The best TFSAs in Canada for 2026 + MORE Jan 30th

Why should you open a registered retirement savings plan (RRSP)? This account type is often described as “tax-advantaged,” meaning it offers a tax-efficient way for savers and investors to build wealth for the future, usually for retirement. To maximize its potential, it helps to know the differences between an RRSP and other kinds of registered accounts, like the tax-free savings account (TFSA) and first home savings account (FHSA). Plus, not all RRSPs are built the same—you’ll want to compare the saving and/or investing options they offer, as well as their interest rates and fees. Here’s everything you need to know to set yourself up for RRSP success.

How to choose an RRSP

Before diving into our picks for the best RRSPs, think about how you want to use the account: saving or investing. Some RRSPs serve as high-interest savings account (HISAs), offering a better rate of return on your savings than a regular savings account. Some allow you to hold guaranteed investment certificates (GICs)…

Savings comparison tool

Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.

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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 of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

Best high-interest savings account rates in Canada

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 rate is a no-brainer…

Featured TFSA Accounts

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EQ Bank TFSA Savings Account

Earn 1.50% tax-free on your cash savings.

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TFSA GIC rate (1 year)

Earn a guaranteed 3.50% in your TFSA when you lock in for 1 year.

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Best online brokers

Open your TFSA with one of the best online brokers in Canada. See our ranking.

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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…

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Canadians can now boost their savings for a down payment on a home with a 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. 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

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“text”: “On April 1, 2023, Questrade became the first company to launch an FHSA in Canada. Since then, more than 20 other financial institutions, including all of Canada’s Big Six banks, have launched the new account. More are expected to make their FHSAs available in 2024…