It’s a new year and time for a review of the best high interest savings accounts in Canada. Some of you have made New Year’s resolutions to open a high interest savings account or to start an emergency fund. That’s great and this review aims to get you the best interest rate possible on your money.
Choosing the right high interest savings account (HISA) can be a bit of a pain because so many companies are offering teasers to get you to park your money with them. For example, lots of banks are advertising 3% interest rates but you only get that rate for a few months, then you’re earning a measly 1% give or take. That is not a great interest rate.
So I’ve tried to sort through some of these to see what gets you the most bang for your buck. Keep reading to see what I found but I want to provide a disclaimer here: as always, these interest rates are subject to change.
EQ Bank Still #1
My choice for the Top Slot is EQ Bank. EQ Bank is running its own promotion to get customers but in my opinion they don’t really have to. At EQ Bank, you get an interest rate of 2.30%* on their Savings Plus Account – no gimmicks. That is the rate you get on their savings account period.
Also, EQ Bank is currently running a consumer bill payment competition – Banking to Win-ter wonderland. Consumers simply have to pay unique billers through their EQ Bank Savings Plus Account to be entered in with a chance to win CAD $2.000!
I like EQ Bank for its high interest savings account (see my Review HERE). It’s a great place to park an emergency fund and earn top dollar interest on it. In my opinion, EQ Bank offers one of the highest interest rate of any bank outside of the teaser promos that you’ll see with Tangerine and Simplii Financial.
If you’re excited about earning one of the highest interest rates on your savings then click on this link to Open an EQ Bank Savings Plus Account today!
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
Tangerine #2
Tangerine is also running a promo where new clients can earn 3% interest for 6 months on their savings accounts, Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA). After the 6 month period ends you would earn the advertised rate of 1.25%. Of course, both of these rates are subject to change (see Tangerine’s Website for details).
Tangerine has a lot to offer consumers. I especially like their Money Back credit card (Check out My Review HERE). I also like what the $200 promo that they’re doing with their checking accounts (See My Review HERE). But for a high interest savings account they simply don’t match the offer by EQ Bank.
Click on This Link to Open an Account with Tangerine
PC Financial / Simplii Financial #3
Simplii Financial (old PC Financial) is also running a similar promo to Tangerine. In fact, Simplii and Tangerine are the closest direct competitors and so they have similar offerings. I’ve banked with both of them and have a preference for Tangerine. See why by reading my Review of Tangerine and Simplii Financial.
The promo at Simplii is that you can earn 3.15% interest on new deposits into the high interest savings account. The offer ends February 28. Once the promo period ends, you’ll earn 1.25% (Visit Simplii for more details). Simplii is basically offering the same as Tangerine and while they offer a similar deal as Tangerine for their checking accounts, they don’t have Money Back credit card to compete on the same level as Tangerine. For that reason I chose Tangerine as my #2, while Simplii is in the #3 slot.
Thanks for reading my review of the best high interest savings accounts in Canada.
Please note: this post contains affiliate links. As an affiliate, this blog may receive a small commission for sign ups to EQ Bank and Tangerine.
