Open savings account if you have some spare money in your chequing account and you don't want to put it into long term GIC account. Below there is a list of best high-interest savings accounts in Canada. Choose which one fits most of your needs as accounts require different minimum deposit amount. Use savings calculator to see what interest you'll earn with the rate you pick.
This is list of savings accounts in Canadian banks, so make sure you''ll check rates at your local credit union before opening account at bank, as credit unions sometimes have slightly better rates.
Banks are listed in alphabetic order (last update May, 2014)
| Bank Name | Minimum Investment | Interest | Notes |
|---|---|---|---|
| Bridgewater Bank | $25 | 1.85% | One free withdrawal per calendar month |
| Canadian Tire Bank | 1.50% | ||
| Canadian Western Bank | $5000 | 1.35% | Interest is calculated on the daily closing balance once it reaches $5,000 and is paid monthly. |
| CIBC | $5000 | 1.05% | this is rate for CIBC eAdvantage Savings Account. CIBC Premium Growth Account is better choise if your account balance is less then $5000 |
| First Nations Bank of Canada | $5000 | 1.05% | There is no rate change since September, 2013 |
| Tangerine(ex ING Direct Canada) | 1.30% | ING Direct Canada become Tangerine from April, 2014 | |
| Laurentian Bank of Canada | 1.05% | ||
| National Bank of Canada | $5000 | 1.20% | |
| Pacific & Western Bank of Canada | 1.20% | ||
| President's Choice Financial | 1.30% | Earn 2.5% interest until June 30th 2014, on new non-registered deposits across either of these accounts: Interest Plus™ savings account, no fee bank account. | |
| Royal Bank of Canada | 1.05% | ||
| Scotia Bank | $5000 | 1.05% | |
| TD Canada Trust | $5000 | 1.05% | TD Every Day Savings Account is better choise for balance less then $5000. It pays 0.25% at the moment. |