Compare the Best Savings Accounts in Canada for May 2025

The best savings accounts in Canada offer high interest rates and a no-fee account with free withdrawals and deposit privileges.

Savings accounts are safe places to keep funds you don’t need immediately. While the money is banked, you earn a little interest and extra cash from the bank since they put it to work when they give out loans.

When you choose an online high-interest savings account, your returns may even beat inflation and increase your spending power in real terms over time.

The Best Savings Account Rates in Canada

Here are some of the top savings accounts in Canada right now. 

HISA	Interest Rate	Apply
Simplii HISA	3.70% rate for 7 months	Learn more
EQ Bank Personal Account	Up to 3.50% + cashback on all purchases	Learn more
KOHO Earn Interest	Up to 4.00% + cash back + $40 bonus	Learn more
EQ Bank Notice Savings	Up to 3.00%	Learn more

Note that these rates are subject to change, and you can confirm the most updated rates by visiting the financial institutions using the links below.

Best Online Bank Savings Accounts

Online banks in Canada can offer some of the highest interest rates on savings accounts because they spend little to no money on maintaining physical branches (aka overhead costs).

Also, these virtual banks generally have no minimum balance and come with unlimited free transactions, including Interac e-Transfers.

For details on the pros and cons of online banks, read my detailed breakdown.

Simplii Financial High-Interest Savings Account (3.90% promo)

Simplii Financial is the online division of the Canadian Imperial Bank of Commerce (CIBC) and a new entrant on this list of the best high-interest savings accounts (HISA).

The Simplii HISA currently offers a 3.70% promo interest rate on your deposits for 7 months and has no monthly fees (falls to 0.30% regular rate after).

You can also open a free chequing account with unlimited free debits, Interac e-Transfers, withdrawals, and personalized cheques.

New clients who open a new chequing account and set up a direct deposit of $100 or more for three consecutive months get a $300 cash bonus.

Learn more in this review.

EQ Bank Personal Account (up to 4.00%)

EQ Bank’s high-interest savings account is called EQ Bank Personal Account.

With a base 1.25% everyday interest rate (or 3.50% rate if you set up a direct deposit) on balances up to $200,000, this account is one of the best in Canada.

You enjoy unlimited Interac e-Transfers, bill payments, and electronic fund transfers, and there is no minimum balance.

The EQ Bank Personal Account has no monthly fees and comes with a well-rated mobile app and Prepaid Mastercard.

• Regular interest rate: Up to 3.50%
• Monthly fee: None

When you make payments using the EQ Bank Card, you earn unlimited 0.5% cash back. This card provides free ATM withdrawals and no-FX fees on foreign currency transactions.

This hybrid account also offers free mobile cheque deposits, and it’s insured by CDIC. You can get more details from my EQ Bank review.

Click to Open a EQ Bank Personal Account.

KOHO High Interest Savings Account (Up to 4.00%)

KOHO offers access to a high-interest savings rate on your account balance.

KOHO Essential accounts earn a 2.50% interest rate (up to 4.00% for paid plans). When you pay for purchases using your reloadable prepaid KOHO Mastercard, you earn 1% cash back on groceries, restaurants, gas and transportation.

With your account, you can send and receive unlimited free Interac e-Transfers, check your credit score for free, and access 0% APR cash advances. KOHO customers can also add optional credit-building services to their accounts.

KOHO is available at a $0 monthly cost if you set up a recurring direct deposit or save a set sum each month. otherwise, it costs $4 monthly.*

Open a KOHO Account ($40 bonus with GETCASH signup code)

EQ Bank Notice Savings Account (up to 3.00%)

EQ Bank recently introduced its Notice Savings Account, which combines the features of a high-interest savings account and GIC.

It pays a high interest rate of 2.85% or 3.00% (non-promo), depending on how much notice you choose for withdrawals. There is a 10-day and 30-day notice available, respectively.

The Notice Savings Account has no fees and is eligible for CDIC deposit insurance.

Open an EQ Bank Notice Savings Account.

