Top 10 Best Saving Accounts and Rates in Canada for October 2022
Top 10 Best Saving Accounts and Rates in Canada for October 2022. Photo KnowInsiders

Do you have some extra cash lying around that you would like to earn some interest on? Or maybe you have a short-term savings goal you want to reach?

Investments might not always be the best option for these situations but that doesn’t mean that you can’t make your money work for you. In these situations, you should consider a high-interest savings account.

Now, the interest rates on high-interest saving accounts haven’t been too high over the course of the pandemic. But, as the world slowly gets back on its feet again we’re starting to see small increases in these interest rates.

This means more interest earned on money you are already trying to save. So if you are looking for a safe place to put your money, whether it be for a couple of months or a few years, a high-interest savings account is a great option.

What is a high-interest savings account?

A high-interest savings account (HISA) is a savings account that pays a better rate of interest than standard savings accounts. HISAs are offered widely by a variety of banks, credit unions and other financial institutions.

This type of account allows you to safely and securely set aside money and earn a modest return without losing the ability to access that money anytime.

Top 10 Best high-interest savings accounts in Canada in October 2022

1.Simplii Financial™ High Interest Savings Account- Interest rate: 4.75%

2.Tangerine Savings Account-4.25%

3.CIBC eAdvantage® Savings Account-up to 4.25%

4.RBC High Interest eSavings Account-4%

5.CI Direct Investing HISA-3.5%

6.Oaken Savings Account-3%

7.Motive Savvy Savings Account-3%

8.AcceleRate High-Interest Savings-2.85%

9.Achieva Financial Daily Interest Savings Account-2.85%

10.Peoples Bank e-Savings Account-2.5%

How does a high-interest savings account work?

The greatest appeal of HISAs is that they are a safe and secure place for savings to grow money slowly. Financial institutions that are members of the Canada Deposit Insurance Corporation (CDIC) insure savings of up to $100,000, while credit unions are insured provincially and usually cover the full deposit, with no limits. Money that is deposited in a HISA account generates interest by allowing the bank to access those funds to loan to others.

Interest rates offered by HISA accounts typically vary between rates as low 0.5% and to the 2% range at the upper end. There are usually no monthly service fees associated with savings accounts since they are intended to serve as places for people to park their money for stretches of time. However, it’s not unusual to see the number of withdrawals and transfers limited or to have a fee associated with transactions.

How is a high-interest savings account different from regular savings accounts?

While they offer better interest rates than a regular savings account, HISAs also tend to come with more restrictions or conditions.

Some common conditions to look for when choosing a high-interest savings account include account minimums. For example, interest might only be calculated if your account has a minimum balance, such as $5,000.

There are also withdrawal conditions, where there are a limited number of free withdrawals per month and you get charged if you exceed the limit. There are also transaction fees, which may be waived depending on your balance. Again, any conditions and fees associated with your HISA will vary from institution to institution.

How Many Types of Savings Accounts?

There are a number of different types of savings accounts available to Canadians. Most are fairly simple, while others have features designed to meet specific needs.

Options include:

• Basic savings accounts.

• High-interest savings accounts (HISAs), which earn a higher rate of interest but may come with more restrictions.

• Hybrid accounts, which offer the benefits of chequing accounts with the ability to earn interest.

• Kids savings accounts, which parents and guardians can open for children and teens.

• Senior savings account, which offers discounts and advantages for senior citizens.

• Foreign currency savings accounts, such as USD savings accounts for people who want to deposit U.S. dollars without exchanging currency.

• Business savings accounts, which separate business savings from personal savings.

• Registered savings accounts, such as tax-free savings accounts (TFSAs) and registered retirement savings plans (RRSPs), which are registered with the Canada Revenue Agency (CRA) and offer tax benefits.

Are savings accounts taxable in Canada?

Yes, you will have to pay income tax on any interest you earn in your savings account. Every year, your bank or financial institution will send you a T5 slip that shows how much interest you earned. You’ll claim this interest income along with all other personal income on your tax return.

You won’t pay taxes on the interest you earn in a tax-free savings account (TFSA), which is a registered savings account that can hold both investments and cash deposits. However, these accounts come with strict contribution and withdrawal rules and they aren’t a replacement for a basic savings account.

What to consider when choosing banks in Canada

When choosing a bank, there are a few factors to consider:

• Fees: Most banks charge fees for items like overdrafts, wire transfers, and cheques. It's important to know what these fees are and whether they are worth it for the services you need.

• Location: Some people prefer a bank with branches near them. This can be helpful if you need to speak with a teller or banker.

• Products and Services: Each bank offers different products and services. Make sure the bank you choose offers everything you need.

