The best high-interest savings accounts in Canada for 2024 + MORE Feb 6th

Canadians can now boost their savings for a down payment on a home with a new type of registered account—the first home savings account (FHSA). The account, also referred to as the tax-free first home savings account, creates up to $40,000 in tax-free savings room for first-time home buyers. FHSAs were announced in the federal government’s 2022 budget plan as an initiative to help Canadians reach their goals of homeownership in competitive and challenging real estate markets. To date, more than 300,000 Canadians have opened an FHSA. In this article, we’ll answer common questions about the account and help you find the best one for your needs.

Frequently asked questions about FHSAs

{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “Where are FHSAs currently available?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “On April 1, 2023, Questrade became the first company to launch an FHSA in Canada…

Save

The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.

Compare now

Tap the button for more details.

Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

googletag.cmd.push(function() {
var refresh_key = ‘refresh’;
var refresh_value = true.toString();

// Creating all ad sizes
var mapping = googletag.sizeMapping().
addSize([1024, 400], [[970, 90], [728, 90]]).
addSize([980, 400], [728, 90]).
addSize([0, 0], [[320, 50], [300, 50]])…