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Best Savings Accounts in Canada for 2024: HISAs, TFSAs, RRSPs

Dec 23, 2024Choose the best savings account from the top registered and non-registered plans in Canada by comparing interest rates, fees and convenience.
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Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

The best savings accounts have competitive annual percentage yields (APYs). The higher the APY, the more money you’ll earn over time.

Our picks for best savings account interest rates

The accounts with the best interest rates for non-registered HISAs, TFSAs and RRSPs as of Dec. 11, 2024, are:

  • Simplii Financial High Interest Savings Account

  • Scotiabank MomentumPLUS Savings Account

  • Tangerine Savings Account

  • Motive Savvy Savings Account

  • CIBC eAdvantage Savings Account

  • RBC High Interest eSavings

  • KOHO Spending and Savings Account

  • PC Money Account

NerdWallet follows strict editorial guidelines to remain objective in our evaluations and ensure accuracy for our readers. Evaluations are based on a proprietary formula that factors in the overall value and benefits of each savings account.

Nearly 40 financial institutions, including traditional banks, credit unions and online banks reviewed by our banking specialists.

Over 180 currently-available savings accounts, including high interest savings accounts (HISAs), tax-free savings accounts (TFSAs) and registered retirement savings plans (RRSPs) examined to determine their eligibility for our list.

NerdWallet Home PagePartner Spotlight
Motive Savvy Savings Account

Earn up to 10x more than other Canadian banks with a Motive Savvy Savings® account. New clients earn 5.35%, a 2.15% bonus on top of your regular interest rate of 3.20% for 120 days. Offer ends. January 31, 2025.

APPLY NOW
on Motive Financial's website
Motive Savvy Savings Account

The best HISAs in Canada

Simplii Financial™ High Interest Savings Account
APPLY NOW
on Simplii Financial™'s website
Interest rate
4.60%*
Promotional rate

Bonus offer
N/A

Monthly fee
$0
APPLY NOW
on Simplii Financial™'s website

Scotiabank MomentumPLUS Savings Account
APPLY NOW
on Scotiabank's website
Interest rate
Up to 5.25%*
Promotional Rate

Bonus offer
N/A

Monthly fee
$0
APPLY NOW
on Scotiabank's website

Tangerine Savings Account
Tangerine Savings Account
Interest rate
5.40%*
Promotional rate

Bonus offer
N/A

Monthly fee
$0

Motive Savvy Savings Account
APPLY NOW
on Motive Financial's website
Interest rate
5.35%*
Promotional rate

Bonus offer
N/A

Monthly fee
$0

Transactions
Unlimited
APPLY NOW
on Motive Financial's website

CIBC eAdvantage® Savings Account
CIBC eAdvantage® Savings Account
Interest rate
Up to 5.25%*
Promotional rate

Bonus offer
N/A

Monthly fee
$0

RBC High Interest eSavings Account
RBC High Interest eSavings Account
Interest rate
5.10%*
Promotional rate

Bonus offer
N/A

Monthly fee
$0

KOHO Spending and Savings Account
APPLY NOW
on KOHO's website
Interest rate
Up to 5.00%
No minimum balance required

Bonus offer
30-day free trial

Monthly fee
$0-$19

Transactions
Dollar limits apply*
APPLY NOW
on KOHO's website

The PC Money™ Account
The PC Money™ Account
Interest rate
4.00%

Bonus offer
100,000 bonus PC Optimum points.*

Monthly fee
$0

Transactions
Unlimited

The best TFSA HISAs in Canada

Tangerine Tax-Free Savings Account
Tangerine Tax-Free Savings Account
Interest rate
5.40%*
Promotional rate

Bonus offer
N/A

Monthly fee
$0

WealthONE Tax-Free Savings Account
WealthONE Tax-Free Savings Account
Interest rate
3.45%
$1,000 opening deposit required

Bonus offer
N/A

Monthly fee
$0

Saven Financial TFSA
Saven Financial TFSA
Interest rate
3.40%

Bonus offer
N/A

Monthly fee
$0

Motive Financial TFSA Savings Account
Motive Financial TFSA Savings Account
Interest rate
3.20%
No minimum balance required

