High-Interest Savings Accounts in Canada 2021

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The interest rates noted in this post were updated on September 14, 2021, but may change in the future.

Even during a pandemic, you should be shopping around for high-interest savings accounts in Canada. Especially when you’re looking for a good place to park your emergency fund.

It should be noted that all the high-interest savings accounts I share in this post have high regular interest rates, not promotional or limited-time-only interest rates. I think it’s important that when comparing different saving account interest rates, that you ignore any promotional rates because those will eventually end and you’ll likely be stuck with a lower interest rate than anything noted in this post.

So, either check out the chart below to see quickly which banks currently offer the highest interest rates, or read the text that follows to learn more details about each bank (like how they’re insured against bankruptcy).

As you’ll also see in the chart, in the column about if that bank is available to Quebec residents, I’m currently confirming with all the banks noted as TBD. None of them specifically say they don’t allow Quebec residents to bank with them, and a number of other blog posts share conflicting information. So I’ve reached out to each individual bank to confirm if it’s a yes or no. Stay tuned!

Top High-Interest Savings Accounts in Canada in 2021

Bank Interest Rate Insured By Available in Quebec
Wealthsimple Cash 0.50% CDIC Yes
Hubert Financial 1.25% DGCM No
Motusbank 1.00% CDIC Yes
Ideal Savings 1.01% DGCM Yes
MAXA Financial 1.00% DGCM Yes
Implicity Financial 1.10% DGCM Yes
Alterna Bank 0.90% CDIC Yes
Oaken Financial 1.15% CDIC Yes
Achieva Financial 1.10% DGCM Yes
People’s Group 1.10% CDIC Yes
Motive Financial 1.25% CDIC No
EQ Bank 1.25% CDIC No
WealthOne Bank 1.25% CDIC No
Saven Financial 1.35% FSRA No
Canadian Tire Bank 1.25% CDIC No

Wealthsimple Cash – 0.50%

Yes, Wealthsimple isn’t a bank, they are a robo-advisor. Still, that didn’t stop them from launching their Wealthsimple Cash account (formerly Wealthsimple Save). They’ve also recently launched a new Wealthsimple Cash app.

Still, it’s important to understand that Wealthsimple is not a bank. Basically, if you open a Wealthsimple Cash account, your deposits won’t actually be held with Wealthsimple. Just like your investments with Wealthsimple aren’t actually held with Wealthsimple. Your investments are actually held with Canadian ShareOwner Investments.

With your savings account deposits, ShareOwner holds your funds in their business accounts at partner banks. In other words, you start with Wealthsimple, but your funds are actually deposited at other banks. It’s a weird setup, but ShareOwner is insured, so it’s all relatively safe (read this article for more info about this unique setup).

Details

  • No monthly fees
  • No low balance fees
  • Unlimited free transactions
  • No minimum deposit
  • If you hold over $100,000 in funds, you are eligible for Wealthsimple Black status
  • If you have over $500,000 in funds, you are eligible for Wealthsimple Generation status

Deposit protection: Insured by CDIC via partner banks

Interest rate: 0.50%

Available to customers in all provinces INCLUDING Quebec.

Hubert Financial – 1.25%

Never heard of Hubert Financial? Me neither! They are an online bank that launched in 2010, and are a division of Sunova Credit Union. Sunova is a credit union based in Manitoba that was established 60 years ago with 13 locations throughout the province. Although Hubert Financial is not CDIC insured, your deposits are guaranteed by the Deposit Guarantee Corporation of Manitoba.

Details

  • No monthly fees
  • No minimum deposit

Deposit protection: Insured by DGCM

Interest rate: 1.25%

Motusbank – 1.00%

I mentioned Motusbank in my post about the top 5 no-fee banks in Canada, and fortunately, they also offer some of the highest interest in their savings accounts! As a reminder, Motusbank is a subsidiary of Meridian Credit Union and launched in April 2019. Motusbank is CIDC insured.

Details

  • No monthly fees
  • No minimum deposit or balance
  • Unlimited debit purchases and withdrawals
  • Cardholders have access to over 43,000 surcharge-free ATMs in North America with THE EXCHANGE® Network in Canada and the Allpoint Network in the US
  • Free, unlimited use of Motusbank’s Price Drop feature

Deposit protection: Insured by CDIC

Interest rate: 1.00%

Available to customers in all provinces INCLUDING Quebec.

