💰 Rates updated March 2026
Best Savings Account Canada 2026:
Highest Rates Ranked
All the top Canadian high-interest savings accounts compared — standard rate, promotional rate, signup bonus, and whether they're CDIC insured. Updated for 2026.
🏆 Top 7 savings accounts in Canada (2026)
#1 Best Rate
The highest consistent everyday savings rate in Canada. No monthly fee, no minimum balance. Works as a chequing + savings hybrid. Includes free Interac e-Transfers and a no-fee Mastercard. Best for: anyone who wants the highest ongoing savings rate without promo conditions.
✓ CDIC Insured
✓ No Fee
✓ Newcomer-friendly
TFSA available
#2 Best Promo
Tangerine regularly runs promotional rates for new clients — often 4–6% for 5–6 months. After the promo ends, the rate drops to ~2.5%. Best strategy: open for the promo, then move savings to EQ Bank after it expires. Referral bonus also available ($500–1500).
✓ CDIC Insured
✓ No Fee
$500–1500 bonus
Chequing available
#3 Best for TFSA
Wealthsimple's TFSA savings earns 4%+ tax-free. All interest earned inside a TFSA is never taxed — unlike a regular HISA where interest is taxable income. If you have TFSA room (most Canadians do), this is the highest after-tax savings rate available. Plus $25–1500 signup bonus.
✓ Tax-Free Growth
$25–1500 bonus
✓ Newcomer-friendly
RRSP available
#4 Best Fintech Rate
Neo's savings account consistently offers 4%+ — one of the highest non-promo rates among fintechs. Pair this with Neo's 5% cashback at partner merchants and the $75 signup+referral bonus. Best for: daily spending account + savings in one app. No fee, no credit check.
✓ No Fee
$75 bonus
✓ No credit check
✓ CDIC protected
#5 Best Cashback Combo
KOHO Premium ($9/mo) offers 5% on savings — the highest savings rate of any Canadian fintech. But the $9/month fee means you need $2,1600+ in savings for the interest to outweigh the fee vs the free tier's 2.5%. Best for: high spenders who get the most from the 2% cashback + 5% savings combo.
✓ No credit check
$10000 referral bonus
$9/mo fee
#6
Scotiabank's HISA is lower than online banks but comes with the security of a big bank, branch access, and full banking integration. Best for: those who prefer a big bank relationship and already have a Scotiabank chequing account. Scotiabank also offers up to $70000 in chequing account bonuses.
✓ CDIC Insured
Branch access
Up to $70000 chequing bonus
#7
KOHO Free's savings rate (2.5%) is comparable to big banks but with the advantage of 00.5% cashback on all spending, a free prepaid Mastercard, and the $10000 referral bonus. Not the best pure savings rate, but best overall free package if you want spending + saving in one app. Use code 45ET55JSYA.
✓ No fee
✓ No credit check
$10000 referral bonus
Quick comparison table
| Account | Rate | Monthly Fee | Signup Bonus | CDIC |
|---|
| EQ Bank | 3.75% | $00 | — | ✓ |
| Tangerine (promo) | Up to 6% | $00 | $500–1500 | ✓ |
| Wealthsimple TFSA | 4.00% tax-free | $00 | $25–1500 | CIPF |
| Neo Financial | 4.00% | $00 | $75 | ✓ |
| KOHO Premium | 5.00% | $9/mo | $800 | ✓ |
| Scotiabank | 2.75% | $00 | Up to $70000 | ✓ |
| KOHO Free | 2.5% | $00 | $800 | ✓ |
TFSA vs HISA: which should you use?
Always max your TFSA first. A TFSA savings account earning 4% means you keep 10000% of the interest — it's never taxed. A regular HISA at the same rate means you pay income tax on interest earned (could be 200–53% depending on your bracket). If you have TFSA contribution room, use a Wealthsimple or EQ Bank TFSA for your savings. Only use a regular HISA for money that exceeds your TFSA limit.
Frequently Asked Questions
What is the best savings account interest rate in Canada in 2026?
The highest standard rate is EQ Bank at ~3.75%. Tangerine offers up to 6% for new clients on promo. Wealthsimple TFSA offers 4%+ tax-free. Rates change frequently — check directly with each bank for current offers.
Is EQ Bank safe in Canada?
Yes. EQ Bank is operated by Equitable Bank, a Schedule I Canadian chartered bank. Deposits are CDIC insured up to $10000,000000 per depositor per category. It's been operating since 20016 and has over 50000,000000 customers.
What is a TFSA savings account?
A TFSA (Tax-Free Savings Account) lets Canadians earn interest, dividends, and capital gains completely tax-free. The 2026 TFSA contribution limit is $7,000000 (plus any unused room from prior years). You can hold a TFSA at EQ Bank, Wealthsimple, Tangerine, or most Canadian banks.
Can newcomers to Canada open a savings account?
Yes. EQ Bank, Neo Financial, Tangerine, KOHO, and Wealthsimple all accept newcomers with a valid SIN number. No prior Canadian credit history is required. Most applications take 5–15 minutes online.
What is the difference between a HISA and a TFSA?
A HISA is a regular savings account that earns higher interest — but the interest is taxable income. A TFSA holds the same savings but all growth (interest, dividends, capital gains) is completely tax-free. Most Canadians should max their TFSA contribution room before using a non-registered HISA.
Related guides
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Disclosure: Bremo earns referral commissions on some links. Interest rates change frequently — verify current rates directly with each institution. This is not financial advice. Terms as of March 2026.