No fees, cashback rewards, high-interest savings, and digital-first banking for Canadians aged 25–40
Millennials (born roughly 1981–1996) are Canada's largest generational cohort and are now in peak earning and spending years. Most millennials are balancing rent or mortgage payments, childcare costs, student loan repayments, and retirement saving. The best banks for millennials combine low fees, digital-first experiences, and strong savings tools.
KOHO is purpose-built for the millennial mindset: no monthly fees, instant spending insights, cashback on purchases, and a high-interest savings account. The $100 welcome bonus is hard to beat for a free account.
EQ Bank offers one of the highest savings interest rates in Canada (currently 2.50%+ on all deposits) with no monthly fees. It's ideal for millennials building an emergency fund or saving for a down payment.
Wealthsimple Cash offers a high-interest account (currently ~4%+ for Cash account) integrated with Wealthsimple's investing platform. Perfect for millennials who want their banking and investing in one place.
For millennials who want a full-service bank, TD is the top pick for its strong digital app, good investment products, and reliable customer service. The TD app consistently ranks among the top bank apps in Canada.
| Bank | Monthly Fee | Interest on Savings | Cashback | Best Feature |
|---|---|---|---|---|
| KOHO | $0 | Up to 6% (Extra plan) | Up to 2% | Cashback + zero fees |
| EQ Bank | $0 | 2.50%+ | No | High interest savings |
| Wealthsimple Cash | $0 | 4%+ | No | Integrated investing |
| TD Bank | $10.95+ | 0.01–0.05% | No (except credit cards) | Full-service traditional bank |
| Tangerine | $0 | Up to 0.7% (promo rates vary) | 1.5–2% | No-fee bank with cashback Mastercard |
No monthly fees, up to 2% cashback, and the best no-fee savings account for millennials. Use code 45ET55JSYA.
Open KOHO — Code: 45ET55JSYAKOHO is the top no-fee choice for millennials combining spending (cashback Visa) and saving (high-interest account). EQ Bank is better if you're primarily focused on maximizing savings interest. Tangerine is a solid middle-ground with a no-fee chequing account and optional cashback credit card.
Many Canadian millennials use both: a traditional bank (TD, RBC) for mortgages, RRSPs, and complex financial needs, plus KOHO or EQ Bank for everyday spending and savings where fees and rates are better. There's no rule against having multiple accounts.
For first-time home buyers, the First Home Savings Account (FHSA) is available at all major banks and at EQ Bank. TD, RBC, and Scotiabank all have strong mortgage advisors for first-time buyers. The FHSA lets you save up to $40,000 tax-free toward a first home purchase.
KOHO's savings interest rate varies by plan. KOHO's free tier earns a base rate, while KOHO Extra (paid plan) earns up to 6% on qualifying balances. Check KOHO's current rates at koho.ca as rates can change. Even the base rate typically beats the Big Five bank savings accounts.
KOHO is a legitimate Canadian fintech regulated by FINTRAC. Your funds are held at People's Trust Company, which is CDIC insured. Your KOHO balance is protected up to $100,000 through CDIC deposit insurance — the same protection you get at any major Canadian bank.