Best Savings Accounts in Canada
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Most Canadians with a savings account at a major bank, such as RBC, CIBC, or BMO, earn between 0.01% and 0.55% interest per year. Meanwhile, digital-first institutions and online banks offer rates as high as 2.75% to 3.50% on everyday balances, with no monthly fees and the same government deposit insurance. To find the best savings accounts in Canada, you must compare interest rates, fee structures, and banking features to ensure your money works harder for you.
For money with a fixed date, a guaranteed certificate usually pays more than any savings account: see our best GIC rates guide.
This guide compares the top high-interest savings accounts available in Canada for 2026. We evaluate interest rates, monthly fees, deposit insurance coverage, and accessibility to help you learn how to make an informed decision. Whether you are building an emergency fund, saving for a major purchase, or simply want better returns on your cash, choosing to apply for the right account can make a significant difference to your financial goals.
Ratesopedia’s Take
The EQ Bank Personal Account offers the strongest overall value for most Canadians, delivering 2.75% interest with no monthly fees and full CDIC protection, provided you set up a recurring direct deposit of at least $2,000 per month. For those seeking the highest available rate without income requirements, Neo Financial pays up to 2.75% on a tiered basis, while KOHO Everything offers 3.50% but requires a $22/month subscription (or $177/year billed annually) that only makes financial sense if you also use it as your primary spending account.
What Is a High-Interest Savings Account?
A high-interest savings account (HISA) is a deposit account that pays a higher interest rate than traditional savings accounts offered by major banks. These accounts are typically offered by online banks and digital-first financial institutions that have lower overhead costs and can pass those savings on to customers through better rates. Most HISAs in Canada are accessible via mobile apps and are protected by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor per insured category.
Unlike guaranteed investment certificates (GICs) that lock your money for a specific term, high-interest savings accounts provide daily liquidity. You can withdraw funds at any time, though some accounts may require advance notice for the highest rates. Interest is calculated daily and paid monthly, allowing your savings to compound over time. Before selecting an account, verify the institution’s deposit insurance coverage and understand whether the advertised rate is promotional or ongoing.
Top Savings Accounts in Canada
The following comparison shows the leading high-interest savings accounts available to Canadians as of July 2026. Rates and terms may vary by financial institution, so we recommend you review the legal terms and verify current details regarding any offer directly with each provider before you open an account.
| Account | Interest Rate | Monthly Fee | CDIC Protected |
|---|---|---|---|
| EQ Bank Personal Account | 2.75% (1.50% base) | $0 | Yes |
| Neo Savings Account | Up to 2.75% | $0 | Yes |
| KOHO Everything | 3.50% | $14.75-$22/month | Yes |
| Oaken Financial Savings | 2.80% | $0 | Yes |
| Saven Financial HISA | 2.85% | $0 | Provincial only |
| Tangerine Savings | 4.50% promo / 0.30% regular | $0 | Yes |
EQ Bank Personal Account
The EQ Bank Personal Account consistently ranks as one of the best high-interest savings accounts in Canada. Operated by Equitable Bank, a Schedule I federally chartered bank, it offers 2.75% interest when you set up a recurring direct deposit of at least $2,000 per month. Without meeting this requirement, the base rate is 1.50%, still significantly higher than what traditional banks offer. The account charges no monthly fees, requires no minimum balance, and includes unlimited free transactions and Interac e-Transfers.
- Full CDIC deposit insurance coverage up to $100,000 per depositor per category
- Zero monthly fees and no minimum balance requirements
- Unlimited free Interac e-Transfers for deposits and withdrawals
- Access to TFSA and FHSA accounts at the same institution
- Mobile app available for iOS and Android platforms
- Top rate requires $2,000 monthly direct deposit; otherwise, you earn only 1.50%
- No physical branches for in-person banking services
- Transfers to external accounts can take one to two business days
Neo Financial Savings Account
Neo Financial has emerged as a popular alternative to traditional banks, offering a tiered interest rate structure that pays up to 2.75% depending on your account balance. Deposits are held at Peoples Bank of Canada, a CDIC member institution, providing the same government protection as major banks. Neo does not require a minimum monthly deposit to earn interest, making it suitable for freelancers, retirees, or anyone with irregular income patterns.
Neo Financial has offered welcome bonuses periodically in the past, though no active welcome bonus was confirmed on its website at the time of writing , check directly with Neo Financial for current promotions. The account includes a free cash back Mastercard that earns rewards on everyday purchases, creating a comprehensive banking solution beyond just savings.
KOHO Everything Plan
KOHO Everything offers the highest everyday savings rate in Canada at 3.50%, but it comes with a subscription fee of $22/month if billed monthly, or $177/year (about $14.75/month) if billed annually. This plan only makes financial sense if you also use the included cash back card regularly. On a $10,000 balance, you would earn $350 annually in interest, compared to $275 with EQ Bank. Billed annually, the $177 subscription reduces your net benefit to $173 unless you offset it further with cash back rewards. While not a premium bank account in the traditional sense, the fee structure resembles premium banking bundles.
