5 Best High Yield Savings Accounts in Canada
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Setting up a savings account can be a great way to save money. One of the best kinds of savings accounts is the high-yield savings account. These accounts offer higher interest rates than traditional or standard savings accounts, which can significantly contribute to your savings. To find the best high-yield savings account, you must consider certain factors. These include interest rates, minimum balance requirements, fees, etc., which may vary across different financial services providers. Here are 5 of the best high-yield savings accounts in Canada:
Tangerine Savings Account
5 Best High Yield Savings Accounts in Canada
New customers who join the Tangerine Bank are incentivized with a 6.0% savings rate for five months. This can be great for the first period of your savings, enabling the money you put in to grow significantly. After this period, the interest rate lowers to 0.30%, the average that many banks in the country offer for savings accounts. However, what makes Tangerine stand out is that they do not charge customers any extra fees or service charges, enabling your savings to continue growing, and they do not require any minimum balance, which can be very helpful for customers who need cash.
Simplii Financial High-Interest Savings Account
Opening a savings account with Simplii Financial can be a great way to watch your savings grow, turning the account into a high-yielding one. New customers who join the Simplii Financial team and open a high-interest savings account can earn up to 6.25% of interest on all eligible deposits for five months. This great offer only lasts till the end of October, but people who join before that can watch their savings increase for a short period. This savings account also does not require monthly or transaction fees or a minimum required balance. You can earn great interest rates on every dollar and access your savings any time you require.
Motive Savvy Savings Account
Open a Motive Savvy Savings account and enjoy a competitive interest rate of 5.75%* for the first 120 days. After that, continue earning a generous 3.60% interest. Motive Savvy makes saving easy with no minimum balance, no monthly fees, and unlimited transactions. Plus, you can manage your money anytime, anywhere, through online banking or their mobile app. However, Motive Financial products are not available to Québec residents. This account is good if you are an investor, as it can be managed with your investing goals and strategies. The interest rates are also more competitive and higher than traditional banks, which can help your money grow over time.
Manulife Bank Tax-Free Savings Account
Manulife Bank has created a tax-free savings account, which is designed to help customers meet their financial goals at a faster rate. This account offers a 1.45% tax-free advantage account rate, does not require any fees or minimums, and enables all deposits to earn the same high interest rate. You can access your money anytime you require, make safe investment choices through the account, allow your money to grow with you, and quickly withdraw or re-contribute your money any time you want.
EQ Bank Notice Savings Account
The Notice Savings account is another great option if you are looking for a high-yielding savings account offering up to 4% interest, which is much higher than any standard bank would offer. You can give advance notice on withdrawals and get better rates for doing so with 4.25% on a 30-day notice period. There are no time limits on these rates, and the bank does not charge any fees or require you to have a minimum balance, which can be extremely helpful. Your interest is earned daily, and you can continue making deposits to your account at any time.
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