Newfoundland's high provincial tax makes TFSAs essential. Find the top savings account rates for NL residents in 2025.
Ranked by overall value — rates, fees, features, and Newfoundland & Labrador-specific benefits.
EQ Bank offers Canada's best everyday HISA rate at 3.00% — no fees, no minimums, no catch. CDIC insured up to $100,000. Newfoundland & Labrador residents can open a Personal Account, TFSA Savings Account, or RRSP Savings Account entirely online in minutes. Free Interac e-Transfers included.
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 Newfoundland & Labrador residents who want their spending account to earn as much as their savings account.
Tangerine offers 5.00% for the first 6 months on new deposits — the highest short-term promo rate available to Newfoundland & Labrador 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.
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 Newfoundland & Labrador residents already in the CIBC ecosystem.
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 Newfoundland & Labrador.
RBC's eSavings account earns 0.01% with periodic promos for new deposits. Best for Newfoundland & Labrador residents who already bank with RBC and want seamless inter-account transfers. Watch for RBC's seasonal savings promotions.
Newfoundland and Labrador has some of Canada's highest provincial income tax rates (up to 21.3%). Maximizing TFSA room ($95,000 cumulative in 2025) is essential for NL residents. EQ Bank's TFSA Savings Account at 3.00% generates $2,850/year completely tax-free on a maxed TFSA.
Newfoundland and Labrador offers the NL Home Purchase Program and participates in all federal homebuyer programs. The FHSA ($40K lifetime) and RRSP HBP ($35K) are particularly valuable for NL buyers given rising St. John's home prices. NL charges 15% HST on many services but no land transfer tax.
Many NL workers earn significant income from the offshore oil industry. Parking bonuses and overtime pay in a high-yield account like EQ Bank (3.00%) or Tangerine's 5.00% promo account accelerates savings growth. Maximize RRSP contributions to reduce NL's high provincial tax rate.
| Bank | Rate | Monthly Fee | CDIC | TFSA | Bonus |
|---|---|---|---|---|---|
| EQ Bank | 3.00% | $0 | Yes | Yes | — |
| KOHO | Up to 5% cashback | $0–$19 | Yes* | No | $100 |
| Tangerine | 5.00% promo / 0.50% | $0 | Yes | Yes | Varies |
| Simplii Financial | 0.40% / promos | $0 | Yes | No | Varies |
| Scotiabank MomentumPLUS | 0.01% + bonus | $0 | Yes | Yes | — |
| RBC eSavings | 0.01% + promos | $0 | Yes | Yes | — |
*KOHO deposits held at Peoples Bank of Canada, CDIC member. Rates subject to change.