Alterna Bank is offering 2.05% High Interest Savings Account on every dollar. According to me this is the Best High Interest Savings Account in Canada. let me know what you guys feel ?
What's the difference between a high-yield savings account and a traditional savings account?
The main difference between high-yield savings accounts and traditional savings accounts is that high-yield savings accounts offer higher interest rates, which in turn allow your money to grow faster. Also, unlike traditional savings accounts, high-yield savings accounts are generally offered by online banks without physical branches.
How do online savings accounts work?
While online savings accounts offer some of the highest APYs, it's also more tedious to access your money than banking at a brick-and-mortar institution, since you'll usually have to transfer to a checking account to use your money. This is arguably a good thing if you're trying to grow your emergency savings, since you won't have easy access to the account.
While it may seem nerve-wracking to have limited access to your savings, one of the big reasons to put your emergency fund into a high-yield account is to watch it grow. The higher your account balance is, the more money you will earn in compound interest over time.
How often can I take money out of a high-yield savings account?
It used to be a rule that you could withdraw or transfer cash from a high-yield savings account up to 6 times per month without paying any fees. This rule has ended, however, and it is now up to each bank's discretion to choose how often savers can withdraw. Most banks have stuck to this six-times-per-month rule, while others let you make unlimited withdrawals at no cost.
I've been inspired to start my first HISA, however all the good (online banks that are able to give HIGH interest) banks I've been recommended are american .
What are some good Canadian options?
Thank you!
Take a look at this website to compare the highest rates https://www.highinterestsavings.ca/chart/ right now you can get 1.75% with motive financial, TFSA included.
Tangerine Bank: 2.5% for about 5-6 months
Canadian Tire Bank: 1.8%
EQ Bank: 1.7% forever
CIBC: 1.5%
Alterna Bank: 1.4% forever
Oaken Financial: 1.4%
I've personally only been with Tangerine & Alterna which were pleasant experiences to open both, nothing too complicated.
Please do your research and dig deep into any hidden fees that you may incur when opening these accounts.
Best of luck!
I'm sure this is a FAQ but I didn't see anything on the wiki about it, maybe I was looking in the wrong place. Anyways, I'm trying to find the best savings account. Seems like a lot of people invest rather than save when they have a lot of money. I don't have a lot, but I would like to know which one will give me the most bang for my buck. I probably won't be able to add to the account much for about 15 months (besides an initial amount of about 1k), but I would still like a place to dump excess cash to keep it out of sight and out of mind and continue to collect interest.
Look at High Yeild Savings Accounts. They're offering interest in the range of 2-2.5%. Make sure you find one with no minimum deposit and no fees. Personally I like AMEX, but places like Marcus (Goldmann Sachs) and Ally, have higher interests rates.
Another vote for Ally here, they've been good to us and I think our current interest rate is 2.2%?
Hey guys, my dad has about $100,000 he wants to put in a savings account or something similar with a high interest rate. He doesn’t need to use the money for the next 6 months-a year. It’s currently in a Bank of America savings account and the interest rate is a joke. Any advice is appreciated. Thank you.
I use Marcus by Goldman Sachs and they recently increased their rate to 1.70% APY: https://www.marcus.com/us/en/savings
Check out bankrate.com, but generally, if the bank exists as an online-only account, then it's going to have the best rates. Ally Bank, Goldman Sachs, American Express, Barclays, CIT Bank, etc... are all good options, and more or less competitive with each other.
The reason your father's interest rate is bad is because the bank is paying money to employees for their salary and rent/utilities for the physical location.
Wanted to find out which was the best savings account for beginners like me. I currently have $10000 in my RBC savings account but I looking to move this money into an account that is more rewarding. I know tangerine has a promotion for 2.5% interest for the first five months but after it drops to 0.25%. Any tips would be great!
What are some options for a high interest savings account?
https://www.highinterestsavings.ca/chart/
I prefer EQ for ease of use.
My own personal opinions, and my own research too:
EQ Bank: One of the newest online digital banks out there that offers an online-only savings account with a 2.05% interest rate. But it offers the flexibility of a chequing account, such as no bank fees, unlimited transactions, etc.
Local Credit Unions are known for their great interest rates, so check around local credit unions to see whats around.
RBC: 1.1% normally, no minimum amount required, calculated daily, paid monthly. (Presently 0.05%, with an additional 2% for 3 months bonus, during the COVID crisis)
Most other banks offer accounts with around 1% interest on balances over $5000, although those rates are presently arouns 0.05% during the crisis.
Hi all!
