How much will your savings actually earn? This calculator answers that in plain numbers. It handles a starting deposit, monthly contributions, any interest rate, and your choice of compounding frequency, then shows the result as a total and as a year by year table. The rate field is pre filled with 2.85 percent, the top everyday non promotional high interest savings rate we verified in Canada as of July 2026, so the default projection reflects what is really available, not a fantasy number.
Savings interest calculator
Rate pre filled with 2.85%, the highest everyday non promotional HISA rate we verified in Canada as of July 2026 (Saven Financial). Most Canadian HISAs calculate interest daily and pay it monthly, so Monthly is a close match for most accounts. Contributions are added at the end of each month.
Year by year
| Year | Total deposited | Interest that year | Total interest | Balance |
|---|
How the math works
The calculator converts your annual rate into an effective monthly rate based on the compounding frequency you choose, grows the balance month by month, and adds your contribution at the end of each month. Interest then earns interest, which is compounding. Two honest caveats: rates float, so no bank guarantees today's rate for years, and interest in a non registered account is taxable, so your after tax result will be lower unless the money sits inside a TFSA.
Where these rates actually exist in Canada right now
Plenty of calculators let you dream with a made up rate. Here is what was actually available in Canada as of July 2026, checked against provider sites and independent rate trackers between July 9 and July 11, 2026. Everyday means the standing rate for everyone, not a limited time promotion.
| Institution | Rate (as of July 2026) | Type | Worth knowing |
|---|---|---|---|
| Saven Financial | 2.85% | Everyday rate | Digital only brand, no monthly fees, you must become a member to get the rate |
| Oaken Financial | 2.80% | Everyday rate | Same rate for new and existing customers, no promo hoops |
| KOHO | 2.00% to 3.50% | Depends on plan | Paid on your entire balance including spending money, calculated daily, paid monthly |
| Simplii Financial | 4.60% | Promo, first 5 months, new clients | Drops to the regular rate after the promo period ends |
Eligible deposits at CDIC member institutions are protected up to 100,000 dollars per insured category. Some app based accounts are not banks themselves and instead hold your money in trust at a CDIC member bank, which still protects your deposit. Confirm where your money is held before you sign up.
An account that pays interest on your whole balance, not just savings
KOHO is a spending and savings app rather than a traditional savings account, and it pays interest on your entire balance, including the money you spend from, calculated daily and paid monthly. The rate depends on your plan: 2 percent on Essential, 2.5 percent on Extra, and 3.5 percent on Everything, as of July 2026. There is no minimum balance, and there is no hard credit check to open. New users can also claim a welcome bonus with our link.
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Frequently asked questions
Most Canadian high interest savings accounts calculate interest daily on your closing balance and pay it into your account once a month. Because the paid interest then starts earning interest itself, your money compounds. Over short periods the difference between daily, monthly, and annual compounding is small. Over many years it adds up, which is why this calculator lets you pick the compounding frequency.
As of July 2026, the best everyday non promotional high interest savings rates in Canada sit around 2.8 to 2.9 percent at online banks and credit union brands. Promotional rates for new clients can reach 4.5 percent or more, but they typically last only three to five months before dropping to a much lower regular rate. Big bank standard savings accounts usually pay far less.
Yes, interest earned in a regular non registered savings account is fully taxable as income, and the institution reports it to the Canada Revenue Agency, which is why a Social Insurance Number is required for interest bearing accounts. Interest earned inside a TFSA is tax free, so if you have TFSA room, a TFSA savings account keeps the full amount.
The standard savings accounts at large Canadian banks generally pay much lower rates than online only banks and credit union digital brands, which have lower overhead and compete on rate. If your money sits in a big bank savings account, comparing your statement rate against the current market leaders is usually the fastest raise you can give your savings.
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- No credit check banking in Canada
- No credit check bank accounts in Canada, ranked
- How to build credit in Canada from zero
- Secured cards for credit building in Canada
Disclosure: Some links on this page are referral links, and Bremo may earn a commission if you open an account, at no cost to you. This does not change which options we recommend. Rates on this page were verified between July 9 and July 11, 2026 against provider websites and independent rate trackers. Rates, bonuses, and fees are set by each provider and can change without notice, so always verify current terms on the provider site. Calculator results are estimates before tax and assume the rate stays constant, which real rates do not. This page is educational and is not financial advice.