Banking
How Much Interest Does $100,000 Earn in Canada?
What $100,000 earns in a year at Canadian savings accounts and GICs. The best ongoing savings rate we track pays about $2,800 a year; the big banks average about $533.
How much interest will $100,000 earn in a savings account?
Between about $300 and $2,800 a year at the regular rates we track, before tax and before any temporary welcome rate.
| Account | Rate on $100,000 | Interest in a year |
|---|---|---|
| TopOaken Savings Account | 2.80% | $2,800 |
| Canadian Tire High Interest Savings | 2.40% | $2,400 |
| Neo Savings Account | 2.25% | $2,250 |
| KOHO Spending & Savings | 2.00% | $2,000 |
| EQ Bank Personal Account | 1.50% | $1,500 |
| Wealthsimple Chequing | 1.25% | $1,250 |
| Alterna High Interest eSavings | 1.05% | $1,050 |
| RBC High Interest eSavings | 0.65% | $650 |
Interest is estimated as simple interest on a steady balance. Some accounts pay a different rate above certain balances; the table uses the rate that applies to $100,000.
Put it into practiceHow much $10,000 earnsHow much does $100,000 earn in a GIC?
1-year 3.75% (Oaken Financial); 3-year 4.30% (Oaken Financial); 5-year 4.50% (Oaken Financial).
| Term | Best rate | Total interest on $100,000 |
|---|---|---|
| Top1 year | 3.75% (Oaken Financial) | $3,750 |
| 2 years | 4.20% (Oaken Financial) | $8,576 |
| 3 years | 4.30% (Oaken Financial) | $13,463 |
| 4 years | 4.35% (Oaken Financial) | $18,569 |
| 5 years | 4.50% (Oaken Financial) | $24,618 |
GIC interest is guaranteed for the term, but non-redeemable GICs lock the money until maturity.
Is $100,000 at one bank insured?
CDIC covers eligible deposits up to $100,000 per insured category at each member institution. Deposits in your own name, a TFSA, an RRSP and an FHSA are separate categories.
If you have more than $100,000 in one category, consider splitting it between institutions or categories. Fintech accounts hold deposits at partner CDIC members, so check which institution holds your money.
Is the interest taxed?
Yes, outside a TFSA, RRSP or FHSA, interest is taxable income each year at your marginal rate. In a TFSA it is tax-free.
Keep reading
BankingHow Much Interest $10,000 Earns in a Savings Account in CanadaWhat $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%.- BankingGIC vs High-Interest Savings Account in Canada: Which Is Better?GIC or high-interest savings account? Today’s best rates (3.75% for a 1-year GIC vs 2.80% in savings), a side-by-side comparison, what the Bank of Canada’s rate increase means, and how a GIC ladder works.
- TaxesIs Savings Account and GIC Interest Taxable in Canada?Yes: interest from savings accounts and GICs is taxable income in Canada unless it is earned inside a TFSA, RRSP or FHSA. How it is reported, the $50 T5 slip threshold, and how multi-year GIC interest is taxed each year.
RewardsHow Much Are 50,000 or 100,000 Points Worth in Canada?What 10,000, 25,000, 50,000 and 100,000 points are worth in dollars in Aeroplan, Amex Membership Rewards, Scene+, CIBC Aventura, Marriott Bonvoy, BMO Rewards and PC Optimum, using WalletReturn’s point values.
Official sources and further reading
Terms vary by product. Confirm the provider’s current terms before acting. This guide does not predict approval, realized value or credit-score changes. How WalletReturn calculates value