I currently have my emergency savings sitting in a savings account with my main bank (PNC). It's APY is only 0.55%, I know I need to move it to something better! I'm thinking Discover's Savings Account as its APY is 2.10%, no monthly fees and online reviews say the transferring to an external bank is easy. But I want to make sure I'm looking at all my options! Anyone have any other recommendations?
Ally is 2.10%, that's what I've been using. It was 2.20% for a while.
Doctor of Credit has a list of high yield saving accounts sorted by APY here.
Personally, I use SoFi. I like that it's a checking account so you get unlimited transfers in/out as opposed saving accounts that are limited to 6 transfers out (like PNC growth). I also just opened a Simple account to use their protected goals as different "money envelopes", but I opened it yesterday, so I can't really review it though. They are currently offering a $250 bonus if you open the account by July, transfer 10k in by 8/15 and keep it in there until 10/31.
I am looking to move my savings from TD to any bank which provides a good interest rate. After some research, I see Tangerine is the best option.
As their TFSA provides 3% for 1st 6 months, following that its 1.25%. No additional fees. If needed, I can move money from their saving accounts to my other bank checking account with no fees.
Are there any other better options I might have overlooked. I have the sum of 25,000$ which I won't be needed in the next few years. I don't have any debts, and a stable income. I was looking at the option of investing them in stocks/bonds but I don't want to lose this money in trading I have a separate small amount for it. If ppl have better options than putting in a high-interest savings account I would love to hear them.
Thanks
i’ve been thinking about moving some of my savings into a high yield savings account lately. i’ve always stuck with a regular savings account but with rates so low i feel like my money is just sitting there not doing much. this would be my first time trying a HYSA so i’m a bit cautious.
for those who’ve used high yield savings accounts before what was your experience like when you first switched? did you notice a real difference in interest compared to a standard account or did it barely feel worth the change? what kind of things should i watch out for before opening one like minimum balance, fees, withdrawal limits, online vs physical bank?
also does it matter if the bank is online only or has branches especially for people who might need cash withdrawals sometimes? and is HYSA better suited for emergency funds or short term savings rather than long term investing?
i’d really appreciate honest stories especially if you started small like i am thanks 🙏
I am looking to open a HYSA. I was looking into NFCU, my current bank, and they do not offer one.
Do you have any suggestions for a competitive HYSA for me?
The person at my bank told me to go with Marcus Goldman Sachs. Would you recommend that also or a different one?
Hi! I currently have a checking account with Chase but I want to open a savings account with a high-yield which Chase doesn't offer. Amex looks like a good option but I'm not fully sure if it's the best route for it. What are thoughts on AMEX and if not is there other better options? Also if I go with a different bank than mine would I be able to transfer money from that savings back to my checking? Thank you!
I’ve had a bit too much time on my hands as of late so Ive taken to a new obsession: finding the perfect bank. My initial foray lead me to seeking out the perfect checking account. After a brief stint with Simple (you can read more here) I settled on Charles Schwab. Although Schwab is nearly perfect, I realized it was lacking in one thing: a high-yield savings account. Oh, it does have a savings account with that exact name, the Charles Schwab High Yield Investor Savings account, but the actual interest rate is somewhat laughable, a paltry 0.12%. I then focused my obsession on finding a savings account with a more acceptable interest rate. Granted, current interest rates, even on CD’s, are a pittance of what they used to be, but I became determined to make my money work for me.
I turned to nerdwallet.com, bankrate.com, and personalfinance.reddit.com to see what my options were. I quickly realized there were an abundance of choices, so I first needed to narrow down exactly what I was looking for. My ideal savings account had three requirements. First, it needed the highest interest possible (duh). Next, I didn’t want to deal with max-deposit caps, to retain maximum usability so accounts like the Barclay Dream Account (0.95% APY) were ruled out. Lastly, I didn’t want to have to work for my interest, ruling out some credit unions which offered high interest rates if there were a certain amount of deposits / withdrawals a month.
With these constraints in mind, a few front-runners became apparent: Synchrony Optimizer +, Capital One 360, and Ally. So with that, the Savings Account Throwdown began.
Synchrony Optimizer + (0.95% APY)
From my research, Optimizer Plus was the clear front runner in regards to interest, so I decided to start there. I couldn’t find anyone with any actual experience with this bank, but I couldn’t avoid the lure of the high interest rate. The signup process and first deposit was simple. Upon signing into my account for the first time, it became clear the the reason their interest rate was so high is because they skimped on everything else. The website was severely lacking, in terms of features and polish. It was the definition of bare-bones. Which is a shame, as its your only option since they don’t offer an accompanying app (so much for check deposit). But who cares about polish when your bank account can generate all that sweet cash (ok, pennies) off the high interest.
