Plan Your Savings. Choose Your Account.

Competitive interest rates. An introductory rate is great, but a high standard rate is more important. Rates fluctuate over time, but since December 2025, the best rates typically have been between 2.5% and 3%. 

No fees. We prefer accounts that don’t charge a monthly fee. The best savings accounts also don’t charge for basic transactions, like moving or withdrawing funds.

Low minimum requirements. Many savings accounts offer good rates and low fees regardless of your balance. If you expect to maintain a high balance, expand your search to include accounts that require higher minimums — sometimes they offer better rates in return.

Flexibility and convenience. For some, this means access to in-person banking near you. It also could mean keeping your savings and chequing accounts under one roof, even if it means accepting a slightly lower interest rate than you could get elsewhere. What matters to you is what matters here.

Low-interest savings accounts. Some banks offer multiple types of savings accounts; don’t assume they all offer the same rates and features. If you don’t sign up for a high-interest savings account (HISA), you probably aren’t getting the best available rates.

Limited free transactions. Making multiple transactions per month from your savings account could be costly. If you plan to do this, consider accounts with a higher number of free transfers and ATM withdrawals. Or, shift those transactions to a chequing account if you can.

Account minimums beyond your reach. For example, if you expect to have $5,000 saved in your account, a rate reserved for accounts with at least $10,000 won’t be much good. 

Compare the rates you’ll actually get. Look past promo rates and accounts requiring an average balance that exceeds your savings. 

Add up your fees. Think about the number of transactions you make each month, and estimate how much different accounts would charge you. Add to that the monthly cost to have the account. Together, the two should equal $0 or close to it.

Think about convenience. Some people like in-person banking. Some would take a lower rate if it meant sticking with a bank they’re familiar with. You know your preferences best.