The best high-interest savings accounts in Canada for 2024 + MORE Nov 12th

If you’ve sold your home or are planning to soon, you may have a large amount of cash that needs a temporary parking spot while you prepare for your next move. A regular savings account pays very little interest—so unless you need the money right away, it makes sense to seek higher returns.

Several options are available—but what is best for your situation? Short-term investments such as bonds and guaranteed investment certificates (GICs) pay interest but might not give you the flexibility you need. Stocks and exchange-traded funds (ETFs) offer potentially higher yields but also come with higher risk. A simpler and more accessible solution is to use a high-interest savings account (HISA), like Simplii Financial’s HISA.

Simplii is a Canadian digital bank with over two million customers. It offers 24/7 access to online and mobile banking with no monthly fees, as well as access to one of the largest national ATM networks through CIBC. With Simplii’s HISA, you can earn high interest, and you don’t have to lock in your money for a set period of time, as you would with a bond or GIC…

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…

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At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rates fall even more?

A little wisdom from those who’ve been there: this is not just a financial transaction—it’s your life. Sooner or later, you’ve got to get on with it. And over the 20 or 30 years it takes to pay off your mortgage, it won’t much matter what the rate was the day you first got approved.

Especially when you look beyond Canada’s Big Five banks, you’ll find attractive rates right now. For example, buyers in B.C. can find great rates at Coast Capital Savings Credit Union. Its five-year high-ratio fixed mortgage has a lower advertised rate than any of the Big Five (as at Oct. 30, 2024), based on independent, external third-party market research.

Plus, for a limited time, you can get a cash bonus when open a new mortgage or switch your existing mortgage to Coast Capital…

Buying a home in Canada hasn’t been easy in recent years, but thanks to recent changes to mortgage rules, falling interest rates and more cuts expected in the months ahead, many prospective home owners are feeling freshly optimistic. It all starts with a down payment, though—and the bigger, the better. If you’re thinking about buying your first home in the next few years, consider opening a first home savings account (FHSA) by December 31. Even if you don’t plan to start contributing this year, opening the account now gives you more room to save in 2025.  

Here’s what you need to know about using this account, including the FHSA contribution limit and deadline, how to open an FHSA account online and why it might even make sense to open one if you’re undecided about home ownership and debating your decision.

What is a first home savings account (FHSA)?

The FHSA is a tax-free registered savings account that was introduced in April 2023. Designed to help first-time buyers save up for a down payment and get into the housing market sooner, the FHSA allows account holders to contribute up to $8,000 per year, up to a lifetime FHSA limit of $40,000 (or twice that amount if you’re part of a couple and you’re both first-time home buyers)…