This is the second in a series of three articles about the different options for a high interest savings account in Canada.
In this article, we will focus on high interest savings accounts from financial institutions that offer at least 1.30% interest rates.
Five Institutions Where You Can Open a High Interest Savings Account in Canada
1. Oaken Financial
The Oaken Savings Account offers an interest rate of 1.32% per annum.
There are four different ways in which you can open a savings account. Specifically, you can fill out the online application form, mail your application to their office, book an appointment with them, or call them on the phone.
To start the application process, make sure that you have the following requirements: personal information, an email address, and a social insurance number. Once all documents have been submitted, Oaken Financial will process the application within 5 working days.
Deposits to your Oaken Savings Account can be made by check or electronic funds transfer. Cash or traveller’s cheques are not accepted. There is a 5-day holding period for all funds deposited.
Furthermore, there are no monthly fees to be paid and no minimum balance to maintain. All transactions, no matter how many they may be, will come at no cost to you. Because of this, you wouldn’t have to worry about losing money from multiple transactions being made.
You can transfer funds to and from your Oaken account by linking it to an external account. There is a maximum amount of less than $10 million when you send a transfer. But regardless of how much money you transfer, you will not be charged for the transaction.
However, make sure to keep your Oaken Savings Account active. Dormant accounts, defined as having had no transactions for 2 straight years, will be deactivated. Also, an account with a zero balance and no transactions for 6 straight months will be terminated. Though, you can still reactivate the account by contacting the institution.
A mobile app, Oaken Digital, is available for both iOS and Android users.
All deposits are insured by the Canada Deposit Insurance Corporation (CDIC).
2. Achieva Financial
The Daily Interest Savings Account at Achieva Financial offers an interest rate of 1.30% per annum.
Permanent residents of Canada who are at least 18 years of age and have a Canadian Credit File can apply for an account. Other requirements are as follows:
- Valid Social Insurance Number (SIN)
- Contact information
- Personal cheque from an external Canadian financial institution
- Agree to be part of the Cambrian Credit Union Limited
Your name and current address must be pre-printed on the personalized cheque. This will be used to fund your initial deposit into the account. There is no minimum deposit required upon opening an account. This means that you can fund your account with what you can afford.
To create an account, you can fill out the online application form or download the AchievaMobile app. The mobile app has a convenient feature that scans your ID and gathers information from it. With this, there is no need to type out your application. It is available in both the App Store e Google Play.
When you have successfully registered, there are different options to deposit into your account as you make use of it. It can be done through electronic transfers, automated savings, the AchievaMobile app, direct deposit, or an ATM. There is a 10-day holding period for all deposits made, regardless of the method used.
There is no monthly fee to maintain your account. Other transactions that come at no cost to you are the following: Achieva automatic savings deposits (ASP) from an external institution; direct deposit of payroll or government cheques; and your first withdrawal for the month.
If you withdraw funds more than once, you will be charged a $1.00 fee per transaction. Withdrawals can be made by cheque, pre-authorized debit, or Achieva direct transfer.
Furthermore, you will be issued an Achieva debit card that you can use at ATMs within the Acculink network. This can be used for withdrawals or to make purchases across the country.
But withdrawals through the INTERAC system in Canada and the Cirrus system in the USA can also be made. Such transactions are limited to $400 per day. They come with a fee that ranges from $2.00 to $3.50, in addition to the $0.60 ATM withdrawal charge.
Apart from the ATM card, a personalized cheque will also be issued by Achieva Financial. This comes at no cost to the account holder.
Achieva Financial also has a referral program. You can earn at least $25 just by asking your family or friends to sign up for an account using your Achieva Petal code. Not only that, the person who created an account will also receive $25. It will be a win-win situation for the both of you. Every year, you can earn a maximum of $100 since up to 4 referral bonuses are allowed. However, it does come with certain conditions.
Deposits to Achieva accounts are insured by the Deposit Guarantee Corporation of Manitoba. All account holders are eligible for this guarantee, no matter what province they come from.
3. MAXA Financial
The High Interest Savings Account at MAXA Financial offers an interest rate of 1.30% per annum.
To open an account, you must meet the following requirements:
- Be a Canadian citizen or permanent resident
- At least 18 years old
- Have a Social Insurance Number
- Have an active email address
- Purchase membership shares worth $5
The one-time payment of $5 will be deducted from the very first deposit that you make. When all the requirements are prepared, you can fill out the online application form.
