Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Best Canadian savings accounts

Find the best savings account in Canada to make your money work harder for you.

With so many savings account options out there, how do you find the best account for you? We’ve done the research for you to help narrow down your options of the best savings accounts in Canada. Keep reading to learn how to find the best Canadian savings account for your needs, avoid common traps and get the most from your account.

Jump to the best savings account for…

Best Canadian savings account for spending, saving and earning rewards

KOHO Save

2%
Interest Rate
$0
Account Fee
$0
Transaction Fee
KOHO Save is more than just a savings account – you also get a prepaid card which you can use for spending and you can also earn rewards (cashback) on your purchases. Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days. Opt into earning interest for free and earn up to 2.00% on your balance, plus an additional 1% in cash back on groceries, billing and services.
  • $0 account fee
  • $0 transactions
  • $0 Interac eTransfers
  • Earn cashback on purchases
  • Earn up to 2% interest
  • Must opt-in to a monthly plan to earn higher interest
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0

Best chequing account that earns you interest

BMO Performance Chequing Account

unlimited
Free Transactions
$0
e-Transfer Fee
$16.95
Monthly Account Fee
Although this is not a savings account, the BMO Performance Chequing Account pays a fairly competitive interest rate – and functions as a chequing account. Earn $350. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until January 31, 2023. Plus, earn a 4.25% bonus interest rate when you add a Savings Amplifier Account.
  • Earn a promo rate of 4.25%
  • $0 transactions
  • $0 Interac eTransfers
  • $16.95 monthly account fee
  • keep a $4,000 minimum balance to waive monthly fee
Min. Age 18
Min. Age Teen Account 12
Account Fee $16.95
Youth Account Fee $0
# of Accounts Included 20
Overdraft Fee $5
ATM Out-of-Network Fee $2
U.S. ATM Fee $5
International ATM Fee $5

Best no-fee savings account in Canada

Simplii High Interest Savings Account

5% until January 31,
0.4% thereafter

Interest Rate
$0
Account Fee
$0
Transaction Fee
The Simplii High Interest Savings Account earns a high promo rate of 5% interest for January 31 (and 0.4% thereafter). With a $0 account fee and $0 transactions, you can look forward to saving more of your hard earned money.
  • $0 account fee
  • $0 transactions
  • Earn 5% interest for January 31
  • No physical branches for in-person service
  • Low ongoing interest rate after the promo ends
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $45

Best Canadian savings account for mobile banking

Neo Money Account

2.25%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The highly-rated Neo Financial mobile app makes it easy to manage your account anytime, anywhere. With a high interest rate of 2.25%, the Neo Money Account provides solid returns on your savings. Enjoy monthly fees, no minimum balance requirement and free transactions.
  • $0 account fee
  • $0 transactions
  • No minimum balance
  • No physical branches for in-person service
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0

Best high-interest savings account in Canada

EQ Bank Savings Plus Account

2.5%
Interest Rate
$0
Account Fee
$0
Transaction Fee
The EQ Bank Savings Plus Account offers one of the highest on-going interest rates in Canada on a savings account. You'll earn 2.50% on your savings. Enjoy zero everyday banking fees, free transactions and no minimum balance. Plus, if you're looking to save with a family member, you can apply for a Joint account.
  • $0 account fee
  • $0 transactions
  • $0 Interac eTransfers
  • Earn 2.50% interest on your balance
  • No physical branches for in-person service
  • Some standard banking features not available such as overdraft protection, use of ATMs and the option to have paper statements
Min. Age 18
Account Fee $0
Transaction Fee $0
Interac e-Transfer Fee $0
NSF Fee $0

Best Big Bank savings account in Canada

Scotiabank MomentumPLUS Savings Account

4.6% for 5 months,
1.6% thereafter

Interest Rate
$0
Account Fee
$5.00
Transaction Fee
The Scotiabank MomentumPLUS Savings Account offers a high interest rate - especially if you take advantage of the promo rate and the tiered interest rates. Earn a savings rate of up to 4.60% for 5 months. Plus, enjoy free unlimited transfers between Scotiabank accounts.
  • $0 account fee
  • Earn 4.60% for 5 months, 1.6% thereafter interest on your deposits
  • $0 Interac eTransfers
  • You’ll get an additional load of interest at regular intervals within your first year. This payout will occur at 90 days (0.15%), 180 days (0.25%), 270 days (0.35%) and 360 days (0.45%).
  • $1.50 out-of-network ATM withdrawal fee
  • It takes some time to earn a higher interest rate with this tiered interest rate account
Min. Age 18
Account Fee $0
Transaction Fee $5.00
Interac e-Transfer Fee $0

How we chose the best Canadian savings accounts

With so many savings accounts out there to choose from, we narrowed down the options to a list of the top accounts by considering key factors like the interest rate, how rewarding an account is in terms of growing savings and how easy it was to open. That meant digging into account details like type, annual percentage yield (APY), monthly fee, minimum deposit to open the account, minimum balance to earn interest and signup bonus.

