High-Interest Savings Accounts in Canada

September 14, 2022

High-Interest Savings Accounts in Canada 2022

This post may contain affiliate links. Please read my disclaimer for more info.

The interest rates noted in this post were updated on September 21, 2022, but may change in the future.

A lot has happened since I first wrote this post about high-interest savings accounts in Canada a few years ago. As I’ve been regularly updating it, we’ve seen mediocre interest rates pre-pandemic, god awful interest rates during the pandemic (2020 and 2021), and then finally a rise in interest rates in 2022. Though a rise in savings account interest rates may sound nice, on the other side of the coin that also means it’s more expensive to borrow (shout out to anyone else who has a variable rate mortgage!).

Nevertheless, no matter what’s going on in the world, it’s always important to try to get the highest interest rate possible on your savings accounts to try to preserve the buying power of your cash (especially as inflation rises).

So, here is a fully updated list of all the highest interest rates on savings accounts in Canada currently available. As you’ll note, these are all online banks because none of the brick-and-mortar big banks in Canada made the cut.

As you’ll also see in the chart, unfortunately not all banks are available to Quebec residents (sorry!).

Top High-Interest Savings Accounts in Canada in 2022

BankInterest RateInsured ByAvailable in Quebec
Achieva Financial2.85%DGCMYes
Alterna Bank2.00%CDICYes
Canadian Tire Bank2.40%CDICNo
CI Direct Investing3.50%CIPFYes
EQ Bank2.00%CDICNo
Hubert Financial2.85%DGCMNo
Ideal Savings1.01%DGCMYes
MAXA Financial2.60%DGCMYes
Motive Financial3.00%CDICNo
Motusbank1.85%CDICYes
Oaken Financial3.00%CDICYes
Outlook Financial2.85%DGCMYes
People’s Group2.50%CDICYes
Saven Financial3.30%FSRANo
WealthOne Bank3.00%CDICNo
Wealthsimple Spend1.50%CDICYes

Achieva Financial

Achieva Financial is a division of Cambrian Credit Union and has been around 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.

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: 2.85%


Alterna Bank

I mentioned Alterna Bank as a great no-fee bank in Canada in a previous blog post, but they also offer fairly high interest on their savings accounts too! 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: 2.00%


Canadian Tire Bank

Did you know Canadian Tire offers more than just lawnmowers, air fryers, and camping equipment? Yup, through their Canadian Tire Bank arm of the business, they also offer savings accounts with some decent interest too. Moreover, their website recently went through an overhaul (the last website was ancient looking) so they are really stepping up their game. They are also CDIC insured so your deposits are protected.

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: 2.40%

Available to customers in all provinces excluding Quebec.


CI Direct Investing

This is a relatively new savings account that’s become available in Canada. You may be more familiar with CI Direct Investing for their robo-advisor and discount brokerage platforms, but in September 2020 they launched their savings account product and since then have offered one of the highest interest rates around.

However, they are not a bank. Instead, they themselves do not hold your money, their three custodians do: CI Investment Services Inc., Credential Qtrade Securities Inc., and National Bank Independent Network.

In terms of deposit protection, these custodians are members of the Canadian Investor Protection Fund (CIPF) , which means if any of these custodians goes bankrupt, your money is insured for up to $1 million per account type.

Details

  • No monthly fees
  • No minimum balance required
  • Unlimited deposits and withdrawals
  • 24/7 Online banking
  • Telephone and email customer service between
    Monday to Friday 8 AM – 8 PM Eastern

Deposit protection: Insured by CIPF via partner banks

Interest rate: 3.50%


EQ Bank

Not that this should have any weight on your own decision for where you should bank, but I’ve personally been using EQ Bank for my savings accounts for over 6 years now and have had a great experience. However, what you should know about EQ Bank is that it first launched as a digital bank in January 2016 and is owned by Equitable Bank, an institution best know for it’s mortgage and debt products. EQ Bank is CDIC insured.

Details

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

Deposit protection: Insured by CDIC

Interest rate: 2.00%

Available to customers in all provinces excluding Quebec.


