§ Calculator · Savings
Compare savings rates
What this is
The same monthly deposit across rate options. The gap between 0.01% chequing and 4% HISA is enormous over 20 years.
Run your contribution plan through every realistic Canadian savings rate. Big-bank chequing typically pays 0.01-0.05%; HISA at neobanks pays 3-4.5%; GIC ladders pay 4-5.5%.
| Rate | Future value | Interest earned |
|---|---|---|
| 1.00% | $144,994 | $14,994 |
| 2.00% | $162,312 | $32,312 |
| 3.00% | $182,359 | $52,359 |
| 3.50% | $193,552 | $63,552 |
| 4.00% | $205,613 | $75,613 |
| 4.50% | $218,617 | $88,617 |
| 5.00% | $232,643 | $102,643 |
| 6.00% | $264,122 | $134,122 |
| 7.00% | $300,851 | $170,851 |
FV at each rate
If you have idle cash > $5k in chequing at a big bank, you're effectively donating ~$200/yr per $5k vs a free HISA at EQ Bank, Wealthsimple Cash, or Tangerine.
Disclaimer
Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.