We all have things we want. You may be itching to buy your first home, or maybe it’s time to upgrade your car, or perhaps you’ve resolved to finally being debt-free. No matter what’s on your financial to-do list, you need to develop healthy savings habits to kick your plan into action.
Doing the prep work, like scoping out the best financial products, will get you one step closer towards financial wellness.
Best high-interest savings accounts in Canada
Choosing where to put your money is the first decision to make when building your savings. To make things easier, we’ve compared the most popular high-interest savings accounts in Canada to help you find what works best for you.
How high-interest savings accounts work
You may have guessed from its name that high-interest savings accounts aren’t like the others. They help you grow your money more quickly compared to regular savings accounts by earning you interest rates that are higher than normal.
Most high-interest savings accounts offered by the Big 5 Banks are online accounts that aren’t typically used for day-to-day banking. That’s because there’s often a price tag placed on depositing, withdrawing and transferring money, which often makes people think twice about their actions if it’s going to cost them.
With fewer transactions, banks are able to offer higher interest rates on their savings. But the good news is that it doesn’t have to be one or the other anymore. It’s now possible to get all the perks of daily banking free of charge and earn a high-interest rate on your savings. Thanks to the entrance of more digital banking alternatives, like Neo, there are now better account options with fewer fees and top-of-market interest rates.
High-interest savings accounts in Canada
What makes the Neo high-interest savings account the best savings account in Canada?
At 1.55%* interest, not only does Neo’s high-interest savings account offer one of Canada's highest rates, but it also comes with the added convenience of a chequing account. You can access your money at any time from your phone to transfer funds, pay bills and send money.
How to open a Neo high-interest savings account
You can open a Neo account in minutes. Simply download the app to get started and start saving today.
*The Neo Savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Deposits held in Neo Savings accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor.