Best High-Interest Savings Accounts in Canada | November 2024
Uh Oh, Savers—We’ve Got a Problem!
With the recent Bank of Canada interest rate cut, savers across the country are noticing a dip in the interest rates on savings accounts. But don’t worry—I’ve done the research to help you find the best high-interest savings options still available this November. Let’s look at two accounts offering great rates that can help you keep your savings growing even in this changing market.
1. Simplii Financial: 6% Interest for New Customers
If you’re new to Simplii Financial, now is the perfect time to take advantage of their impressive 6% interest rate offer. This is currently one of the highest rates available on the market, especially given the recent cuts from other banks.
Why Simplii Financial?
Competitive Rate: Simplii’s 6% interest rate stands out in the current landscape, making it an attractive option for those looking to maximize their savings.
No Monthly Fees: Simplii’s savings account comes with no monthly fees, so you can grow your money without extra charges eating into your interest.
Easy Setup: Opening an account is straightforward and can be done entirely online, making it convenient for new savers.
Who Should Consider This?
New customers who are looking for a high return on their savings.
Those who prefer a no-fee, straightforward online banking experience.
Pro Tip: This offer is usually limited-time, so if you’re interested, don’t wait too long to sign up.
2. Tangerine Bank: Up to 5.50% for New Customers
Tangerine Bank is another great option this month, offering a competitive 5.50% interest rate for new customers. If you’re already a Tangerine customer, you might have received an email around November 1st with a special offer of 4%—still better than what many traditional banks are offering right now.
Why Tangerine Bank?
High Promotional Rate: The 5.50% rate for new customers is a strong offer, especially in light of the recent interest rate cuts.
Special Offers for Existing Customers: While the standard rate may not be as high for existing customers, many are receiving personalized offers, so be sure to check your email for a potential boost.
Flexible Account Options: Tangerine offers a range of account types, including high-interest savings and TFSA options, giving you flexibility based on your savings goals.
Who Should Consider This?
New customers looking for a high promotional rate with a reputable online bank.
Existing customers who want to take advantage of special offers—be sure to check your inbox!
Pro Tip: Existing customers should reach out to Tangerine if they haven’t received an offer. Sometimes a quick call can help you snag a better rate.
What’s the Takeaway?
Despite the recent interest rate cuts, there are still opportunities to earn a solid return on your savings. Both Simplii Financial and Tangerine Bank are offering attractive rates for November 2024, especially for new customers. If you’re looking to maximize your savings, now is a great time to make a move and take advantage of these offers.