If you plan to open a TFSA or RSP savings account, EQ Bank offers a 1.75% rate on these accounts as well.

Neo Financial High Interest Savings Account (2.50%)

Sign up for a Neo High Interest Savings Account and earn a standard 2.50% interest rate on your savings deposits. This account has no monthly fees, and the rates are non-promotional.

You can also apply for a free Neo Money account and get access to a prepaid card you can use for online and in-person purchases and bill payments. While you can’t deposit mobile cheques, it is easy to set up direct deposits and make unlimited transactions.

Neo Financial also offers a no-fee cash back credit card and secured credit card.

Wealthsimple Save Account

Wealthsimple is one of the best robo-advisors in Canada, offering investment accounts, personal and business savings, and a free online stock trading account.

Wealthsimple Save is its high-interest savings account. It has no monthly account fees, no minimum balance, and pays a 1.50% interest rate.

Motive Financial Savvy Savings

This high-interest savings account offers a 2.25% interest rate, has no monthly account fee, and comes with two free monthly withdrawals.

Additional withdrawals, e.g. bill payments and other electronic debits cost $5.00 each. Interac e-Transfers cost $1.00 each.

Motive Financial is a division of the Canadian Western Bank, and deposits are eligible for CDIC protection. You can learn more about Motive Financial in this review.

Tangerine Savings Account

Tangerine is the direct banking arm of Scotiabank. Its high-interest eSavings Account offers a 0.30% interest rate on up to a $1,000,000 balance.

A Tangerine Savings Account has no monthly fee or minimum balance. You get unlimited free deposits, Interac e-Transfers, and withdrawals at thousands of Tangerine or Scotiabank ATMs across Canada.

• Regular interest rate: 0.30%
• Monthly fee: None

You can open a Tangerine RRSP, TFSA, RRIF, or US$ Savings Account. Take a look at this Tangerine review for more details.

Oaken Financial Savings Account

Oaken Financial is a subsidiary of Home Trust. It offers one of the best savings account interest rates in Canada at 2.80% and is eligible for CDIC coverage.

The account comes with unlimited free transactions and no monthly fees.

When opening your account, you can choose either Home Bank or Home Trust as the issuer for your savings account.

Learn more about Oaken Financial.

Manulife Advantage Savings Account

Manulife is a subsidiary of The Manufacturers Life Insurance Company.

Its high-interest savings account is known as the Manulife Advantage Account and offers a 1.75% interest rate.

You get easy access to 3,500 ATMs, and when you keep a minimum $1,000 balance, you get free unlimited transactions, including direct deposits and withdrawals.

Interac e-Transfers, debit card purchases, and bill payments cost $1.00 each when you do not meet the minimum account balance requirement.

Best Big Bank Savings Account Rates in Canada

Big banks such as TD, RBC, Scotiabank, or CIBC rarely offer the highest interest rates in the country. However, you may find them offering ‘acceptable’ promotional rates every now and then.

Read the small print to see if there are transaction limits and associated fees. Also, there may be a minimum balance required to earn interest.

Scotiabank Momentum PLUS Savings Account

Scotiabank’s Momentum PLUS Savings Account is one of the best savings accounts for a traditional bank in Canada. There is no monthly account fee or minimum balance, and you can deposit cheques using your smartphone.

The Momentum PLUS Savings Account offers a regular rate of 0.55% plus a premium rate when you maintain your balance for 90 to 360 days (up to 0.50%). 

The premium rate is calculated daily and paid at the end of each premium period if no debit transaction has occurred within the premium period.

Customers with a Scotiabank Preferred Package chequing account or Scotiabank Ultimate Package chequing account can earn an additional 0.05% or 0.10% interest, respectively.

TD High-Interest Savings Account

TD Bank’s high interest savings account comes with a tiered interest rate of up to 0.05% when your account balance is $5,000 or more.

While there is no monthly account fee, transaction fees apply unless you have a minimum monthly balance of $25,000. For accounts under $25,000, expect to pay up to $5.00 for each transaction, e.g. bill payments and cheques.

