In Your Corner: My house is my retirement plan. Am I doomed? + MORE Aug 29th

Owning a home is a great investment but we all should have other investments socked away for retirement — ideally inside a Registered Retirement Savings Plan (RRSP), says this week’s expert.

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…

Owning a home is a great investment but we all should have other investments socked away for retirement — ideally inside a Registered Retirement Savings Plan (RRSP), says this week’s expert.