High-Interest Savings Accounts, or HISAs, provide a fantastic opportunity to maximize your savings. They offer higher interest rates compared to regular savings accounts, helping you grow your money more effectively. In Ontario, you have a wide range of options to choose from, including offerings from both major banks, such as HSBC High Rate Savings Account, and innovative fintech companies like Neo Financial High-Interest Savings Account.
In this guide, we’ll explore the top 10 high-interest savings accounts available in Ontario to assist you in making an informed choice for your financial goals.
If you’re looking for the finest high-interest savings accounts in Ontario, here are the top 10 choices:
Simplii Financial offers a high-interest savings account that doesn’t require locking your funds away for an extended period and comes with no monthly fees. You can set up automatic deposits without any minimum balance requirements. The account features no transaction fees and provides easy access to your savings when you need them. The regular interest rate ranges from 0.4% to 0.65% on savings up to $500,000, 1.25% for amounts over $500,000, and a lucrative 5.5% for savings exceeding $1 million. Currently, for a limited time, you can earn an impressive 6.00% interest on up to $500,000.
EQ Bank’s Savings Plus Account combines the flexibility of a checking account with the opportunity to earn interest on your savings. The interest rate is currently 2.50% (or 3.00% with direct deposit or pre-authorized payments) and offers unlimited transactions and fee-free everyday banking transactions. You can also enjoy complimentary transfers, bill payments, and more. The account includes a card that allows for free ATM withdrawals in Canada and cashback on purchases.
KOHO offers an interest-earning account with cashback benefits on all purchases. Interest rates range from 0.5% to 4.50% based on your plan. The free plan, Easy subscription, provides 0.5% interest, while the Essential plan offers 1.5% interest, and the Extra plan offers a remarkable 4.50% interest. Interest is paid monthly, and you have the flexibility to access your funds at any time. Moreover, you can earn 1% cashback on grocery, gas, and transportation expenses with no fees and no minimum balance requirements. The smart rounding-up feature allows you to save extra money with each purchase, which can be withdrawn at your convenience.
Neo Financial’s high-interest savings account offers a competitive 3.40% interest rate on your deposits. The account includes free transactions and an auto-save feature, enabling automatic savings. Additionally, you can earn unlimited cashback of around 5% using the Neo card.
The MomentumPLUS Savings Account features a regular interest rate of 1.40%. While it doesn’t offer automated direct bill payments, it allows free transfers between other Scotiabank accounts. There are no monthly fees and no minimum balance requirements. Keep an eye out for welcome bonus interest rates, which can increase your interest rate to an impressive 5.60% for a limited time.
The Tangerine Savings Account provides a 1% interest rate, though it may be lower than some other HISAs on the list. However, it offers several benefits, including no minimum balance requirement, no monthly fees or service charges, and a useful feature for setting personal savings goals. The Automatic Savings Program (ASP) allows you to automate your savings, helping you reach your financial objectives. Look out for welcome offers that may provide higher interest rates for the initial months.
The Motive Savvy Savings Account offers a competitive interest rate of 4.1%, one of the highest on this list. While it comes with no monthly fees and allows unlimited transfers between your accounts, there are two free transactions each month. Additional transactions cost $5 each, and Interac e-Transfers are $1 each. The high interest rate makes it an attractive choice despite the transaction limitations.
The Saven Financial High-Interest Savings Account offers a competitive interest rate of 3.80%, making it one of the most attractive options on this list. You can enjoy free transfers, and interest is deposited at the end of each month. There’s no minimum balance requirement or account fees, making it an excellent choice for a savings account. Please note that this account is only available to residents of Ontario.
Motusbank’s High-Interest Savings Account offers a substantial 2.5% interest on all your savings with no monthly fees and no minimum balance requirement. Debit purchases and withdrawals are also unlimited, making it a convenient choice for savers.
Before applying for a high-interest savings account in Canada, it’s important to weigh the pros and cons:
Opening a HISA in Ontario is a straightforward process that typically takes only a few minutes. Many of the banks listed above are online-only institutions, making the application process convenient and accessible through their websites.
Generally, you’ll need to be of the age of majority in your province or territory and be a resident of Canada. Be sure to check the specific requirements on the bank’s website.
You can usually apply online, providing your personal information such as your name and email address, along with a form of identification. If you prefer an in-person application, you can check if your chosen bank has physical branches you can visit, or you can contact the bank for assistance.
Opening a high-interest savings account can be an excellent step toward optimizing your savings and achieving your financial goals.
Written By:
Sumit Walia
