Your savings account rate matters more than most people realize. The difference between earning 0.05% at a Big 5 bank and earning a competitive rate at EQ Bank or other online banks can amount to hundreds or thousands of dollars per year on a meaningful savings balance. Here's how to find Canada's best savings account rates.
| Bank | Account | Rate | Monthly Fee |
|---|---|---|---|
| EQ Bank | Personal Account | Among Canada's highest | $0 |
| Oaken Financial | Savings Account | Competitive | $0 |
| Simplii Financial | High Interest Savings | Competitive | $0 |
| Tangerine | Savings Account | Promotional for new customers | $0 |
| TD | High Interest Savings | Low | $0 |
| RBC | High Interest eSavings | Low | $0 |
EQ Bank's Personal Account consistently offers among Canada's highest savings rates with no monthly fees, no minimum balance, and unlimited free transactions. Unlike most savings accounts, EQ Bank's account functions as a hybrid spending/savings account — you can send e-Transfers, pay bills, and deposit cheques while earning a competitive rate on your full balance.
EQ Bank is a Schedule I Canadian chartered bank, fully CDIC-insured. It's widely considered the best savings account in Canada for everyday deposits.
Major Canadian banks typically offer much lower savings rates than online banks. While the Big 5 are convenient for those who want everything at one institution, their standard savings accounts often earn a fraction of what EQ Bank and other digital banks offer.
If you maintain savings at a Big 5 bank and haven't checked your rate recently, it's worth reviewing — you may be leaving significant interest income on the table.
Both TFSA and RRSP savings accounts are available at most Canadian banks and credit unions. EQ Bank offers TFSA and RRSP savings accounts alongside its regular account, making it possible to maximize your savings rate across registered and non-registered accounts.
For savings you don't need immediate access to, GICs (Guaranteed Investment Certificates) often offer higher rates than standard savings accounts. EQ Bank, Oaken Financial, and credit unions regularly offer competitive GIC rates for 1–5 year terms.
Savings Account Decision Framework:
On a $20,000 emergency fund, the difference between a 0.05% Big 5 rate and a 3%+ online bank rate is approximately $590/year in additional interest. Over 5 years, that's nearly $3,000 that you're either earning or forfeiting based solely on where you keep your savings.
EQ Bank is the top recommendation for Canadian savings in 2025 based on its consistent rate leadership, no fees, and CDIC insurance. For registered accounts, EQ Bank's TFSA and RRSP options extend the same high rate advantage to tax-sheltered savings.
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