Bonus offer
N/A

Monthly fee
$0

Achieva Financial TFSA Savings Account
Achieva Financial TFSA Savings Account
Interest rate
3.00%
No minimum balance required

Bonus offer
N/A

Monthly fee
$0

Canadian Tire Tax Free® High Interest Savings Account
Canadian Tire Tax Free® High Interest Savings Account
Interest rate
3.00%
No minimum balance required

Bonus offer
N/A

Monthly fee
$0

Steinbach Credit Union TFSA Variable Savings
Steinbach Credit Union TFSA Variable Savings
Interest rate
2.95%

Bonus offer
N/A

Monthly fee
$0

The best RRSP HISAs in Canada

Tangerine RSP Savings Account
Tangerine RSP Savings Account
Interest rate
5.40%*
Promotional rate

Bonus offer
N/A

Monthly fee
$0

National Bank Cash Advantage Solution RRSP
National Bank Cash Advantage Solution RRSP
Interest rate
0.75% - 3.75%

Bonus offer
N/A

Monthly fee
$0

WealthONE RRSP Savings Account
WealthONE RRSP Savings Account
Interest rate
3.45%
No minimum balance required

Bonus offer
N/A

Monthly fee
$0

Saven Financial RRSP
Saven Financial RRSP
Interest rate
3.40%

Bonus offer
N/A

Monthly fee
$0

Achieva Financial RRSP Savings Account
Achieva Financial RRSP Savings Account
Interest rate
3.00%
No minimum balance required

Bonus offer
N/A

Monthly fee
$0

Steinbach Credit Union RRSP Variable Savings
Steinbach Credit Union RRSP Variable Savings
Interest rate
2.80%

Bonus offer
N/A

Monthly fee
$0

MAXA Financial RRSP Savings
MAXA Financial RRSP Savings
Interest rate
2.70%
No minimum balance required

Bonus offer
N/A

Monthly fee
$0

Outlook Financial RRSP High-Interest Savings Account
Outlook Financial RRSP High-Interest Savings Account
Interest rate
2.65%
No minimum balance required

Bonus offer
N/A

Monthly fee
$0

NerdWallet Home PagePartner Spotlight
Motive Savvy Savings Account

Earn up to 10x more than other Canadian banks with a Motive Savvy Savings® account. New clients earn 5.35%, a 2.15% bonus on top of your regular interest rate of 3.20% for 120 days. Offer ends. January 31, 2025.

APPLY NOW
on Motive Financial's website
Motive Savvy Savings Account

Methodology

BACK TO TOP

NerdWallet Canada selects the best savings accounts based on several criteria. Factors in our evaluation methodology include annual percentage yields, minimum balances, fees, digital experience, access to other services, and more. Both registered TFSAs, RRSPs and non-registered savings accounts that are available in more than one province are considered for this list.

Honourable mentions

If you’re comfortable managing your money digitally, consider these online-only accounts from virtual banks.

Savings accounts from online-only banks

Non-registered savings from online banks

  • Simplii Financial™ High Interest Savings Account

  • Tangerine Savings Account

  • Motive Savvy Savings Account

  • KOHO Spending and Savings Account

  • PC Money Account

  • EQ Bank Personal Account

  • WealthONE High Interest Savings Account

High-interest TFSAs from online banks

  • Tangerine Tax-Free Savings Account

  • WealthONE Tax-Free Savings Account

  • Saven Financial TFSA

  • Motive Financial TFSA Savings Account

  • Achieva Financial TFSA Daily Interest Savings Account

  • Canadian Tire Tax Free® High Interest Savings Account

  • Steinbach Credit Union TFSA Variable Savings

  • MAXA Financial TFSA High Interest Savings Account

High-interest RRSPs from online banks

  • Tangerine RSP Savings Account

  • WealthONE RRSP Savings Account

  • Saven Financial RRSP

  • Achieva Financial RRSP Savings Account

  • MAXA Financial RRSP Savings

  • Steinbach Credit Union RRSP Variable Savings

  • Outlook Financial RRSP High-Interest Savings Account

Things to know about savings accounts

What is a savings account?

A savings account is a common type of deposit bank account that earns interest on its balance.