Promotional vs Regular Interest Rates
Many financial institutions offer promotional interest rates to attract new customers. These rates can be significantly higher than regular rates but typically last only three to five months. Understanding the difference between promotional and ongoing rates is essential for long-term savings planning. Products like the RBC High Interest eSavings or similar offerings from BMO often feature these limited-time incentives.
| Institution | Promotional Rate | Duration | Regular Rate |
|---|---|---|---|
| Tangerine Savings | 4.50% | 5 months | 0.30% |
| Simplii Financial HISA | 4.60% | 153 days (~5 months) | 0.30-1.00% |
| Scotiabank MomentumPLUS | Up to 4.75% | 90 days | 0.40-0.45% |
| RBC High Interest eSavings | 4.20% | 3 months | 1.40% |
Promotional rates can be valuable if you have a lump sum to deposit and want to maximize returns in the short term. However, once the promotional period ends, you may want to transfer your funds to an account with a stronger ongoing rate. Some savers use a two-account strategy: capturing bonus offers while maintaining a separate account with consistent long-term rates.
Key Features to Compare
When evaluating savings accounts, interest rate is only one factor. The following features can significantly impact your banking experience and the actual value you receive from your account.
Monthly Fees and Minimum Balances
Most digital-first banks charge no monthly fees and require no minimum balance. Traditional banks may charge a fee of $4 to $5 per month unless you maintain a minimum balance, which can range from $1,000 to $5,000. These fees can quickly erode interest earnings, especially on smaller balances. A $4.95 monthly fee equals $59.40 per year, more than you would earn in interest on $10,000 at 0.55%.
Deposit Insurance Coverage
CDIC insurance protects eligible deposits up to $100,000 per depositor per insured category at member institutions. This coverage applies separately to different account types, including savings accounts, chequing accounts, GICs, TFSAs, and RRSPs. If you have more than $100,000 to save, consider spreading money across multiple CDIC-member institutions or using different insured categories to maximize protection.
- Savings accounts in your name are covered separately from joint accounts
- TFSA deposits are insured separately from non-registered savings accounts
- RRSP and RRIF deposits each receive separate $100,000 coverage
- Coverage applies automatically at CDIC member institutions with no application required
Access and Liquidity
Consider how quickly you need access to your savings. Most HISAs allow immediate withdrawals via Interac e-Transfer or electronic funds transfer (EFT), though transfers to external banks may take one to two business days. Some accounts, such as the EQ Bank Notice Savings Account, require advance notice of 10 or 30 days for withdrawals but offer slightly higher rates in exchange for reduced liquidity.
Maximizing Your Savings Strategy
The most effective saving approach often involves using multiple accounts strategically rather than keeping all funds in a single institution. Consider your financial goals, time horizon, and liquidity needs when building your savings portfolio to help optimize returns.
- Emergency fund: Keep three to six months of expenses in a high-interest savings account with immediate access and no withdrawal restrictions.
- Short-term goals: Use promotional rate accounts for funds you plan to use within six to twelve months, such as vacation savings or home renovation budgets.
- Medium-term savings: Consider notice savings accounts or short-term GICs for money you will not need for one to two years.
- Long-term wealth building: Registered accounts like TFSAs and RRSPs should be used for savings you will not touch for several years, potentially invested in diversified portfolios rather than cash.
Tax Considerations for Savings
Interest earned in non-registered savings accounts is fully taxable as ordinary income at your marginal tax rate. If you earn $275 in interest and your marginal rate is 30%, you will owe approximately $82.50 in taxes, reducing your effective return. Tax-Free Savings Accounts (TFSAs) allow interest to accumulate without triggering any tax liability, making them significantly more efficient for most savers.
Most institutions that offer high-interest savings accounts also provide TFSA versions of the same product with identical rates. If you have available TFSA contribution room, prioritize using it for your savings before you open non-registered accounts. Your total TFSA contribution limit accumulates each year, and unused room carries forward indefinitely. For 2026, verify your personal contribution limit through the Canada Revenue Agency’s My Account portal before making deposits.
Savings Accounts vs Other Options
High-interest savings accounts offer a balance of accessibility and returns, but they are not the only option for cash holdings. Understanding when to use each vehicle can help you optimize returns while managing risk appropriately.
| Product | Typical Rate Range | Liquidity | Best For |
|---|---|---|---|
| High-Interest Savings Account | 1.00-3.50% | Immediate to 2 days | Emergency funds, short-term savings |
| GIC (1-year) | 2.75-3.60% | Locked until maturity | Known expenses within 1-5 years |
| Money Market Fund | Variable | 1-2 business days | Large balances needing flexibility |
| Chequing Account | 0.00-0.05% | Immediate | Daily transactions only |
Rates and terms may vary by financial institution. GIC rates are current as of July 2026 and reflect typical offerings from major institutions and digital banks. Before committing money to any product, compare current rates and verify all terms directly with the provider.
