Best Savings Accounts 2026
| Bank | Interest Rate | Min Balance | Monthly Fee | CDIC |
|---|---|---|---|---|
| EQ Bank | 4.00% | $0 | $0 | ✓ |
| Wealthsimple | 4.00% | $0 | $0 | ✓ |
| Simplii Financial | 5.25%* | $0 | $0 | ✓ |
| Tangerine | 5.00%* | $0 | $0 | ✓ |
| Neo Financial | 4.00% | $0 | $0 | ✓ |
| KOHO | 4.00% | $0 | $0 | N/A |
| Manulife | 4.10% | $0 | $0 | ✓ |
| Motusbank | 3.75% | $0 | $0 | ✓ |
*Promotional rate for new customers or limited time. Regular rate may be lower.
Top Savings Account Picks
Best Overall: EQ Bank
| Feature | Details |
|---|---|
| Interest rate | 4.00% |
| Monthly fee | $0 |
| Minimum balance | $0 |
| CDIC insured | Yes |
| Mobile app | Excellent |
| Additional features | Free Interac e-Transfers, bill payments |
Why we like it: Consistently high rates, no hoops to jump through, simple and reliable.
Best for New Customers: Tangerine
| Feature | Details |
|---|---|
| Promotional rate | 5.00% (for 5 months) |
| Regular rate | 1.00% |
| Monthly fee | $0 |
| CDIC insured | Yes |
| Bonus | Sign-up bonus often available |
Why we like it: Great promotional rate, easy to open, reliable Scotiabank backing.
Best for Cash Back: Neo Financial
| Feature | Details |
|---|---|
| Interest rate | 4.00% |
| Monthly fee | $0 |
| Cash back card | Up to 5% at partners |
| CDIC insured | Yes |
Why we like it: Combines high savings rate with a solid cash back program.
Best for Investing: Wealthsimple
| Feature | Details |
|---|---|
| Interest rate | 4.00% |
| Monthly fee | $0 |
| CDIC insured | Yes |
| Integrated investing | Yes (trading, crypto) |
Why we like it: Seamlessly move money between savings and investments.
Big 5 Bank Comparison
Traditional banks offer much lower rates:
| Bank | Savings Rate | HISA Rate | Monthly Fee |
|---|---|---|---|
| TD | 0.01% | 4.10% (GIC) | $0-$16.95 |
| RBC | 0.01% | 3.90% (GIC) | $0-$16.95 |
| BMO | 0.01% | 4.00% (GIC) | $0-$16.95 |
| Scotiabank | 0.01% | 3.85% (GIC) | $0-$16.95 |
| CIBC | 0.01% | 4.00% (GIC) | $0-$16.95 |
Difference: On $25,000, earning 0.01% vs 4.00% means $2.50/year vs $1,000/year — a $997.50 difference.
How to Choose a Savings Account
Prioritize These Features:
| Feature | Why It Matters |
|---|---|
| High interest rate | More growth on your savings |
| No monthly fee | Don’t pay to store your money |
| No minimum balance | Flexibility to save any amount |
| CDIC insurance | Government protection up to $100,000 |
| Easy transfers | Move money quickly when needed |
| Good mobile app | Manage accounts on the go |
Less Important:
| Feature | Why It’s Less Important |
|---|---|
| Branch access | Rarely needed for savings |
| Debit card | Not needed for savings account |
| Cheques | Rarely used |
Promotional Rates: Worth It?
Many banks offer promotional rates for new customers:
| Bank | Promo Rate | Duration | Regular Rate |
|---|---|---|---|
| Tangerine | 5.00% | 5 months | 1.00% |
| Simplii | 5.25% | 5 months | 0.40% |
| Scotiabank | 5.00% | 3 months | 0.01% |
Strategy:
- Take advantage of promo rates
- Move money to EQ Bank or similar when promo ends
- Repeat when new promos appear
Or: Skip the hassle and stick with a consistently high rate (EQ Bank, Wealthsimple).
HISA vs Regular Savings
| Account Type | Typical Rate | Best For |
|---|---|---|
| Big 5 savings | 0.01% | Nothing (avoid) |
| Online bank savings | 3.5-4.5% | Emergency fund, short-term savings |
| HISA (in-branch) | 3.0-4.0% | Those who want branch access |
| TFSA savings | 3.5-4.5% | Tax-free growth |
| GIC | 4.0-5.0% | Money you don’t need for 1+ years |
Tax on Savings Interest
Interest is taxable at your marginal rate:
| Marginal Rate | Interest Earned | Tax Owed | After-Tax |
|---|---|---|---|
| 30% | $1,000 | $300 | $700 |
| 40% | $1,000 | $400 | $600 |
| 50% | $1,000 | $500 | $500 |
Solution: Hold your emergency fund in a TFSA savings account to earn interest tax-free.
CDIC Insurance
The Canada Deposit Insurance Corporation insures deposits up to $100,000 per category:
| Category | Coverage |
|---|---|
| Savings in your name | $100,000 |
| Joint accounts | $100,000 |
| TFSA | $100,000 |
| RRSP | $100,000 |
| FHSA | $100,000 |
If you have more than $100,000, spread across multiple CDIC member institutions or categories.
Is It Worth Switching Banks?
| Current Rate | Switch to 4% | Extra Earnings/Year |
|---|---|---|
| 0.01% on $10,000 | 4% | $399 |
| 0.01% on $25,000 | 4% | $999 |
| 0.01% on $50,000 | 4% | $1,999 |
| 2.00% on $25,000 | 4% | $500 |
If you have $10,000+ in a low-rate account, switching takes 20 minutes and earns hundreds more per year.
How to Open an Account
- Choose a bank from our comparison
- Gather documents (ID, SIN, address)
- Apply online (5-10 minutes)
- Fund your account via e-Transfer or link existing bank
- Set up automatic transfers from your paychecks
Most online banks approve accounts instantly.