Best High Interest Savings Accounts In Canada 2022 - Interest Rates Are Going Up!
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- Опубліковано 26 лип 2024
- If you don't have a high interest savings account - what are you doing?! You likely need to have some money in savings, either for an emergency fund or purchases you'll be making in the short term. And if you're keeping that money in a traditional savings account, you're likely earning less than 0.5% interest on that money (yes, that low!). Luckily, high interest savings accounts exist, where you can earn x100+ more interest! Today we'll be talking about why interest rates are currently going up, and what the top high interest savings account options are in Canada in 2022.
0:00 Traditional savings accounts have low interest rates
2:06 The reason why higher interest is important
4:19 What the big banks interest rates are right now
6:59 Luckily, high interest savings accounts are safe, too
9:09 The highest interest rates available right now
14:12 The high interest savings account we use
➡️ EQ Bank - Our High Interest Savings Account - click.linksynergy.com/fs-bin/...
➡️ Simplii Financial - Our No Fee Checking Account (up to $400 bonus) - api.fintelconnect.com/t/l/65a...
➡️ Wealthsimple Invest - Our Robo-Advisor Investment Platform ($25 bonus) - wealthsimple.sjv.io/vnkndW
➡️ Wealthsimple Trade - Our Favourite Stock Trading Platform ($25 bonus) - wealthsimple.sjv.io/yRARNB
➡️ Neo Financial - Our Cash Back Credit Card - join.neo.cc/stephandden
➡️ Questrade - Low Fee Investment Platform Canada ($50 in commission free trades) - questrade.sjv.io/AWa9jo
➡️ Borrowell - Free Credit Score Check - api.fintelconnect.com/t/l/612...
The links above are affiliate and/or referral links that provide us compensation when you use them to sign up. Thank you for supporting our channel!
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Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
It's about time we talk about high interest savings accounts again! Are you using one for your emergency fund? 👀
This video was extremely helpful as I am making the switch for my emergency fund. I think I am going to go with EQ Bank like you guys! Done a bunch of research, and I'm continually sold on EQ! Thanks for your info always!
Would LOVE to see a video on comparison between chequing accounts you'd recommend. Thinking of getting rid of big banks altogether!
Hi guys
Do you know if I can open one if im not a permanent resident yet? I have like 100k i cannot put into real estate yet as i would have to pay 20% extra fees.
Me too! Yay!
Desjardins doesn't have those monthly fees, maybe thats why it became the biggest bank of Canada?
Lol Desjarins is bigger then your so called big 5 banks. Try doing research before doing such claims. There are more Desjardins banks in Canada then any other even tho they are all located in the french parts of Canada.
Love that you make videos about Canadian financial products!
Thanks, Vanessa!
Doing your homework is so important. I found waaaaaay more success once I stopped doing all my banking with one bank! I always try to take advantage of special offers by moving money from one bank to another. It's not much, but anything helps. Great vid!
Thanks so much! 😊
Thank you so much for being precise, honest and straight to the point.
It's such a pain to filter out savings accounts if you're new to them.
Thanks so much 😊
Thanks Steph & Den! I just signed up with EQ - giving it a go first time online banker :) ( used your link ;)
I saw your channel some time back but honestly never paid too much attention back then. I have seen your videos lately and I am a fan now. Keep it up. Nice chemistry you have.
Thank you! 😊
Turning 18 in a couple of months, binging ur channel to be more literate with my money. Thanks!
We love hearing that! So glad you're here 😊
I always love the way you deliver the information with great energy. I have question: since there is inflation going up so do advice investing in TFSA accounts in any of the index fund in particular or should I wait? thank you once again your guidance on UA-cam.
lol I was just lit watching the one from 2020 vid! hahahaha thanks for this update!
Ha, perfect timing!! 😊
GREAT VIDEO THANKS:)
can i say i love your background and your video too! but your background is amazing.
love the floor and table lamp. Now please do tell me is that an Ikea couch/furniture as well?
Is there a reason why you guys use eq bank and neo bank if it doesn’t have the highest interest rates of the ones that you mentioned? Should I start eq bank or neo bank or can I just go for the ones with the highest interest rates in this video (ex. Saven financial)?
Thanks Steph & Den. Very clear and easily to follow. EQ bank seems like the best bang for your buck
Thanks Marvin! 😊
Thanks for the video. I’m moving to Canada in September so this was super helpful. With regards to a video topic….maybe a video just like this updated one on which credit cards have the best rewards
So glad it was helpful! & thanks for the suggestion 😊
Great contents on your channel, so keep up!
Loved your video! Would all of these account options apply for people on work permits in Canada? I've struggled to find options that are not solely for Canadian nationals
Thank you so much for this video! Pleasing visuals and really easy to follow (especially since I know nothing about money)
Thanks for watching! 😊
Loved your video! Super helpful! Would you guys have advice on best practices on starting a savings account as a couple and also how you talk about money together? Also does it make sense to create an emergency fund as a couple or keeping individual emergency funds?