TD also has the TD ePremium Savings Account, which pays up to a 0.85% interest ($10,000 minimum balance).

BMO Savings Builder Account

The Savings Builder Account is BMO’s high-interest savings account.

It has a 0.15% base interest rate and an additional bonus interest rate of up to 0.95% when you increase your monthly balance by at least $200 each month.

This account comes with one free withdrawal, and additional withdrawals or transfers cost $5 each.

RBC High-Interest eSavings Account

This high-interest savings account from The Royal Bank of Canada offers 0.75%. There is no monthly account fee, and one free RBC ATM cash withdrawal is included per month.

Additional transactions cost $5 each, and Interac e-Transfers are $1.00 each. Regular fees apply to ATM withdrawals.

Learn more about RBC High Interest Savings Accounts.

CIBC e-Advantage Savings Account

CIBC’s high-interest savings account offers up to a 1.10% interest rate (tiered).

While there is no monthly account fee, you will pay $5 for each transaction, including debit purchases, cheques, pre-authorized payments, Interac e-Transfers, bill payments, CIBC withdrawals, and branch transfers.

New customers may benefit from a bonus interest rate for the first 120 days.

Best Credit Union Savings Accounts

A good number of credit unions and their online subsidiaries can be “credited” with some of the best high-interest savings rates in Canada.

Below, I have listed some online banks owned by credit unions.

Provincial credit unions offer deposit insurance via a provincial credit union deposit guarantee corporation.

Maxa Financial High-Interest Savings Account

Maxa Financial is a division of Westoba Credit Union, and its deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba (DGCM).

Their high-interest savings account offers a 1.85% rate, and there are no monthly fees.

Achieva Financial

Achieva Financial is a subsidiary of Cambrian Credit Union. Their high-interest savings account offers a 2.10% rate, free deposits, and one free cheque, direct transfer, or monthly preauthorized payment.

Additional transactions cost $1.00 each. Savings at Achieva are protected by DGCM.

Get more details in this Achieva Financial review.

How Savings Accounts Work

A savings account is a bank account where you keep money while earning interest. Unlike a chequing account, most savings accounts do not require a monthly fee; however, transaction fees may be applicable when you withdraw or transfer funds.

The interest rate paid on your savings is either flat, tiered, or promotional. 

A flat regular rate is paid regardless of your balance (unless a minimum balance is specified); a tiered rate may apply when your savings is over a certain amount, and promotional rates are good for a specified length of time.

Savings accounts are relatively safe, although they rarely pay you much interest.

Some reasons why you may want to keep money in a savings account include:

• Build an emergency fund.
• Save for a short-term goal, e.g. vacation, home down payment, or car.
• Diversify your investments.
• Keep your money safe while getting something in return, i.e. interest.

Types of Savings Accounts

There are different types of savings accounts available in Canada, including:

Regular Savings Accounts: This account doesn’t pay much interest. Usually, this account is opened simultaneously when you open your chequing account.

High-Interest Savings Accounts: Offers a higher interest rate than a traditional savings account. There may be a limit to the number of withdrawals you can make since these accounts are designed to ‘save’ money.

Tax-Free Savings Accounts: Canadians aged 18 years or older can save and invest using a tax-free savings account (TFSA). You can find out what the annual TFSA contribution limit is.  Here are some of the best TFSA savings rates in Canada.

RRSP Savings Accounts: In addition to investing your registered retirement savings plan in ETFs and mutual funds, you can also use a savings account.

Hybrid Savings Account: These accounts combine the features of savings and chequing accounts and offer a lot more flexibility. Examples include EQ Bank’s Savings Plus Account and Wealthsimple Save.

US Dollar Savings Accounts: You can use this account to keep your USD currency and earn interest. Here are some of the best USD Account options for Canadians.

Children’s or Youth Savings Accounts: These accounts are for children and can be opened by an adult on their behalf. They usually offer free transactions and a better-than-average rate compared to a basic savings account. Here are the best children’s savings accounts.

