Best Savings Accounts in Manitoba 2025

Compare the highest savings rates available to Manitoba residents — HISA, TFSA, GIC, and more.

Types of Savings Accounts for Manitoba Residents

• HISA (High-Interest Savings Account) — Flexible, no lock-in, earn interest daily
• TFSA (Tax-Free Savings Account) — All interest earned is tax-free; 2025 contribution room $7,000
• RRSP savings — Tax-deferred growth; good for retirement savings
• FHSA (First Home Savings Account) — Tax-deductible + tax-free for first-home buyers
• GIC (Guaranteed Investment Certificate) — Fixed rate, locked in for a term; higher than HISA
• RESP (Registered Education Savings) — For children's education with Canada Education Savings Grant

Best HISA Rates for Manitoba Residents (2025)

Institution	Account Type	Approx. Rate	Notes
Steinbach Credit Union	HISA / Savings	3.5%–5.0%+	Often Manitoba's highest; online members welcome
EQ Bank	HISA	3.0%–4.0%	Federal CDIC insured; strong digital platform
Wealthsimple Save	HISA	3.0%–4.0%	Integrates with investing; no fees
KOHO Savings	Savings feature	3.0%+	Embedded in no-fee spending account
Oaken Financial	HISA / GIC	3.5%–5.0%	Home Trust subsidiary; competitive GICs
Assiniboine CU	Savings	2.5%–3.5%	Winnipeg credit union; ethical banking
Big Banks (avg.)	Savings	0.01%–1.5%	Standard savings; promotional rates may be higher

Rates are approximate and subject to change. Always verify current rates directly with the institution.

Steinbach Credit Union: Manitoba's Savings Rate Leader

Steinbach Credit Union has consistently offered some of Canada's highest savings and GIC rates. Despite being based in a small Manitoba city, SCU accepts online members from across Manitoba. Manitoba credit union deposits — including Steinbach CU — are protected by the DGCM with unlimited deposit insurance, which is broader than CDIC's $100,000 per category limit.

TFSA Strategy for Manitoba Residents

The TFSA is the most flexible tax-advantaged account for Manitoba savers. Key points:

• 2025 contribution room: $7,000 (total room since 2009 inception: $95,000 for those eligible since the start)
• All interest, dividends, and capital gains inside a TFSA are tax-free
• Withdrawals are tax-free and re-contribution room is restored the following year
• Hold HISA, GICs, or investments inside a TFSA for maximum benefit
• Best strategy: hold your highest-rate savings inside your TFSA first

GIC Rates in Manitoba 2025

Institution	1-Year GIC	2-Year GIC	3-Year GIC
Steinbach Credit Union	~4.5%–5.0%	~4.0%–4.5%	~3.8%–4.2%
Oaken Financial	~4.5%–5.0%	~4.0%–4.5%	~3.8%–4.2%
EQ Bank	~4.0%–4.8%	~3.8%–4.3%	~3.6%–4.0%
Big Banks	~2.5%–4.0%	~2.5%–3.8%	~2.5%–3.5%

Savings Tips for Manitoba Residents

• Always hold savings inside a TFSA to avoid paying tax on interest earned
• Compare rates every 6 months — institutions adjust frequently
• Consider Steinbach Credit Union for consistently high rates province-wide
• Use a no-fee daily account (like KOHO) to avoid fees eating into your savings
• GIC ladder strategy: stagger maturities across 1, 2, and 3 years for liquidity