SSaven Financial

As of October 3, 2026, the best Canadian savings accounts are mostly online banks/fintechs, not the Big Five. The regular savings rates at large branch banks are generally poor; Wealthsimple’s comparison of Canada’s five largest banks found average posted personal savings rates around 0.04%–0.28% as of August 2026, excluding promos and boosts. (wealthsimple.com)

My top recommendations for most Canadians

My practical ranking

1. EQ Bank — best default for most people who want a real Canadian digital bank and a strong ongoing rate.
2. Wealthsimple Savings — best if you already use Wealthsimple or want the simplest liquid account.
3. Simplii / Tangerine — best if you’re willing to move money around for 5-month promo rates.
4. Manulife Advantage Account — excellent if you want a 2-year promo and meet the new-account conditions.
5. Oaken / WealthONE / Saven — best for rate maximizers comfortable with smaller institutions.

What I’d avoid

I would generally not park serious savings in a regular RBC, TD, CIBC, BMO, or Scotiabank savings account unless you need branch access or have a temporary promo. Their posted savings rates are usually far below the digital-bank options.

Safety check

For Canadian banks that are CDIC members, eligible deposits are insured up to $100,000 per depositor, per insured category, per member institution. (canada.ca) For credit unions, deposit insurance is provincial; for example, Ontario credit-union deposits have different coverage rules through FSRA. (fsrao.ca)

My simple setup: keep everyday cash at your main chequing bank, put emergency savings at EQ Bank or Wealthsimple, and use Simplii/Tangerine/Manulife promos only when the rate gap is worth the hassle.

Here's a breakdown of the best savings accounts in Canada right now, focusing on products Canadians actually use day-to-day.

Top Picks for Everyday High-Interest Savings

EQ Bank Personal Account — The most consistently recommended option. EQ Bank is the online banking arm of Equitable Bank, and its high-interest savings account currently offers one of the best non-promotional savings interest rates in Canada of up to 2.75% (if you set up a direct deposit). One reviewer notes online banks like EQ Bank and Neo Financial offer one of Canada's highest interest rates, and while rates are subject to change, EQ Bank's are more consistent and non-promotional. It also functions as a hybrid chequing/savings account with free e-transfers — a big reason it's so widely used.

Oaken Financial — Oaken Financial is one of Canada's best kept secrets when it comes to personal savings, featuring a high regular interest rate of 2.80% that's not limited by introductory periods, with no fees of any kind and no minimum balance requirements. Note: some sources mention a $1,000 minimum to hit the top rate, so check current terms.

Simplii Financial & Tangerine — Popular for new-client promos. Simplii Financial's High Interest Savings Account offers 4.60% for five months for new clients, then drops to a base rate, with the offer ending October 31, 2026. Tangerine runs similar promotional rates for new customers (often 4%+ for the first few months), making both great for short-term parking of cash if you're comfortable switching once promos expire.

Saven Financial — Saven Financial offers a 2.85% HISA rate, one of the highest non-promotional rates available, though it's a division of FirstOntario Credit Union and only allows Ontario residents to open an account.

Big Bank Options (if you want everything in one place)

If convenience and having your savings at the same bank as your chequing account matters more than rate, RBC and CIBC currently have strong promotional offers: RBC's High-Interest eSavings Account offers 4.60%, and CIBC's eAdvantage Savings Account offers 4.60% for the first 3 months. But be aware these are promo rates — regular Big 5 rates are much lower: RBC's standard HISA is 0.55%, TD's is 0.05%, and BMO's Savings Builder Account is 0.15%.

Newer/Fintech Options

Wealthsimple — Popular among younger Canadians already using Wealthsimple for investing. Wealthsimple's dedicated High Interest Savings Account pays 2.50% flat on all balances, though it's worth noting this is CIPF-protected rather than CDIC-insured, through Wealthsimple Investments Inc.

Neo Financial — Another fintech favorite, Neo Savings offers between 2.00%–2.75% with no fees, often paired with their popular cash-back credit card.

