Top Savings Account Deals in Canada for April 2024

Canadians looking to squeeze the most out of their savings are in luck! With several enticing savings account promotions available in April 2024, there’s an opportunity to earn significantly higher interest rates on your hard-earned cash. However, navigating the various offers and their terms can be tricky.

This guide explores the top savings account promotions in Canada for April 2024, highlighting their key features and what to consider before signing up.

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Supercharge Your Savings with High-Interest Rates

Financial institutions across Canada are locked in a fierce battle to attract new customers, and savings account promotions are a powerful weapon in their arsenal. Here’s a breakdown of some of the most attractive offers available this month:

  • Simplii Financial High-Interest Savings Account (HISA): Take advantage of a stellar 6.00% interest rate for the first five months with Simplii. This offer is perfect for new Simplii clients and comes with no minimum balance requirements.
  • KOHO Earn Interest Savings Account: Looking for a long-term, high-interest solution? KOHO Earn Interest offers a unique proposition. It combines a chequing account, savings features, and a credit builder into one account. While the free account offers a respectable 3.00% interest, upgrading unlocks a premium option with a 5.00% interest rate.
  • Scotiabank MomentumPLUS Savings Account: If you’re a new Scotiabank client, your MomentumPLUS Savings Account boasts an impressive introductory rate of up to 5.60% for the first 150 days. This rate is a combination of a regular interest rate, a premium period interest rate, and a welcome bonus interest rate.
    However, keep in mind the tiered premium period interest and the requirement to avoid debit transactions during the chosen period to qualify.
  • RBC High-Interest e-Savings Account: RBC is offering a limited-time promotion on its High-Interest e-Savings Account, with a 5.50% interest rate for the first three months. This offer is perfect for those seeking a short-term boost to their savings, but remember, the regular rate is a significantly lower 1.70%.
  • Tangerine Savings Account: New Tangerine clients can snag a 6.00% interest rate for the first five months on their savings balance. There’s a maximum deposit limit of $1 million, and you’ll need to bundle this offer with a new Tangerine Chequing Account.
  • BMO Savings Builder Account: BMO’s Savings Builder Account caters to those who can consistently increase their savings. With a base interest rate of 0.50%, you can unlock a 2.00% bonus interest by raising your balance by at least $200 each month. This bonus applies to a balance of up to $250,000.

Important Considerations Before You Dive In

Top Savings Account Deals in Canada for April 2024

While these savings account promotions are undeniably attractive, it’s crucial to consider a few factors before making a decision:

  • Length of the Promotion: Promotional interest rates are not forever. Carefully assess the duration of the high-interest window. The longer the promotional period, the greater the potential return on your savings.
  • Interest Rates: Compare the promotional rates with those offered by other banks, particularly online banks. Some may have competitive rates that aren’t tied to a limited-time offer.
  • Account Fees: Not all accounts are fee-free. Check for maintenance fees, withdrawal fees, or transfer fees associated with the account.
  • Qualification Requirements: Some promotions may require minimum deposits or specific account actions to qualify. Ensure you understand all the requirements before signing up.
  • Accessibility: Promotional savings accounts may limit your ability to conduct everyday transactions like debit purchases. Understand any restrictions on withdrawals or transfers before committing.
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Beyond Interest Rates: Additional Perks to Consider

While high interest rates are a primary consideration, some promotions offer additional value beyond just the numbers:

  • Welcome Bonuses: Some banks incentivize new clients with cash bonuses upon account opening.
  • Combined Account Offers: Offers that bundle savings accounts with chequing accounts can streamline your finances and potentially unlock additional benefits.
  • Rewards Programs: Certain accounts may offer cash-back rewards or other perks linked to your debit card spending.

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