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Can my savings rate change?
Yes. Savings rates can change at any time, without notice1. That's the big difference from a GIC, whose rate is fixed for the term.
What's a high-interest savings account?
A savings account that pays more than a basic one. It's still a regular deposit account: you can usually take money out any time. The savings rates on this site are for high-interest savings accounts.
When is the interest paid?
Most banks work out the interest every day on your closing balance, and pay it once a month1. See How the interest works.
Does a promotional rate apply to all my money?
Not always. Offers can be limited to new clients, new deposits, a number of months, or a maximum balance. For example, one bank's offer applies on balances up to $1,000,000 for 4 months, if you also open one of its chequing accounts2. Another lasts 3 months, for your first account of that kind3. Read the conditions.
Is my savings account insured?
At CDIC member banks, eligible deposits are insured up to $100,000 per category, including interest. It's free and automatic4. Credit unions are covered by their province. See Is my money safe?.
Do I pay tax on savings interest?
Yes, in a regular account. Interest is income, and you report it even if you earned less than $50 and didn't get a T5 slip5.
What's the difference between a savings account and a TFSA?
A TFSA is a kind of account with tax rules, not a kind of investment. A TFSA can be a simple savings account, and interest earned in it is generally tax-free6. You need contribution room to put money in6.
Why does this site show the rate for $10,000?
Some accounts pay different rates at different balances. To compare like with like, this site shows the rate for a $10,000 balance where the rate depends on the balance. See Balances and tiers.
Can I have savings accounts at more than one bank?
Yes. Deposit insurance limits apply per bank, and per category within each bank4.