Ideal Savings – 1.01%

Ideal Savings is another bank I actually didn’t know existed until I was doing mt research for this post. Similar to other banks I’ve mentioned, Ideal Savings is a division of Carpathia Credit Union and launched in July 2016. Deposits made to Ideal Savings are guaranteed by the Deposit Guarantee Corporation of Manitoba.

Details

  • No monthly fees
  • 3 free Automatic Fund Transfers (AFT) per month

Deposit protection: Insured by DGCM

Interest rate: 1.01%

MAXA Financial – 1.00%

We are almost at the end with MAXA Financial. This online bank, which launched in 2006, is a division of Westoba Credit Union, a Manitoba-based credit union founded in 1963. Deposits are guaranteed by the Deposit Guarantee Corporation of Manitoba.

Details

  • No monthly fees
  • No minimum balance required

Deposit protection: Insured by DGCM

Interest rate: 1.00%

Implicity Financial – 1.10%

Implicity Financial has been around since December 2012, and they are a division of Entegra Credit Union. Entegra was founded in Manitoba over 50 years ago and has 4 locations throughout the province. Deposits to Implicity Financial are guaranteed by the Deposit Guarantee Corporation of Manitoba.

Details

  • No monthly fees
  • No minimum balance required

Deposit protection: Insured by DGCM

Interest rate: 1.10%

Alterna Bank – 0.90%

I also mentioned Alterna Bank as a great no-fee bank in Canada, and they also offer fairly high interest on their savings accounts too! As a reminder, Alterna Bank launched in 2000 and is a subsidiary of Alterna Savings, an Ontario credit union. They are CDIC insured.

Details

  • No monthly fees
  • No minimum balance required
  • Free, unlimited bill payments, transfers and debits
  • Free, unlimited Interac® e-Transfers

Deposit protection: Insured by CDIC

Interest rate: 0.90%

Available to customers in all provinces INCLUDING Quebec.

Oaken Financial – 1.15%

A bank you may not have heard of but has been around since 2013 is Oaken Financial. They are actually owned by Home Trust Company, which started as a trust company back in 1987. If you bank with Oaken Financial, all your deposits and feel secure since all deposits are CDIC insured.

Details

  • No monthly fees
  • No minimum balance required
  • Unlimited transactions

Deposit protection: Insured by CDIC

Interest rate: 1.15%

Achieva Financial – 1.10%

Achieva Financial is a division of Cambrian Credit Union and has surprisingly been since 1998! For that reason, Achieva is considered one of the first online banks in Canada.

Since Cambrian Credit Union is a Manitoba credit union, deposits with Achieva Financial are protected under the Deposit Guarantee Corporation of Manitoba. If you open a savings account with Achieva, you can enjoy earning 1.30% interest.

Details

  • No monthly fees
  • No minimum balance required
  • Free deposits and one free cheque, direct transfer or pre-authorized payment every month
  • $1 per month paid to you when you choose to receive your documents electronically

Deposit protection: Insured by DGCM

Interest rate: 1.10%

People’s Group – 1.10%

People’s Group started out as a boutique financial services company in 1985 in Vancouver. Back then, they specialized in mortgages, but now they offer a variety of financial products, including their e-Savings Account. For your protection, People’s Group is CDIC insured so your deposits are 100% guaranteed. 

Details

  • No monthly fees
  • No minimum deposit
  • Easily transfer funds between your Peoples Trust accounts, or between your linked accounts at other financial institutions

Deposit protection: Insured by CDIC

Interest rate: 1.10%

Motive Financial – 1.25%

Motive Financial is a bank that has continually offered one of the highest interest rates on savings accounts in Canada! Motive Financial launched in 2017 and is a division of Canadian Western Bank, a CDIC insured financial institution.

Details

  • No monthly fees
  • Unlimited deposits
  • 2 free monthly withdrawal per month ($5 after that)
  • Free transfers between Motive accounts

Deposit protection: Insured by CDIC

Interest rate: 1.25%

Available to customers in all provinces EXCLUDING Quebec.