✍✍✍✍✍🗼🗼🗼🗼📩
I've been waiting for this
It's here! 😊
I have been super interested in saving accounts in Canada as the interest rate has been going up and this video was super helpful! Thank you so much Steph & Den for a brief research of the current saving market I am going to start my saving right now for 2025! 😆
Ha! 😂 so glad this was helpful!
Thank you for your video, question for you these interest rates annually, right ? Because I have mine with Bmo and they have the 1.7 % interest rate but they calculate that annually and divided by 12 months and they pay us, which I find is not clear when they state to have 1.7% interest rate.
Thanks for the video
Thanks for watching! 🙌🏿🙏🏻
What about your checking account. Do you use your Neo's account?
Hi!
Can you do a video about CELI in Canada? Is it better to have a Saving account with high interest rates or a CELI?
You guys should do an update CNBC style vid! As now y'all are entrepreneurs!
Thanks for the suggestion! That would be fun 😊
You should include Desjardins on videos like this, they are quite popular in Quebec and you have it in TO also.
We'll include them in our next video! 😊 Also it's great that EQ Bank is available in Quebec now.
Do you have a podcast??
I like listening to the
Ramsey show and I’d love if there was a Canadian podcast in those lines
I noticed you did not mention Desjardins credit union. Any particular reason?
Always learn something new from your videos.Thank you both of you,Appreciate your efforts.Could you kindly make a video about best bank account for students in Canada?
Thanks for watching! & thanks for the suggestion - we'll add to our list of ideas 😊
Do you have to pay tax on the interest made i assume yes?
As of this date, EQ bank is not avaiable on Quebéc.
I was hoping to make a savings account after seeing your video but no.
Dang it Quebéc :T
are these saving accounts same as GICs?
What is Money Account ex. Neo Money or PC money? How is it diff from chequing or savings.
Perfect information! Thank you so much guys!
Of course! We have an updated version of this video coming out on Sunday, too 😊
Thank you
Of course! 😊
I use Motive Financial (currently at 2.20%) and EQ Bank (currently at 1.65%) for about 3 years now. They’re both awesome!
Amazing! Thanks for sharing, Theresa 😊
Hi Do you get taxed for your motive savvy savings account? hope you see this.
I have EQ bank. The one major downfall is having instant access to ur money. The only way u can transfer money to another bank is with Etransfer and i have a max limit of 3k. So if i needed more than 3k that day, i would be in trouble.
Also, with the Roger outtage recently, i had no access to my savings for that day since etransfer was down. Just 2 points to think about.
Thanks for sharing these thoughts! For us personally, likely any emergency we'd come across wouldn't require over $3k immediately, that day - and we could transfer out over multiple if needed. Now if you know you could come. across an expensive home emergency or car emergency that would be over that amount, then that's something to consider 😊
Hey guys, loving all your videos, you guys are doing an awesome job! I had one question though regarding neo credit card, whats the credit limit that a new user gets while signing up? and would be any lesser for a new immigrant??
They do a credit check and tell you what u are eligible for. Everyone would be eligible for a different amount.
Great video you two ! Question : If I opened like 3 banking account at once, will that hurt my credit score 3 times or it will be considered like just one hard reaquest ? ... or it would be just a soft requiry under my credit score ?
Another question concerning the 150$ promo on EQ Bank, how does it works ? I mean as soon I open de account do I have to deposit a certain amoutn of money ?
Hey Ishmael! Unfortunately, I think the EQ Bank $150 promo has expired, however, the bank itself is definitely our go-to for high interest savings. Also when you open up a bank account there shouldn't be a credit check/inquiry done at all. A credit check is reserved for when you're applying for credit, so let's say a credit card, line of credit, mortgage etc. not when you're simply opening up a bank account. Hope that helps 😊
what are the taxes do we pay on the interest?
Who owns NEO is more important ? And who are they investing with ? Is also a great interest and concern ! Is it the WEF ?
The theme of video is the same as Paige Saunders UA-cam video " Canadian Banks Ripped Me Off" my new fav song is in that vid🤣
Ha, that's funny! We just looked it up!
Got to learn a lot and I was interested in EQ bank and Neo after watching this video but they are not available in Quebec sadly...
Sorry about that! Hopefully one of the others we mentioned works for you 😊
Hi again - EQ Bank just became available in QC! 🙏🏿🙏🏻 You can use our link to sign up if you'd like to - click.linksynergy.com/fs-bin/click?id=Xoa5MXyunCM&offerid=1115263.5&type=3&subid=0. 😊
Motive just raised their rate to 3%! Pretty much the best in Canada at the moment
Amazing! Thanks for sharing 😊
I enjoy learning from your videos. You should make a videos about investing apps like Acorns, Stash, Robinhood, etc and your opinion about them?
