Quebec savers face provincial tax on interest — but TFSAs change everything. Compare the best savings accounts for QC residents.
Ranked by overall value — rates, fees, features, and Quebec-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. Quebec 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 Quebec 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 Quebec 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 Quebec 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 Quebec.
RBC's eSavings account earns 0.01% with periodic promos for new deposits. Best for Quebec residents who already bank with RBC and want seamless inter-account transfers. Watch for RBC's seasonal savings promotions.
Quebec has its own provincial income tax system (separate from federal) with rates up to 25.75%. Savings interest earned in a TFSA is exempt from both federal and provincial tax in Quebec. Maximize your $95,000 TFSA room before holding savings in an unregistered account — especially important for Quebec residents in higher tax brackets.
Quebec residents can participate in the federal RRSP Home Buyers' Plan, withdrawing up to $35,000 tax-free for a first home. Quebec also has the Régime d'accession à la propriété (RAP), the provincial equivalent. The FHSA ($40K lifetime) is also available and contributions are deductible from both federal and Quebec provincial income.
Quebec municipalities charge a Welcome Tax (taxe de bienvenue) on property purchases — typically 1.5-2.5% of the purchase price. In Montreal, this can be $15,000–$30,000+. Use an FHSA or RRSP HBP savings strategy at EQ Bank (3.00%) to build your down payment faster.
| 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.