EQ Bank – 1.25%

Not that this should have any weight on your own decision for where to bank, but I’ve been personally using EQ Bank for my savings accounts for over 4 years and have had a great experience. What you should know though is EQ Bank is actually owned by Equitable Bank, and launched in January 2016. Since launch, they’ve offered one of the highest interest rates on savings accounts in Canada. They are also CDIC insured.

Details

  • No monthly fees
  • No minimum balance required
  • Unlimited Interac e-transfers
  • Unlimited transfers and bill payments
  • Maximum balance per customer is $200,000

Deposit protection: Insured by CDIC

Interest rate: 1.25%

Available to customers in all provinces EXCLUDING Quebec.

WealthOne Bank – 1.25%

WealthOne Bank is a fairly new bank, having launched in 2016. Even though they are predominantly an online bank, they also have physical offices in Ontario and British Columbia. Not only that, as referenced on their website, they were born out of a need to better serve the Chinese Canadian community. They are CDIC insured.

Details

  • No monthly fees
  • No minimum balance required
  • Free unlimited transactions
  • 10 free bill payment transactions per month

Deposit protection: Insured by CDIC

Interest rate: 1.25%

Saven Financial – 1.35%

Saven Financial, a division of FirstOntario Credit Union, is a new online bank that launched in January 2021. They are offering one of the highest interest rates in the country, though there are some major limitations, such as only allowing Ontario residents to open up an account. Still, it may be a good option if you live in Ontario.

Details

  • No monthly fees
  • No minimum balance
  • $25 initial investment to become a Saven member
  • Free transfers

Deposit protection: Insured by Financial Services Regulatory Authority of Ontario (FSRA)

Interest rate: 1.35%

Available to customers in Ontario only.

Canadian Tire Bank – 1.25%

I only just learned of this savings account by Canadian Tire Bank, and it’s a good thing too because of the high interest it offers! Although its website lacks something to be desired, you can’t argue with its interest rate or the fact that your deposits are protected by CDIC.

Details

  • No monthly fees
  • No minimum balance required
  • No lock-in period
  • Easy to transfer funds online or by phone
  • 24/7 Online banking
  • Telephone customer service between the hours of
    8 AM and 9 PM ET Monday to Friday, 8 AM and 6 PM ET Saturday

Deposit protection: Insured by CDIC

Interest rate: 1.25%

Available to customers in all provinces EXCLUDING Quebec.

High-Interest Savings Accounts in Canada 2021
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Showing 12 comments
  • supra
    Reply

    Hi JESSICA thanks for sharing the list its really informative one.

  • Isabelle
    Reply

    Very useful information. I just started my emergency fund and was on the lookout on where I should keep it. Thank you for specifying which banks serve the province of Quebec, it helped a ton.

    FYI, Alterna Bank’s interest rate went down from 1.20% to 1.10% for high interest saving accounts.

    • Jessica Moorhouse
      Reply

      Glad you found it useful and thanks for the heads up! Wow, interest rates everywhere seem to change week-to-week!

  • AL
    Reply

    Hi Jessica,

    Which bank with the highest interest saving account in Canada would you recommend?

    I have over 300,000 in cash. I know that CDIC covers up to $100,000. Will it be safe if I keep the money in one high interest saving account?

    Thank you.

    • Jessica Moorhouse
      Reply

      Definitely spread your cash around multiple banks in order for it all to be CDIC insured. That being said, there are different categories for CDIC protection so you may be able to have a joint account and individual account at one bank and cover $200,000, then put the other $100,000 at a different bank. I have personally been using EQ Bank for about 3 or 4 years and have really liked it, but take a look at the interest rates and consumer reviews and make your own decision to see what makes the most sense.

  • Dmitri
    Reply

    Thank you, Jessica, for your great article. I found it very interesting and informative. Best regards.

  • Ky
    Reply

    Achievea and Implicity are also both down to 1.10.
    I was with EQ when they were doing 3.00, it was too good to be true!
    I figure somewhere there’s gotta be an algorithym to pull this data daily..

    Thanks!

    • Jessica Moorhouse
      Reply

      Thanks for the heads up, it’s hard to keep this list up to date since rates keep falling all the time ugh.

  • Ky
    Reply

    Just opened all the ones for Quebec. All have fallen to at lease 1.10, EXCEPT oaken, at 1.15.

    Thanks for the links!

    • Jessica Moorhouse
      Reply

      Happy to help and looks like I’ll need to update all the rates again (sigh).

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