We have compiled an extensive list of the top savings accounts in Canada. Below you can sort savings account based on your saving style financial institution and a lot more!
Savings Account Canada is simply a deposit account issued by a financial institution which pays you interest on deposits, also called the principal. The accounts usually include a limited number of transactions and may also feature high transaction charges than the chequing accounts. Some accounts by certain banks may require minimum deposits for you to set up a savings account with them.
A savings account can be opened from banks, credit unions, and trust companies. When choosing a financial institution to open the account with, it’s prudent to first shop around and make comparisons on their interest rates, interest calculation approach, service fees, access, taxes, and protection.
Interest rates offered by different institutions vary with some having a great marginal difference. For instance, the highest interest rate on a savings account is 2.5% offered by President’s Choice Financial while the lowest is 0.02% offering from National Bank of Canada. Some offerings by certain institutions are good but last only for a while.
DUCA Financial Services, for instance, offers 2.55% at the start, but after 90 days the rate is slashed to 1.5%. This is still much better compared to the rates from institutions such as National Bank of Canada. It’s important to note that these figures are also subject to change from time to time.
Typical interest rates on savings account range between 2.5% and 0.02%. Some of the interest rates to check out include DUCA Financial Services’ 2.55%, President’s Choice Financial’s 2.50%, Canadian Tire Bank’s 1.5% and ICICI Bank’s 1.45%.
There are also other good offerings from TD, Scotia, RBC, and BMO. Interest rates aren’t the only thing in the picture of course. Bank fees are also important to check. For instance, President’s Choice Financial offers its 2.5% interest rate with no fees or minimum balance requirements.