Best high-interest savings accounts in Canada 2021 + MORE Aug 31st

Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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Yours for the asking: More from MoneySense’s investing expertsIf you’ve ever read a MoneySense investing article and wished you could look behind the scenes with the writer, or get a deeper dive from one of the experts interviewed—here’s your chance.

Register for the Canadian Financial Summit, Sept. 22 to 25, and you’ll get access to the investing and money-management knowledge of more than 35 Canadian personal financial experts, including MoneySense’s own Jonathan Chevreau, Dale Roberts, and Editor-in-Chief Sandra Martin. All-access tickets are free for MoneySense readers—just click this link to reserve. 

What can you learn? Here are a few highlights from the segments featuring MoneySense contributors:

Jonathan Chevreau

Thursday, September 23

Semi-Retirement: The Halfway House between Employment and Full Retirement

Should you transition into a semi-retirement instead of a full-stop retirement? What if doing so allowed you to “retire” many years earlier? Jonathan Chevreau has done exactly that—and he’ll take Summit participants through the real-life lessons he’s learned, from transitioning to the decumulation phase and actually living off the investment portfolio…

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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 2021

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
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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Q. I have a new LIRA valued at $102,500 from leaving an old employer. Can I transfer this money to a LIF, then to an RRSP?–Andrew

A. With the Great Resignation looming, many workers who decide to move on from the jobs they’re in today will be transferring pensions from their former employers into locked-in retirement accounts (LIRAs), or into locked-in Registered Retirement Savings Plans (RRSPs). 

There are rules to keep in mind around these transfers. Defined contribution (DC) pension plans can be transferred from a plan provider to a LIRA. Defined benefit (DB) pension plan members who take a lump-sum commuted value payment from their pension can transfer some of their pension into a LIRA, subject to transfer limits. 

A LIRA is like an RRSP, but subject to age and withdrawal restrictions. A regular RRSP can be fully withdrawn by an account holder at any time. A LIRA has limitations, since it is funded by a registered pension plan that is meant to last for life. 

Withdrawals generally cannot be taken directly from a LIRA account…

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