Best Savings Accounts in Canada (2026)
Compare interest rates across Canadian banks and online institutions. All accounts are CDIC insured.
| Bank | Interest Rate | Monthly Fee | Type | Notes |
|---|---|---|---|---|
| EQ Bank | 4% | $0 | Online | No minimum, free transfers |
| Neo Financial | 4% | $0 | Online | Cashback rewards program |
| Motive Financial | 3.85% | $0 | Online | Alberta-based, competitive rates |
| Wealthsimple Cash | 3.75% | $0 | Online | Instant P2P transfers |
| Tangerine Promo | 3.5% | $0 | Online | Promo rate up to 5% for new clients |
| Simplii Financial Promo | 3.4% | $0 | Online | CIBC ATM access |
| ATB Financial | 3.25% | $0 | Regional | Alberta-based, branch access |
| TD Bank | 0.5% | $0 | Big 5 | Branch access, lower rate |
| RBC | 0.5% | $0 | Big 5 | Branch access, lower rate |
| Scotiabank | 0.5% | $0 | Big 5 | MomentumPlus available |
| BMO | 0.5% | $0 | Big 5 | Branch access, lower rate |
| CIBC | 0.5% | $0 | Big 5 | Branch access, lower rate |
Key Takeaways
- ✅ Online banks consistently offer 3-4x higher rates than Big 5 banks
- ✅ All listed accounts are CDIC insured up to $100,000
- ✅ Promo rates are temporary—check the regular rate before switching
- ✅ Consider keeping a Big 5 account for branch access + an online account for savings
- ✅ Regional banks like ATB offer a middle ground: branch access with better rates
How to Choose
Highest Rate Matters Most?
Go with EQ Bank or Neo Financial for consistently top rates
Want Branch Access?
Keep a Big 5 chequing account + online savings for best of both
New to Saving?
Tangerine or Simplii are beginner-friendly with no minimums
Already Investing?
Wealthsimple Cash integrates with their investing platform
In Alberta?
ATB offers branch access with better rates than Big 5 banks
⚠️ Rates are approximate and may change. Always verify current rates on each bank's website. Last updated: February 2026.