My Practical Recommendation

For most Canadians, I'd suggest this approach:

1. EQ Bank as your main high-interest account — best balance of consistent rate, no fees, and full banking features (e-transfers, bill pay, direct deposit).
2. Oaken Financial if you want the highest non-promotional rate and don't mind a simpler, savings-only interface.
3. Simplii or Tangerine if you like chasing promo rates and don't mind switching institutions every few months when the intro rate expires.
4. Wealthsimple HISA if you're already in that ecosystem for investing and want everything under one app.

A quick practical note: almost every option above is CDIC-insured (protecting up to $100,000 per account), with Wealthsimple being the notable exception (CIPF-insured inst

If you are looking to move your money out of a traditional "Big Five" bank savings account—where the interest rates are often a microscopic 0.01%—you are making the right move.

With the Bank of Canada holding its policy rate around 2.25%, high-interest savings account (HISA) rates are lower than they were a couple of years ago, but the right accounts still offer a massive step up.

The best savings accounts in Canada fall into a few different categories depending on how you like to manage your money. Here are the top brands and products that Canadians actually use.

1. The Best "No-Catch" Everyday Accounts

If you want a solid, consistent interest rate without having to jump through hoops or worry about a promotional rate expiring, digital-first banks are your best bet.

EQ Bank (Personal Account)

• The Vibe: Consistently rated the best overall HISA in Canada. EQ Bank has no branches, which is how they keep their rates high and fees at zero.
• The Rates:
  • Base Rate: 1.00%
  • With Direct Deposit: Up to 2.75% if you direct-deposit at least $2,000 of your paycheque per month.
  • Notice Savings Account: If you don't have direct deposit but want the maximum rate, you can get 2.75% on their 30-Day Notice Account (meaning you must request a withdrawal 30 days in advance).
• Why people love it: There are absolutely no monthly fees, no minimum balances, and you get unlimited free Interac e-Transfers and bill payments. Plus, their card reimburses you for ATM fees across Canada.
• Safety: CDIC insured (up to $100,000).

Wealthsimple (Savings & Cash Accounts)

• The Vibe: If you already use Wealthsimple for DIY stock trading or robo-investing, keeping your cash here is a no-brainer.
• The Rates:
  • Wealthsimple Savings Account: A flat 2.50% non-promotional rate with no catch.
  • Wealthsimple Cash (Hybrid Account): Pays between 1.25% and 2.25% base interest depending on your tier (Core, Premium, or Generation), plus you can earn an extra 0.50% boost if you set up direct deposits of $2,000/month.
• Why people love it: The app experience is arguably the best in Canada. The Cash account functions like a chequing account (complete with a sleek physical card that gives you 1% back in cash, stock, or crypto) but still pays HISA-level interest.
• Safety: Deposits are protected (via institutional partnerships) up to $1M.

2. The Best "Promo Rate" Chasers

If you don't mind shifting your money around every few months, you can take advantage of massive promotional "honeymoon" rates offered by the online arms of the major banks.

Simplii Financial (High Interest Savings Account)

• The Vibe: Simplii is the digital subsidiary of CIBC.
• The Rate: They frequently run promotions offering 4.60% on new deposits for the first 5 months.
• The Catch: Once the promo period ends, the rate drops back down to a disappointing base rate of 0.30% to 1.00%.
• Why people use it: You get access to the entire CIBC ATM network for free, no monthly fees, and excellent promotional offers.

Tangerine (Savings Account)

• The Vibe: Tangerine (owned by Scotiabank) is one of Canada's oldest and most trusted digital banks.
• The Rate: Typically offers around 4.50% for your first 5 months.
• The Catch: The regular ongoing rate drops to 0.30% after the promo ends.
• Why people use it: Tangerine is incredibly easy to use. It links seamlessly with your external bank accounts, lets you use Scotiabank ATMs for free, and they frequently send "retention promos" to existing clients to win back their cash.

3. The Best Specialized & Credit Union HISAs

If you want a high ongoing rate and don’t mind using smaller, regional, or tech-focused institutions.

Neo Financial (Neo Savings)

• The Vibe: A newer, highly digital Canadian fintech brand.
• The Rate: Offers 2.00% to 2.75% depending on your Neo membership tier and balance.
• Why people use it: Their app is highly rated and makes it incredibly easy to track saving goals.

