Best Canadian Savings and TFSA Rates

Here is a list of the best Bank and Credit Union savings rates across the country.  No big banks included unless you count their subsidiaries!  Some offer higher short term bonus rates but many offer 2% every day of the year.  Some of the best rates are from Manitoba Credit Unions marked 'MB' below. Deposit Guarantee Corporation of Manitoba, unlike the big bank's CDIC, guarantees 100% of deposits!

Bank / Credit Union Account Rate TFSA rate QB CU OB
AcceleRate Financial AcceleRate Savings 2.10% 2.10% Y MB Y
Achieva Financial Achieva Savings 2.00% 2.00% Y MB Y
Bridgewater Bank Smart eSavings Account  1.85% n/a
Canadian Direct Financial KeyRate Savings Account 1.90% 2.00% Y
Canadian Tire Financial High Interest Savings 1.50% 1.60% Y
Hubert Financial Happy Savings Account 1.95% 1.95% MB Y
ICICI Bank HiSAVE Savings Account 1.45% 1.80% Y Y
Implicity Financial High Interest Savings Account 2.00% 2.00% Y MB Y
MAXA Financial MAXA Savings 2.00% 2.00% Y MB Y
Oaken Financial Oaken Savings Account 1.75% n/a Y Y
Outlook Financial High Interest Savings Account 2.00% 2.00% Y MB Y
PC Financial Interest Plus 1.30% 1.30% Y
Peoples Trust Peoples Choice e-Savings Account 1.80% 2.50% Y Y
Tangerine Bank Tangerine Savings Account 1.30% 1.30% Y Y


QB = Available in Quebec
CU = Credit Union, insured by the relevant province’s credit union deposit insurance rather than the CDIC
OB = Online Banking


What's covered and what is not for Manitoba Credit Unions: In their own words:

"The Deposit Guarantee Corporation of Manitoba provides an unlimited guarantee of all deposits in a Manitoba credit union or caisse populaire including accrued interest to date of payout. This guarantee covers all deposits including those in a foreign currency or with terms exceeding five years. The guarantee is not affected by a credit union or caisse populaire changing its name, amalgamating or entering into similar agreements.

The guarantee covers deposits only. These include chequing, savings, guaranteed investment certificates/term deposits (GICs), and Registered Plans. The guarantee does not cover non-deposit instruments which would include members’ share capital (e.g. common, surplus, or preferred shares), mutual funds, and self-administered RRSPs that are not deposits (e.g. equity shares and mutual funds)."