What is a savings account?

A savings account is a bank account for money you want to keep, not spend right away. The bank pays you interest for keeping it there.

Unlike a GIC, your money isn't locked in. You can usually put money in and take it out whenever you like.

Good for

• An emergency fund.
• Saving for something coming up soon.
• Money you're not sure when you'll need.

Kinds of savings accounts

• High-interest savings accounts pay more than basic savings accounts. These are the rates on this site's main page.
• Some accounts are inside a TFSA, RRSP or FHSA, with their own tax rules (see Tax and TFSAs).

Savings accounts at CDIC member banks are covered by deposit insurance² (see Is my money safe?).

Compare. Today's savings rates are on the main page.