Motive Financial (Savvy Savings Account)

• The Vibe: The online division of Canadian Western Bank.
• The Rate: Often leads the pack for non-promotional rates (around 4.10%).
• The Catch: It’s a bare-bones online banking experience, and you only get 2 free withdrawals per month (it costs $5 per withdrawal after that). It is strictly for parking an emergency fund that you rarely touch.

Summary: Which one should you choose?

• If you want a seamless, all-in-one financial app where you can spend, save, and invest in one place: Go with Wealthsimple.
• If you want the best everyday, no-fee savings account with zero gimmicks and great features: Go with EQ Bank.
• If you have a lump sum of money and want to maximize interest over the next few months: Open a Simplii or Tangerine account, ride the 4.5%+ promo rate, and then transfer it out when the rate drops.
• If you want to keep your money at a "Big Five" bank: Look into Scotiabank’s MomentumPLUS account, which rewards you with higher tiered interest the longer you leave your money untouched (up to a 5.00% promo rate for new clients).

If you want the best savings accounts in Canada that people actually use, the safest shortlist is usually EQ Bank, Tangerine, Simplii Financial, Scotiabank MomentumPLUS, and Wealthsimple Cash. Among these, EQ Bank Notice Savings Account is one of the most consistently top-rated no-fee options, while Tangerine and Simplii are widely used big-brand online-bank choices with frequent promotional rates.

Best picks by practical use

• EQ Bank Notice Savings Account — often ranked near the top for a mix of strong rates, $0 monthly fees, and no minimum balance.
• Tangerine Savings Account — a very common Canadian consumer choice because of its big-bank familiarity, no-fee structure, and recurring promo offers such as 4.50% for the first 5 months.
• Simplii Financial High Interest Savings Account — another popular no-fee online-bank option, often used by Canadians who want simplicity and a recognizable bank brand; it is commonly included in “best savings accounts” roundups.
• Scotiabank MomentumPLUS Savings Account — a mainstream branch-bank option that appears in rate roundups with promotional rates such as 5.25%.
• Wealthsimple Cash — useful if you want a savings-like cash account with a modern app and competitive interest, often listed by major comparison sites.

Best by what matters most

What I’d actually recommend

• If you want the best all-around savings account: EQ Bank Notice Savings Account.
• If you want a brand most Canadians recognize and use: Tangerine.
• If you already bank with a big Canadian bank and want to keep everything in one place: Scotiabank MomentumPLUS.
• If you want a simple app-based cash account: Wealthsimple Cash.

One important note

Promotional rates in Canada change often, and many of the highest rates are temporary rather than permanent. For that reason, the best choice is usually the account with the best combination of rate, fees, and convenience, not just the highest advertised number.

If you want, I can also give you a Canada-specific top 5 ranked by “best for everyday use,” “best promo rate,” or “best for TFSA savings.”

Short answer: for most Canadians, the best savings account is usually EQ Bank Savings Plus for a no-fee, everyday high-interest account. If you’re willing to chase promos, Tangerine and Simplii Financial often have the highest short-term rates. For the highest regular rate, people often look at Motive Financial, Neo Financial, Oaken Financial, and EQ Bank. Big banks are convenient but usually pay less unless you’re in a promo.

Rates change constantly — check the bank’s site or Ratehub/HighInterestSavings.ca before opening. Also confirm CDIC coverage (up to $100,000 per depositor, per member institution) or provincial credit-union insurance.

Top savings accounts Canadians actually use

Best TFSA savings accounts

If you have TFSA room, use it for savings interest so it grows tax-free:

• EQ Bank TFSA Savings
• Motive Financial TFSA
• Tangerine TFSA
• Simplii TFSA

Bottom line

• Want one account? Open EQ Bank Savings Plus.
• Want the highest current rate? Check Motive, Neo, Oaken, EQ, and Tangerine/Simplii promos.
• Already with a big bank? Keep your chequing there if you need branches, but move emergency savings to an online HISA.
• Maximize returns? Keep your emergency fund in EQ/Motive/Neo, then move extra cash to Tangerine or Simplii when they offer 4–5%+ promos.

Always compare the regular rate after the promo, not just the headline rate.

