Personal Finance

Best Canadian High-Interest Saving Accounts in 2024 that helps to Elevate Your Savings Journey

In the dynamic landscape of personal finance, strategic decisions about savings can significantly impact your financial well-being.

Our expert analysis delves into the best high-interest savings accounts (HISAs), providing a comprehensive guide to empower Canadians in making informed choices.

Best High-Interest Saving Accounts in Canada 2024

Welcome to our guide on the top high-interest saving accounts in Canada for 2024.

In this overview, we’ll explore and highlight the financial institutions and accounts that offer competitive interest rates, helping you make informed decisions to maximize your savings.

saving accounts

Simplii Financial High-Interest Savings Account:

  • Interest Rate: 0.40% to 5.50%, depending on the account balance.
  • Monthly Fee: $0

Simplii Financial, an online bank under the CIBC umbrella, emerges as a front-runner. Offering a no-fee HISA, account holders gain access to CIBC ATMs across Canada.

Manage your finances seamlessly through online banking and a mobile app. Enjoy the flexibility of automatic deposits and immediate access to funds through various channels, including withdrawals and Interac e-transfers.

KOHO Spending and Savings Account:

Where Innovation Meets Savings

  • Interest Rate: Varies by selected subscription plan (3% to 5%).
  • Monthly Fee: Varies by selected subscription plan ($0 to $19).

KOHO revolutionizes the banking experience with a hybrid chequing-savings account. Earn up to 5% interest and cash back on purchases, depending on your chosen plan.

The mobile app offers spending pattern analysis, budgeting tools, automated savings, and a RoundUp! feature, ensuring a holistic approach to financial management.

CIBC eAdvantage Savings Account:

Maximizing Your Savings Potential

  • Interest Rate: 0.65% to 1.90%, up to 5.60% with bonus interest.
  • Monthly Fee: $0

CIBC’s eAdvantage Savings Account boasts a regular interest rate of up to 1.90%, surging to 5.60% with bonus interest and Smart Interest for consistent savers.

Benefit from automatic transfers with AutoSave, free online transfers, and a robust online banking experience. Enjoy the convenience of accessing nearly 4,000 ATMs across Canada.

Scotiabank MomentumPLUS Savings Account:

Long-Term Savings, High Returns

  • Interest Rate: Up to 5.60%* (promotional rate).
  • Monthly Fee: $0

Scotiabank’s MomentumPLUS Savings Account stands out for its tiered interest rates, rewarding long-term savers with higher returns. No monthly fees and free unlimited transfers between Scotiabank accounts make it an attractive choice.

Plan your savings journey with the flexibility to choose the timeline that aligns with your financial goals.

RBC High-Interest eSavings Account:

Elevate Your Savings Game

  • Interest Rate: Competitive
  • Monthly Fee: $0

Royal Bank of Canada (RBC) introduces the High-Interest eSavings Account, offering a competitive interest rate with no minimum deposit requirements.

Enjoy free electronic self-service transfers, access to RBC’s comprehensive online and mobile banking, and the flexibility of setting up automatic savings plans.

Stay informed with RBC Smart Balance Alert™, ensuring your account is never short on funds.

Manulife Bank Advantage Account:

High-Interest Savings Made Easy

  • Interest Rate: Competitive promotional rate.
  • Monthly Fee: $0

Manulife Bank’s Advantage Account shines with its high-interest savings and generous promotional rate for new investors—experience hassle-free banking with daily interest calculations, no monthly fees, and free deposits and withdrawals.

Explore additional financial products such as RRSPs, TFSAs, and RRIFs, expanding your investment horizon.

Motive Savvy Savings Account:

No-Fee, High-Interest Savings

  • Interest Rate: 4.10%
  • Monthly Fee: $0

Motive Financial presents the Savvy Savings Account, delivering a competitive 4.10% interest rate with no minimum balance requirements.

Enjoy unlimited transfers between accounts, free deposits, and two free transactions per month. Seamlessly manage your finances through phone, online banking, and a mobile app.

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High-Interest TFSA Saving Accounts in Canada 2024

These accounts serve as a tax-efficient way to grow your savings, and we’ll explore the best options.

CIBC TFSA Tax Advantage Savings Account:

Navigate Tax-Free Growth

  • Interest Rate: 0.90%
  • Monthly Fee: $0

CIBC’s TFSA Tax Advantage Savings Account offers tax-free daily interest, providing a growth-oriented solution.

With hassle-free recurring deposits, flexible access to funds, and competitive interest rates, this account ensures that your TFSA remains a powerful tool for long-term financial growth.

Motive Financial TFSA Savings Account:

Harness the Power of Tax-Free Savings

  • Interest Rate: 4.10%
  • Monthly Fee: $0

Motive Financial extends its prowess to TFSA offerings with a high-interest, no-fee account. Benefit from a 4.10% variable interest rate, free withdrawals and deposits, and the flexibility to manage your TFSA through various channels.

Explore additional TFSA investment options, including GICs, tailored to your preferences.

Elevate Your Savings Journey with the Best Canadian High Interest Saving Accounts in 2024 1 1

Steinbach Credit Union TFSA Variable Savings:

Flexible Savings, Tax-Free Benefits

  • Interest Rate: Competitive variable rate
  • Monthly Fee: $0

Steinbach Credit Union introduces a TFSA Variable Savings account, offering a competitive, variable interest rate with no introductory rate expiry.

Automate your contributions, enjoy fee-free deposits, and rest assured with 100% deposit guarantees by the Deposit Guarantee Corporation of Manitoba.

WealthONE Tax-Free Savings Account:

Streamlined Tax-Free Interest

  • Interest Rate: 4.00%
  • Monthly Fee: $0

WealthONE Bank of Canada’s TFSA ensures tax-free interest in a user-friendly, fee-free environment. Benefit from an automated savings program, manage your finances through various channels and explore additional TFSA investment options, including guaranteed investment certificates.

Canadian Tire Tax-Free High-Interest Savings Account:

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Tax-Free Advantages, Online Convenience

  • Interest Rate: 3.70%
  • Monthly Fee: $0

Canadian Tire Bank introduces a high-interest TFSA, leveraging the benefits of its ‘Money Magnet’ HISA.

With a competitive 3.70% variable interest rate, an automatic savings plan, and fee-free deposits and withdrawals, this online-only TFSA is a versatile tool for tax-free growth.

Hubert Financial High-Interest Tax-free Savings Account:

High-Interest, No-Fee TFSA

  • Interest Rate: 3.65%
  • Monthly Fee: $0

Hubert Financial’s High-Interest TFSA combines a competitive 3.65% interest rate with no fees, providing access to term deposits and VirtualWealth online investment accounts.

Manage your TFSA effortlessly without minimum balance requirements and explore diverse investment options tailored to your financial goals.

In the ever-evolving landscape of high-interest savings accounts, these meticulously curated options empower you to take control of your financial future.

Whether you prioritize flexibility, high returns, or tax-free growth, our guide ensures you make informed choices aligned with your unique financial objectives.