I wanted to test out making some deposits and withdrawals to see how smooth the process was, so after my account was cleared and the ACH was set up, I made my first deposit which went smoothly. The next day, I made a withdrawal and everything came screeching to a halt. I got a notification that my account was locked. So I called the support and got connected to a very friendly girl who explained that my recent change of address had raised a flag. Ill spare you the long story, but after spending hours on the phone both with her and her manager, then her colleagues and their managers (after promised call-backs never came), during a week of attempting to unlock my account (and gain access to the money I had justdeposited), it became clear that something wasn’t right with them. On my final phone call, I was told my account was finally unlocked. I made the person wait on the phone while I attempted a withdrawal which yet again which (surprise) failed. It was at that point that I realized even if I ever got access to my account again, I had lost all faith that this wouldn’t happen again. I can’t afford to go weeks without access to my savings account. I told them to cancel my account and transfer my money (which I finally received a week later).
Interest: 5/5
Customer Service: 1/5
Website: 2/5
App: What app?
Security: 3/5
Capital One 360 (0.75% APY)
After my awful experience with Synchrony, I was leery to try just any savings account so I wanted to try something that was well-known. 360 gets a lot of accolades, and Mint keeps telling me to set up an account. I asked someone to send me a referral and I was up and running. I would be lying if the $25 sign-up bonus wasn’t the main reason I joined (which will probably be way more then I will earn in interest this year anyway so Im already ahead!).
It quickly became apparent that the 360 website was lightyears ahead of Synchrony and seemed designed to work with Mint (which would explain their multitude of ads all over the site). They make it extremely easy to set up auto-transfers (what they call “automatic savings plans”) as well as goals (i.e. “save for a car”), which go nicely with accompanying Mint features. They also support (and encourage) setting up multiple accounts (up to 25) so that each goal can be segregated into its own account. Its perfect for someone trying to save money (that’s why you have a savings account, right?). If you are an ardent Mint user, its a dream. Its clear 360’s focus is on saving for the future, which leads to one minor quibble: their phone support is great and super helpful but they refer to you not by your name, but instead call you “Saver” as in “Hello, Saver, how can I help you today?” Its just….weird.
The security of the site is one thing I’m torn on. One feature I really like, and wish more sites would adopt, is the ability to create read-only access codes you can use with specific sites (cough Mint cough). What I don’t like is that they do not support passwords. Rather, whenever you login you type in your username and then click a 6-digit code into a virtual keypad. In addition to being less secure (I prefer 20-digit random passwords for all my important sites), it means logging in is really annoying and won’t work with programs like 1-Password. I would also love if they supported 2-Factor Authentication but I can’t have everything, can I?
Their iPhone app is also pretty nice. It gets the job done, although it is a bit cluttered as it has buttons all over the place for features I don’t have access to (such as checking). But it gets the job done.
One other bonus for Capital One 360 that is worth mentioning is that, unlike most other High-Yield accounts, they actually have physical branches which means when you need to actually deposit cash, you can.
All in all, 360 is great. If you use Mint, its perfect. But my thirst for the perfect savings account wasn’t quenched. Onto the next one.
Interest: 3/5
Customer Service: 4/5
Website: 3/5
App: 3/5
Security: 3/5
Ally Bank (0.87% APY)
Ally is another bank that kept popping up as a promising option so that seemed like a good place to go for my next bank. After setting up my account (which was easy, as I came to expect), the first thing I realized was that they take their security seriously. They have 3 awesome features that I really like. First, they allow long and complex passwords. Second, they offer (rather, require) 2-Factor Authentication, a feature I have been dreaming of for my bank accounts. Last, and my favorite, is that they ask you to choose a secret question and answer. Normally, banks usually have you choose a secret word they can ask to authenticate you so when you call, if you don’t say the correct word, they will lock the account. Ally takes it one step further and allows you to choose the question that will prompt your secret word. It doesn’t add any extra security but can lead to hilarious consequences. As a result, whenever I call into support now, they have to ask me: “What are you wearing?” (Eugene Mirman fans will appreciate this).
So before I have even logged in, they have me sold. Above all else, when it comes to my life-savings, Security is something I take seriously. Upon actually logging it, I was greeted with a pleasant website. They didn’t skimp on polish. The site is easy to navigate and well designed. One feature I really like is how easy they make it to reach support. On the top, they offer the current wait time to reach someone via phone (I never saw it longer then 3 minutes), as well as a button to reach chat support, which has become my favorite thing ever, since banking with Schwab, since I hate talking on the phone.
