Which bank offers highest interest rate on savings account

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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

ProviderAccountInterest RateDeal
RBC Royal BankHigh Interest eSavingsup to 1.500%Earn up to 4.60% for 3 months.
TD Canada TrustTD ePremium Savings Accountup to 1.600%-
ScotiabankMomentum PLUS Savings Accountup to 1.500%Earn up to 5.00% for 5 months
BMO CanadaSavings Builder Accountup to 2.500%-
CIBCCIBC eAdvantage Savings Accountup to 1.600%Earn up to 5.00% for 4 months
Rates as of April 9, 2023

High Interest Rates from Other Domestic Banks

ProviderAccountInterest RateDeal
B2B BankMoney Maximizerup to 4.050%-
Bridgewater BankSmart eSavings Account Interest Rateup to 3.450%-
Canadian Tire BankCanadian Tire High Interest Savings*® Accountup to 3.000%-
Canadian Western BankSummit Savings Accountup to 1.400%-
Coast Capital Savings Federal Credit UnionThe High-Interest Savings Accountup to 1.600%-
Wyth FinancialHigh Interest Savings Accountup to 1.000%-
Alterna BankHigh Interest eSavings Accountup to 2.500%-
Equitable BankHigh Interest Savings Accountup to 4.200%-
First Nations Bank of CanadaHigh Interest Savings Accountup to 0.150%-
Laurentian Bank of CanadaHigh Interest Savings Accountup to 3.000%-
Manulife Bank of CanadaThe Advantage Accountup to 2.850%-
Motus BankHigh-interest savings accountup to 2.500%-
National Bank of CanadaHigh-interest savings accountup to 1.500%-
Peoples Bank of Canadae-savingsup to 3.000%-
Tangerine BankSavings Accountup to 1.000%-
Vancity Community Investment BankImpact High Interest Savings Accountup to 1.000%-
VersaBankSunrise Daily Interest Savings Accountup to 1.050%-
Wealth One Bank of CanadaWealthONE High Interest Savings Accountup to 3.400%-
Rates as of April 9, 2023
Vik Palan

Vik Palan

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