• Highest Interest Savings Account Rates with Canadian Banks

    Today's project is to get onto each of the major Canadian bank's websites and look for their highest interest rate savings accounts, and see what is required to make a few percentage points.

    UPDATE: As of January 29, 2010 New High Interest Rate TFSA posted here:

    These days I'm trying to encourage people to save their money and put away cash reserves .

    There are two types of bank accounts. Chequing and savings.. I'll be concentrating on savings accounts.

    It's important to note that the higher interest rate accounts are for those who are going to leave the money the account, and not touch it.. It's a non-active savings account.


    As follows: NOTE ABOVE, These rates have been updated

    • TD Canada Trust (TD)
      Personal Banking Accounts
      GIA Savings Account - Savings of $5000+ Only
      - 3.5% interest
      1 free transaction - any extra transactions is $5.00 per transaction

      Less than $5,000 Tier account - .05% Interest

    • Royal Bank (RBC)
      Personal Banking Accounts
      RBC Esavings Account
      4% Interest Rate - No minimum balance required
      Features: Unlimited online banking transfers from this account to other RBC Royal Bank accounts in your name
      All other debit transactions, cheques, in branch, ATM, Telephone, or Online Banking bill payments $5.00 each

    • Bank of Montreal (BMO)
      Personal Banking Accounts
      Premium Rate Savings Account
      up to $59,999.99 (s) - 2.250%
      $60,000.00 and over (s) - 4.000%
      Details: This is a traditional savings account which includes deposits, withdrawals and transfers but does not include debit card purchases or bill payments.

    • Bank of Nova Scotia (ScotiaBank)
      Personal Banking Accounts
      Money Master® High Interest Savings Account
      Annual Interest Rate* - 3.500% No minimum monthly balance required - no fees if you do all your transactions online.
      For use with electronic banking
      If you use this with electronic banking only you'll get the 3.5% interest rate..
      If you use the ATM to make a transfer or point of sale purchase, you'll pay $5.00 per transaction.

    • Canadian Imperial Bank of Commerce (CIBC)
      Personal Banking Accounts
      CIBC Bonus Savings Account
      Balance up to $4,999.99 0.100%
      Balance $5,000.00 or more 3.5%

      Flexible GIC - < $5,000 2.9%
      Flexible GIC - > $5,000+ 3.0%


    Summary:
    The best interest rate of all for savings accounts with the major banks is:
    RBC's Esavings Account - 4% Interest Rate - no minimum balance required

    If you carry a balance of $5,000 with a 4% for 1 year, that will yield you $200 interest.

    Conversely... if you OWE $5,000 with a 19.5% interest rate card, for one year that will cost you $975 in interest charges.


    NOTE: Canadian prime rate as of February 8, 2008 is 6%
    This blog post is relevant for the following provinces.
    Canadian Canada British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Newfoundland, New Brunswick, Nova Scotia, Prince Edward Island


 
Add Your Comments:
Fields with * are required
Your Comment Below:
 
Name*
 
Email*
 
Website
 
Code*
 
Enter Above Code
 
Note: Comments are moderated - Spam will be deleted
 
9 Comments
On Jun 25, 2010, Colin Said:
Gerald Dumas you are outdated! RBC is now offering .85% :)
On Mar 4, 2010, Gerald Dumas Said:
This data is WAY out of date and should be removed. RBC is not offering 4 % .... it is .75 %
On Feb 18, 2010, Monty Loree Said:
Thanks for letting me know J Solloway.. I have updated this page here:
http://www.canadian-money-advisor.ca/interest-rates/canadian-tfsa-tax-free-savings-accounts.html
On Feb 12, 2010, Brett Said:
Whatya mean RBC pays 4% on a High Interest Esavings account ???? As of Feb 12, 2010... Try 0.75% !!!! Has this webpage been updated lately ??????
On Sep 9, 2009, J Solloway Said:
How about updating this page? RBC is 1%, not 4%
On Aug 30, 2009, Arjay Said:
Why have these rates not been updated - year-old rates are of no use.
On Aug 24, 2009, Georgi Said:
As for Royal Bank (RBC)
Personal Banking Accounts
RBC Esavings Account
4% Interest Rate - No minimum balance required-I could not find it, can help ?
Is this info updated?
Thanks,
Aug24, 2009
On May 12, 2009, A Said:
these rates are all stale dated as of may 2009
On Aug 4, 2008, tanja Said:
scotiabank high interest saving account rate dropped to 2.25 an will change again as of sep 1st.
Home Blog Discussion From Credit Cards
Canadian Secured Credit Cards - Major Canadian Banks British Columbia (BC), Alberta, Saskatchewan (Sask), Manitoba, Ontario (Ont), Quebec (PQ), Newfoundland (NFLD), Nova Scotia, New Brunswick, Prince Edward Island (P.E.I.)