Interest rates. You earn interest on the money in your savings account. Each month, any interest you earn will go directly into your account. The higher the interest rate, the more money you‘ll earn. Consider how much interest, if any, your financial institution will pay on your account balance. The Bank of Canada is the nation’s central bank. We are not a commercial bank and do not offer banking services to the public. Rather, we have responsibilities for Canada’s monetary policy, bank notes, financial system, and funds management. Our principal role, as defined in the Bank of Canada Act, is "to promote the economic and financial welfare of Canada." The average interest rate on a savings account is 0.1 percent APY. Fortunately, many banks and online institutions offer high interest savings account rates well above that average.