Savings accounts can make it easier to achieve specific savings goals, such as a new car, a wedding, or an emergency fund. Since savings accounts earn interest, they help your money grow over time.

Types of savings accounts

There are a number of different types of savings accounts available to Canadians. Most are fairly simple, while others have features designed to meet specific needs. Options include:

Comparing HISAs, TFSAs and RRSPs

Here’s a breakdown of basic similarities and differences between each kind of savings account:

HISAs

TFSAs

RRSPs

Uses

  • Save for retirement.

  • Borrow funds from RRSP for the Home Buyers’ Plan and Lifelong Learning Plan to pay for your first home or education expenses.

Eligibility

May be at least 18 years of age and a Canadian with a Social Insurance Number (SIN), unless terms mention otherwise.

Must be at least 18 years of age and have a Social Insurance Number (SIN).

Must be under 71 years of age, earn an income and be a Canadian resident paying income tax.

Contribution limits

None, in most cases.

The set annual TFSA contribution limit for 2025 is $7,000 — you may have additional room based on past contributions.

The RRSP contribution limit for 2024 tax year is $31,560. It is 18% of your previous year’s earned income — up to an annual maximum limit set by the CRA, plus any unused contributions from past years.

Withdrawals

Generally, no restrictions on withdrawals. Fees may apply.

If you withdraw from your TFSA, you get that contribution room back the following year.

Once you withdraw from your RRSP, you lose that contribution room and the potential for compound growth on your savings. Plus, withdrawals are subject to withholding tax.

Taxes

Earnings are taxed.

  • TFSA contributions are not tax-deductible.

  • Withdrawals from a TFSA are tax-free.

  • RRSP contributions are tax-deductible, helping reduce the total income tax you pay for that year.

  • RRSP withdrawals are taxable at your annual marginal tax rate in the year you make them. Plus, these withdrawals are subject to withholding tax.

Time limts

No time limits.

No time limits.

You can contribute to an RRSP up until December 31 of the year in which you turn 71. After this point, you must transfer the funds to a registered retirement income fund (RRIF) or an annuity, or withdraw the entire amount in a lump sum and pay withholding tax.

How savings accounts work

When you deposit your money in a savings account at a bank or credit union, you’re lending funds to the institution. In exchange, the bank pays you interest. You typically have full access to your money stored in a savings account, whenever you need it.

Your savings account may have rules about how many withdrawals you can make each month, but it’s typically easy to transfer funds and make deposits as needed.

Savings accounts don’t tend to come with debit cards or cheques like you’d get with chequing accounts. If you have chequing and savings accounts at the same institution, you may be able to link them both to your debit card. Note that you may be charged a fee for using your debit card to withdraw money from your savings account.

How does interest work on a savings account?

Interest rates on savings accounts vary by the financial institution. Some banks or credit unions pay interest on the total amount in your account, while others only pay interest on amounts above a minimum required balance.

Typically, savings account interest is compounded, which means you can earn interest on your interest, not just on the amount you originally deposited. Read the terms and conditions of the account carefully to see whether the interest is compounded annually, monthly or daily. The more frequently your account compounds interest, the more your money will grow.

Do savings account interest rates change?

Yes, interest rates on savings accounts are usually variable. That means the interest offered on your savings account is influenced by your bank’s prime rate. It rises and falls based on changes in the Bank of Canada’s policy rate and prevailing market conditions, which reflect the cost of borrowing for banks.

For example, if the Bank of Canada increases the policy rate on one of the eight scheduled review days in a year, banks may raise their prime rate. This, in turn, will translate into higher rates of returns on its savings and investment products. Conversely, a policy rate decrease may lead to lower interest rates on these products.

🤓Nerdy Tip

Savings account interest rates in Canada, though variable, tend to be stable for months. Banks may adjust interest rates depending on market trends or competition. This page is updated monthly to keep you informed about the best savings account options.

How to choose a savings account

Savings accounts are offered by many different banking institutions across Canada, which include Big Six banks, traditional banks and credit unions as well as online banks.

