Nine surefire ways to save on your grocery bill (and still eat well) + MORE Jun 19th

Surging food prices are taking a bite out of your wallet, so arm yourself with my pro tips for scoring the best savings, Lesley-Anne Scorgie writes.

Surging food prices are taking a bite out of your wallet, so arm yourself with my pro tips for scoring the best savings, Lesley-Anne Scorgie writes.

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: Meridian Credit Union; Tangerine Savings Account; Simplii Financial
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…

As the name suggests, tax-free savings accounts (TFSAs) offer a tax break on contribution income—meaning that, unlike with a regular savings account or non-registered investment account, what you earn inside your TFSA isn’t taxed, even when you make a withdrawal. TFSAs are flexible, too, allowing you to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds, so you can tailor your account to different financial strategies and goals. The TFSA contribution limit for 2022 is $6,000, but keep in mind that if you qualified to make a contribution in 2021, but didn’t that contribution room is still available to you. For those who turned 18 before or in the year 2009, the lifetime contribution limit is $81,500.

Watch: What is a TFSA

The best TFSA accounts in Canada for 2022
Read on to learn the basics about TFSAs and browse the best TFSA rates and accounts for Canadians to determine which account suits your needs best. These accounts have been listed based on their individual rates of return, security and other benefits…