Your Guide to High Interest Savings Accounts: Free money is a click away!

Mr. Thrifty wants to let you in on a little secret: when it comes to getting the highest interest rates on your hard earned savings, the best deals are often found by looking beyond the Big Banks. So, scout around and don’t leave free money on the table ! Follow along for Mr. Thrifty’s Guide to High Interest Savings Accounts. This section is updated regularly so please check back for Mr. Thrifty’s most recent tips.

Mr. Thrifty’s Tips for Finding the Best High Interest Savings Account:

Always Check Mr. Thrifty’s Ratings. We check and update rates regularly so you don’t have to. Sign up for our newsletter and you will receive flash alerts on special promotional offers.
All accounts listed here are covered by CDIC or the equivalent Provincial Deposit Insurance Coverage. Stay within the insurance limits. See Mr. Thrifty’s Primer on Deposit Insurance for more information.
Check the fine print when it comes to transaction fees, withdrawal and transfer limits as well as when interest is paid and how interest is calculated. Note regarding Manitoba credit unions: An increasing number of Manitoba credit unions are starting to offer attractive savings interest rates but some pay interest once annually and base it on the minimum monthly balance. These are off-market features which lower the effective interest rate (most banks pay interest monthly and calculate interest based on the daily average balance).
Open More than One Account. Establish an “Anchor” Account with a high every day savings rate and link it to other banks that offer promotional rates to maximize your savings.
Note to Quebec residents: as indicated below, not all deposit accounts are available to residents of Quebec because some institutions are not able to comply with language laws.

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Weekly Update, 15/11/2025

Interest Rate Trends: Rate Cuts Have Begun

High Interest Savings Accounts – Everyday Savings

This week’s changes: increases – none; decreases – Motive
High Interest Savings Accounts – Promotional Offers
Manulife Bank – 4.50% (new accounts only – details below)
Simplii – 4.50% (new customers only – details below)
CIBC – 4.60% (was 4.75%) for the first 4 months
Tangerine’s promotional offer is now 4.50% (details below). This offer also applies to USD deposits, making it by far the best savings rate we can find anywhere on USD deposits. Further details below. Notes based on reader feedback: (1) we understand Tangerine’s offers are not generally applicable to savings accounts for children and (2) existing customers sometimes receive special interest rate offers by email or through the “insights” tab in their online accounts.
Wondering what to look for in evaluating a promotional offer? Check out our Top Ten Tips

Time to Consider a GIC ?

With rates starting to come down the 4% GIC is a thing of the past.

Oaken, Tangerine and Saven still have competitive rates on 1 year GICs.

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Mr. Thrifty’s Favourite High Interest Savings Accounts for Everyday Savings, Ranked in Order of Interest Rates

Bank/Credit Union	Everyday High Interest Rate
Oaken Financial – Oaken Savings	2.80%	Open an account here
Bridgewater Bank – Smart eSavings**	2.70%	Open an account here
Wealth One Bank of Canada – High Interest Savings**	2.60%	Open an account here
Saven Financial** [Ontario residents only]	2.50%	Open an account here
Canadian Tire Bank**	2.40%	Open an account here
Hubert – High Interest Savings**	2.30%	Open an account here
Neo High Interest Savings	2.25% – 2.90% (depending balance)	Open an account here
Achieva Financial – Daily Interest Savings	1.80%	Open an account here
MAXA Financial – MAXA Savings	1.75%	Open an account here
Motive Financial – Savvy Savings**	1.75%	Open an account here
Outlook Financial	1.75%	Open an account here
Peoples Trust e-Savings	1.20%	Open an account here
Alterna Bank – High Interest eSavings	1.15%	Open an account here
EQ Bank – EQ Bank Savings Plus Account	1.00%***	Open an account here

** not available to residents of Quebec

*** Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice; adding direct deposit increases rate to 2.75%

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Mr. Thrifty’s Favourite High Interest Savings Accounts Offering Promotions

Bank /Credit Union	Current Promotional Offer
CIBC eAdvantage Savings	up to 4.60% for the first 4 months (new customers only). Note: transactions are $5 each(!) with limited exceptions. The all-in interest rate depends on the “regular” interest rate and a “smart interest rate” bonus which required a minimum savings level – details on website	Click here for more information
Manulife Bank	4.50% on new deposits in new accounts – existing customers can take advantage of this offer by opening a new account	Click here for more information
Simplii	4.50% for 5 months – ends January 31, 2026 (new customers only). All details on Simplii’s web site.	Click here for more information
Tangerine	4.50% on new deposits by new customers (includes US Dollar deposits) for the first 153 days. All details on Tangerine’s web site.	Open an account here