Accounting to The Office of the Superintendent of Financial Institutions (OSFI), As of Apr 2023, there are 34 Domestic Banks, 15 Foreign banks (subsidiaries of foreign banks) and 28 Foreign banks (branches of foreign banks). Those banks offer more than 100 different kinds of bank accounts. If you want an account that can grow your money daily with the lowest risk, it may be time to explore the highest-interest savings accounts. When you compare the saving account, the interest rate is not the only factor to indicate the most suitable high-interest saving account. It would be best if you also considered the length of the term, service charges, rewards program, cash-back program, etc.
High Interest Rates from The Big Five Bank
| Provider | Account | Interest Rate | Deal |
|---|---|---|---|
| RBC Royal Bank | High Interest eSavings | up to 1.500% | Earn up to 4.60% for 3 months. |
| TD Canada Trust | TD ePremium Savings Account | up to 1.600% | - |
| Scotiabank | Momentum PLUS Savings Account | up to 1.500% | Earn up to 5.00% for 5 months |
| BMO Canada | Savings Builder Account | up to 2.500% | - |
| CIBC | CIBC eAdvantage Savings Account | up to 1.600% | Earn up to 5.00% for 4 months |
High Interest Rates from Other Domestic Banks
| Provider | Account | Interest Rate | Deal |
|---|---|---|---|
| B2B Bank | Money Maximizer | up to 4.050% | - |
| Bridgewater Bank | Smart eSavings Account Interest Rate | up to 3.450% | - |
| Canadian Tire Bank | Canadian Tire High Interest Savings*® Account | up to 3.000% | - |
| Canadian Western Bank | Summit Savings Account | up to 1.400% | - |
| Coast Capital Savings Federal Credit Union | The High-Interest Savings Account | up to 1.600% | - |
| Wyth Financial | High Interest Savings Account | up to 1.000% | - |
| Alterna Bank | High Interest eSavings Account | up to 2.500% | - |
| Equitable Bank | High Interest Savings Account | up to 4.200% | - |
| First Nations Bank of Canada | High Interest Savings Account | up to 0.150% | - |
| Laurentian Bank of Canada | High Interest Savings Account | up to 3.000% | - |
| Manulife Bank of Canada | The Advantage Account | up to 2.850% | - |
| Motus Bank | High-interest savings account | up to 2.500% | - |
| National Bank of Canada | High-interest savings account | up to 1.500% | - |
| Peoples Bank of Canada | e-savings | up to 3.000% | - |
| Tangerine Bank | Savings Account | up to 1.000% | - |
| Vancity Community Investment Bank | Impact High Interest Savings Account | up to 1.000% | - |
| VersaBank | Sunrise Daily Interest Savings Account | up to 1.050% | - |
| Wealth One Bank of Canada | WealthONE High Interest Savings Account | up to 3.400% | - |
