: This account is insured by CDIC, which means your deposits are protected.

Simplii Financial High-Interest Savings Account is especially attractive for people who want to make the most from their investments in the shortest time possible without being derailed by fees or minimum balances.

Motive Savvy Savings Account

Canada’s Motive Savvy Savings Account is an excellent place for Canadians looking to earn a competitive return on their savings with an easy and fee-free structure. This account is for those who want to gain maximum earnings while providing an assurance of a standard rate, with a promotional interest rate of 5.75% for the first 120 days.

Features and Benefits

• High Promotional Rate: If you’re keen to increase your savings, you can earn a remarkable 5.75%* interest rate for the first 120 days. Once the promotional period ends, balances up to $5 million are charged a competitive standard rate of 3.60%.
• Tiered Interest Structure: A standard rate of 3.60% is paid on balances up to $5 million, but balances above $5 million are bumped down to a 0.50% rate in order to help high balance holders still get paid on savings.
• No Monthly Fees: Motive Financial does not charge monthly maintenance fees and all interest earned stays in your account.
• Unlimited Transactions and Transfers: You have unlimited free transfers and transactions to enjoy, meaning no restrictions to accessing and managing your funds.
• Flexible Access to Funds: This is a no-fee account with additional access options, meaning you can easily transfer funds to your Motive Savings or your Motive Chequing account.

• Digital Banking Convenience: With flexible control over your money, handle your savings with Motive’s mobile app, online banking platform or over the phone to manage your savings.
• CDIC Insured: CDIC insurance protects deposits and gives you peace of mind as your savings increase.
• Geographical Limitation: Motive Financial accounts are currently unavailable to Québec residents.

Motive Savvy Savings Account stands out with a great promotional rate and good long-term interest structure. It’s a perfect product for savers who are looking to take advantage of a high initial return while keeping things flexible and efficient to grow their savings.

Neo High-Interest Savings Account: Simple and Solid Earnings

Neo’s solution is its Neo High-Interest Savings Account, which offers Canadians a reliable 4.00% interest rate with no minimum balance requirements or monthly fees. The Neo account is a way for savers who like simple access to their money without having to pay fees.

Features and Benefits

• Competitive Interest Rate: You’ll earn a great 4.00% interest rate on the entire balance, daily interest, and monthly interest. This easy-to-understand earning rate will ensure continued growth without worrying about fluctuating promotional periods.
• No Minimum Balance Requirements: Unlike some high-interest accounts, you do not need to put in a minimum amount to save with Neo.
• Zero Monthly Fees: No extra monthly maintenance fees are charged to the Neo account, and your savings are left intact.
• Convenient Money Management: It has easy integration with other bank accounts, and you can quickly transfer money between them through the Neo mobile app or web-based banking platform.
• CDIC-Insured Security: If you deposit money in the Neo High-Interest Savings Account, up to $100,000 of your deposits will be protected if you hold it through CDIC insurance provided via People’s Bank, a CDIC member. It guarantees that you won’t lose the money you save.

The Neo High-Interest Savings Account offers Canadians a hassle-free way to grow their fund with its fixed high interest rate, fee-free structure and access through digital banking.

Conclusion

Canada’s top high-interest savings accounts of 2024 offer savers robust options to earn more on their funds while keeping fees to a minimum. Whether you want the highest promotional rate offered by Simplii Financial, prefer the ease and ease of access the Neo provides with its high interest, or earn rewards through KOHO’s cash back Mastercard, each account will offer something tailor-made to help you save. Some options bring flexibility, CDIC protection and digital convenience, so you’ll be sure to find an account that meets your financial goals. Canadians can now choose one of these high-interest savings accounts to help them grow their savings, reward their spending in everyday life, and have a reliable and accessible way to realise their financial ambitions.