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  • Deposit $73,000
  • Interest Earned $54,643
  • Total Savings $127,643
Period Additional Deposits Interest Earned Total Savings
      $1,000
Year 1 $3,600 $230.00 4,830.00
Year 2 $3,600 $421.50 8,851.50
Year 3 $3,600 $622.58 13,074.08
Year 4 $3,600 $833.70 17,507.78
Year 5 $3,600 1,055.39 22,163.17
Year 6 $3,600 1,288.16 27,051.33
Year 7 $3,600 1,532.57 32,183.89
Year 8 $3,600 1,789.19 37,573.09
Year 9 $3,600 2,058.65 43,231.74
Year 10 $3,600 2,341.59 49,173.33
Year 11 $3,600 2,638.67 55,411.99
Year 12 $3,600 2,950.60 61,962.59
Year 13 $3,600 3,278.13 68,840.72
Year 14 $3,600 3,622.04 76,062.76
Year 15 $3,600 3,983.14 83,645.90
Year 16 $3,600 4,362.29 91,608.19
Year 17 $3,600 4,760.41 99,968.60
Year 18 $3,600 5,178.43 108,747.03
Year 19 $3,600 5,617.35 117,964.38
Year 20 $3,600 6,078.22 127,642.60

Check Out The Best Savings Accounts in Canada!

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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 »

By comparing interest rates on Ratesupermarket.ca, you can easily find the best savings account to store your money. While a one or two percent difference in interest rates might look trivial, it can make a big difference over the course of a year or two.

To prove this point, if you open a savings account with an initial deposit of $2,000, and a basic interest rate of $0.05%, you stand to earn $2 in interest after two years. If you had used a high-interest savings account with an interest rate of 2.35%, you would have earned $95 in the same period. You haven't done anything differently, but you have an extra $93 to spend! These gains are amplified if you save more money, or wait longer before spending it.

Don't settle for less. Save your money the smart way. Let Ratesupermarket.ca find you the best possible interest rates from Canada's most trusted companies!

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

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