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The Top High-Interest Savings Rates in Canada
Few Canadians take advantage of the higher interest rates available outside
the Big Six banks in Canada. It’s a “hassle” is often mentioned as one of the
reasons why. If the bank you moved your money to drops its rate after a few months,
it was a waste-of-time hassle.
Now WhatBank tracks the reliability of a bank’s rate — how often they rank highly. Specifically, WhatBank looks at the bank’s and credit union’s with rates ranking in the top 10 over the past 6 months, 12 months, and 18 months. The top five banks who rank highest in all three time periods are listed in the table below.
|Most Reliable High-Interest Savings Banks|
|Updates monthly. Next update: June 10|
Use the table below to compare the top high-interest savings rates for many of Canada’s banks and credit unions. The best high-interest savings accounts are highlighted in yellow. Below the table is a graph where you can compare the past history of high-interest savings rates of up to five financial institutions. Select the ones that you want to compare from the check box to the left of their name in the table.
|(Insurance) who guarantees all or a portion of your deposit if anything happens to your bank or credit union.|
|CDIC — the Federal Government. Some of the companies that WhatBank tracks are not independent of one another in the eyes of the CDIC. The result is that you may inadvertently exceed the maximum coverage limit. For more information see CDIC Coverage. Then go to the CDIC site, which is quite good.|
|DGCM — the Deposit Guarantee Corporation of Manitoba|
|FSRA — the Financial Services Regulatory Authority of Ontario|
|Click to sort the column.|