Each financial institution provides unique banking and account features. Make sure you take the time to shop around to find the best option to suit your needs. Here are some things to consider:

Interest rate

How much interest will you earn on the money in your savings account? Many banks offer promotional interest rates that may seem enticing at first, but drop down to a much lower rate after a few months. Depending on your savings goals, this type of introductory interest rate might work for you.

However, it’s often better to look at the best regular interest rate instead of solely focusing on the promotional rates. This way you can best anticipate the annual percentage yield (APY), which shows how much interest you will earn over a year.

Minimum balance

Some savings accounts in Canada require that you keep a minimum balance, such as $1,000, in your account at all times if you want to earn interest. If you can be sure you will always have that minimum amount in place, that’s fine.

Though, it might be a better idea to look for an account with no minimum requirements for peace of mind that you can always earn interest no matter your balance.

Fees

Most financial institutions in Canada do not charge monthly fees for savings accounts, but there might be fees for certain types of transactions or a limited number of free transactions you get per month. Pay attention to the fine print and check how many monthly withdrawals you’re allowed, whether you can make free e-transfers, and if there are other service fees to note.

CDIC Insurance

Many Canadian financial institutions are covered by a provincial or federal deposit insurer, such as the Canada Deposit Insurance Corporation (CDIC). The insurance protects your money — up to $100,000 per type of account — in case the bank fails. To be sure, check the financial institution’s website to see if it has deposit insurance protection before you apply for a savings account.

Convenience

You’ll want to make sure it is easy to withdraw your money when you need it. Consider your banking preferences and choose a savings account that’s convenient for you. For example, you may choose the RBC savings account if you prefer a big bank that has a large branch network to facilitate your in-person banking needs.

In many cases, people prefer to have their savings and chequing accounts at the same financial institution. If you already have a chequing account at a particular bank or credit union, it might be easier to open a savings account there, too. Plus, it will be convenient to move money between the accounts.

When considering an online-only savings account, make sure you understand how your money can be accessed. Can you use a debit card at an ATM or will you need to transfer the funds to a chequing account with another bank? Also, evaluate whether the digital experience is suitable for your needs. Is there a mobile app? Is the online banking interface easy to use? Can you call a customer service representative for questions?

How to open a savings account

Opening a savings account is generally a straightforward process and can be done in person or online depending on your financial institution. The application should only take a few minutes, but you will need to meet a few requirements and share some personal information. You can find a list of these requirements on the bank’s website or contact them to ask about this option.

Most Canadian banks require you to be a Canadian resident with a permanent address in Canada. However, some financial institutions will allow you to open a bank account as a non-resident.

You’ll also need to be the age of majority in your home province or territory. You will have to show an official government ID and provide personal information, including your:

Children and younger teens can open youth savings accounts, such as the CIBC Youth Account with a parent or legal guardian.

Alternatives to basic savings accounts

A savings account is a great option for most people, but it may not be the best type of bank account for all your needs. If you want to save money for less immediate financial goals, consider an option that earns more interest.

Alternatives to basic savings accounts include:

Fortunately, you don’t have to pick just one type of account. You can choose any of these accounts to help you reach your financial goals. It’s all about finding the right combination of bank accounts for your needs.

» Ready for a new bank? Here’s how to switch to a new bank or credit union

Frequently asked questions


Yes, your savings account is as secure as any other type of bank account. Many Canadian banks and credit unions are covered by federal or provincial deposit insurers, such as the Canada Deposit Insurance Corporation (CDIC). This insurance protects your money — up to $100,000 per type of account — in case the bank fails. However, it’s also up to you to be cautious and protect your banking and personal information to avoid identity theft.

The Canadian banks that have the best savings account interest rates as of Dec. 11, 2024, are:

Simplii Financial, the Simplii Financial High Interest Savings Account rate: 6.00%*

Tangerine Bank, the Tangerine Tax-Free Savings Account rate: 5.40%*

Tangerine Bank, the Tangerine RSP Savings Account: 5.40%*

*Special rates

Yes, you must pay income tax on interest earned in your savings account. Every year, your financial institution will send you a T5 slip summarizing your total interest income. You should include this interest income along with other personal income on your tax return. However, you won’t pay taxes on the interest you earn in a tax-free savings account (TFSA), which is a registered savings account that can hold both investments and cash deposits.