Best Accounts to Save Money in Canada for April 2025
The best savings accounts have competitive annual percentage yields (APYs). The higher the APY, the more money you’ll earn over time.
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 savings account.
Nearly 40 financial institutions, including traditional banks, credit unions and online banks reviewed by our banking specialists.
Over 180 currently-available savings accounts, including high interest savings accounts (HISAs), tax-free savings accounts (TFSAs) and registered retirement savings plans (RRSPs) examined to determine their eligibility for our list.
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The best HISAs in Canada
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The best TFSA HISAs in Canada
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The best RRSP HISAs in Canada
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Methodology
BACK TO TOPNerdWallet Canada selects the best savings accounts based on several criteria. Factors in our evaluation methodology include annual percentage yields, minimum balances, fees, digital experience, access to other services, and more. Both registered TFSAs, RRSPs and non-registered savings accounts that are available in more than one province are considered for this list.
Best accounts to save money
The accounts with the best interest rates for high interest savings accounts (HISAs), tax-free savings accounts (TFSAs) and registered retirement savings plans (RRSPs) as of April. 2, 2025, are:
CIBC eAdvantage Savings Account
Scotiabank MomentumPLUS Savings Account
BMO Savings Amplifier Account
RBC High Interest eSavings
Tangerine Savings Account
KOHO Spending and Savings Account
EQ Bank’s Personal Account
Simplii Financial High Interest Savings Account
Tangerine Tax-Free Savings Account
WealthONE Tax-Free Savings Account
Saven Financial TFSA
Canadian Tire Tax Free® High Interest Savings Account
National Bank Cash Advantage Solution TFSA
Steinbach Credit Union TFSA Variable Savings
Motive Financial TFSA Savings Account
Achieva Financial TFSA 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
Compare savings account interest rates
Explore this week’s top savings account interest rates by national banks, regional credit unions and online financial institutions.
Benefits to look for in a savings account
NerdWallet chooses the best savings account based on:
Competitive interest rates. An introductory rate is great, but a high standard rate is more important. Rates fluctuate over time, but in April 2025 the best rates were typically 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.
Downsides to be aware of in savings accounts
When reviewing savings accounts, avoid the following:
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.
How to find the best savings account for you
To recap, follow these three steps to find the best savings account:
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.
What to expect when opening a savings account
You can generally open a new savings account online in a few minutes.
Most national banks require you to be a Canadian resident with a permanent address in the country. However, some financial institutions will allow you to open a bank account as a non-resident.
You’ll also need to be the age of majority in your home province or territory (Children and younger teens can open youth savings accounts with a parent or legal guardian). You will have to show an official government ID and provide personal information, including your Social Insurance Number (SIN).
What are the types of savings accounts?
Choosing the type of savings account depends on your savings goals, personal preferences and life situations. If you have different objectives over various timelines, it might make sense to have multiple accounts to better organize and plan your finances.
For example, you could choose a government-registered, tax-advantaged RRSP to save for retirement. At the same time, you might tuck away a small amount of money into a non-registered HISA for penalty-free withdrawals when emergencies arise.
Here are some features and benefits of both non-registered and registered savings accounts to consider.
- Comparing HISAs, TFSAs and RRSPs
HISAs
TFSAs
RRSPs
Uses
Easy access savings, such as emergency funds.
To earn interest as you plan bigger investments, such guaranteed investment certificates (GICs).
Long-term or bigger purchases, such as travel or a wedding.
Or, invest in a TFSA and earn compound interest tax-free to help fund your retirement.
Save for retirement.
Borrow funds from RRSP for the Home Buyers’ Plan and Lifelong Learning Plan to pay for your first home or education expenses.
Eligibility
May be at least 18 years of age and a Canadian with a Social Insurance Number (SIN), unless terms mention otherwise.
Must be at least 18 years of age and have a Social Insurance Number (SIN).
Must be under 71 years of age, earn an income and be a Canadian resident paying income tax.
Contribution limits
None, in most cases.
The set annual TFSA contribution limit for 2025 is $7,000 — you may have additional room based on past contributions.
The RRSP contribution limit 2024 and 2025 tax years are $31,560 and $32,490 respectively. The limit is 18% of your previous year’s earned income — up to an annual maximum limit set by the CRA, plus any unused contributions from past years.
Withdrawals
Generally, no restrictions on withdrawals. Fees may apply.
If you withdraw from your TFSA, you get that contribution room back the following year.
Once you withdraw from your RRSP, you lose that contribution room and the potential for compound growth on your savings. Plus, withdrawals are subject to withholding tax.
Taxes
Earnings are taxed.
TFSA contributions are not tax-deductible.
Withdrawals from a TFSA are tax-free.
RRSP contributions are tax-deductible, helping reduce the total income tax you pay for that year.
RRSP withdrawals are taxable at your annual marginal tax rate in the year you make them. Plus, these withdrawals are subject to withholding tax.
Time limts
No time limits.
No time limits.
You can contribute to an RRSP up until December 31 of the year in which you turn 71. After this point, you must transfer the funds to a registered retirement income fund (RRIF) or an annuity, or withdraw the entire amount in a lump sum and pay withholding tax.
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