23 thoughts on “The Best High Interest Savings Accounts in Canada”

  1. I have two. Just moved to the highest rate one at Vanguard recently at 2.05%. It is so nice to be earning a little money on cash again. I’m not in as much of a rush to add to my dividend stocks with higher rates on savings. Tom

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    • @Dividends Diversify- Yup, that’s one benefit of higher interest rates! 2.05% is almost equal to some dividend paying stocks’ yield with no downside!

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    • @Caroline- That’s good you are deploying your soldiers (cash) to full potential though!! Thanks and I owe you some chocolate 😉

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  2. We’re enjoying that 2.75% rate from Tangerine at the moment. We have our emergency fund there and it’s making pretty good interest each month. Some people shy away from Tangerine (or Simplii) because they’re online only but we’ve been using them for 10+ years and it’s never been a problem (plus we’ve probably saved $3,000+ on bank fees).

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    • @Owen- Can’t beat that rate, it’s pretty darn good. I’ve used them for over 10 years too! It’s great! I don’t use it for day to day though, but just to park some extra savings/ emergency fund.

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  3. Hi GYM, I like the high interest savings accounts. I can withdraw anytime. In US, usually the online banks offer better rates than the local banks. The rate of the savings accounts are not that great overall. Hey, even $10 a month is not too bad, so I can eat a lunch buffet.

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    • @Helen- Same as here- online banks have better rates. Makes sense because you aren’t paying for the building, the plant decor, the wages of customer service reps etc. Yes, $10 a month at an all you can eat lunch buffet (but a little more because some of it goes to Uncle Sam).

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  4. I’ve been hearing a lot about EQ Bank lately but didn’t realize their rates were that high! I’ve switched between a few different high-interest accounts to get the best rates but got lazy and have stuck with Simplii for the last bit because it’s where my normal banking is. I keep my emergency fund in a HISA but it’s not a lot of money so I don’t worry about it too much.

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    • @Sarah- Yeah EQ Bank rates are very high! A lot of my money is also at a 1.10% rate too (Manulife) because I have paid the $39.95(?) for 100 cheques with them already years ago and too cheap to buy more haha!

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  5. I do have a HISA at Tangerine and it’s great even if the promotional period is over. What you can do is call a few days before your promotional interest period is over and ask if they have any new offers. I do this regularly and often gets additional promotional rates all the time.

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  6. Hi, I am not sure but I believe that if the total interest you earn is less then $100 per year then you don’t have to declare it to the taxes.
    Can anybody else confirm this?

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  7. Pingback: Earn At Least $50 Doing Almost Nothing! - Money Scrap
  8. How about high interest US accounts. Any suggestions. Thanks
    Does anyone know where or if we can open a bank account in the states.
    Thanks

    Reply

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