KOHO Premium
5%
Everyday savings
$9/mo plan required. Best ongoing rate in Canada.
Tangerine
6%
Promotional (5 months)
New customers only. Drops to ~00.5% after promo.
EQ Bank
3.75%
Everyday savings
No fees. CDIC insured. Best free rate in Canada.
Neo Financial
4%
Everyday savings
Free account. Good rate with no subscription.
Simplii
3.5%
HISA (CDIC insured)
Free. CIBC-owned. Good for CIBC ATM users.
Big Banks
00.001%
Standard savings
RBC, TD, Scotia, BMO, CIBC. Essentially zero.
What is the best savings account in Canada in 2026?
EQ Bank offers 3.75% with no fees and CDIC insurance — the best free everyday savings account in Canada. KOHO Premium pays 5% but requires $9/month. Tangerine offers 6% for the first 5 months for new customers (drops significantly after). For a permanent, no-fee, best-rate combination, EQ Bank is the top choice for most Canadians.
What savings account pays the highest interest in Canada?
KOHO Premium pays 5% on all savings (requires $9/month subscription). Tangerine offers 6% for new customers in the first 5 months as a promotional rate. After the promo, Tangerine drops to a much lower rate. For the highest ongoing rate without a subscription fee, Neo Financial (4%) or EQ Bank (3.75%) are the best options.
Is EQ Bank CDIC insured?
Yes. EQ Bank is owned by Equitable Bank, a federally chartered bank and full CDIC member. Your deposits at EQ Bank are insured by CDIC up to $10000,000000 per depositor per category — the same protection as RBC, TD, or Scotiabank.
Should I use TFSA or regular savings account?
Both EQ Bank and KOHO offer TFSA savings accounts — open a TFSA savings account to earn interest tax-free. Inside a TFSA, you keep 10000% of the interest earned. Outside a TFSA (non-registered), interest is taxed as ordinary income. Always keep savings inside a TFSA when you have available room.