Just like a mortgage, the small differences in interest rates from one option to the next won't make a huge difference month to month. Over several years though, it can add up substantially!
Example of a savings return of .20% vs 2.00% interest:
Say you started with $10,000 in savings, plus you deposited an extra $200 each month. At .20% interest you'd earn an extra $172.59 after 5 years (...wow). At 2.00% interest you would earn an extra $1,780.30 in same 5 years. This is simply by doing the same thing you were already doing at your current bank but, you'll get back an extra $1,607. In a little more than 10 years it would turn into an extra $5,000. This is also partly thanks to compound interest.
The thing is, if you've built up a savings account, you've worked hard for it so you'd be silly to not make your money continue to work hard for you. I would agree that finding the best place to invest your money may be tough but, finding a better place to hold your savings isn't. It's also very easy to set up a new account. The banks offering great rates may not have branches but, you don't need one! By now, most of us use online and mobile banking as often as possible anyway and with most banks, setting up a new account is barely more involving than setting up a new Netflix account.
Check out the list below to see what other banks are offering. What's important to note, is that the rates below are long term and introductory like what the big 5 sometimes offer. If you already bank with one of these institutions, give yourself a pat on the back!
Curious how your savings account stacks up to other Canadians? Check out this 2015 survey from BMO. | 
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