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Updated March 2025

Best Savings Accounts in Alberta 2025

With no provincial income tax, Alberta savers are in the best position to grow wealth. Compare the top HISA rates for AB residents in 2025.

Top 6 Savings Accounts for Alberta Residents 2025

Ranked by overall value — rates, fees, features, and Alberta-specific benefits.

1
EQ Bank Personal Account
Best Overall HISA in Alberta
3.00% HISA

EQ Bank offers Canada's best everyday HISA rate at 3.00% — no fees, no minimums, no catch. CDIC insured up to $100,000. Alberta residents can open a Personal Account, TFSA Savings Account, or RRSP Savings Account entirely online in minutes. Free Interac e-Transfers included.

PROS

  • 3.00% everyday rate
  • No monthly fees
  • CDIC insured
  • TFSA & RRSP available
  • Free e-Transfers

CONS

  • Online only — no branches
  • No debit card
Rate3.00%
Monthly Fee$0
Min BalanceNone
CDIC InsuredYes
TFSA/RRSPYes
2
KOHO Earn Interest
Best Cashback + Savings Combo
Up to 5% cashback

KOHO is Canada's smartest everyday spending account — earn up to 5% cashback on purchases, earn interest on your balance, and get a $100 sign-up bonus with code 45ET55JSYA. Ideal for Alberta residents who want their spending account to earn as much as their savings account.

PROS

  • $100 sign-up bonus
  • Up to 5% cashback
  • Earn interest on balance
  • No FX fees
  • Credit builder available

CONS

  • Premium features on paid plans
  • Online only
Bonus$100
CashbackUp to 5%
Monthly Fee$0–$19
Code45ET55JSYA
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3
Tangerine Savings Account
Best Promotional Rate
5.00% promo (6 months)

Tangerine offers 5.00% for the first 6 months on new deposits — the highest short-term promo rate available to Alberta residents. After 6 months it drops to 0.50%, so use it for lump sums you're parking before a major purchase. No monthly fees, CDIC insured.

PROS

  • 5.00% for 6 months
  • No monthly fees
  • CDIC insured

CONS

  • 0.50% after promo ends
  • Promo for new clients only
Promo Rate5.00%
Regular Rate0.50%
Duration6 months
4
Simplii Financial High Interest Savings
Good for CIBC Users in Alberta
0.40% + promos

Simplii Financial (CIBC's digital bank) offers 0.40% on savings with periodic promotional rates for new money deposits. Seamlessly connects to CIBC ATMs. No monthly fees and CDIC insured — a solid option for Alberta residents already in the CIBC ecosystem.

PROS

  • No monthly fees
  • CIBC ATM access
  • CDIC insured
  • Promo rates available

CONS

  • 0.40% regular rate
  • Promos not always active
Regular Rate0.40%
Monthly Fee$0
5
Scotiabank MomentumPLUS Savings
Best Big-Bank Option
0.01% + bonus periods

Scotiabank's MomentumPLUS account adds bonus interest on balances held for 90+ days without withdrawal. Good for disciplined savers who want in-branch support in Alberta.

PROS

  • Branch network across Alberta
  • Bonus interest periods
  • CDIC insured

CONS

  • 0.01% base rate
  • Low overall return
Base Rate0.01%
CDIC InsuredYes
6
RBC High Interest eSavings
Best for Existing RBC Customers
0.01% + promos

RBC's eSavings account earns 0.01% with periodic promos for new deposits. Best for Alberta residents who already bank with RBC and want seamless inter-account transfers. Watch for RBC's seasonal savings promotions.

PROS

  • Extensive RBC branch network
  • Easy inter-account transfers
  • CDIC insured

CONS

  • 0.01% base rate
  • Not competitive vs. online banks
Base Rate0.01%
CDIC InsuredYes

Alberta Residents: Get $100 Free with KOHO

$100 Cash Bonus

Canada's smartest everyday account — earn cashback + interest and start with $100 in your pocket.

45ET55JSYA


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Alberta TFSA & RRSP Notes for 2025

Alberta Has No Provincial Income Tax on Savings

Alberta has no provincial income tax and no provincial sales tax, making it one of the most tax-friendly provinces for savers. Combine this with a TFSA at EQ Bank (3.00%) and your savings grow completely tax-free federally and provincially. TFSA room in 2025 is $95,000 cumulative.

Alberta RRSP Home Buyers' Plan

Alberta first-time buyers can withdraw up to $35,000 tax-free from an RRSP under the Home Buyers' Plan. Alberta has no provincial land transfer tax, reducing upfront purchase costs significantly. Use EQ Bank's RRSP savings account to grow your down payment at 3.00%.

Alberta Energy Sector Bonus Savings

Many Alberta workers receive periodic bonuses from oil & gas employment. Parking these windfalls in a Tangerine 5.00% promo account or EQ Bank TFSA is a smart strategy to grow savings tax-efficiently before the next property purchase.

Savings Account Comparison — Alberta 2025

BankRateMonthly FeeCDICTFSABonus
EQ Bank3.00%$0YesYes—
KOHOUp to 5% cashback$0–$19Yes*No$100
Tangerine5.00% promo / 0.50%$0YesYesVaries
Simplii Financial0.40% / promos$0YesNoVaries
Scotiabank MomentumPLUS0.01% + bonus$0YesYes—
RBC eSavings0.01% + promos$0YesYes—

*KOHO deposits held at Peoples Bank of Canada, CDIC member. Rates subject to change.

FAQ — Savings Accounts in Alberta

Does Alberta have a provincial savings bonus or grant?
Alberta does not have a provincial savings grant but its zero provincial income tax means all interest income is taxed only at federal rates. Combined with a TFSA, Alberta savers keep more of their interest compared to most other provinces.
What is the best savings account in Alberta for 2025?
EQ Bank at 3.00% is the top pick for Alberta residents. No fees, no minimums, CDIC insured. For short-term parking of a bonus or sale proceeds, Tangerine's 5.00% 6-month promo is excellent.
Is there land transfer tax in Alberta?
Alberta does not have a traditional land transfer tax — instead it charges a small title transfer fee based on property value, which is far lower than Ontario or BC land transfer taxes. This makes Alberta one of the cheapest provinces for real estate transactions.
Can I open an EQ Bank account in Alberta?
Yes. EQ Bank is available to all Canadian residents including Albertans. You can open a Personal Account, TFSA, or RRSP entirely online. EQ Bank's 3.00% rate applies in all provinces.