The App is equally well designed (the best designed app I have used apart from Simple) and allows you to quickly accomplish anything you would need to do, from transfers to check deposits. No excessive features here.
It seems like I might have actually found my perfect savings account. I can’t really come up with a complaint about them so far (granted I have only had them for a week). My only criticism I can come up with (and I am reaching) is that they don’t offer the Mint-oriented features like access codes that 360 offers.
Interest: 4/5
Customer Service: 5/5
Website: 5/5
App: 5/5
Security: 5/5
TLDR: Ally wins, unless you are a hardcore Mint user and don’t mind sacrificing a tiny chunk of interest in favor of convenience.
Hey guys, I am an Air Force vet, 25 years old and am banking with USAA currently. I currently have a sizeable amount of stock to where I am comfortable building an emergency-fund (lol I know I should have done this first). This in mind, I want to build a full 6 months emergency fund and put it in a high-yield savings account (I haven't consulted my bank yet to see their rate).
So with this in mind, what do you guys recommend? What banks are offering the best ROI-interest rate for savings accounts? Is there another easily liquid-able way to place my money where I'd get better returns? (not index funds because I don't want to NEED my money and conveniently the market is down during that time).
If you want to keep things simple, use T-Mobile Money which pays 1% interest with no limit or requirements. I see no reason to accept interest rates lower than that.
If you don't mind using debit cards for purchases, you can get much better rates on moderate amounts with reward checking accounts. Evansville Teachers Federal Credit Union pays 3.3% on the first $20,000 if you make at least 15 debit purchases per month. Genisys Credit Union pays 4.07% on the first $7,500 if you make at least 10 debit purchases per month of at least $5 each.
You can get even higher interest on small amounts by opening a few more accounts. Digital Credit Union pays 6.17% on the first $1,000. H-E-B Debit Account pays 6% on the first $2,000, but note there is an inactivity fee unless you have some activity (such as sending in $1 from another of your accounts) every 90 days. Service Credit Union pays 5% on the first $500.
I switched from Chase to Capital One a couple of years ago.
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They give 0.1% APY on their checking accounts, and 0.4% on their savings accounts (which is better than even USAA's 0.01%-0.2% "savings" account)
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Don't have account minimums or monthly fees
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Have a modern app
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Have brick-and-mortar branches in select cities
There are plenty of good high-yield banks: https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts
Just got married and me and my wife want to open a savings account together. We’re trying to figure out which bank to open a savings, that would gives us the best interest and opportunities to grow our money
Hey guys,
I was looking for recommendations on a high yield savings account? I have a small chunk of change (20k) I want to do something with besides sit in my bank and do nothing for me. Any suggestions would be great!!
For what it's worth, interest rates right now are so low that it's almost inconsequential where you put it. For example, an Ally savings account would pay you 0.6% a year. That's $120 a year.
Sure, money is money. But I wouldn't consider that kind of return over a year "doing something" for you.
You might as well just open a chase savings account for their $150 intro offer. That only requires a $10k contribution. Money has to sit there at least 6 months, but that's still half the time it would take to get the $120 in interest.
Ally. Marcus by Goldman Sachs. American Express Personal Savings. These are all solid, popular and will keep their interest rates about the same as they all compete with each other.
Hello,
I’m looking to get an idea on the general consensus of the best high yield savings account in 2021 (Ally vs Vio vs etc?). Due to an ongoing recession etc, many banks and institutions changed terms and agreements for their high-yield savings banks lowering it extensively.
This, however, did not really affect me as I’m stupid. Currently, I have my money parked in BofA savings account with a, whopping, interest rate of .01%. I am now looking to move all my money a high yield savings bank. I will put about $40,000 initially and $550-ish bi-weekly and am also a college student for 2-3 more semesters if the options expand.
It seems like the general high-yield savings bank is from .5% to .6% . Some of the banks, at least of bankrate.com, I don’t recognize. This account would only be used for direct deposits and to pay 4 cc. I would prefer to also have a debit card, for months of more spending (I’m very frugal, live with my parents).
Will the interest rates eventually return to prepandemic rates?
Highest I found was EQ Bank at 2.30% https://www.eqbank.ca/
Edit
Highest people found
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B2B Bank @ 3.30% (QC resident eligibility unknown)
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Motive @ 2.80% (does not accept QC residents)
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Alterna @ 2.30% (accepts QC residents)