What To Look For in a Savings Account

If you are shopping around for a new savings account, here are some of the factors to consider:

1. Interest rates: Many banks offer rates that are essentially nothing…think 0.05% or some other meagre rate. While the interest rates being offered are currently low across the board, online banks like EQ Bank generally offer fairly reasonable rates that may even exceed inflation.

Ensure you understand how the bank calculates interest rates. Sometimes, you may need to opt for a high promotional rate and simply move your account when it expires.

It may also be worthwhile to move your account if there’s a significant sign-up bonus. However, look out for the popular bait-and-switch tactics. What does the bank’s track record look like?

2. No monthly fee: While this should go without saying, you want to ensure that the account has no monthly fee.

3. Transaction fees: Does the account offer free and unlimited transactions? See if withdrawals, eTransfers, bill payments, etc., are free and that they provide access to a good number of free ATMs.

4. Minimum deposit requirement: Some savings accounts require a minimum deposit, e.g. $5,000, before your money starts to generate interest.

5. Convenience: Many online banks are only accessible through the internet and telephone. Check whether you can live with the level of support provided. Is the mobile app user-friendly? What are the hours for customer support? Access to mobile cheque deposits? Automatic savings plans?

Overall, read the fine print to understand the terms and conditions relevant to your account.

6. Deposit insurance: Savings accounts in Canada are generally protected by CDIC or a provincial insurer. Confirm whether or not the account enjoys the coverage and for how much. 

How To Open a Savings Account in Canada

To open one of the best online savings accounts in Canada, simply visit the website of the bank using the links above and have the following information handy:

• Your basic personal information (name, address, date of birth, email address, etc.)
• Social Insurance Number (SIN)
• Copy of a government-issued photo ID

Depending on whether you already have a chequing account with the bank or if it offers one, you may need to link your new savings account with an external chequing account to fund it.

Opening a savings account online should take only a few minutes.

For a savings account at a traditional bank, you could also complete the process online or walk into your local branch.

Benefits of a High-Interest Savings Account

The best high-interest savings accounts are offered by virtual banks and provide the following benefits:

• You earn a higher interest rate than a regular savings account or a chequing account which often pays nothing.
• Your savings grow risk-free.
• Easy access to your money when you need it compared to a Guaranteed Investment Certificate (GIC).
• No monthly account fees, and many also offer unlimited free transactions.
• It is easy to open an account online without leaving your home.
• You can set up an automatic savings plan.

Disadvantages of a High-Interest Savings Account

• GICs may offer better rates; however, you will have to live with the lock-in period for a non-redeemable GIC.
• A savings account offers a lower return expectation than investment assets such as ETFs, mutual funds, and stocks.
• There may be transaction or withdrawal limits. Additional transactions may incur a penalty fee.
• Rates may change without warning, and the rate following an introductory rate may be lower than expected.
• You may have to wait for some days before an online withdrawal is fully processed.

Are High-Interest Savings Accounts Taxable?

Yes, the interest income you earn on your high-interest savings account is taxable, and it is taxed at your marginal tax rate.

The bank will send you a return of investment slip (T5) for your tax return filing purposes. 

Income earned on savings in a TFSA account is not taxable.

Are High-Interest Savings Accounts Safe?

Yes, pretty much so. However, you should be aware of the maximum amounts covered by insurance.

Deposits at federally-regulated banks and financial institutions are protected by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per insured account category, e.g. HISA, TFSA, RRSP, and RRIF.

For savings accounts at provincially regulated entities, e.g. credit unions and Caisse Populaires, insurance is provided through a provincial deposit guarantee corporation. This guarantee may be up to 100% of deposits, i.e. without limit. Coverage varies by province.

Savings Account Alternatives

While a general savings account has its uses, you could also grow your deposits using one or a combination of the following accounts:

• TFSA high-interest savings account
• Guaranteed Investment Certificates (GICs)
• RRSP savings accounts
• Investment accounts holding stocks, bonds, ETFs, mutual funds, etc.

GET A HIGH INTEREST RATE AT EQ BANK GET A HIGH INTEREST RATE AT KOHO