But to complete the application process, you will have to mail the required documents and cheque deposits to their office. Once done, a representative from MAXA Financial will reach out to you to confirm your application.
The initial deposit of $5 has to be made within 30 days from when you opened the account.
There is no minimum balance needed to maintain your MAXA High Interest Savings Account. At the same time, you will not be charged monthly maintenance fees.
Depositing money into your account can be done through the use of their site or the MAXA Financial Mobile App. The mobile application is available in the App Store e Google Play. Other than that, you can set up an Electronic Funds Transfer to your account by calling MAXA over the phone. You can also fill out a deposit/transfer form to fund your account by cheque or from another existing MAXA account of yours.
When you open an account with this financial institution, you will be issued a MAXA MemberCard. This can be used in ATMs and point-of-sale transactions. Just look for an ATM that has the AccuLink symbol to initiate a deposit. But for withdrawals, there are as many as 340,000 machines that you can access across the globe. Take note that withdrawals from ATMs within the Acculink Network of Canada are free. Outside of that network, fees can range between $2.00 and $5.00.
If you decide to make purchases with the use of your MemberCard, make sure that the establishment has the Interac symbol. With just a tap of your card, you can already buy whatever it is that you need.
Other options to withdraw money from your MAXA Financial account are through a cheque, an eTransfer, or by establishing arrangements with your external financial institution of choice.
One debit transaction, regardless of the method, will be free of charge. Any more than that will come with a fee of $1.50 per transaction.
Your money with MAXA Financial is insured by the Deposit Guarantee Corporation of Manitoba.
4. Neo Financial
The High Interest Savings Account at Neo Financial offers an interest rate of 1.30% per annum.
To create an account, you just have to sign up on their site or download their mobile application. With just an email address, a phone number, an ID, and a selfie, you are well on your way to taking advantage of their high interest rates. Take note that only IDs issued in Canada are accepted. This means that their services are only available to Canadian citizens or permanent residents.
There are three ways in which you can deposit money into your Neo Financial account. First, you can initiate an Interac e-Transfer from an existing account that you have. Second, you can link it to an external account. Third, you can arrange for direct deposit, wherein your paycheck will be credited directly to your Neo Financial account.
There are no monthly fees to be paid or minimum balances to maintain. At the same time, Interac e-Transfers and bill payments are free of charge. There is also no limit to the number of transactions that you can make.
However, you can only save up to $200,000 in an account with them.
Paper cheques are not available at Neo Financial. But mobile cheques are set to arrive soon.
Your money in an account with Neo Financial is insured by the Canada Deposit Insurance Corporation. Up to $100,000 is covered.
5. Peoples Trust
The High Interest E-Savings Account at Peoples Trust offers an interest rate of 1.30% per annum.
Canadian residents who are of legal age in their province can open an account. To start with the process, you must prepare your Social Insurance Number and a personal cheque that has your pre-printed name and address.
When ready with the requirements, you must fill out their online application form. It is important to write down the reference number that will be generated when you do so. After this, you will receive an email from Peoples Group. To determine the legitimacy of the message received, make sure that the reference number previously mentioned is included. This email will contain further instructions on how to successfully complete the application.
There are no monthly fees, no service charges, and no minimum deposits for an e-savings account. At the same time, there is no ceiling to the amount that you can deposit.
Furthermore, you can link external accounts to your Peoples Trust account to facilitate the transfer of funds.
Your money will be insured by the Canada Deposit Insurance Corporation.
High Interest Savings Account in Canada: A Summary
| Financial Institution | Interest Rates | Initial Investment | Limitations |
| Oaken Financial | 1.32% | $0 | Less than $10 million for fund transfers |
| Achieva Financial | 1.30% | $0 | |
| MAXA Financial | 1.30% | $5 | |
| Neo Financial | 1.30% | $0 | Maximum deposit of $200,000 |
| Peoples Trust | 1.30% | $0 |
Among the five options where you can open a high interest savings account in Canada, only MAXA Financial requires an initial investment. However, it is only a small fee of $5.00 to purchase membership shares.
Residents of Quebec should also watch out for future announcements from Neo Financial. Even if they do not operate in the province just yet, plans to expand their reach are under way.
With this, five more financial institutions where you can open a high interest savings account in Canada have been added to your list of options. It would be best to compare them against each other to determine what best fits your needs.
Carry on with part 3 qui.
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