Best RRSP Accounts and Rates in Canada for 2026
🏆 Our picks for the best high-interest RRSPs in Canada
Tangerine RSP Savings Account
Wealthsimple Registered Savings Account (RRSP)
Saven Financial RRSP
WealthONE RRSP Savings Account
Steinbach Credit Union RRSP Variable Savings
Hubert Financial Happy Savings RRSP
National Bank Cash Advantage Solution RRSP
Why trust NerdWallet
NerdWallet follows strict editorial guidelines to remain objective in our evaluations and ensure accuracy for our readers. Evaluations are based on a proprietary formula that factors in the overall value and benefits of each registered retirement savings plan (RRSP).
Over 50 financial institutions, including traditional banks, credit unions and online banks reviewed by our banking specialists.
Nearly 30 currently available high-interest RRSPs are examined to determine their eligibility for our roundup.
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Best RRSP accounts and rates in Canada
NerdWallet's take
NerdWallet's take- This flexible, no-fee RRSP comes with a generous promotional offer that will earn you cash and a high rate of return for five months.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.
Product details
Product details- No monthly fee.
- Automated savings program available.
- Manage your money by phone, through online banking and a mobile app.
- Other Tangerine RSP investment options include RSP GICs, available in 90-day to 5-year terms, and investment accounts and portfolios.
- Service fees are listed online.
- Deposits and withdrawals are free.
- $50 fee to transfer your RRSP to another bank (transferring another in is free).
- No minimum balance is required.
- Eligible for CDIC deposit insurance.
NerdWallet's take
NerdWallet's take- When used as an RRSP, the Wealthsimple RSA offers tiered interest rates based on total assets managed on the platform.
- Wealthsimple is a Canadian online investment management service that offers stocks, ETFs, crypto and managed investing, spending and saving accounts, tax services and a peer-to-peer money transfer.
Product details
Product details- No minimum balance requirements.
- Interest rates increase with your total assets held on the platform.
- Earn a steady interest on your tax-sheltered savings without worrying about market volatility.
- RRSP transfer fees are automatically reimbursed for deposits of $25,000 and more.
- Support is available 7 days a week by phone, chat or email.
- CDIC protection covers eligible deposits up to $100,000.
NerdWallet's take
NerdWallet's take- Saven Financial RRSP earns you an attractive interest rate with an option to grow your retirement savings in a GIC.
- Saven Financial is a division of FirstOntario Credit Union. The credit union offers attractive perks and interest rates on savings accounts and GICs. Not available to Quebec residents.
Product details
Product details- No minimum deposit required.
- Interest is calculated daily and paid on a monthly basis.
- Contribution and withdrawal rules apply.
- Potentially earn higher returns with a GIC.
- Eligible deposits covered under the Financial Services Regulatory Authority of Ontario’s (FSRA) deposit insurance program.
NerdWallet's take
NerdWallet's take- This RRSP savings account features a competitive interest rate and comes with access to a digital investing service with professionally managed, low-cost investment portfolios.
- WealthONE Bank of Canada is a Canadian Schedule 1 bank that serves all Canadians including the newcomers. It has two offices in Toronto and Vancouver and offers online banking, a mobile app and competitive interest rates.
Product details
Product details- No monthly fee.
- Automated savings program available.
- Manage your money by phone, through online banking and a mobile app.
- Other Wealth One RRSP investment options include spousal RRSPs, guaranteed investment certificates, available in 6-month to 5-year terms, and investment accounts and portfolios through Smart Money Invest.
- TFSAs and RRIFs are also available.
- Service fees are listed online.
- $50 fee to transfer your RRSP to another bank (transferring in another RRSP is free).
- $100 fee to close your RRSP account.
- No minimum balance is required.
- Eligible for CDIC deposit insurance.
NerdWallet's take
NerdWallet's take- This RRSP variable savings account earns a healthy regular interest rate on your daily minimum balance while reducing your taxable income.
- Steinbach Credit Union, or SCU is one of Manitoba’s largest credit unions offering personal and business solutions online, by phone and in person.
Product details
Product details- Offers a competitive, variable interest rate.
- No introductory rates that expire after a few months — Steinbach Credit Union offers high-interest rates right from dollar one.
- Interest is calculated on your minimum monthly balance and paid annually on December 31st.
- Manage your accounts on the go with free access to online banking and our mobile app anytime, anywhere.
- Automate your contributions by setting up a monthly preauthorized debit to your RRSP so you can save without even thinking about it.
- Deposits can be added to your savings at any time without paying a fee.
- All deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba.
NerdWallet's take
NerdWallet's take- This high-interest, online-only RRSP account provides you with access to investment portfolios and term deposits, including one-year terms redeemable quarterly.
- Hubert Financial is the online division of Access Credit Union and offers a high-interest savings account, term deposits, registered plans, a credit card and VirtualWealth investing.
Product details
Product details- Interest is calculated daily, paid monthly.
- No monthly fee.
- To open this account, you must become a member of Access Credit Union, which requires a $5 share. Your share is considered an investment and is fully refundable should you cancel your membership.
- Use this RRSP to save $1,000 and open a higher rate tax-free one-year term deposit that is redeemable quarterly.
- Manage your money by phone, through online banking and a mobile app.
