Home / Credit Cards / Best high-interest savings accounts in Canada 2022 + MORE Feb 17th

Best high-interest savings accounts in Canada 2022 + MORE Feb 17th

The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
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 At the beginning of the month we brought you the details of the latest Air France KLM Flying Blue promo rewards which included economy class flights between Montreal and Europe. Turns out that even though they have only listed it as ‘Economy’ on the Promo Rewards page they are also offering discounted business class tickets! A few U.S. blogs noticed this over the past week or so for U.S. departures (I believe Frequent Miler may have been first?) and I have been meaning to check it out for Montreal. And sure enough there are some days that you can book for 39,750 miles each way in Business Class.The business class options:  Here is one example that I found: Here is the cash price for the exact same flights that we can use to compare:Thus you can see you are redeeming 79,500 miles for $3,245.90 in ticket value. That works out to just over 4 cents per mile in value so it’s a pretty good redemption.  If you don’t have any Flying Blue Miles but do have American Express Membership Rewards points this is an ideal redemption…

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Generally savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest is a no-brainer.
However, when shopping for an account, there’s more to consider than just the interest. You can make an informed decision by using the finder tool to compare the fees and features of several different options available. But do scroll down to read our seven editors’ picks for the best high-interest savings accounts (HISA) in Canada.
These are rates offered by Ratehub partners. You can find information about additional product options below.

You can compare high-interest rates in the table above or input your estimated account balance to compare the growth between HISAs, tax-free savings accounts, registered retirement savings plans and youth savings accounts.

Our pick for the best high-interest savings accounts in Canada for 2022

Best high-interest savings account rate: Saven Financial High Interest Savings Account*/Motive Savvy Savings Account
Best for interest rates and no service fees: EQ Bank Savings Plus Account*
Best regular interest rate at a credit union: Maxa Financial High-Interest Savings Account
Best e-savings account: Neo Financial High-Interest Savings Account
Best regular interest rate in a hybrid account: Wealthsimple Cash*
Best promotional rate: Tangerine Savings Account
Honourable mention: Simplii Financial High Interest Savings Account
Best tiered interest product: Scotiabank MomentumPlus Savings Account

 

Best high-interest savings account rate: Saven Financial High Interest Savings Account*
This HISA may sneak under the radar, but once you see the rate you will be impressed…

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