Question 1

What is the best savings account in Canada right now?

Accepted Answer

The highest rates in Canada for everyday savings are typically found at online-only banks: EQ Bank, Oaken Financial, Simplii Financial, Motive Financial, and Wealthsimple Cash consistently offer the best HISA rates — often 3.5–5%+ during periods of elevated interest rates (compared to 0.01–0.50% at the Big 5 bank savings accounts). The "best" account depends on your priorities: highest rate (EQ Bank or Oaken); lowest friction with your existing bank (Simplii / RBC client); best app (Wealthsimple Cash). Rates change frequently — compare current rates at the links below before opening an account.

Question 2

What is a GIC and when should I use one?

Accepted Answer

A Guaranteed Investment Certificate (GIC) is a deposit with a fixed term (30 days to 5 years) and a locked-in interest rate. Unlike a HISA, you generally cannot withdraw early from a non-cashable GIC without a penalty. GICs are best for money you will not need for a defined period: an emergency fund supplement (after you have a liquid HISA), a house down payment in 1–2 years, or money earmarked for a large purchase. In a high-rate environment, 1-year GICs at 4.5–5.5% can significantly outperform savings accounts. CDIC deposit insurance covers GICs up to $100,000 (per category) at member institutions.

Question 3

Should I keep my savings in a TFSA or a regular savings account?

Accepted Answer

Almost always a TFSA. Savings interest earned in a regular account is fully taxable at your marginal rate every year — meaning 10% nominal interest becomes 5.8% after tax at a 42% marginal rate. A TFSA shelters all interest, dividends, and capital gains from tax permanently. Open a TFSA at EQ Bank, Oaken Financial, or Wealthsimple and hold your savings within it. The only reason to hold savings outside a TFSA is if you have no more room (have maxed your contribution limit) or are a newcomer in your first year building room. Even for an emergency fund, a TFSA HISA is the right vehicle.

Question 4

What is GIC laddering and how does it work?

Accepted Answer

GIC laddering splits your money across multiple GICs with different maturity dates. For example, divide $20,000 into 5 × $4,000 GICs maturing in years 1 through 5. Each year, one GIC matures — giving you access to $4,000 and the option to reinvest at current rates. Benefits: reduces reinvestment risk (you never put everything in at a single rate), improves liquidity (one tranche always maturing soon), and typically averages out your return over rate cycles. As each GIC matures, you roll it into a new 5-year GIC, so you continuously hold a 5-year ladder.

Product	Liquidity	Typical Rate	Best For	CDIC Insured
Big 5 savings account	Instant	0.01–0.50%	Transaction float only	Yes
Online HISA (EQ Bank etc.)	1–3 business days	3.0–5.0%+	Emergency fund, short-term saving	Yes
Cashable GIC	30–90 days	3.5–4.75%	Emergency fund supplement	Yes
Non-cashable GIC (1-yr)	Locked until maturity	4.0–5.5%+	Defined savings goals (house down, etc.)	Yes
GIC (3–5yr)	Locked	3.5–5.0%	Long-horizon savings; laddering	Yes
HISA ETF (CASH, HSAV)	T+1 trading	~4.0–4.5%	Brokerage account savings	Not CDIC

Goal horizon	Typical vehicle
0-12 months	High-interest savings account
1-5 years	GIC ladder or mixed HISA/GIC approach
5+ years	Registered investing account with diversified assets

Review frequency	What to check
Quarterly	Current APY versus your account
Semi-annual	New promo offers and expiry dates
Annual	CDIC coverage and account structure

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