How much should I have in my RRSP? + MORE Feb 22nd

For many Canadians, investing in their registered retirement savings plan (RRSP) is the primary way they save for retirement. RRSPs are an invaluable tool, allowing you to stow away funds for golden years while reducing your taxable income today. However, there is no one-size-fits-all way to use them, so it can be hard to know whether or not you’re on the right track. We enlisted the help of Ayana Forward, a Certified Financial Planner with Retirement in View, to provide insight on both determining—and meeting—your financial goals for retirement. Here’s how much you should have in your RRSP by age. But first, some background on RRSPs.
A primer on RRSPs
An RRSP is a nest-egg account that you (and your spouse or common-law partner) can contribute to long-term. Every year, you can stash a percentage of your income in your RRSP, reducing your taxable income for the year. Note: The contribution limit changes each year, so check the current limit to ensure you don’t over-contribute…

Best Savings Account Finder

How to use the savings account calculator
You can simply scan the savings account comparison table above to view interest rates offered by financial institutions across Canada. You can also input your estimated account balance and compare the growth between high-interest savings accounts (HISAs), tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) and youth savings accounts.
This savings account calculator provides a first-year return based on the information you’ve keyed in and the interest rate available, which can help you find the best account for your financial needs.

Watch: How to find the best online bank account.
The best high-interest, TFSA and RRSP savings accounts in Canada
When it comes to choosing a savings product, the type of account is just as important as its features. And what you go with can depend on your money goals—investing or growing an emergency fund. Below, we break down the three main types of savings accounts and list our 2022 selections for the best savings accounts in Canada for each category…

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…