Best High-Interest Savings Accounts

By Remitbee - Mar 9, 2022

Saving money in the bank has many advantages. One of which is the interest your money earns as it stays in your account. While normal accounts may have a very minimal interest rate, a high-interest savings account (HISA) offers a higher interest rate than a regular savings account. Regular savings accounts often offer 0.30%, high-interest savings accounts will offer 0.50% to 2.25%, depending on the bank and credit union that offers these accounts. When you have a high-interest savings account, the interest you earned from your balance may add up, especially with compound interest.

Why are Some Financial Institutions Able to Offer High-Interest Savings Accounts?

  • They operate online and are branchless, helping them cut down on costs.
  • They require costly transaction fees that influence customers not to use these accounts daily. As a result, banks don’t have many transactions to process, which also reduces operational costs.
  • They use the high-interest rates to acquire new customers.

Should You Get a High-Interest Savings Account?

Definitely! A high-interest savings account is best, especially if you want to build your emergency fund or savings fund. However, when choosing a high-yield savings account, you should determine an account whose initial deposit requirement, interest rates, minimum balance requirements, and possible account fees that you are comfortable with.

The Best High-Interest Savings Account in Canada 2022

If you decide to open a high-yield savings account, we have gathered the best high-interest savings account in Canada you can consider applying for:

EQ Bank Savings Plus Account

This bank account has no minimum balance and no monthly fees. With this account, you can earn up to 125x more than regular savings account from other banks as this offers a 1.25% interest rate per annum. This account also allows you to do several transactions for free such as Interac e-Transfers, Electronic Funds Transfers, bill payments, and EQ to EQ Transfers.

The EQ Bank Savings Plus account is also available for Individual or Joint Accounts. The latter option is perfect for newlyweds who want to build their emergency fund together.

Saven Financial High-Interest Savings Account

With the Saven Financial High-Interest Savings Account, you may earn a 1.50% annual interest rate. With an initial investment of $25, you can be a Saven member and start growing your money. With this account, you will enjoy free transfers whenever you need them. This account does not have minimum balance requirements. You will also enjoy free account fees and monthly interests given at the end of each month.

You are guaranteed peace of mind as you use Saven Financial High Interest Savings Account for online transactions. Eligible combined deposits you hold in Saven Financial and FirstOntario Credit Union are insured by the Financial Services Regulatory Authority (FSRA) of Ontario to a maximum of $250,000.

Wyth High-Interest Savings Account

With the Wyth High Interest Savings Account (HISA), you may grow your savings at a 1.55% annual rate while maintaining the flexibility to make necessary deposits and withdrawals from your account. Application for this account only takes minutes, and you don’t need to pay any monthly fees or maintain a minimum balance in your account. You will also enjoy their one free Interac e-Transfer per month and free transfers for deposits and withdrawals to your external linked account.

Also check - The different types of canadian savings accounts

You will be confident to save your money in Wyth Financial since it is a Canada Deposit Insurance Corporation (CDIC) member.

CIBC eAdvantage Savings Account

With the CIBC eAdvantage Savings Account, your money can grow with 1.50% interest rate (1.20% bonus interest + 0.25% Smart Interest + 0.05% regular interest) for 120 days and 0.30% after. This account has no monthly fee, no minimum balance requirements and enables you to make free transfers to other CIBC personal accounts.

When you choose this high-interest savings account, you will have a competitive 0.05% regular interest on all balances and get a 0.25% Smart Interest reward when you save $200 or more per month.

Neo High-Interest Savings Account

With Neo Savings, you have a multipurpose account where you can save, spend, and earn 1.30% annual interest from your savings. You can enjoy free unlimited transactions per month and free Interac e-Transfer fees with this account.

The Neo Savings account is provided by Concentra Bank, a member of the CIDC institution. Therefore, deposits in this savings are combined with eligible deposits held at Concentra Bank are protected by CDIC for up to $100,000 of deposit protection, per category, per depositor.

Motive Savvy Savings Account

Motive Savvy Savings Account is a high-interest savings account offered by Motive Financial. Using this account, you can earn an annual interest rate of 1.10% in your savings. This account does not have a monthly fee, and you can get two free monthly withdrawals. Since your eligible deposits are held at Canadian Western Bank, the Canada Deposit Insurance Corporation (CIDC) protects your money in this account.

Remittance Service Provider that Gives You the Most Out of Your Money

Without a doubt, HISAs allow you to earn from your savings, therefore enabling you to get the most out of your money. On the other hand, if you are looking for the best money transfer services in Canada that give you the best value for your money, choose RemitBee. You can transfer money for free with us if you remit at least $500 to one of our 50+ receiving countries. We are also known to give the best currency exchange rates!

Come on and sign up for a free RemitBee account and experience for yourself our superb services.

Other articles in Financial News