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Check Out The Best Savings Accounts in Canada!

Think beyond the box - the right bank account can actually help you grow your wealth, rather than be just a place to stash your cash. Check out RateSupermarket.ca's 2019 picks for chequing and savings

Want to learn more about the best banking products in Canada? Check out the full list of RateSupermarket.ca's 2019 Best of Finance Winners »

What do you use your savings account for? You may have some emergency funds in there, or use it as a secure place to store the cash you are saving for a one-off purchase, but are you maximizing the interest-earning potential?

For many Canadians, a savings account is just something you get when you open a chequing account. Our lack of enthusiasm is understandable when you consider that for the last few years, traditional savings accounts have been offering interest rates as low as 0.05%. This was lower than the rate of inflation; meaning the longer you saved money, the less buying power it had when you actually spent it.

The good news is not all savings accounts are the same, and many are now offering a good rate of return. High-interest savings accounts (or HISAs) will reward you well above the rate of inflation, supplementing your hard-earned savings while keeping it safe.

How much interest can you earn? Well, that depends on how much money you are able to save, when you withdraw the money, and the rate of interest applied. Use Ratesupermarket.ca to find the best savings accounts in Canada, and use our handy Savings Calculator to find out exactly how much you can earn on top of your savings. Simply enter your info and let us do the math.

Compare the results against the savings account you are currently using, and if it makes financial sense to switch, follow our secure link to the provider's website to complete an application.

Check out our dedicated page for more information on Savings Accounts.

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MoneyWise is the official news magazine of RateSupermarket.ca. Looking to learn about Canadian finances? You've come to the right place.