The top savings accounts Canadians actually use right now (as of early October 2026) focus on online banks and fintechs offering competitive rates, no or low fees, easy apps, and CDIC protection (up to $100,000 per depositor per insured category). Big Five banks (RBC, TD, Scotiabank, BMO, CIBC) typically pay very low base rates (often 0.01–0.55%) unless you qualify for short-term promos or relationship bonuses, so most people seeking better returns go elsewhere.

Rates fluctuate with the Bank of Canada policy rate (currently around 2.25%), so always verify directly on the provider’s site before opening an account. Promotional rates are temporary (often 3–5 months for new clients/deposits) and drop sharply afterward. Here are the standout options based on recent comparisons from Forbes Advisor Canada, independent rate trackers, and user-friendly features:

Top Recommendations for Everyday/High Ongoing Rates

• EQ Bank (Equitable Bank) Personal Account or Joint Account — Frequently tops “best overall” lists for a reliable everyday rate. Base rate around 1.00%, rising to 2.75% with qualifying recurring direct deposits of at least $2,000/month. Separate Notice Savings options pay 2.35–2.75% (with notice periods). No fees, unlimited transactions, free e-Transfers (with limits), and full CDIC coverage. Also offers TFSA/RRSP/FHSA versions and competitive GICs. Very popular for its simplicity and consistent high rate without chasing promos.
• Wealthsimple Cash — Strong choice if you’re already in (or open to) their investing ecosystem. Rates are tiered by total assets (e.g., up to 2.25% at higher tiers like $500k+), with potential boosts via direct deposit. No fees, easy e-Transfers, and seamless integration with TFSA/RRSP investing/tax filing. CDIC-protected via partner banks. Popular among investors and younger users for the all-in-one app.
• Neo Financial Savings — Up to 2.75% (tiered or membership-dependent). Fintech with rewards, cashback, and credit card options. No fees for basic use. Appeals to those wanting an ecosystem beyond just savings.
• Saven Financial (FirstOntario Credit Union division) — One of the highest ongoing advertised rates at 2.85%. No fees or minimums. CDIC-eligible in many cases; good for straightforward high yield.

Popular Promo-Focused Options (Great for New Clients)

• Tangerine Savings Account (Scotiabank subsidiary) — 4.50% promotional rate for about 5 months on new deposits/clients (offer ends around Nov 30, 2026; limits apply), then drops to ~0.30%. No fees, easy app, free e-Transfers, and chequing options. Extremely widely used by Canadians for its accessibility and frequent promos. TFSA versions also available with promos.
• Simplii Financial High Interest Savings Account (CIBC subsidiary) — Similar to Tangerine: 4.60% promo for ~5 months (offer ends Oct 31, 2026 for new or recently opened accounts), then low base rate (~0.30–1.00%). No fees, unlimited transactions/e-Transfers. Very popular for new-client bonuses and simplicity.

Other Notables

• Oaken Financial — Around 2.80% ongoing; solid for higher steady rates (CDIC via related entities).
• WealthONE or Canadian Tire Bank — Competitive ongoing rates (up to ~3% or 2.40%); good alternatives for specific users.

Quick Tips for Canadians

• For emergency funds or flexible cash: Prioritize EQ Bank, Wealthsimple, or Saven for rates you can keep long-term.
• Short-term boost: Open a Tangerine or Simplii promo account, then move funds to a higher ongoing option like EQ afterward.
• Tax efficiency: Hold savings in a TFSA if you have contribution room (interest is tax-free). Many of the above offer TFSA versions.
• Big banks: Only worth it for promos or if you value branches/relationship perks—otherwise, their base rates lag.
• CDIC protection and availability: Most are CDIC-insured (or equivalent). Confirm provincial availability (e.g., some exclusions in Quebec). No monthly fees or minimum balances on the top online options.
• Strategy many use: Combine 1–2 accounts (e.g., EQ for core savings + Wealthsimple for investing integration) and watch for promos.

Rates and offers change often—check eqbank.ca, tangerine.ca, simplii.com, wealthsimple.com, and similar sites, or comparison tools like Ratehub or WOWA for the latest. Consider your needs (rate vs. convenience vs. ecosystem) and eligibility for promos/direct deposits. If you share more details like your balance, timeline, or whether you have TFSA room, I can refine this further!