Thanks! We're glad you're enjoying the content - we'll try and cover them in an upcoming video. Stay tuned 😊
To anyone from Quebec, Canada - EQ Bank just became available! 😊🇨🇦
You can use our link to sign up - click.linksynergy.com/fs-bin/click?id=Xoa5MXyunCM&offerid=1115263.5&type=3&subid=0
Hey there Steph and Dan. A couple of things regarding Neo's referral and link.
1) The link must've expired because it doesn't work anymore. At least there's no referral bonus when I click on it. Just shows me to the main page.
2) Your descriptions says the referral link is for $50, but the current site only has it listed at $25. Have you been with Neo long enough to know if they might bring it back to $50 during the promotional seasons?
TYSMMMM OMG
🙏🏿🙏🏻
I was with ING before Scotia Bank bought it and gutted the interest rates. I now have my rainy day saving with outlook finacial (previously implicity) . It's paying 3.6% currently. That said I have money at Tangerine formerly ING in 1 to 1.5 year GICs paying from 4.5 to 5.5% its now 2024...
Great video! Learning lots from you guys. I went to the First Ontario website and didn't see anywhere a mention of 2.4% interest on a savings account. Do you guys mind linking me to that promotion you saw?
Thank you! It's Saven Financial - savenfinancial.ca/en/on-high-interest-savings-account 😊
skip to 9:09 if you just want to know the options
1 year term deposits in major banks are hovering around 3.5% now.
Thanks for sharing!
God bless the I inverted yield curve...😂
With Scotiabank im at 3.4% 🥳
🥳🥳🥳
Could you make one on credit cards bonus mostly for travel
And maybe a break down on cash bank because once I did ask for cash back at the grocery store and the cashier told me that she was new and had no idea how to do that
Thanks for the suggestions! 😊
what account do you recommend emergency fund be put in? and should it be kept separate from cheuqing, saving, or investment accounts?
We keep our emergency fund in our EQ Bank high interest savings account. That way it’s still readily accessible and earning a bit of money as it sits. For our chequing account, we use the Simplii Financial no fee account.
And yes, we keep everything separate. Hope that helps 😊
Cool thanks ! Why did you choose Simplii for your chequing ?
I was just loooking up banks for teenagers and i ran across your video do you have any suggestions for a 17 year old?
Feedback appreciated
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My question, if all makes video on these new high interest savings account. What will those traditonal institutions will do in future? Will their stock fall?
Feedback appreciated
Chat up
Let's talk✍️✍️✍️☝️☝️🗼
Listen I am new to this and I want to undertand. Why should I open an EQ account if I have already a TFSA with RBC? I thought that having a TFSA was a good idea. Now is it a better option to switch to high savings account with EQ than having a TFSA?
Hi! TFSA’s and high interest savings accounts have different purposes. TFSA’s are ideally used as an investment account, where you buy investments inside the TFSA. High interest savings accounts are for emergency funds or short term savings. We have a video all about TFSA’s from a few months ago that should be helpful on that end. 😊
If you’re just putting your money in RBC Savings account within TFSA, then it’s better you put it in EQ Bank with their TFSA Savings account which is currently at 1.65%
Thank you both of you!
How do I transfer funds from my main bank account to EQ? Is it just an electronic payment, and I quote the EQ bank account #? Or do you transfer via Interac transfer? I guess my question is how do I link them together? So when I want to withdraw from EQ, how would I accomplish that?
Greetings👋appreciate your comment dm for something New to Participate on other exciting project
Etransfer
Saven account only if your ontario resident. Nice rate though.
Thanks for sharing that!
Hi, if my bank offers 1% interest on savings and I maintain 10k constantly in my account. May I know how much interest I can get monthly?
Hi! It would likely be (depending on the bank) an annual rate - so 1% of $10,000 is $100 earned in interest over one year. Some banks might pay the money out to you on a monthly basis, though. 😊
@@stephandden Hi, thanks for reply. I opened Td e premium savings account. They r saying i will get 1% interest on daily closing balance on monthly basis. So I got confused how much I got monthly If I maintain 10k$
I was super interested in opening an account with EQ too... But I'm an international student, and as far as I could see, you have to be a least permanent resident to bank with them 😔
I'm an international student, and I have both EQ Bank and Neo. Qualifying for EQ was super easy and I got it with my foreign passport. Neo requires a local ID, like a driver's license or a provincial photo id. I recommend getting it, its worth it because a lot of banks require local id, you don't need to have PR to get it. In Ontario, photo ID costs $35
Thanks for sharing Ivan! Very helpful info 😊
@@ivanigoshev7037 really?! Oh you have given me so much hope!!! 🤩 Thanks a bunch! 👌🏻🙏🏻
So the systems built that if you're poor you're poor.
