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Canadian High Interest Savings Accounts go head to head

First Posted: December 1, 2004
Last Updated: September 19, 2009

By Denis Agar

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Summary

Enter the sum you want to invest :

Bank & Name	Signup Bonuses	Ways to Deposit	Ways to Withdraw	Signup Requirements and Transfer Time	Interest and your Earnings
Peoples Trust Peoples Choice Savings Account	None	Cheque By Mail - Free Phone Transfer - Free Online Transfer using another bank's website - Free	First five per month are free, $1.50 after that: Phone Transfer Cheques Online Transfer using another bank's website	Required to Sign Up: Pre-Printed personal Cheque, SIN number Transfer Time: Nearly immediate, but a 9 day hold is placed on transfers initiated with Peoples Trust. No hold for transfers initiated from an account at another bank.	Enter the amount you wish to invest to calculate the interest.
Ally Financial High interest savings account	None	Cheque by mail - Free Online Transfer - Free Phone Transfer - Free	Online Transfer - Free Phone Transfer - Free	Required to Sign Up:Personal Cheque mailed to them, SIN Number. Not available in Quebec. Must be over the age of majority. Transfer Time: 3 business days	Enter the amount you wish to invest to calculate the interest.
Canadian Direct Financial KeyRate Savings Account	None	Cheque by mail - Free Exchange ATMs - Free Direct Deposit (payroll) - Free Online Transfer - Free	One free withdrawal per month (any method), after which the following charges apply: Online transfer - $1.00 Exchange ATM - $1.00 Non-Exchange ATM - $2.50 Bill Payments - $2.50 Interac Direct Payment - $2.50	Required to Sign Up: Personal Cheque mailed to them, SIN Number, employment info. Not available in Quebec. Must be over the age of majority. Transfer Time: 2 business days	Enter the amount you wish to invest to calculate the interest.
MAXA Financial Savings account Account	12 cheques	Direct Deposit (payroll) - Free Acculink ATMs - Free Mailing a cheque - Free Automated Transfer - Free ($5.00 to set up)	There is one free debit per month, the rest are $1.00 each. This includes: Cheques Interac Direct Payment Acculink ATMs pre-authorized debits bill payment Other fees ON TOP of the $1.00: Interac ATM - 1.50$ Cirrus or Plus ATM (USA) - $3.00 Plus or Cirrus ATM (International) - $5.00	Required to Sign Up: Personal Cheque mailed to them, SIN Number, employment info. Transfer Time: Not sure. Do you know? E-mail me and I'll credit you as the source. Suggest@redflagdeals.com	Enter the amount you wish to invest to calculate the interest.
Achieva Financial Achieva Savings	One Free Chequebook	Cheque by mail - Free Acculink ATMs - Free Direct Deposit (payroll) - Free	Cheque - $1.00 (the 1st every month is free) Acculink ATMs - $0.60 Interac ATMs - $1.00 + fees Interac Direct Payment - $0.60 Bill Payment - $0.50	Required to Sign Up: Pre-Printed personal Cheque mailed to them, SIN Number. Transfer Time: However long it takes to mail the cheque (3-4 days from Toronto) and it's held for 10 days afterwards. (Thanks to Maia Saneblidze for the info)	Enter the amount you wish to invest to calculate the interest.
Outlook Financial High Interest Savings Account	One Free Chequebook	Direct Deposit (payroll) - Free Manitoba CU ATMs - Free Mailing a cheque - Free Automated Transfer - Free	There is one free debit per month, the rest are $1.00 each. This includes: Cheques Interac Direct Payment Acculink ATMs pre-authorized debits bill payment Other fees ON TOP of the $1.00: Interac ATM - 1.25$ Cirrus or Plus ATM (USA) - $2.50 Plus ATM (International) - $5.00	Required to Sign Up: Pre-Printed personal Cheque, mailed to them, SIN Number. Transfer Time: 2-3 business days.	Enter the amount you wish to invest to calculate the interest.
