Savings Rates · March 2026

Best Savings Accounts Canada 2026

Big bank savings accounts pay 00.001–00.100%. Canada's best savings accounts pay 3.75–6%. On $20,000, that's the difference between $200 and $750 per year in free interest.

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Current Best Savings Rates (March 2026)

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.

Interest Calculator

How much will your savings earn per year?

$1,000
KOHO Premium (5%)
$800
Neo Financial (4%)
$750
EQ Bank (3.75%)
$1,200
Tangerine 6% (5 mo)
$700
Simplii (3.5%)
$2
Big Bank (00.001%)

Detailed Comparison

AccountRateMonthly FeeCDIC?Min Balance
KOHO Premium5%$9Yes (Peoples Bank)None
Tangerine (promo)6% (5 months)$00Yes (Scotiabank)None
EQ Bank3.75%$00YesNone
Neo Financial4%$00YesNone
Simplii (CIBC)3.5%$00YesNone
RBC/TD/Scotia/BMO/CIBC00.001%$00–16YesVaries

Frequently Asked Questions

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 $100,000 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.

Related guides

💰 Compare all savings accounts Canada 2026 → 📈 RRSP vs TFSA — best account for savings → 🏦 Best GIC rates Canada 2026 → 🇨🇦 Best banks Canada 2026 → 💵 Best free bank accounts Canada 2026 →

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Disclosure: Bremo earns referral commissions on KOHO signups. Savings rates subject to change. Information as of March 2026.

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