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

How to go about securing the best Retirement Plan in Canada.
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How does an executor pay estate expenses during the probate process? + MORE May 4th

I’ve realized that my large RRSP would generate a very large income tax bill if I die in the near future. I don’t have a spouse, or anyone who qualifies as a beneficiary to my RRSP on a tax-deferred basis. How can my executor pay my income taxes if it takes a year to get probated?—Carol  .... More »
 retirement savings plan

How financial advisors can help at different life stages + MORE Mar 23rd

When it comes to figuring out your finances and planning for the future, working with a pro can make this process easier. Canadians who feel hopeful about their financial future are more likely to be working with a financial professional, according to research by FP Canada.  Depending on you.... More »

Can I withdraw from RRSPs to pay bills? + MORE Apr 20th

What are the cons to withdrawing RRSP savings of $25,000 to pay off some unexpected bills I have incurred?—Anonymous Withdrawing RRSPs when you’re not retired Ahh, the unexpected bills. Anonymous, I’ll give you my initial thoughts first, and then I’ll review the cons of withdrawing .... More »

How to be a better investor Mar 1st

For both beginner and experienced investors, focusing on a few basic guidelines can make the difference between good results and great ones. Whether you’re investing in a taxable account or a tax-sheltered account like a registered retirement savings plan (RRSP), doubling down on the basics can he.... More »
 registered retirement savings plan

Do bonds still make sense for retirement savings? + MORE Apr 27th

Now that it’s clear interest rates bottomed some time ago and are well on an upwards trajectory, we’re seeing headlines declaring the “death of bonds.” Notable was the Globe & Mail article by veteran columnist and author Gordon Pape, announcing he was “getting out of bonds.” W.... More »
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…

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Compare the best savings accounts in Canada 2022Best 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…

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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 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…

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