• Best No Fee Savings Accounts for Canadians

    Ally Bank #1 Best Savings Account for Canadians (2.00% Interest)

    Ally Bank is a relatively new online bank that opened up to Canadians over the past two years. Since then they have become one of Canada's most popular banks. They began airing some very funny commercials poking fun at many of the larger banks practices and began offering Canadians the highest rate of interest on savings accounts and many other financial products. Ally Bank is a great place to park money for savings, GIC's or TFSAs. Ally Bank currently pays 2.0% interest on savings account with no minimum balance required. Canadians can easily check Ally account balances and transfer money via their easy to use website. Ally Bank deposits are CDIC insured and their are no monthly or annual service fees for the High Interest Savings Account. Full Ally Bank High Interest Savings Review

    ING Direct #2 Best Savings Account for Canadians (1.50% Interest)

    ING Direct offers Canadians their Investment Savings Account. This account has no minimum balance requirements and no annual or monthly service charges. The ING Investment Savings Account currently pays interest at 1.50%. ING is slowly transitioning itself from a simple online savings geared bank, to a full service banking institution with the launch of chequing accounts and other financial products. Its easy to deposit and withdrawal funds to your accounts at ING using their website. Your deposits at ING are CDIC insured. Fully ING Direct Investment Savings Account Review

    PC Financial #3 Best Savings Account for Canadians (1.50% Interest)

    PC Financial offers Canadians their PC Interest Plus Savings Account. This account currently pays 1.50% interest but does have a minimum balance requirement of $1,000. Balances below $1,000 earn 0.50% Interest. Clients also receive additional interest as an anniversary bonus based on your average balance throughout the year. The advantage of dealing with PC Financial as opposed to say ING or Ally is that you can access your funds quicker for withdrawal as they are not exclusively an online bank. You can also easily transfer funds to and from your PC Accounts with ease in case you need to access your savings. This can be done at any CIBC machine with PC. This account has no monthly or annual fees and your money is CDIC insured. Full PC Interest Plus Savings Review

    RBC #4 Best Savings Account for Canadians (1.25% Interest)

    RBC recently began offering Canadians a decent online savings account that pays a good interest rate of 1.25%. The RBC eSavings Account has no minimum balances or monthly service fees. The RBC eSavings is a pretty good option for Canadians who might already have an RBC account and would like to be able to earn a good rate of interest. The only fees associated with this account are really only if you decide to make ATM withdrawals directly from your eSavings acccount. Otherwise its really easy to bank online with RBC and transfer funds to and from your other RBC accounts. Your deposits at RBC are CDIC insured. Full RBC eSavings Account Review

    BMO #5 Best Savings Account for Canadians (1.35% Interest)

    The BMO Smart Saver Account is a great savings account option for Canadians, but it does come with a higher minimum balance. Clients need to keep a minimum balance of $5,000 to earn 1.35% interest on this account. This account is a little more flexible as BMO allows for 1 free ATM withdrawal each month. The BMO Smart Saver account has no monthly or annual service fees and your deposits are CDIC insured. Full BMO Smart Saver Account Review

    Scotiabank #6 Best Savings Account for Canadians (1.35% Interest)

    The Scotiabank Power Savings Account is Scotiabanks high interest savings account option for Canadians. This account is almost identicle to the BMO savings account listed above as the Scotia Power Savings Account has a minimum balance requirement of $5,000 to earn 1.35% interest. This account does not have any annual or monthly account fees and your deposits are CDIC insured. Full Scotia Power Savings Account Review

    CIBC #7 Best Savings Account for Canadians (1.35% Interest)

    The CIBC eAdvantage Savings Account falls into the same category as BMO and Scotiabank. This account carries a $5,000 minimum balance requirement to earn 1.35% interest on your deposits. There are no monthly or annual fees associated with the CIBC eAdvantage Savings Account and your balance is CDIC insured. Full CIBC eAdvantage Savings Account Review

    TD Canada Trust #8 Best Savings Accounts for Canadians (1.25% Interest)

    The TD Canada Trust High Interest Savings Account is one of the worst savings account options for Canadians, mainly because its just like the above three accounts except it pays less interest at 1.25% and still requires a $5,000 minimum balance. This is classic TD offering less to Canadians, whether it be chequing accounts or investment accounts this is how TD bank operates. Full TD High Interest Savings Account Review