Savings

You can only enjoy the best interests on your savings accounts when you register with the best high-interest savings accounts in Canada. However, this isn’t easy, as most Canadians don’t ...
Knowing the best Tangerine savings accounts available can help you decide which fits your savings needs. Tangerine is one of Canada’s online banks offering some competitive interest rates...
A Tax-Free Savings Account (TFSA) is a registered savings account with the Canadian government. Unlike traditional savings accounts, the TFSAs permit the holding of a wide array of invest...
If you’re concerned about the best way to invest for retirement, In this case, a registered retirement savings plan (RRSP) can give you both short-term and long-term tax benefits, helping...
Check out the best savings accounts in Canada to select the best one for you. We’ll share our favourites and you can take advantage of some great interest rates.
Finding the best EQ Bank savings accounts can be daunting. However, once you understand the available options and consider your needs, it can be a more straightforward process.
The best Vancity savings accounts are for Canadians who want to earn high interest on their money. The Vancouver City Savings Credit Union has more customers than any other British Columb...
What are the best Scotiabank savings accounts available to customers? Scotiabank is one of the leading banks in Canada, providing various financial services to its customers. One of Scoti...
Looking for the best RBC savings accounts to help you reach your financial goals? Saving money is essential for building a solid financial foundation. And choosing the correct savings acc...
If you’re looking to save money and earn interest while at it, you’re likely curious about the best TD savings accounts. The Canadian bank TD Bank provides one of the most remarkable savi...
Canadians seeking to open a savings account with HSBC should compare the best HSBC savings accounts before settling for one. Whatever your saving goal or purpose is, HSBC has different sa...
The best National Bank savings accounts offer accessibility, high interest, and other valuable features to help grow your savings. From a high-interest savings account to a tax-free savin...
**Limited time offer: Get up to a $600* cash bonus with BMO. Plus, a 5.5% promo interest rate** when you open a performance chequing and a Savings Amplifier Account.** You can get a lot d...
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FAQs about the Best High-Interest Savings Accounts

Can a Minor Open a High-Interest Savings Account?

Yes, minors in Canada can open a high-interest savings account; even the best of these savings accounts are not exempt. However, this is only possible when the financial institution offers a youth account. In this case, the guardians of the child need to register the account for them.

Can a Visitor to Canada Open a High-Interest Savings Account?

Yes, visitors in Canada can open high-interest savings accounts, as they’re not limited to only residents. However, the type of visitors that can open such an account depends on the length of stay, visa type, and other criteria. Sometimes, proof of residency is also required.

Is the Interest from a High-Interest Savings Account Taxed?

Yes, the interest from a high-interest savings account is taxed, and this also holds true for children's accounts. Although children are not of tax-bearing age, transfers from their parents, which they invest in, can be taxed. The only type of high-interest savings account that cannot be taxed is a TFSA.

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