No single savings account will be the best choice for everyone, so compare your options before picking your new account.

Why finding the best savings account is important

The primary feature of a savings account is to safely grow your money over time – an extra 1% yield on an account with a balance of $5,000 will pay out about $50 each year, which can really add up over time. And when you consider that inflation causes your money to lose up to 3% of its value each year, keeping your funds in the best savings account for your needs can help lessen the effects of inflation and protect you financially.

Savings account calculator

When choosing the best savings account for your financial situation, it’s important to figure out exactly how factors like your account’s interest rate can impact your savings goals. Compare different account options by using our savings account calculator below.

Best Savings Account Interest Rates

With savings accounts, you can expect interest rates anywhere from as low as 0.02% up to 2% depending on who you choose to bank with. Rates offered by Canada’s Big Banks, such as Scotiabank and BMO, range from around 0.05% and 1% while direct banking operations like EQ Bank and Tangerine offer up the best savings account interest rates to the tune 1.5%.

Savings account interest rates are often referred to as APY or APR. The APY or “Annual Percentage Yield” is the amount of money made each year on an investment due to compound interest (also called EAR or “Earned Annual Interest”). APR or “Annual Percentage Rate” is the interest rate charged during a certain time period multiplied by the number of time periods in a year. To learn more, read our bank interest rates guide.

Types of savings account interest rates

Some of the best savings accounts offer a straight forward interest rate on all the money you deposit. Other accounts come with additional interest rate features, like:

  • Tiered interest rates. These rates increase in line with the length of time you keep your money stored away, up to 360 days. The Scotiabank MomentumPLUS Savings Account is a prime example of how tiered interest rates are structured. Accountholders receive a base rate of 1.6% interest on all of their savings in this account for as long as their money is held. You’ll secure an additional premium rate at regular intervals within your first year – at 90 days, 180 days, 270 days and 360 days.
  • Promo interest rates. offer introductory rates to new clients opening up an account for the first time. The Tangerine Savings Account is a great example – Tangerine offers 4.5% interest for the first 5 months after you’ve opened your account.

How are savings account interest rates determined?

Banks set and change interest rates for savings accounts based on the national prime interest rate. This rate is set mostly by the Bank of Canada as a general guide for banks to follow when they choose their interest rates for both loans and deposits. When the Bank of Canada updates the prime rate, the decision usually makes headlines and the news can help you predict whether your savings account rate might change.

The 8 different types of savings accounts

There are various types of savings accounts you can sign up for in Canada, each with a different purpose depending on your life stage or whether you’re saving for the near future or for retirement.

Check out the 8 different types of savings accounts below. When you’re zeroing in on the best savings account for you, think about your main objectives. Do you need regular access to your accounts or do you want to tuck a large chunk of money away for the future?

1. Standard Savings Accounts

Consider a standard savings account if you plan on regularly moving money between accounts, and if you prefer visiting a bricks-and-mortar bank in person. The standard savings account typically comes with a small amount of interest, and your funds aren’t locked in unlike other savings accounts, providing you with flexibility to access your cash.

Keep in mind, some banks may charge you fees for moving money in and out of this basic savings account, so look at the fine print before signing up.

2. High-Interest Savings Accounts

If yielding a high interest rate is your top priority, these are the savings accounts for you. Some high-interest savings accounts are tied to digital-only banks, so you’ll have to be comfortable with online-only banking. To secure a high-interest rate, you may have to stick to a higher minimum deposit or tight restrictions on withdrawals so pay attention to the fees and requirements you’ll need to meet before opening one of these accounts.

3. Tax-Free Savings Accounts (TFSA)

A tax-free savings account allows you to invest your savings in securities and withdraw your earnings without having to pay any withholding fees or taxes on your returns. The Canada Revenue Agency (CRA) launched the program in 2009, allowing Canadians 18 and older to shelter $6,000 each year in investments kept in a TFSA. The TFSA contribution room accumulates each year. This means that if you don’t use up your annual allotment, the amount is carried over to subsequent years.

4. Registered Retirement Savings Plan (RRSP)

Canadians planning for retirement, whether it’s decades away or on the horizon, should look into opening a registered retirement savings plan. When you stash your savings away in an RRSP, your money is usually held in cash or placed in stocks, bonds and other securities. You can only contribute a certain amount of money to it each year (about 18% of your income), but if you don’t use your annual allocated amount, it can be rolled over to future years.

You’ll earn a “tax deferral” for every RRSP contribution you make, which allows you to save money at tax time. Make sure your RRSP savings can be socked away for the long haul – you can make withdrawals before you hit retirement age, but you’ll have to pay your regular income tax and a withdrawal tax of 10-30% on any amount you take out of your RRSP early. You can avoid paying this tax if you’re taking money out to pay for your education or your first home.

