Every bank has its interest rates, and the interest rate of each bank can be different depending on the size of the bank or its reputation. Similarly, the 7 best savings accounts in Canada have interest rates. We also get to see the highest, and if we take a loan from any of those five savings accounts, we have to bear the highest interest rate on that loan. First, we will know that the 7 high interest paying savings accounts in Canada are: Which ones have the highest percentage of interest? Then we will also see what percentage of interest rate they are giving.
Why is a savings account necessary?
Generally, every person keeps a savings account in which he deposits some amount for his future, which can be useful to him in the nearest circumstances, but in Canada, there are five such types of savings accounts whose interest rates are quite high.
1. EQ Bank
This Canadian bank’s savings account is a flagship product of its product range, especially an online bank, and it offers the highest interest rates on a savings account with no monthly fees. It is also renowned for its interest rates. Currently, The attractive daily interest rate on the savings account is set at 2.30%, and this rate matches the bonus offer, or we can even say it is even higher than that. Maintaining your savings in a bank savings account may not be the best idea. Because this bank is somewhat less accessible than other banks
No monthly fee
No minimum balance requirement
The maximum balance is $2
We can keep up to Rs. lakh; through this account
We can also do unlimited free e-transfer.
Eq Bank also provides unlimited transfer facilities to the account holders. If any type of registered account is unavailable, then if this bank opens a savings account, it can benefit us in Canada.
2. Tangerine Bank
Usually, Tangerine Bank’s savings account is the first choice of every Canadian citizen. With this savings account, we can earn an interest rate of 1.25 per cent, which is very different from the 2.30% interest rate offered by eq. However, Tangerine provides a very big and attractive introductory rate of 3% for the first six months, which is much higher than any other bank, and there is no charge for opening a savings account in Tangerine Bank.
No monthly fee
We do not have to pay any fee on its transactions; in this account
We also do not need any minimum balance
The biggest feature of The reason most people open this savings account is that it will start earning interest from the first dollar we deposit.
3. Simply High-Interest Savings Account
This savings account was known as President’s Choice Financial and is considered an online branch of CBC. The features are similar to Tangerine, as the Tangerine Savings Account and Simply High-Interest Savings Account share some of the same features. we see the same type
This account has a daily interest rate of 1.25%.
There are no monthly transaction fees charged on this account
There is no minimum balance requirement in this account
CIBC facility is also available
4. Wealth Simple Savings Savings Account
This account was launched mainly in 2018. This account started as a high-interest savings account and has become synonymous with the term Wealth Simple brand robo advisor with marketing based on the millennial position, but this account is less. This low-cost online investment platform is becoming increasingly essential as its interest rates are quite high and offer different facilities. This account gives us much more savings than other online players like those big bank savings accounts. Puts forward, and we do not face any problems from the initial parties.
This account has a high standard interest rate of 2%
This account does not incurr monthly or transaction fees
There is no minimum amount set in this account
New technologies like roundup and overflow have been used in this account
Deposits in this account are CDIC-ensured
This is an easy-to-use account that we can also use on our mobile.
5. Motus Bank
Motor Bank of Canada considers its savings account the most amazing high-interest rate offering account and claims it offers the highest interest rate. It was launched in April 2019. This bank is known as one of the best online banking in Canada. While the newest one is considered the subsidiary of Ontario-based Meridian Credit Union, which is already making waves for personal loans, Motus Bank’s savings account interest rates are similar to those of Tangerine Bank. It has been seen to be competitive with both EQ banks, and it is considered to be the savings account offering higher interest rates than both.
This account has an interest rate of up to 2.50%.
There isn’t a monthly charge.
This account has no minimum balance requirements.
This account also allows for unlimited account withdrawals and point-of-sale transactions.
More than 3,700 ATMs are free to use with this account nationwide.
Deposits in this account are CDIC-insured
Motors Bank Deposit Savings Account up to $100,000 protected with CDIC coverage.
6. ScotiaBank Momentum Savings Account
This type of rate savings account operates differently in Canada than other budget accounts, and the interest rate portion of this account increases with the term of the account rather than the balance. This may not sound very clear. It is of a different type, but it is at the forefront of providing good facilities. Along with all this, Scotia Bank also provides a premium fixed interest rate. This kind of interest rate continuously increases if the money is deposited in the savings account for a long time.
The balance kept in the account for 90 days gets a .75% interest rate; for 180 days, it receives a .80% interest rate; for 270 days, it gets a .85% interest rate; and for 360 days, it gets a .85% interest rate. We get an interest percentage up to .90% on keeping the money.
With all these facilities, if we keep our money in the account for a full year, we can earn up to 1.95%. Apart from the standard and premium interest, Scotia Bank has a good offer of 1.25% till March 10, 2019. Customers who have benefited from this offer have earned an impressive maximum interest rate of 3.20% on their accounts.
This account has a standard interest rate of 1.05%
The tiered premium term rates on this account offer additional interest of up to .90%
This account has a promotion of 1.25% bonus interest.
This savings account is linked to big banks.
This savings account is protected by CDIC insurance.
7. TD Premium Savings Account
The TD Premium Savings Account is one of Canada’s best high-interest savings accounts. A minimum balance of $10000 is required. No interest is given in this account from $0 to $9999, but an interest rate up to 1.20% is given on the amount above $10000, and through this savings account, if we make external or If you make personal withdrawals, you may have to pay a fee of up to $5.
In this way, these are Canada’s seven best savings accounts with high interest rates through which we can get the highest interest rate. We can also do online banking through them and arrange to find the ATM through these savings accounts. Many such facilities are provided through savings accounts in Canada, which we can take advantage of. We can also get good interest rates on our deposits and many other such accounts through these savings accounts. Both a monthly fee and a minimum amount are not stipulated for these transactions.