Who Should Consider Alternatives
While high-interest savings accounts work well for most Canadians, certain situations may call for different approaches. Consider alternatives if any of the following apply to your situation.
- You have a time horizon of five years or longer and could tolerate moderate fluctuations in exchange for potentially higher returns through diversified investments.
- You need to make frequent deposits and withdrawals for business operations, which may require a business chequing account rather than a personal savings account.
- You have more than $100,000 to save and want guaranteed returns, in which case laddering GICs across multiple institutions provides better deposit insurance coverage.
- You require immediate access to physical cash regularly, as most high-interest accounts are offered by online banks without branch networks or ATM cards.
Bottom Line
The best savings accounts in Canada deliver interest rates between 2.75% and 3.50% with no monthly fees and full CDIC protection, significantly better than the 0.01% to 0.55% typically offered by major banks. EQ Bank Personal Account provides the strongest overall value for most Canadians, offering 2.75% with no fees when you set up a $2,000 monthly direct deposit. Neo Financial suits those with irregular income, paying up to 2.75% with no deposit requirements, while promotional accounts like Tangerine can boost short-term returns before transferring to a long-term account.
Before you open any account, verify current rates directly with the institution, confirm CDIC coverage, and consider using a TFSA version if you have available contribution room. The difference between earning 0.05% at a traditional bank and 2.75% at a digital institution equals $270 per year on a $10,000 balance, money that could meaningfully accelerate your financial goals with minimal effort.
Frequently Asked Questions
What is the highest savings rate in Canada right now?
As of July 2026, KOHO Everything offers the highest everyday rate at 3.50%, though it charges $22/month (or $177/year billed annually). For fee-free accounts, Neo Financial pays up to 2.75% on a tiered basis, while EQ Bank also offers 2.75% with a $2,000 monthly direct deposit. Promotional rates from institutions like Tangerine and Scotiabank can reach 4.50% to 4.75% but only last three to five months before dropping to much lower regular rates. Rates and terms may vary by financial institution.
Are online savings accounts safe in Canada?
Yes, savings accounts at CDIC member institutions are protected by federal deposit insurance up to $100,000 per depositor per insured category, regardless of whether the bank operates online or through physical branches. Institutions like EQ Bank, Tangerine, and Simplii are either Schedule I chartered banks or divisions of major banks with full CDIC coverage. Always verify that your chosen institution displays CDIC membership before you apply and open an account.
Should I keep my savings in a TFSA or regular account?
If you have available TFSA contribution room, using a TFSA for your savings will typically provide better after-tax returns since interest earned is completely tax-free. In a non-registered account, interest is taxed as ordinary income at your marginal rate. Most institutions offering high-interest savings accounts also provide TFSA versions with identical rates. Check your TFSA contribution limit through the CRA’s My Account portal before making deposits to avoid over-contribution penalties.
How often do savings account rates change?
Savings account rates can change at any time as institutions adjust to Bank of Canada policy rate decisions, competitive pressures, and their own funding needs. Major rate changes typically follow Bank of Canada announcements, but institutions may adjust rates independently. Promotional rates have fixed durations (usually three to five months), after which your account automatically earns the regular rate. Review your account statements regularly and monitor announcements from your institution.
Can I have multiple high-interest savings accounts?
Yes, you can open savings accounts at multiple institutions to maximize promotional bonus offers, diversify deposit insurance coverage, or segregate funds for different goals. Many Canadians use one account for emergency savings with immediate access and another for short-term goals. Each CDIC member institution provides separate $100,000 coverage, so spreading larger balances across multiple banks can increase your total protected amount beyond the single-institution limit.
Do I need to be employed to open a high-interest savings account?
No, most high-interest savings accounts have no employment requirements and can be opened by anyone who meets the institution’s residency and age criteria (typically 18 years or older and a Canadian resident). However, some accounts offer higher rates if you set up direct deposit, for example, EQ Bank pays 2.75% with a $2,000 monthly direct deposit but only 1.50% without it. If you cannot meet direct deposit requirements, choose an account like Neo Financial that offers competitive rates without income conditions.
How long does it take to access my money from a savings account?
Most high-interest savings accounts allow withdrawals via Interac e-Transfer (typically instant to same-day) or electronic funds transfer to another bank (one to two business days). Some accounts, such as notice savings accounts, require you to provide 10 or 30 days advance notice for withdrawals but pay higher rates in exchange. If you need guaranteed same-day access to physical cash, consider keeping a portion of your emergency fund in a chequing account at an institution with ATM access.
What is the difference between a savings account and a GIC?
A savings account allows you to deposit and withdraw funds at any time while earning interest on your daily balance. A GIC (Guaranteed Investment Certificate) locks your money for a specific term (such as one year or five years) in exchange for a guaranteed interest rate that is often higher than savings accounts. GICs are best for money you will not need until a known future date, while savings accounts suit emergency funds or short-term goals requiring flexibility.
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