5. Registered Education Savings Plan (RESP)

If your aim is to set aside savings for your little one’s education costs later on, a registered education savings plan is a great way to help you achieve this goal. An RESP is a government-registered plan that helps you save and invest for your child’s post-secondary education. You can make deposits into the account while collecting government grant money for every year you do so. You’ll also earn tax-free interest on your savings just like you would with a TFSA and RRSP.

6. Child Savings Accounts

The vast majority of Canada’s banks offer a special savings accounts for children. These child savings accounts are opened by their parents or grandparents and they offer a good interest rate to give kids’ savings a boost. Youth savings accounts also traditionally come with educational tools to help them with their savings goals and money management.

7. Seniors Savings Accounts

Canadians heading into their golden years can take advantage of seniors’ savings accounts, which are on offer by most Canadian banks and financial institutions. Seniors savings accounts come with a string of perks, including special interest rates and reduced fees.

8. US Dollar Savings Accounts

If you have American funds you’d like to deposit while earning interest, a US dollar savings account is your best bet. Foreign currency accounts help Canadians who do business in the United States, own property there, or need access to US funds. Holding onto a US bank account is a great way to manage your Canadian and US finances in one spot. An example of this type of account is the BMO U.S. Dollar Premium Rate Savings Account.

How to choose the best Canadian savings account for your needs

Savings accounts are a great place to start growing your money, to set aside money for a rainy day or to help you achieve your financial goals. With so many options to choose from, here’s a look at what you need to consider when deciding on the best savings account for your needs:

  • Think of your savings goals. The best savings account for you will align with your savings objectives and your life stage. There are many different types of savings accounts. For example, a standard savings account or a TFSA are sound options for anyone saving up for a new home or other financial milestones.
  • Look for a high rate of return. Pay attention to the interest rate on offer, from a promotional introductory rate on your first few deposits to the standard interest you’ll collect on your cash. If you’re choosing an account for the long haul, try not to buy into a savings account with a sky-high “teaser” promotional interest rate that then drops to a lower interest rate. The best savings account interest rates are as close to 2% as possible – that way, your deposits will keep up with inflation.
  • Consider any monthly fees and additional charges. The best savings accounts on offer are free, without any monthly fees so your interest earned isn’t lost on bank charges. Look for a savings account that comes with the services you’ll need, like making deposits, withdrawals and transfers to and from other accounts, without hefty charges. Some savings accounts will offer you a number of free transactions each month. Your job is to read the fine print so you understand the terms and conditions you’ll need to follow.
  • Factor in a low opening deposit. The majority of savings accounts allow you to get started with a balance of $0, but others come with a minimum balance to unlock higher interest rates. This is an important factor to keep in mind depending on how much you can deposit into your savings account upfront, and how much money you can park there in the long run.
  • Consider access to your money. While you can easily withdraw cash from a basic savings account, others, including TFSAs and RRSPs come with some penalties if you need to pull out some of your savings. Think about whether you may need access to the funds and choose an account accordingly.
  • Look for customer service and convenience. Savings accounts are on offer by Canada’s major banks and via digital-only financial institutions. Decide if you prefer having a bricks-and-mortar site to visit if you need help or if you don’t mind relying on online banking only. For convenience’s sake, some consumers opt to open a savings account with the bank that manages their chequing account or mortgage.
  • Check on deposit insurance. The Canadian Deposit Insurance Corporation (CDIC) protects the money Canadian consumers deposit into bank accounts up to $100,000. Do your due diligence and double check that your financial institution is covered by CDIC insurance.

Compare savings accounts in Canada

Once you’ve narrowed down what you’re looking for in the best savings account for your needs, you can take the next step and apply. Check out the options in the table below.

1 - 5 of 5
Name Product Promo Rate Regular Interest Rate Monthly Account Fee Transaction Fee e-Transfer Fee Offer
KOHO Save
KOHO Save
N/A
2.00%
$0
$0
$0
Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days.
EQ Bank Savings Plus Account
EQ Bank Savings Plus Account
N/A
2.50%
$0
$0
$0
Simplii High Interest Savings Account
Simplii High Interest Savings Account
5.00% until January 31
0.40%
$0
$0
$0
Neo Money Account
Neo Money Account
N/A
2.25%
$0
$0
$0
Open an account and get a $5 bonus.
Scotiabank MomentumPLUS Savings Account
Scotiabank MomentumPLUS Savings Account
4.60% for 5 months
1.60%
$0
$5.00
$0
loading

Compare up to 4 providers

Alternatives to the best Canadian savings accounts

When interest rates are low, where can you get the best return for your money? If the best savings accounts aren’t enough or don’t fit your financial goals, there are other ways of getting the most out of your money. Consider these other ways to save:

Best Canadian savings accounts FAQs

More guides on Finder

Go to site