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Make your money work harder for you. Compare the highest daily interest rates from Canada's top banks and credit unions.
On RBC Royal Bank's secure site
On Neo Financial's secure site
On Simplii Financial's secure site
On EQ Bank's secure site
On EQ Bank's secure site
On EQ Bank's secure site
On Wealthsimple's secure site
On CIBC's secure site
Turn your financial goals—from a vacation to a down payment—into an achievable plan.
Use this tool to find out how much you need to save each month, or how long it will take to reach your target.
A savings account is where your money grows securely. Whether you're parking an emergency fund, saving for a down payment, or just looking to beat inflation with a High-Interest Savings Account (HISA), this guide helps you navigate rates and hidden fees.
Use the controls above to filter between High-Interest Savings (HISA), TFSA Savings, and US Dollar accounts.
| The Trap | What it is | How to avoid it |
|---|---|---|
| The "Promo Cliff" | A high teaser rate (e.g., 6%) that plummets to a low base rate (e.g., 0.5%) after a few months. | Set a calendar reminder for when the promo ends so you can move your funds to a better base rate. |
| Transaction Fees | Paying $5 just to transfer money out of your savings or to send an Interac e-Transfer. | Always transfer from Savings to your connected Chequing account first, then send the e-Transfer. |
| Tiered Interest | The bank advertises 4%, but you only earn that rate on balances over $100,000. | Read the rate tiers carefully. Look for "flat rate" HISAs that pay the same yield on every dollar. |
| Monthly Maintenance Fees | A charge just for keeping the account open, which eats up all your earned interest. | Stick to online/digital banks and no-fee HISAs—you should never pay a monthly fee for a savings account. |
Match the type of account to your specific financial goal.
