We’ve compared the three high-interest savings accounts TD offers to explore the best options available there. See below to learn more about why we picked each account, the pros and cons and to learn about other account benefits and features.
What are the best banks for high-interest savings accounts?
We currently consider the best high-interest savings account in Canada to be Manulife Bank’s Tax-Free Savings Account: The TFSA Advantage Account. This is because of its 4.50% interest rate, distinct lack of fees and TFSA designation, which allows you to build interest tax-free. Oaken Financial, EQ Bank, Alterna and Laurentian Bank also top our list.
Are high-interest savings accounts free?
Many high interest savings accounts come with fees, either just to keep the account open or for transactions. Read the fine print carefully to make sure unnecessary fees aren’t diminishing the benefit of your savings account.
How old do you have to be to open a high-interest savings account?
Any resident of Canada with an ID can open a savings account. However, if you’re 17 years old or under, banks often require a parent or guardian to be named on the account.
What is considered a high-interest savings account?
Any savings account that offers an interest rate of 2.50% or higher is considered a high-interest savings account.
Is a high interest savings account worth it?
In many cases, yes. However, if you have outstanding debt, You’ll be better off paying that down, as the interest rate on debt is often higher than what your money could earn in a savings account. Other investments like stocks, mutual funds and GICs often offer a better return than a savings account as well. However, a high-interest savings account can still be beneficial in many specific situations, such as for your emergency fund.