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Meridian High Interest Savings Account

As of October 22, 2026, the Meridian High Interest Savings Account pays 0.85% interest on savings.

Rates verified October 22, 2026

Calculate your Meridian interest

$
Time horizon

Conditions: Ontario residents only; 4.40% promo for first 6 months for new accounts

Interest rate
0.85%
Interest earned
+$85.33
Balance $10,085.33
vs. big-bank average (0.33%):+$52.83
Compounding schedule:Calculated daily, paid monthly
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Key account terms

Ontario's largest credit union, offering competitive rates and community-focused banking.

Monthly fee
$0
Minimum deposit
$0
Transactions
Unlimited
Transfer speed
1-2 Days

Pros and considerations

What we like

  • Strong community focus
  • Often competitive rates
  • Full-service branches in Ontario

Watch out for

  • Ontario residents only
  • DICO insured (not CDIC)
  • Fewer digital features than fintechs

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Frequently Asked Questions

Everything you need to know about Meridian's savings rates, terms, and account features.

Is Meridian a bank?

No, Meridian is a credit union, Ontario's largest.

Is Meridian deposit-insured and safe?

Yes. With Meridian, eligible deposits are insured up to $250,000 for non-registered accounts (and unlimited for registered accounts) by the Financial Services Regulatory Authority of Ontario (FSRA). This protection guarantees that your principal deposit and accumulated interest remain safe against institutional failure.

How is interest calculated and paid on the Meridian High Interest Savings Account?

Interest is calculated daily based on your account's closing balance and deposited directly into your balance on the final business day of each month, compounding your yield monthly.

Can I withdraw my money from Meridian at any time?

Yes. Unlike a GIC (Guaranteed Investment Certificate) which locks in funds for a predetermined duration, this high-interest savings account offers complete liquidity. You can transfer money out at any time without penalty or loss of earned base interest.

How is interest earned at Meridian taxed in Canada?

In non-registered accounts, interest earned is treated as regular taxable income by the Canada Revenue Agency (CRA). Meridian will issue a T5 tax slip if your annual interest exceeds $50 (or upon request for lower amounts). If held inside a TFSA, interest is 100% tax-free.

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