Saven High Interest Savings
As of October 22, 2026, the Saven High Interest Savings pays 2.85% interest on savings.
Rates verified October 22, 2026
Calculate your Saven Financial interest
Conditions: Ontario residents only; $25 minimum balance
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Key account terms
An Ontario-based credit union division offering highly competitive rates.
- Monthly fee
- $0
- Minimum deposit
- $0
- Transactions
- Unlimited
- Transfer speed
- 1-2 Days
Pros and considerations
What we like
- Often the highest rate in Ontario
- No fees
- Simple product structure
Watch out for
- Ontario residents only
- Not CDIC insured (DICO insured instead)
- Mobile app focus
Frequently Asked Questions
Everything you need to know about Saven Financial's savings rates, terms, and account features.
Can anyone anywhere join?
No, Saven Financial is only available to residents of Ontario.
Is DICO the same as CDIC?
Similar. DICO insures deposits in Ontario credit unions up to $250,000.
Is Saven Financial deposit-insured and safe?
Yes. With Saven Financial, 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 Saven High Interest Savings?
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 Saven Financial 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 Saven Financial taxed in Canada?
In non-registered accounts, interest earned is treated as regular taxable income by the Canada Revenue Agency (CRA). Saven Financial 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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