There’s nothing more frustrating than barely scraping by on your monthly expenses and having to painfully watch your bank account drain. If this sounds like you, it might be time to consider switching to high interest savings accounts. With so many bank accounts available, how do you choose the one that will best suit your needs?
Thankfully, some bank accounts can provide you with the potential earnings you’re looking for — both when it comes to interest rates and quality services.
Here are the four most competitive accounts currently available in Canada that offer the highest savings interest. Check it out!
1. Simplii High Interest Savings Account
Key Account Details
- 0.1% interest rate
- 2.2% promotional interest rate
- No transaction or service fees
- Eligible for CDIC deposit insurance
- No minimum balance
- No monthly fee
- Apply through this secure link for a $40 cash back rebate
The Simplii High Interest Savings Account is ideal for anyone who wants to save money effortlessly and earn a better interest rate than a traditional savings account. And the best part? It’s completely free!
It’s an online bank owned by CIBC and has no traditional bank branches because it was created for a digital world.
Simplii offers 0.1% interest on every $1 you hold in the account and allows clients to access their money via an app on their phone. It’s actually pretty innovative.
2. Neo Money Account
Key Account Details
- no monthly fees
- No minimum balance
- Unlimited free transactions
- Earn daily interest
- Apply through this secure link for a $35 cash back rebate
Neo believed that everyone should have access to a great savings account. That’s why they’ve worked hard to make saving as simple as the saving can be. The Neo Money Account is a no-fee account suited for clients who want to save and make quick, seamless transactions using their phone app, Interac e-Transfer, or online banking. It’s everything you need in a savings account!
3. HSBC High Interest Savings Account
Key Account Details
- Up to 2.65% per annum
- No minimum balance
- No monthly fee
- Bonus interest is earned on New Deposits of up to CAD $1,000,000
- Access your High Rate Savings Account through multiple channels
- Apply through this secure for a $50 cash rebate
HSBC is a British bank and one of the largest banks in the world. With over 20 million customers, HSBC has achieved incredible international recognition and reputation. In general, this bank’s customer service, features, rates, and other products rank very high. HSBC High Interest Savings Account offers a decent interest rate compared to many other savings accounts.
The account offers a competitive interest rate of up to 2.65% interest, one of the highest rates in Canada!
4. Scotiabank MomentumPLUS Savings Account
Key Account Details
- No minimum balance
- No monthly fees
- Savings tracker
- Mobile cheque deposit
- Unlimited free self-service transfers
- Earn a savings rate of up to 2.75% interest for a limited time
- Apply through this secure link for a $60 cashback rebate
You can maximize your interest while enjoying convenience with Scotiabank MomentumPLUS Savings Account.
It offers tiered rates that systematically increase with the number of days you leave your money in the account. And this gives you more value for your money.
The best part about this account is that you can get an even higher rate if you sign up for Scotiabank’s Ultimate Package.
You will earn an additional 0.10% interest rate with this ultimate package.
In conclusion
If you are tired of seeing your hard-earned cash wash away in the endless stream of monthly bills, it’s time to consider one of these high interest savings accounts.