In terms of basic savings accounts, banks usually have several different options that all do essentially the same thing, but differ slightly in their terms. For example, one might offer a slightly higher interest rate but require a minimum deposit, or offer scaled interest depending on how much money is deposited or how long it is held in the account. It’s a good idea to do a comparison of all the options to find out which one is right for your needs. Outside of your basic savings account, there are a few other main types of savings accounts in Canada. They are high-interest savings accounts, TFSA, or tax-free savings accounts, registered accounts with the Canadian government, youth savings accounts, and USD savings accounts. Here is a quick rundown of each: If you are interested in learning more specifics about the different options and comparing savings accounts, you can do so above! Sort and shop accounts by currency, account type, interest rate and fees.