High interest savings accounts are a type of savings account that offers a higher interest rate compared to a traditional savings account.

Top High Interest Savings Accounts in Canada

Some of the top high interest savings accounts in Canada include:

* EQ Bank Savings Plus Account: 2.50% interest rate, no monthly fees, and unlimited transactions

* Wealthsimple Savings Account: 2.20% interest rate, no monthly fees, and no minimum balance requirement

* Tangerine Savings Account: 2.10% interest rate, no monthly fees, and no minimum balance requirement

These accounts are offered by reputable Canadian banks and financial institutions, and are insured by the Canada Deposit Insurance Corporation (CDIC) or provincial deposit insurance corporations.

Factors to Consider When Choosing a High Interest Savings Account

When choosing a high interest savings account, there are several factors to consider, including:

* Interest rate: Look for accounts with high interest rates to maximize your earnings

* Fees: Consider accounts with no monthly fees or low fees to minimize your costs

* Minimum balance requirement: Look for accounts with no minimum balance requirement or a low minimum balance requirement

* Accessibility: Consider accounts with easy online and mobile access to your money

How to Open a High Interest Savings Account

Opening a high interest savings account is relatively straightforward. You can typically apply online or in-person at a bank branch. You will need to provide identification and proof of address to verify your identity. Some banks may also require a minimum initial deposit to open the account.

Benefits of High Interest Savings Accounts

High interest savings accounts offer several benefits, including:

* Higher interest rates: Earn a higher interest rate on your savings compared to a traditional savings account

* Liquidity: Easily access your money when you need it

* Low risk: High interest savings accounts are typically low-risk and insured by the CDIC or provincial deposit insurance corporations

According to a recent article by The Financial Post, high interest savings accounts are a great option for Canadians looking to grow their savings. The article highlights the importance of comparing interest rates and fees when choosing a high interest savings account.

Summary

High interest savings accounts are a great way for Canadians to earn a higher interest rate on their savings. By considering factors such as interest rate, fees, and minimum balance requirement, Canadians can find a high interest savings account that meets their needs and helps them grow their money. Top accounts to consider include EQ Bank Savings Plus Account, Wealthsimple Savings Account, and Tangerine Savings Account.