The best high-interest savings accounts in Canada for 2024 + MORE Dec 10th

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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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…

If you want to borrow money, you have several options in Canada, including a secured or unsecured loan. These loan types have several things in common. Off the top: Financial institutions will lend money for a certain period of time (a.k.a. a term), both types require a credit check and both charge interest. 

When comparing secured loans versus unsecured personal loans, look at each loan’s pros, cons, risks and benefits. You’ll also want to look at how your financial needs, your situation and your personal goals can come into play. Understanding the differences between these two loan types is key, because you can make the best financial decision before you borrow money.

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What is a secured loan?

A secured loan is one that is backed by collateral using your assets…

While many Canadians highly anticipate the federal government’s upcoming GST holiday, experts say consumers need to make sure they’re saving money on what they need most without falling for the allure of a deal and hurting their bottom line. 

For most low- and middle-income families, “getting any amount of discount is always a benefit,” said Jessica Morgan, founder of financial literacy site Canadian Budget. 

But to take advantage of the tax break, “it really depends on what the purchase is for and when,” she said. 

The tax break can mean savings in the short term, but the equation may change when you consider whether you can fit these purchases into your budget. Putting them on credit could mean racking up interest and adding to your debt.

“It’s a decision people will have to make depending on when they need to make those purchases, when they’re giving those gifts or if they’re hosting a dinner or they need to do their regular groceries,” Morgan said…

When Selena Gusikoski and her family first came across promotional materials for the registered disability savings plan (RDSP), they didn’t open one right away. Gusikoski has five siblings, and her youngest brother, Cody, has a disability. The family works closely to make sure Cody can live an independent and fulfilling life, but because of his low income, the RDSP didn’t initially seem to make sense for him.

“We as a family had quite often received information about RDSPs from different organizations, but we always put it on the back burner,” says Gusikoski. “It was like, ‘Yeah, we’ll get to that.’”

Her family isn’t alone. More than 1.45 million Canadians are eligible to open an RDSP, but only about 36% of them had one as of the end of 2022, according to the most recent data from Statistics Canada.

A mere 17% of Canadians surveyed know about RDSPs, and many don’t understand how these registered accounts work, according to a recent study commissioned by Concentra Trust, an Equitable Bank company that provides services to a majority of Canada’s credit unions…