I didn't know that chequing was spelled like that!
It is in Canada! A different spelling than the American 'checking' 😊
How often do they pay the interest rate
Interest is paid out monthly! 😊
Not trying to be savage in the slightest, love what you guys do and hope you continue doing it and blow up!
Am just wondering how you guys are supporting yourself since quitting your jobs as the channel is still sitting at relatively low views - not trying to be mean at all - i know youtube takes some grinding to blow up and if i could reach 4k people every video i would count that as a huge personal success but i know UA-cam doesn't pay that much so just wondering as you were both high earners before.
We’ve done videos in the past on our income streams since becoming self-employed. Also, keep in mind that UA-cam isn’t the only platform we’re active on! Thanks for watching our channel 😊
Do you see a benefit to savings account churning, to take advantage of promotions? or is it not worth the trouble.
Also do you have a more basic video like difference of big banks, online banks and credit unions?
There are definitely people that are consistently switching accounts to take advantage of promotions - and depending on how high the promo rates are and how long they last, it could be 'worth it' in terms of making more money in interest! However, it's not something we'd personally spend our time doing. Overall, it's up to you and if that's something you'd be able to keep track of and spend time doing 😊
Do these rates apply the same if the account is a TFSA?
With Motive and EQ, they do have the same rates with TFSA accounts! :)
It depends on the bank/platform! For some, yes 😊
Wyth Financial at 1.8% :)
Thanks for sharing, we hadn't seen this one! 😊
Could you please make a video of any other high interest savings account than EQ bank? When we check online for the reviews, EQ bank has so pathetic rating of 2.5* and that is reviewed by more than 2000 customers. It’s just not feel right to go with this bank. I know they can’t run away with our money (CDIC protection) but the services of this bank seem pretty bad based on reviews..
We don’t have EQ bank in Quebec sadly
Sorry about that! There should be some other options on the list that are available in Quebec 😊
Hey! We just found out that EQ Bank recently became available in QC (yay 🎉). You can use our link to sign up if you'd like to - click.linksynergy.com/fs-bin/click?id=Xoa5MXyunCM&offerid=1115263.5&type=3&subid=0. 😊
@@stephandden thanks 😎🥳
Eq is amazing its easy to use they tsfa intrest rate is 3% and nowxthey hsve bank card it helps with spending
i just got 100k from the military for a disability. where should i invest this? im mortgage free also.
This is sad, don't encourage people with savings accounts, encourage with a TFSA at the least, PLUS TFSA should be TFIA, tax free investment account cause that's what it is. Everyone that I've asked didn't know that once you put money into a TFSA that you're then supposed to buy investments within the TFSA and instead just had the money sitting doing nothing!
A high interest savings account isn’t a replacement for an investment account like the TFSA - it’s in replacement of money people keep sitting in a chequing account, or ‘traditional’ savings account earning no interest. Only your emergency fund and short term savings should be kept there, otherwise invest!
@@stephandden savings accounts are like mutual funds, old and out of date. you'll lose more money in fees and inflation. But everyone's universe is different. So apples to oranges I'd say
We agree with you overall - but making the switch from earning 0 interest to some interest is a good first step 😊 you’ll see most of our content revolves around getting people to invest as much money as they can!
Was thrilled with this info... until I came upon this: "EQ Bank is not available in Quebec". Need I say AAARRRGGGHH!?
Ah, so sorry about that! Some of the other options should be available in Quebec!
Hey! We wanted to follow up b/c EQ Bank just became available in QC (yay! 🎉). You can use our link to sign up if you'd like to - click.linksynergy.com/fs-bin/click?id=Xoa5MXyunCM&offerid=1115263.5&type=3&subid=0. 😊
Don"t put your Money in a High interest Savings Account because 100% of the Interest is taxed fully on your Income. Buy an ETF Like HSAV instead . They don't give you Interest on your investment but it is given as a Capital Gain. Capital Gains are Taxed more favorably then interest income, which results in 50% less taxes paid.
disclaimer: Don't trust my advice, I'm just a guy in the comment section on UA-cam. Ask your financial advizer.
No bank is the bast! Get your money out of the banking system no matter what they promised you!
Feedback appreciated
Chat up
Let's talk
1.40% "HIGH" interest rate. Thats laughable 😆🤣😂😹
For example, If I deposit $1400 in my account I get $9.6/month but my bills for the service fees are 15 monthly xD
Right right coporate deception that is XD
TD has a premium savings account that is 1.85% as long as you have $10,000. Is that good to go with or do these other banks also offer premium accounts with better interest?
First!
So quick! 🎉
No one talks about stacking gold and silver.
You don’t talk about
Marcus
Charles Schwab
Amex savings
Morgan Stanley
Money market accounts
Etc
Physical cash and gold and silver only way
Screw digital