High interest savings accounts or HISAs are a great way to take your savings further. That’s because they usually have higher interest rates than what you get on regular savings accounts.
There are many HISAs to choose from in Ontario. These include arrivals big banksLike smaller fintech companies like Scotiabank MomentumPLUS Savings and KOHO Earn Interest.
In this guide, we look at the 10 best high-interest savings accounts in Ontario to help you choose.
Key Takeaways
- The best HISAs in Ontario include EQ Bank, Simplii Financial, Mandarin, Neo Financial, Motive Financial, Motusbank and more.
- There are several pros and cons to opening a HISA that you should consider before opening an account.
The highest interest savings accounts in Ontario
I’m looking for The best high interest savings account in Canada? There are several HISAs you can choose from in Ontario, and here are the top 10:
1. CHOOSE Earn Interest
KOHO Essential accounts Pay 2.00% interest on your entire balance (up to 3.50% interest for advanced accounts). This is in addition to the 1% cash back you earn on all grocery, restaurant, gas and transportation purchases, plus 5% cash back at partner stores.
KOHO Savings is linked to the KOHO prepaid Mastercard and also includes free access to debit transactions, eTransfers, bill payments, direct deposits, checking credit accounts and 0% APR cash advances.
The low $4 monthly fee is waived when you set up an eligible recurring direct deposit or savings account, making it a $0* savings and spending account.
To begin with, Open a KOHO account and use promo code GETCASH to get $40 bonus after your first purchase.
2. EQ Bank Personal Account
The EQ Bank Personal Account (formerly Savings Plus) combines the flexibility of a checking account with the ability to earn interest on your savings.
The current interest rate 2.75% if you set up direct deposit or pre-authorized payments (or 1.00% if you don’t have a direct deposit setup), you also get unlimited transactions and no fees on your everyday banking. There is no deadline for this rate.
You can enjoy free transfers, bill payments and more. you can enjoy. It also comes with a card that you can use to get free ATM withdrawals in Canada and earn cash back on your purchases.
You can also open it EQ Bank Notice Savings Account and Earn up to 2.75% interest in your deposit.
3. Simple Finance High Interest Savings Account
In this Savings account from SimpliiThere’s no need to tie up your funds for long periods of time, and there are no monthly fees to worry about.
You can set up automatic deposits to help with your savings efforts, and you don’t need a minimum balance. There are also no transaction fees and you can access your savings whenever you need.
The current regular interest rate ranges from 0.30% to 1.50% depending on your balance. For a limited time, you can earn 4.50% interest for 5 months.
In addition to the higher rate, Simplii Financial offers $300 cash bonus (plus $50 Skip gift card – $350 total value) when you open a checking account with free unlimited transactions Set up a direct deposit at the same time and eligible.
4. Neo Savings Account
The Neo Savings account offers competitive interest on your savings. Transactions are free and have an auto save feature where you can set up automatic savings to help you save more.
The more you save, the more you earn as follows:
- $0 to $4,999.99: 2.25%
- $5,000-$19,999.99: 2.50%
- $20,000+: 3.00%
Deposits in a Neo Savings account are eligible for CDIC protection. In addition to savings accounts, Neo Financial also offers prepaid cash back cards, credit cards, mortgages, investments, and more. offers.
5. Tangerine Savings Account
The Tangerine Savings Account has an interest rate of 0.30%, which is lower than some of the other HISAs on this list.
However, it has a number of advantages that can make it an excellent choice. It has no minimum balance requirement and no monthly fees or service fees.
It also has a useful feature for setting a personal savings goal. With it, you can use the Automatic Savings Program (ASP) to transfer money into your account to help you reach your goals.
You can customize your savings goal and visualize your goal, which can help you in your savings efforts.
It’s also a good idea to keep an eye out for good deals where you can get a higher interest rate on your savings for a few months.
For a limited time, new customers can earn a higher promo rate for the first 5 months. Increase the returns on your savings with these Tangerine savings account promotions.
6. Scotiabank MomentumPLUS Savings Account
The MomentumPLUS Savings Account currently has a regular interest rate of 0.50%. While this is good, it doesn’t support automated direct bill payments, so you it checking account.
However, you can get free transfers between other Scotiabank accounts. Also, if you save for a longer period, you get a higher interest rate.
There are also no monthly fees and no minimum balance requirements. Look out for welcome bonus interest rates when you sign up.
7. Save Finance High Interest Savings Account
You’ll earn a high interest rate of 2.85% on this account, which is one of the most competitive rates on this list.
In addition, you can get free transfers and interest is deposited at the end of each month. No minimum balance is required and there are no account fees, making it a good choice for a savings account.
This account is not available in Quebec.
Methodology:
Savvy New Canadians has compiled the best high-interest savings accounts in Ontario based on interest rates, monthly payments, transaction limits, minimum balance requirements, convenience, affordability and many other features. We carefully evaluate the offerings of each bank account and place greater emphasis on the overall value of each account. Based on our research, these are some of the best savings accounts, but they may not be right for you. Visit each bank’s website to see the latest information.
Pros and cons of high interest savings accounts
There are a few pros and cons to consider before applying for a high interest savings account in Canada:
Pros:
- The main advantage is that you can earn more interest on your savings. Interest also increases daily for most accounts.
- Most accounts pay interest monthly, giving you faster access to your earnings.
- Many of these banks have no monthly fees, which helps you save even more money.
- Most accounts do not require a minimum balance.
- Applying for a savings account is easy; you can usually do this online in minutes.
- You can withdraw your money as often as needed, giving you easy access to your money.
- Many HISAs come with extra tools such as summation functions, savings calculators and even cards that allow you to earn cash back.
Cons:
- Some savings accounts may have withdrawal or transaction fees. Depending on the bank, you may have a few free transactions each month before you start paying.
- Interest rates change, so you should keep an eye on them to make sure you’re getting as much as possible from your savings.
- Although interest rates are high, you can often earn more by investing your money. However, this comes with additional risk, so it depends on your risk tolerance and goals.
- It can be more difficult to withdraw money from a HISA compared to a standard checking account.
How to Open a High Interest Savings Account in Canada
Opening a HISA in Ontario is relatively simple and should only take a few minutes. There are many online only banks in the list above and they make the online application process easy.
You must normally be of legal age in your province or territory and a resident of Canada. Check the bank’s website for other requirements.
You can usually apply on the website as long as you meet the requirements.
You must provide your personal information, including your name and email address, and provide a form of ID.
If you prefer, you can open a HISA in person as long as you can visit the physical branches of your bank of choice. Alternatively, you can call the bank for help.