- Other Hubert RRSP investment options include spousal RRSPs, RRSP term deposits, available in one-year quarterly redeemable terms to five-year non-redeemable terms, and VirtualWealth online investment accounts.
- TFSAs and RRIFs are also available.
- No transaction or service fees, except for wire transfers and a $25 fee for accounts that are inactive for six months with a balance under $1,000.
- No minimum balance is required.
- Eligible for Deposit Guarantee Corporation of Manitoba deposit insurance.
- Hubert Financial is not available to Québec residents.
NerdWallet's take
NerdWallet's take- Cash Advantage Solution offers tiered interest rates that top up your savings as your balance grows.
- National Bank of Canada, or NBC, is headquartered in Montreal, Quebec, and is one of Canada’s Big Six banks offering bank accounts, lending and investment solutions, and wealth management services. Read our review of the National Bank of Canada for more information.
Product details
Product details- The Cash Advantage Solution is an investment that must be held in a registered or non-registered account to grow your funds.
- Eligible registered accounts include registered retirement savings plans (RRSPs), tax-free savings accounts (TFSAs) and first home savings accounts (FHSAs).
- The minimum investment required is $1.
- Earns incremental interest rates depending on the total amount of the deposit.
- Interest is calculated at the end of each day on the total daily balance. It is compounded and paid on the last business day of each month.
- Eligible for Canada Deposit Insurance Corporation (CDIC) or Autorité des marchés financiers (AMF) deposit insurance based on the application conditions.
TIP: If you’re serious about maximizing your retirement potential (not just parking cash), Qtrade offers the flexibility and growth opportunity that simple interest alone can’t match. A high-interest RRSP is great for safety and steady returns, but it’s limited by the interest rate you earn. With a Qtrade Direct Investing RRSP, you can invest in stocks, ETFs, and other assets commission-free that historically deliver higher long-term growth—helping your retirement savings work harder over time. Put more away for another day. Get up to $5,000 cashback and $0 commission trades. Click Apply Now to get started.
Methodology
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
A registered retirement savings plan (RRSP) is a tax-advantaged way to save and invest for retirement. A high-interest RRSP savings account is a safe and easy way to start saving while you consider investments like stocks, bonds, and mutual funds.
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 and requirements can change, so always review the details before opening an account.
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 people 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 for you.
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. This type of self-directed account offers the most flexibility in making investment decisions. One example is the RBC RRSP account.
A spousal RRSP allows a higher-earning partner to contribute to an RRSP in their spouse’s name. The contributor receives the tax deduction, but the spouse owns the account and investments. It’s a complicated strategy but can be a useful income-splitting tool.
A group RRSP is an employer-managed plan that holds individual RRSPs at a financial institution. Contributions come from your pay, and, in some cases, your employer may match them. However, 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 a basic RRSP savings account, or a full suite of investment products?
✅ Consider your investing approach: Do you prefer a self-directed RRSP that allows you 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, so you can open your new RRSP and transfer funds from your chequing or savings account.
Top high-interest RRSPs in Canada
These RRSPs also offer higher-than-average rates as of April 1, 2026. Some of these accounts are limited to residents of a single province. (Scroll horizontally to see more details about each RRSP.)
Savings Account sorted ascending | Interest Rate | Monthly Fee | Insurance |
|---|---|---|---|
Achieva Financial RRSP Savings Account | 1.95% | $0 | Deposit Guarantee Corporation of Manitoba |
Alterna Bank RRSP eSavings Account | 1.15% | $0 | CDIC |
EQ Bank RSP Savings Account | 1.50% | $0 | CDIC |
Hubert Financial Happy Savings RRSP | 2.30% | $0 | Deposit Guarantee Corporation of Manitoba |
ICICI Bank Retirement Savings Plan (RSP) Savings Account | 1.25% | $0 | CDIC |
Island Savings RRSP High Interest Savings Account (British Columbia only) | 0.64% | $0 | CDIC |
Manulife Bank Registered Retirement Savings Plan | 1.05% | $0 | CDIC |
MAXA Financial RRSP High Interest Savings Account | 1.75% | $0 | Deposit Guarantee Corporation of Manitoba |
Meridian Credit Union RRSP High Interest Savings | 0.85% | $0 | Financial Services Regulatory Authority of Ontario |
National Bank of Canada Cash Advantage Solution RRSP | up to 2.25% | $0 | CDIC |
Outlook Financial RRSP High-Interest Savings Account | 1.75% | $0 | Deposit Guarantee Corporation of Manitoba |
Saven Financial RRSP High Interest Savings Account | 2.85% | $0 | Financial Services Regulatory Authority of Ontario |
Steinbach Credit Union RRSP Variable Savings | up to 2.40% | $0 | Deposit Guarantee Corporation of Manitoba |
Tangerine RSP Savings Account | up to 4.60%* | $0 | CDIC |
WealthONE RRSP Savings Account | 2.60% | $0 | CDIC |
Wealthsimple Registered Savings Account (RRSP) | up to 2.25% | $0 | CDIC |
(Not available to Quebec residents.)
*Promotional rates offered by the bank. Conditions apply.
Alternatives to consider
If you’re saving for goals other than retirement, 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 a 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.
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