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Best Online Only Savings Accounts 2022

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Looking for the best online-only savings accounts can be a tricky task. Every bank is offering new promotions, so it can get overwhelming. That’s why we’ve done all the work. We’ve analyzed dozens of top banks to find out which ones are offering the best savings accounts and CD rates in each category.

We scoured the web for the top online-only savings accounts with competitive interest rates and favourable terms, and hand-picked the best.

Simplii Financial Savings Account

Simplii Financial is a well-known online bank in Canada, thanks to its wide range of financial products and association with CIBC, a well-known bank. SimpliiTM offers a high-interest savings account with a current promotional rate of 2.20 per cent for new account users, which is a market-leading rate. There is no minimum balance requirement, no monthly fees, and recurring transfers can be set up to make saving a snap.

  • The interest rate of 0.10 per cent every day
  • The 2.20 per cent promotional rate will expire on April 30, 2022.
  • Deposits up to $100,000 are accepted.
  • There are some restrictions, and the rate only applies to qualifying deposits.
  • No requirement for a minimum balance.
  • No monthly costs.
  • There are no transaction costs.
  • Deposits are made automatically.
  • The CDIC insures your assets.

Tangerine Savings Account 

It is type of savings account that allows you to save money. Tangerine was one of the first online-only banks to emerge. It was once known as ING Direct, but Scotiabank currently owns it. 
It has wide range of goods that are similar to those found in regular brick-and-mortar bank. Tangerine’s high-interest savings account is one of its most popular banking products. Tangerine’s rates are substantially more competitive than traditional savings accounts, which offer very little interest.
You can establish savings goal and track your progress with Tangerine’s savings account. The Automatic Savings Program (ASP) is completely free service. It enables you to make recurring transfers from your checking account to your savings account. This will assist you in achieving your financial objectives even more quickly. 
Simply set the amount and frequency of these transactions, and your savings will increase without any work or interaction.
  • When opening savings account, new clients can earn 2.15 percent for the first five months. This special rate can be used for deposits made into any other savings account, up to the maximum allowed by the account type
  • After the introductory time ends, get 0.10 percent interest.
  • There are no service fees.
  • Program for Automatic Savings (ASP)
  • There is no requirement for minimum balance.

Wealthsimple Cash Savings Account

Wealthsimple is an online investing platform that also incorporates an online banking platform with high-interest savings accounts for digitally savvy investors. You can then link your savings account to any Wealthsimple investing accounts to help you increase your money more quickly.

Free and unlimited withdrawals, no minimum balances, and excellent interest rates are all available to account customers. Plus, the Wealthsimple Cash savings account functions similarly to a checking account, making banking easier. With one Wealthsimple Cash account, you can save and spend.

  • There are no monthly account fees.
  • There are no fees for low balances.
  • Get a 0.50 percent interest rate
  • Withdraw money from ATMs all throughout the country.
  • Deposits, transfers, and transactions are all free.
  • E-transfers are a convenient way to send money.
  • CIPF-protected encrypted data
  • Make a connection between your savings and investing accounts.

Savings Plus Account at EQ Bank

Equitable Bank is a trademark of Equitable Bank, a major Canadian bank with a long history. Because of its online-only business strategy, the bank has a low overhead and can pass those savings on to consumers in the form of high-interest rates. In fact, EQ Bank has one of the highest savings account interest rates in the industry, at 1.50 percent. * The digital bank is noted for its simple sign-up process, free transactions, and free transfers, in addition to its high rates.

The following are some of the benefits of the EQ Bank Savings Plus Account:

  • 1.50 percent per day interest *
  • There are no monthly costs.
  • There is no requirement for a minimum balance.
  • Electronic fund transfers and EQ to EQ account transfers are also free.
  • Payment of bills is completely free.
  • Transferring money internationally at a low cost

Savings Account for Financial Savvy People

Motive Financial, formerly known as Canadian Direct Financial (CDF), is an online-only bank that offers high-interest savings accounts. You can earn between 1.100 percent and 0.500 percent interest depending on your account amount. Not only that, but Motive’s savings account has no minimum balances or monthly fees, as well as free Interac e-transfers and CDIC insurance.

  • Interest rates range from 1.100 percent to 0.500 percent.
  • There is no requirement for a minimum balance.
  • There are no monthly costs.
  • Deposits that are completely free
  • Transfers between accounts are unlimited.
  • Every month, you get two free transactions.
  • Interac e-transfers are free.
  • The CDIC insures your assets.

What Should I Look For When Choosing An Online-Only Savings Account?

Certain criteria should be considered while choosing an online-only savings account, including the following:

Rates of Interest

Savings accounts are designed to assist you in saving money, thus the higher the interest rate, the faster your funds will increase.

Monthly Charges

Nobody wants to have a monthly charge thrown onto their account, so be sure the online-only savings accounts you’re considering have one.

Maintaining a Minimum Balance

You don’t want to be charged a fee if you go below a particular minimum balance threshold, therefore look for accounts with a low or no minimum balance requirement, just like you don’t want to be charged a fee if you go below a specific monthly balance threshold.

Unless you intend to invest your money, the best option is to keep it in a high-interest savings account. However, instead of using traditional banking, you might want to try online-only savings account to benefit from cheap fees and the unparalleled convenience of banking online. And if you’re searching for a good online-only savings account to put your money in, we think the accounts listed above should be on your list.

The Bottom Line

At Lionsgate, we specialize in helping people get the extra cash they need, obtain funding for private mortgages, as well as for other real estate transactions. If you are looking to buy land in Canada, get a mortgage or apply for a loan, fill out the form below. Or, You can leave us a message and we will try to connect you with local lenders and sources that best meet your needs.

If you found this article helpful, please share it on your timeline and with someone you care about. Also, visit our blog to read similar helpful articles on finance, real estate, and getting mortgages.

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