ICICI Bank HiSAVE Savings Account	None	Direct Deposit - Free Telephone Banking - $0.75 ICICI ABMs - Free Online Transfer - Free Automated Transfer - Free	Telephone Banking - $0.75 Interac Direct Payment - $0.75 ICICI ABMs - Free All Interac/ US/ Int'l. ABMs (Cirrus network) - $1.25/ $2.00/ $3.00 Online Transfer - Free	Required to Sign Up: Pre-Printed personal Cheque. Transfer Time: 2 business days for deposits and 1 business day for withdrawals. (Thanks to Martha Finch for the info) 5 day hold on deposits excluding bank drafts and certified cheques (Thanks to Gary Bajaj for the info)	Enter the amount you wish to invest to calculate the interest.
Canadian Tire Financial Services Ultimate Savings Account	None	Online/Phone Transfer - Free		Required to Sign Up: Personal Cheque mailed to them, SIN Number. Must be over the age of 12. Transfer Time: 48 hours.	Enter the amount you wish to invest to calculate the interest.
ING Direct Investment Savings Account	$13 with a referral and a minimum deposit of $100	Phone/ Online Transfer - Free Cheque by Mail - Free	Phone/ Online Transfer - Free Interac ATMs - 4 Free, ATM fees after (Convenience Fee may apply)	Required to Sign Up: Pre-Printed personal Cheque, SIN Number, mailed to them. Transfer Time: One Night (Thanks to actng from redflagdeals.com for that info). Note that they hold cheque deposits for 5 to 7 days.	Enter the amount you wish to invest to calculate the interest.
Manulife Bank Advantage Account	None	ACCEL/The Exchange ATM - Free Cheque By Mail - Free Direct Deposit (Payroll) - Free Online /Telephone Transfer - Free Royal Bank Branch - Free	Cheque - Free ACCEL/The Exchange ATM - $1.25 Interac ATM - $1.25 + other fees Cirrus/ Maestro/ ACCEL ATMs (international) - $2.50 Interac Direct Payment - $0.50 Online/ Telephone Transfers - Free Bill Payment - $0.50	Required to Sign Up: Pre-Printed personal Cheque, two pieces of Photo ID. You can mail the cheque and the photocopies of the ID or meet a Manulife representative. There are many across Canada. Transfer Time: Two business days.	Enter the amount you wish to invest to calculate the interest.
HSBC Direct Savings Account	None	Phone/Online Transfer - Free Automatic Transfer - Free The Exchange / BMO ATMs - Free Direct Deposit - Free	Phone/Online Transfer - Free Automatic Transfer - Free The Exchange / BMO ATMs - Free Interac/Cirrus ATMs - $1.50/$3.00 (convenience fee may apply) Interac Direct Payment - Free Bill Payment - Free	Required to Sign Up: Personal Cheque mailed to them, SIN Number. Transfer Time: Not sure. Do you know? E-mail me and I'll credit you as the source.	Enter the amount you wish to invest to calculate the interest.
President's Choice Financial Interest Plus Savings Account	None	Phone/ Online Transfer - Free PCF/ CIBC ATM - Free Direct Deposit (payroll) - Free	Phone Transfer - Free PCF/ CIBC ATM (transfer only) - Free	Required to Sign Up: Nothing, if you already have an account with PC. If you don't, you'll need a SIN Number and a Pre-Printed Personal cheque to mail to them. If you don't have any cheques, you can go to any PC Financial Pavilion. Also, if you're under 18, you have to go into a pavillion with your parents. Transfer Time: At least one day.	Enter the amount you wish to invest to calculate the interest.
Royal Bank High Interest eSavings Account	None	Online Transfer with another Royal Bank Account - Free Most other transactions - $5.00		Required to Sign Up: Personal Cheque for at least $25 mailed to them (or a visit to a branch), photocopies of two pieces of ID (one must have a signature). You must have/sign up for another RBC account. Also must be over the age of majority. Transfer Time: Instant, between RBC accounts.	Enter the amount you wish to invest to calculate the interest.

The interest calculator is for approximation purposes only, rates change, and there are no guarantees. Each bank may calculate interest slightly differently. We suggest verifying all information with the bank before opening an account.

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