Best High-Interest Savings Account in Canada 2023

EQ Bank is an online bank launched by Equitable Bank in 2016. As an entirely online bank, there are no brick-and-mortar branches. EQ Bank operates entirely online.

Guaranteed Investment Certificates (GICs) and savings accounts (both registered and non-registered) are the only banking and investing products that they currently offer. Additional products offered through EQ Bank include international money transfers and mortgages.

Due to this simplified product offering, EQ Bank can offer an industry-leading 2.50%* interest on all deposits. This interest rate is not a promotional rate and is available to both individual and joint savings accounts.

*Rates current as of March 2023

Although not as well known as some of the other financial institutions on this list, Alterna Bank has provided Canadians with banking solutions for 110 years and even won the Globe and Mail endorsement for Canada’s Best Bank for Millennials.

Alterna Bank is not technically a digital-only bank, with branches across Ontario and Quebec. Still, you’ll access their high-interest savings accounts purely through their digital interface, a simple and easy to use app available through the App Store and via Google Play.

Beyond high-interest savings accounts, Alterna Bank also offers no-fee accounts, RRSP and TFSA eSavings Accounts, mortgages, investments, and GICs. The wide range of products makes this innovative bank an excellent choice for either a high-interest savings account or your go-to primary bank.

*Rates current as of March 2023

Laurentian Bank of Canada offers an online arm called LBC Digital services. Through LBC Digital, you can open a high-interest savings account that earns a competitive 3.00%* interest on all deposits.

There is no monthly fee associated with this account and no minimum balance. You’ll be able to fund this account by linking it with your other financial institutions or transferring money directly from an LBC Digital chequing account.

As a digital account, there are no branches associated with this account.

*Rates current as of March 2023

Wealthsimple is best known for its pithy advertising and low fee robo advisor investing products. Still, recently they’ve entered the space of high-interest savings accounts with a product they call Wealthsimple Cash.

Wealthsimple Cash is a hybrid savings and chequing account that you can use for daily spending but still earn a hefty 0.50%* interest – an unheard-of rate for a chequing account. You can fund this account from other financial institutions, and soon you’ll be able to make purchases directly from the account or withdraw money from ATMs using an attractive Tungsten metal card.

Wealthsimple Cash is still in its infancy, and the lack of available features limits this account’s usefulness.

For example, you cannot yet open a TFSA or RRSP with Wealthsimple Cash.

Many of the touted features aren’t yet available, like compatibility with Apple Pay and Google Pay, no foreign exchange fees, or even access to the debit card. Without these features, the interest rate is not attractive enough to recommend this product as your go-to choice for a high-interest savings account.

However, many of Wealthsimple’s additional products still make this a suitable account. Plus, it still provides a higher interest rate than most major banks.

*Rates current as of March 2023

Founded in 2013, Oaken Financial is part of Home Trust, one of Canada’s largest mortgage lenders. Oaken Financial has physical branches in Toronto, Calgary, and Vancouver, where you can open an account in-person and earn 3.40%* on your deposits. That said, you can do all of your banking through their digital portal, where they offer GICs and high-interest savings accounts for both personal and commercial customers.

You can open both TFSAs and RRSPs through Oaken Financial and choose whether to save your money in a high-interest savings account yielding 3.40%* or, if you have at least $1,000 to deposit, lock your money into a GIC where it will earn up to 5.05%* for a one year GIC.

*Rates current as of March 2023

Haven’t heard of Motive Financial? You’re not alone, but you don’t need to worry about the legitimacy of this new online bank. Before 2017, Motive Financial was Canadian Direct Financial. It is the direct banking arm of Canadian Western Bank, a Schedule I bank founded in 1984 in Edmonton, Alberta.

Motive Financial offers both chequing and savings accounts to their customers, and the Motive Savvy Savings Accounts offer 3.80%* interest on all deposits.

Unlike some other financial institutions on this list, Motive Financial limits the monthly transactions on its savings accounts to two per month.

Still, in my experience of using online savings accounts, you’ll only make transfers a few times a month. You’ll pay $5 per additional transaction.

*Rates current as of March 2023

The original online bank, Tangerine, used to go by the name of ING Direct before Scotiabank purchased them in 2012. Today, Tangerine is one of the most popular online banks in Canada. It offers various financial services from chequing and savings accounts, investments, credit cards, lines of credit, and even mortgages.

Their comprehensive product line does not mean they offer the best rate. When you open a Tangerine savings account, you’ll earn 5.00%* on all new deposits for the first five months, but after that, your interest rate drops to just 1.00%*. While Tangerine is accessible and an excellent place to do your daily banking, there are other banks with higher rates.

*Rates current as of March 2023

Simplii Financial is the digital banking arm of CIBC. While Simplii is relatively new to the online banking scene, they do offer a wide variety of useful products.

Unfortunately, after the promotional rate expires, the interest rate drops to 0.10%, which is not competitive with some of the alternatives we’ve listed above. That said, it’s still a higher rate offered to most major banks.

However, Simplii does offer a full suite of financial products and free access to all CIBC ATMs across Canada, along with unlimited debit purchases, bill payments, and withdrawals.

This flexibility makes Simplii a good choice as a digital bank, but not the best place to deposit your cash.

*Rates current as of March 2023

Scotiabank is one of Canada’s largest, oldest, and most reputable banking institutions. The Scotiabank MomentumPlus Savings account represents an outstanding savings account option from a major bank. More often than not, major banks do not offer good interest rates, but Scotiabank provides a decent banking option.

As a tiered account, Scotiabank offers a base interest rate of 1.50%*.

Additionally, Scotiabank offers four rate options depending on the duration of the amount of money placed into the account. These rates are added on top of the regular interested rate of 1.50%*, starting at 0.85%* for 90 days, 0.90%* for 180 days, 1.00%* for 270 days, and 1.15%* on 360 days.

And, until June 30th, 2023, a bonus interest rate of 2.25%* will be added on deposits made within the first 5 months of opening the acccount.

Interest is calculated daily and paid to the account holder every month.

*Rates current as of March 2023