Best RRSP Accounts and Rates in Canada for 2025
A registered retirement savings plan (RRSP) is a tax-advantaged way to save and invest for retirement.
If you’re just starting out, a high-interest RRSP savings account is a safe and easy way to grow your savings before locking away your funds into investments like stocks, bonds, and mutual funds.
Summary of our picks for the best RRSP
Tangerine RSP Savings Account
WealthONE RRSP Savings Account
Saven Financial RRSP
Wealthsimple Registered Savings Account (RRSP)
National Bank Cash Advantage Solution RRSP
Achieva Financial RRSP Savings Account
Steinbach Credit Union RRSP Variable Savings
Best RRSP accounts and rates in Canada
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BACK TO TOPNerdWallet Canada selects the best high-interest registered retirement savings accounts based on several criteria. Factors in our evaluation methodology include annual percentage yields, minimum balance requirements, fees, digital features, access to other investment products, and more. Only RRSPs from financial institutions available in more than one province are considered for this list.
Guide to choosing an RRSP
The right RRSP savings account can accelerate your retirement savings or safely hold money while you consider your long term goals.
RRSPs allow you to hold cash savings and investments on a tax-deferred basis, reducing your taxable income by the amount you contribute each year.
Compare top RRSPs to find the best interest rates and investment options with a provider that suits your investment needs.
Benefits to look for in an RRSP
NerdWallet selects RRSPs based on their overall value. Here’s what to look for:
High interest rates. Consider accounts with higher promotional rates and competitive ongoing rates.
No minimum balance requirements. Most accounts featured in our top picks don’t require a minimum deposit to open a new account. However, bank terms can change, so always review the details.
Range of investment options. Choose a financial institution that provides multiple investment options for future planning.
More ways to bank. Flexible banking options are always beneficial. However, some may choose online banks over traditional full-service institutions to get better interest rates.
Downsides to be aware of in an RRSP
To effectively save and grow your money, avoid accounts with:
Lower standard rates. High introductory rates last for a limited period, after which the annual percentage yield (APY) often defaults to a significantly lower ongoing rate. Check the standard rates.
High qualifying requirements. High interest rates should not come at the cost of restrictions, such as high minimum balance requirements or offer conditions.
Limited investment options. Features vary by institution. Look for a provider that offers a variety of investment options if you anticipate holding, say, a GIC in your RRSP in the future.
» MORE: What are registered pension plans?
How to find the best RRSP for you
Before choosing an RRSP, consider your financial plan, investment style, and available investment options.
✅ Optimize for your goals: Carefully review account fees, minimum balance requirements, and interest rates to find the right type of RRSP.
- Explore different types of RRSPs
Here are three common types of RRSPs to consider:
An individual RRSP is held in your name, and you receive tax benefits. It offers the most flexibility for investment decisions, such as the RBC RRSP account — if you’re someone who likes big banks.
A spousal RRSP allows one partner — usually earning a higher income — to contribute to an RRSP in their spouse’s name. The contributor receives the tax deduction, but the benefiting spouse owns the investments inside the RRSP.
A group RRSP is an employer-managed plan that holds an individual RRSP at a financial institution. Contributions come from your pay, and, in some cases, your employer may match. Though investment options may be limited in such plans.
✅ Think about your banking preferences: Do you prefer online banking or branch access? Are you interested in basic savings, or a full suite of investment products?
✅ Consider your investing approach: Do you prefer self-directed RRSP to make your own investment decisions and save on fees, or an advisor-managed account at a bank or credit union?
- Explore eligible RRSP investment options
An RRSP can hold several types of qualified investments, including:
Cash, often held in a high-interest RRSP savings account.
Savings bonds, government bonds and corporate bonds.
Canadian and foreign equities.
Interest rates or returns vary based on the investment you choose to hold in your RRSP. Furthermore, the value of your RRSP may not be guaranteed, especially if you own stocks.
How to open an RRSP
As with other bank accounts, you can open a new RRSP either in-person, online or over the phone. To open an RRSP, you’ll need to:
Be a Canadian resident below the age of 71.
Provide a piece of government-issued ID.
Have a social insurance number (SIN).
Have earned an income and filed a tax return in Canada.
Online banking often provides a swift access to your account where you can open your new RRSP and transfer funds from your chequing or savings account.
Top high-interest RRSPs in Canada
Savings Account | Interest Rate | Monthly Fee | Insurance |
|---|---|---|---|
Achieva Financial RRSP Daily Interest Savings Account | 2.10% | $0 | Deposit Guarantee Corporation of Manitoba |
Alterna Bank RRSP HISA | 1.25% | $0 | CDIC |
EQ Bank RSP Savings Account** | 1.75% | $0 | CDIC |
Hubert Financial Happy RRSP HISA** | 1.65% | $0 | Deposit Guarantee Corporation of Manitoba |
ICICI Bank Retirement Savings Plan (RSP) Savings Account | 1.25% | $0 | CDIC |
Island Savings RRSP HISA (British Columbia only) | 4.52%* | $0 | CDIC |
Manulife Bank Registered Advantage Account | 1.05% | $0 | CDIC |
MAXA Financial RRSP High Interest Savings Account | 1.85% | $0 | Deposit Guarantee Corporation of Manitoba |
Meridian Credit Union RRSP HISA | 0.85% | $0 | Financial Services Regulatory Authority of Ontario |
Motive RRSP Savings Account** | 0.25% - 0.85% | $0 | CDIC |
National Bank of Canada Cash Advantage Solution RRSP | 0.35% - 2.75% | $0 | CDIC |
Outlook Financial RRSP High-Interest Savings Account | 1.85% | $0 | Deposit Guarantee Corporation of Manitoba |
Saven Financial RRSP HISA | 2.80% | $0 | Financial Services Regulatory Authority of Ontario |
Steinbach Credit Union RRSP Variable Savings | 2.10% | $0 | Deposit Guarantee Corporation of Manitoba |
Tangerine RSP Savings Account | up to 4.50%* | $0 | CDIC |
WealthONE RRSP Savings Account | 3.10% | $0 | CDIC |
Wealthsimple RRSP | 1.75% - 2.75% | $0 | CDIC |
(Not available to Quebec residents.)
*Promotional rates offered by the bank. Conditions apply.
Alternatives to consider
If retirement planning is not in your horizon, consider:
A tax-free savings account (TFSA) to grow tax free savings with the flexibility to access funds as needed.
A high-interest savings account (HISA) for shorter-term savings goals or to put aside money while you consider investment options.
An online bank account to use chequing features for low (or no) monthly fee and earn a competitive interest rate compared to traditional accounts.
A U.S. dollar HISA for your U.S. dollar transactions and to earn interest without worrying about exchange fees.
DIVE EVEN DEEPER
Janine DeVault