You’re working hard and so should your money.

Always keep some money liquid (and growing)! With countless day-to-day purchases, monthly bill payments and occasional impulse spending that we have to take care of, it’s critical to keep a sufficient amount of money accessible in a bank account (call this your electronic piggy bank). But that doesn’t mean the money should be sitting in a chequing account where it’s not working for you.

In addition to having your money reachable when the time comes to spend, savings accounts grant you the power to earn some free and effortless cash if you park your funds inside them, which we luxury hackers are all about. There are three savings accounts in Canada I want to share with you that are worthwhile to have...

The Top Three High-Interest Savings Accounts in Canada

Before we dive into the details, the three savings accounts meet the following ‘Luxury Hack’ requirements:

• No minimum balance

• No fees

• Free e-transfers and EFTs

• Fast setup process

After all, why should you pay your bank unnecessary fees to give them your money? Free and convenient banking is the minimum, along with the standard Canada Deposit Insurance Corporation (CDIC)  guarantee that big Canadian banks also deliver.

Let’s get started now. What separates these three accounts from this comprehensive list of competitors are their rates and differentiating features that make it easy for clients to save and grow their money.

Tangerine Savings Account

Savings Rate: 1.00% (as of October 19, 2017)

Best For: Luxury hackers who want to receive a free $50, play the promo game, and be rewarded for consistently making new deposits

Tangerine is Canada’s leading direct bank that delivers simplified everyday banking to more than 1.9 million clients. Besides offering a free and best in class chequing account, the bank also provides a competitive savings account for you as well.

The chequing and savings account go hand in hand together, allowing you to access your money from savings to chequing for ATMs and POS purchases through the chequing account’s debit card.

Though its base rate is much lower at 1.00%, it’s high relative to the big banks, and Tangerine offers a 2.40% promotional rate for six months when you sign up for a new savings account.

The special rates don’t stop there either. Tangerine also has quarterly promo rates for new deposits that can range around 2.00%-3.25%, depending on how much you currently hold in your account. If you’re employed, depositing some of your paycheques with Tangerine will be a huge benefit financially.

To activate those quarterly rates, this reddit thread from r/PersonalFinanceCanada explains it best: transfer your money out of your savings account in the beginning of every quarter to, let’s say, your chequing account. This triggers Tangerine’s promo for your account as the bank wants you to keep your money with them!

Afterwards, transfer your money back into your savings account, put in some new deposits, and enjoy as your money grows. (Disclaimer: it might not work for everyone, but I’ve been 2 for 2 using this method!)

If all of that was not enough, Tangerine also gives you a free $50 referral bonus after opening your account if you enter in someone’s Tangerine Orange Key. The person who refers you also gets the $50 dollar bonus as well! You can DM me for mine, ask one of your friends who banks with Tangerine for theirs, but if for some reason you REALLY don’t like me or your pals, this subreddit has your back.

Luxury hackers in Quebec, rejoice: Tangerine is available in your province, with retail locations in Montreal and Quebec City.

EQ Bank Savings PLUS Account

Savings Rate: 2.30% (as of October 19, 2017)

Best For: Luxury hackers who want to move money conveniently and earn a simple, high rate for their savings account without complications

Launched in 2016 by Equitable Bank, EQ Bank shook the digital banking space with an unheard-of 3.00% interest rate for its savings account, at a time when other banks weren’t even touching 1.00% at all. Its current base rate of 2.30% is still the most competitive in Canada.

What seals the deal with the EQ Bank’s savings account is its wide array of functional features compared to others in the market. You get five speedy Interac e-Transfers per month for free, allowing you to send money to friends or your other accounts in a hurry.

You may not even have to move money elsewhere for payments - EQ Bank allows you to pay your bills within your account as well!

EQ Bank is uncomplicated and no-nonsense, providing the highest rate available right away. If you want a savings account to park and easily move your money, look no further - you’ve found Canada’s best.

One downside though: EQ Bank is not available for Quebec residents at the moment.

Scotiabank Momentum PLUS Savings Account

Savings Rate: 0.80% + bonuses up to 2.30% (as of October 19, 2017)

Best For: Luxury hackers who already bank with Scotia/want a savings account from a big bank and intend to keep their money in one place

Scotiabank's Momentum PLUS Savings Account rewards you the longer you park your money inside the account and keep it there. With a base rate of 0.80%, this is one of the highest interest rates for a free savings account from a big Canadian bank.

After not withdrawing any money from the account for 90 days, Scotia begins rewarding you with an additional 0.75% rate on top of the base, which slowly increases up to 0.90% after 360 days.

With Scotia's additional 0.60% bonus rate that lasts until February 28, 2018, clients can experience an industry best 2.30% from the Momentum PLUS.

Luxury hackers in Quebec can enjoy this offer as well.

There are a few things to consider before signing up for this account, however. Without the bonus rate, the maximum possible rate is only 1.70%, and it would still take at least a year before you can earn it.

Furthermore, you're not allowed to withdraw any money without going back to 0.80%.

But if you want to open up a free and competitive savings account from a Big Five Canadian bank and don't plan on moving your money, take up Scotia's offer! It's a time-sensitive deal that allows you to earn the industry-leading 2.30% rate.

Save that money!

You can make your money work for you by saving your funds at either Tangerine, EQ Bank, or Scotiabank, so don’t miss the chance to chill and get some free cash! Don’t let your money sit in a chequing account or low-interest savings account if it doesn’t have to, and earn some passive money with some of the best accounts in Canada.

If you liked this, you’ll love learning how to maximize your travels with credit cards.

From my COMM 339 blog project with my friends Miquel and Andy.