Hubert Financial

Ever 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: 2.85%

Available to customers in all provinces excluding Quebec.


Ideal Savings

Ideal Savings is another bank I actually didn’t know existed until I was doing my research for this post. Similar to other lesser-known online 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

MAXA Financial is an online bank that launched in 2006 and 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: 2.60%


Motive Financial

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

Details

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

Deposit protection: Insured by CDIC

Interest rate: 3.00%

Available to customers in all provinces excluding Quebec.


Motusbank

I mentioned Motusbank in my post about the top 5 no-fee banks in Canada and fortunately, they also often offer some of the highest interest on their savings accounts. Motusbank launched in 2019 and is a subsidiary of Meridian Credit Union. 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: 1.85%


Oaken Financial

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, you can feel safe that your deposits are protected by CDIC.

Details

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

Deposit protection: Insured by CDIC

Interest rate: 3.00%


Outlook Financial

Outlook Financial is a division of Assiniboine Credit Union, a co-operative based in Winnipeg, Manitoba that has been around for over 75 years. Deposits with Outlook 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: 2.85%


People’s Group

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: 2.50%


Saven Financial

Saven Financial, a division of FirstOntario Credit Union, is a relatively new online bank that launched in January 2021. They consistently offer 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 the Financial Services Regulatory Authority of Ontario (FSRA)

Interest rate: 3.30%

Available to customers in Ontario only.


WealthOne Bank

WealthOne Bank launched in 2016 and 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: 3.00%

Available to customers in all provinces excluding Quebec.


Wealthsimple Save

And last but not least, there is Wealthsimple Save. Honestly, I was considering taking this one off the list because they sure as hell don’t make it easy to find any up-to-date information on it! Seriously, if you go to their website, you won’t even be able to find it featured in their main menu. Instead, you’ll just find ways to invest with them using their robo-advisor or trading app, or info on how to sign up to their cash app which is basically the same thing as KOHO.

In any case, Wealthsimple does offer a savings account. When it first launched in early 2020, they offered the highest interest rate in the country. Then the pandemic happened and they quickly lowered their interest rate and it hasn’t been very competitive with other online banks ever since.

Speaking of banks, Wealthsimple is not a bank. Similar to CI Direct Investing, Wealthsimple Save deposits are not held by Wealthsimple, but instead are held in trust with one of their custodians who are CDIC members. In other words, your money is protected under CDIC but in a very roundabout way. You can learn more by reading their legal disclaimers.

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: 1.50%

Disclosure: Nothing on my website or affiliated channels should be considered advice or an endorsement, and some content may include affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more.

add a comment

  1. supra says:

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

  2. Isabelle says:

    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.

  3. AL says:

    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.

    • 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.

  4. Dmitri says:

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

  5. Ky says:

    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!

  6. Ky says:

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

    Thanks for the links!

  7. Andrea says:

    Hi Jessica,
    Thanks for this info! Upon researching the above banks, I stumbled upon Wyth Financial. They currently offer a 1.55% interest rate on their HISA. Have you heard of this bank before? I was ready to sign up with EQ Bank but Wyth’s higher interest rate is very tempting!

    • Interesting, never heard of Wyth Financial but looks like they launched in August 2021. But they are simply a trade name for Concentra Bank. Concentra Bank is the wholesale bank and trust company for Canada’s credit unions, which means previously they only served institutions. But it looks like they wanted to branch out and copy what other credit unions are doing by launching a digital-only bank option for retail clients (individuals). Looking on some forums, in the summer they offered 1.55% interest then it dropped to 1.35%. But on their website, it’s back up to 1.55%. Because of this I’d suspect that they might change that interest rate again in the future as it may be promotional. Some things to consider:

      -Concentra is CDIC insured so your deposits will be safe (up untl CDIC’s limits).
      -You get only 1 free Interac e-Transfer® per month
      -You get free transfers for withdrawals and deposits to your external linked account.
      -The 1.55% interest rate only applies to deposits up to $150,000. No interest is paid on deposits over $150,000.
      -Wyth is not available in Quebec

      Thanks for letting me know, will have to update this article to include it!

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