The MAXA Financial High Interest Savings Account offers 1.85% interest on every penny you keep in the account, which is much more than the big banks offer. You can access your money with a debit card, which isn't always an option for online banks. And though MAXA is a division of the Westoba Credit Union (based in Manitoba), this savings account is available Canada-wide.
This savings account doesn't encourage spending – you only get one free debit transaction per month and no free Interac e-Transfers. But this could be just what a dedicated saver is looking for.
What you get with the MAXA Financial High Interest Savings Account
Here's what you can expect from your MAXA Financial High Interest Savings Account:
Verified on September 15, 2025
Why You Want It
Earn 1.85% interest on your savings + Access funds with a member card.
Special Features
- Deposits 100% guaranteed by Deposit Guarantee Corporation of Manitoba
Eligibility
- Older than 18
- Canadian citizen or permanent resident
- Make a one-time purchase of $5 in membership shares
Provinces
ALL
Interest Rates
Any balance
1.85%
Features
# Of Free Transactions
1
# Of Free Interac E-Transfers
0
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Our rating for the MAXA Financial High Interest Savings Account: 3.4 stars
The MAXA Financial High Interest Savings Account offers a competitive interest rate, which alone can make it an attractive choice. But the icing on the cake is that clients have easy access to their cash on point of sale transactions by using the provided debit card. This is a feature not typically offered by online banks, and sometimes not by the big banks either.
It's disappointing that MAXA doesn't offer any promo interest rates or any other type of welcome bonus. And while $5 isn't a lot, the required membership share purchase can be annoying.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
What's good about the MAXA Financial High Interest Savings Account
This MAXA account offers a competitive rate as well as other interesting features:
Pros
A decent regular interest rate
The MAXA Financial High Interest Savings Account interest rate is refreshing to see, especially if you're used to looking at big bank savings accounts (which often struggle to break the 0.1% mark). While it's not exactly the 3.5% offered by other top online banks, it's a pretty competitive rate that's easy to qualify for.
One free transaction per month
All MAXA Financial High Interest Savings Account come with a MAXA MemberCard, which allows you to make ATM and point-of-sale transactions. Plus, you get one free transaction each month, a feature that offers surprising flexibility that you often don't get with a savings account. Having easy access to funds is important for many people and is a big perk for this account.
No minimum balance required
There's no need to worry about keeping a certain amount of money tucked away in your savings account in order to avoid fees or earn interest. Since there's no minimum balance requirement, you're guaranteed to earn top interest on every dollar that's in your account.
No monthly maintenance fee
It's standard for a savings account not to charge a monthly fee, but it's still a perk worth mentioning. Every dollar counts, and with the MAXA Financial High Interest Savings Account, your money stays in your account for as long as you want. And as long as it's in there, it's working to earn you interest.
Deposits 100% guaranteed, without limit
Though MAXA isn't a CDIC member, your deposits are instead insured by DGCM, the Deposit Guarantee Corporation of Manitoba. In contrast to the CDIC, which only insures up to $100,000, the DGCM guarantees 100% of your deposit without limit. This can make an account with MAXA even more appealing.
What to watch out for with the MAXA Financial High Interest Savings Account
But there are a few things to keep in mind with this high-interest savings account.
Cons
Transactions cost $1 minimum
While you do get one free each month, subsequent transactions cost at least $1, usually $1.50. Debit card purchases, bill payments, and ATM withdrawals are $1.50 while Interac e-Transfers are $1. If you find that you frequently need to make transactions with this account, the fees will add up quickly.
No promotional interest rate
While other banks offer promo rates as high as 4.5% for a limited time, the 1.85% offers no such promotion. Luckily, the 1.85% interest rate is still good on its own, but a bit of a boost for the first few months would make this account that much more attractive.
Required $5 in membership shares
Since MAXA is a division of the Westoba Credit Union, you're required to buy a share of the credit union when you join. This is pretty standard among credit unions, but not everyone appreciates the requirements (and benefits) of this type of institution.
Best alternatives to the MAXA Financial High Interest Savings Account
Here's how the MAXA Financial High Interest Savings Account stacks up against other savings accounts available in Canada:
 |  |  |  | |
|---|---|---|---|---|
| Account | MAXA Financial High Interest Savings Account | EQ Bank RSP Savings Account | Scotiabank Money Master Savings Account | Alterna Bank TFSA eSavings Account |
| Genius Rating | ||||
| Why You Want It | Earn 1.85% interest on your savings + Access funds with a member card. | Earns an impressive 1.5% interest + No fees and $0 minimum balance. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Get a 1.15% interest rate + Easily transfer your money between accounts. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | 1 | N/A | 0 | 0 |
| # Of Free Interac E-Transfers | 0 | N/A | 0 | 0 |
| Max Promotion Rate | N/A | N/A | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | N/A | N/A |
| Open an account See more MAXA Financial products Compare | Open an account See more EQ Bank products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more Alterna products Compare |
MAXA Financial High Interest Savings Account frequently asked questions
What is MAXA Financial?
MAXA Financial is the online arm of Westoba Credit Union, based in Manitoba. It offers a high-quality HISA (the MAXA Financial High Interest Savings Account) the as well as a TFSA, RRSP, RRIF, and a few GICs.
What's the MAXA Financial High Interest Savings Account interest rate?
The MAXA Financial High Interest Savings Account's interest rate is a flat 1.85%. While other HISAs sometimes offer temporarily high interest rates to attract new clients, this account sticks with its regular rate from day one.
Is my money safe with MAXA Financial?
All deposits made to MAXA Financial are covered by the Deposit Guarantee Corporation of Manitoba, with no limits. Most other Canadian banks use CDIC, and deposits are covered up to a maximum of $100,000.
Can I make transactions with my MAXA Financial High Interest Savings Account?
Yes, your account will come with a debit card, the MAXA MemberCard, also allows for Interac e-Transfers. However, accounts have just one free debit transaction per month, and all other transactions will cost at least $1.
Is there a MAXA Financial High Interest Savings Account monthly fee?
No, the MAXA Financial High Interest Savings Account doesn't have a monthly fee. This is common for HISAs, and for savings accounts in general. It's a nice contrast to chequing accounts with fees as high as $30 per month.
What types of savings accounts does MAXA financial offer?
MAXA financial offers a high-interest savings account, a TFSA, an RRSP, and an RRIF savings account. They all share the same flat interest rate of 1.85%.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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