Banking
How Much Interest $10,000 Earns in a Savings Account in Canada
What $10,000 earns in one year at 15 Canadian savings accounts, with welcome rates and ongoing rates combined. Best ongoing rate: Oaken Savings Account at 2.80%.
How much interest will $10,000 earn in a year?
Between $55 and $280 in the first year, depending on the account. Big-bank savings accounts pay 0.3%–0.6% ongoing, while online banks pay 2%–3%.
| Account | Ongoing rate | Welcome rate | Year-one interest on $10,000 |
|---|---|---|---|
| Oaken Savings Account | 2.80% | — | $280 |
| TD ePremium Savings | 0.45% | — | $245 |
| Canadian Tire High Interest Savings | 2.40% | — | $240 |
| Simplii High Interest Savings | 0.30% | 4.60% for 5 mo | $209 |
| Tangerine Savings Account | 0.30% | 4.50% for 5 mo | $205 |
| KOHO Spending & Savings | 2.00% | — | $200 |
| Neo Savings Account | 2.00% | — | $200 |
| BMO Savings Amplifier | 0.45% | 5.00% for 4 mo | $197 |
| RBC High Interest eSavings | 0.55% | 4.60% for 3 mo | $156 |
| EQ Bank Personal Account | 1.50% | — | $150 |
| CIBC eAdvantage Savings | 0.30% | 4.60% for 3 mo | $138 |
| Scotia MomentumPLUS Savings | 0.40% | 4.05% for 3 mo | $131 |
| Wealthsimple Chequing | 1.25% | — | $125 |
| Alterna High Interest eSavings | 1.05% | — | $105 |
| National Bank High Interest Savings | 0.55% | — | $55 |
Interest is simple daily interest on a steady balance, before tax. Welcome rates apply only for their stated months, then the regular rate takes over.
Are welcome rates worth chasing?
They can add $100–$200 on $10,000, but they last only 3–5 months and require being a new client. After that, a 0.3% big-bank rate earns about $30 a year on $10,000.
Is savings account interest taxed?
Yes, interest in a regular savings account is taxable income each year. Holding savings in a TFSA keeps the interest tax-free.
Is my money safe?
Deposits at CDIC member institutions are protected up to $100,000 per insured category. Fintech accounts hold your money at partner CDIC members.
Put this into practice
Official sources and further reading
Terms vary by card. Confirm the issuer’s current agreement and program conditions before acting. This guide does not predict approval, realized value or credit-score changes.
How WalletReturn calculates card value