Canada’s banking system is a far cry from the one we know and love.
Its banks charge much more for their services than their US counterparts.
It also doesn’t have a national savings bank.
But that doesn’t mean Canada’s financial sector isn’t frugally minded.
Here are five banks with the highest savings rates: Bank of Nova Scotia: 1% interest rate.
No savings accounts, no checking account.
Cash advances: 0% to 3%.
Canadian National Bank: 1.25% interest rates.
Savings accounts: $25,000 to $500,000 per year.
Canadian Pacific: 1%.
Interest rates: 3% to 8%.
TD Bank: 3.75% interest.
Savings account: $10,000 or more per year, up to $5,000 annually.
Canada’s biggest banks also offer some of the most attractive bonuses, with bonuses ranging from $500 to $1,000 for each account.
Some of the best rates in Canada are for deposits at Canadian Pacific Bank.
This bank charges a maximum of $1.00 per day for deposits.
Canadian National is the bank with the most money-saving bonuses.
Its annual fee for deposits is $300.
This is only $200 lower than the US rate.
TD also has some of Canada’s lowest interest rates for deposits and ATM fees.
It offers savings accounts for a flat fee of $300 per year and ATM withdrawals are $5.50 per transaction.
Canadian Canadian Financial is Canada’s third-highest savings rate.
This Canadian bank offers savings account fees of $500.
This fee is just $150 lower than TD.
CIBC also has the lowest interest rate for deposits in Canada.
CIBA charges a fee of 2.75%.
For a deposit, you must have a balance of at least $5K.
CIRA charges an interest rate of 4.25%.
For ATM withdrawals, you can withdraw up to 2.5% of the balance in Canadian dollars.
The Canadian Central Bank also offers the highest interest rates in the country.
This central bank charges 1.75%, up from 1.0% in 2014.
The bank also offers ATM fees at a flat rate of $2.00.
These are also the highest rates in North America.