High Interest Investment

What Canadian banks offer the highest savings account interest?

I'm a teenager from Newfoundland, Canada and i'm looking to put 5000+ dollars into a savings account.. which bank offers the most interest or is most effective? I am currently employed full time, but I only want to put my money in a savings account for about 2 years because i will need to get a car then

Public Comments

1. Personally, I would put it into a Canada Savings Bond for the security and if you will not need any in the short run, or open a Tax Free Savings Account that all banks now offer. I believe they may offer a simple savings account with a little higher rate of interest, like 1.25%, but it may be more helpful as this new one in order to claim it all as tax free income on your 2009 tax return. Plus, each year you may add another $5000.00 max. Go to several banks and inquire personally. I prefer TDCanadaTrust myself. BTW, do you have a job now
2. You can only open up a Tax Free Savings Account if you are 18 or older. If you are saving up and for sure don't need the money for 2 years, maybe look into GICs? But really, interest rates are kind of low right now.. what with the economy tanking. Click below for a comparison chart of 'high-interest' accounts. As it says at the top of the page: "This chart summarizes Canadian high interest savings account rates and is for informational purposes only. The rates are subject to change and there are more features to an account than its rate. Always be sure to check the specific banks’ websites and do your research about a bank account!"