• Customer Service: It's essential to know how you will be able to get in touch with customer service if you have an issue. Some banks have 24/7 phone support, while others only offer online chat.

• Ease of Use: Some banks have more user-friendly interfaces than others. If you're not comfortable using a computer, you may want to choose a bank that has physical branches.

Best Bank Accounts for Newcomers to Canada 2022

Top 10 Best Saving Accounts and Rates in Canada for October 2022
Photo Intertrust

Are you a newcomer to Canada? Do you want to open a bank account? Where to choose? Let’s consider top 5 banks in Canada.

National Bank of Canada

The National Bank’s offer for new immigrants is a 3-year offer for a chequing account, access to financing products like loans and credit cards, telephone support, unlimited electronic transactions, a book of free cheques and rental of a small safety deposit box to keep your important documents in. The bank waives its account fees for the first year, saving you $15.95 for 12 months.

Desjardins Credit Union or Caisse populaire

In Quebec, you will see the green hexagon of the Desjardins logo everywhere. Unlike other institutions, Desjardins is a cooperative, but it offers essentially the same services as a bank.

Top 10 Best Saving Accounts and Rates in Canada for October 2022
Photo Freedom Capital

Royal Bank of Canada (RBC)

This is the most common bank in Canada. No matter the city, RBC probably has a branch there. Thanks to RBC, most financial services like credit cards, mortgages and car loans don’t require you to have a credit history.


BMO offers the NewStart program. You can begin by opening a chequing account with no monthly fees for one year. You also get unlimited electronic transactions, unlimited Interac e-transfers, and a free safety deposit box for one year.


Scotiabank allows you to open an account online and transfer money to Canada before you arrive. Scotiabank’s StartRight program can help you get started on the right foot, giving you access to credit, savings, free international money transfers, and advice. Their chequing account for newcomers offers several advantages:

No monthly fees for the chequing account for one year

Unlimited Interac transactions and transfers

Access to a small safety deposit box free of charge for one year

Services Offered by Canada's Best Banks

Canada's chartered banks offer many services to their clients. While you may be familiar with your bank's retail banking services like taking deposits and transferring money, they provide additional benefits to corporate clients and investors. Interestingly, banks in Canada operate as umbrella companies owning multiple business segments. This section will explain the different segments and the services/ products offered.

Best Online Banks In Canada In 2022

Top 10 Best Saving Accounts and Rates in Canada for October 2022
Photo Young and Thrifty


Tangerine is one of the most popular online banks in Canada. They are owned by Scotiabank but operate independently. Tangerine offers no-fee bank accounts, chequing, and savings. They also provide GICs, mortgages, and loans. Customers can open an account with as little as $0.

Tangerine was founded in 1997 under the name ING Direct. The Dutch bank sold the Canadian subsidiary to Scotiabank in 2012 for $3.1 billion. By 2016, Tangerine grew to over 2 million clients with $39 billion in assets.

Simplii Financial

Simplii Financial is the direct banking subsidiary of CIBC. They offer no-fee bank accounts, chequing, and savings. All of these accounts have no minimum balance requirements. Additionally, Simplii offers investment and lending products. For example, you can choose between secured, and personal line of credits.

Simplii Financial was founded in 2017 when CIBC and Loblaw Companies announced they would be exiting the 20-year PC Financial partnership. Shortly after, all mortgages, deposits, and investments were transferred to CIBC, while Loblaw Companies retained the credit card portfolio.

NEO Financial

NEO Financial is a new entrant into the Canadian market. They offer no-fee bank accounts and Mastercard credit cards. NEO also recently included mortgage and investment services. Customers can open an account with as little as $0.

NEO was created in 2019 by Andrew Chau and Justin Ferrer - the founders of SkipTheDishes. The company started with the launch of NEO Mastercard, which provided cash back and points. In 2022, NEO received unicorn status, meaning the business valuation surpassed $1 billion.

EQ Bank

EQ Bank is a subsidiary of Equitable Bank. They offer no-fee bank accounts, chequing, and savings. EQ Bank is renowned for their high-interest savings account, which typically features the highest rates in Canada. Customers can open an account with as little as $0. Additionally, EQ Bank offers GICs, RRSPs, TFSAs, and mortgages.

EQ Bank was launched in 2016 as a digital subsidiary of Equitable Bank. The goal was to provide Canadians with a simplified banking experience. Since then, EQ Bank has seen rapid growth with over $7 billion in deposits.


Wealthsimple is a new entrant into the Canadian market. They offer no-fee bank accounts and prepaid Visa cards. Customers can open an account with as little as $0. Wealthsimple is also a robo-advisor that offers investment products. In 2020, they launched Wealthsimple Cash, a no-fee bank account. The account comes with a Wealthsimple Visa, which offers cash back on purchases.

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