We realize how hard it is to save money in 2024 so we ranked the top 5 high yield savings accounts in Canada looking at annual yield, fees, customer services, access, and unique features to help you save money.
HOW TO CHOOSE A HIGH YIELD SAVINGS ACCOUNT
The main criteria when choosing a savings account is the annual interest rate the higher the interest rate the more your money grows for just sitting there. Another factor is Minimum Balance make sure your savings account has a low or no minimum balance so you don’t have to worry about keeping a certain amount of money in your account to earn interest.
You will need to find a savings account with low or no Fees as you may accrue penalties for the number of withdrawals or high fees for every withdrawals. Lets keep are money safe in are savings accumulating interest.
The Canadian Deposit Insurance Corporation (CDIC) insures most bank accounts in Canada up to $100,000, so your money is safe even if the bank holding it files for bankruptcy. Verify that the CDIC insures the savings account you select.
Lastly find a savings account that is convenient for you to access whether its online or your local branch.
TOP HIGH YIELD SAVINGS ACCOUNTS IN CANADA
| BANK | APY | MIN DEPOSIT | FEES | CDIC | TYPE |
| SIMPLII FINANCIAL | .4% – 5.5% | – | – | YES | LOCAL / ONLINE |
| NEO | 4% | – | – | YES | ONLINE |
| WEALTH SIMPLE | 4% | – | – | YES | ONLINE |
| KOHO | 5% | – | – | YES | ONLINE |
| CANADIAN TIRE | 3.7% | – | – | YES | ONLINE |
HOW TO OPEN A HIGH INTEREST SAVINGS ACCOUNT
To open an high interest savings account you will need to be a Canadian resident with a permanent residence, a social insurance number (SIN), and be at the age of majority in your province or territory.
TIPS TO MAXIMIZE YOUR SAVINGS
Keep an eye on interest rates since interest rates fluctuate, it’s important to keep an eye on them and, if a better offer is found, think about switching to a different high-interest savings account.
For new clients, certain financial institutions could provide promotional rates. To increase your savings even further, keep an eye out for these deals and take advantage of them. Make sure you compare the interest you will receive on your account to other accounts throughout the promotional period.
Lastly setup automatic savings plan so every time you get paid a certain percentage will be transferred to your high interest savings account automatically.
