Online savings accounts have transformed how Canadians save money. By operating without expensive branch networks, online banks can offer significantly higher interest rates, zero monthly fees, and often free unlimited transactions — all accessible from your phone or computer.
This guide covers the best online savings accounts available to Canadians in 2025 and what to look for when comparing them.
Traditional banks spend billions maintaining physical branches, teller staff, and legacy systems. Online banks operate with a fraction of that overhead. These savings get passed to customers in the form of higher interest rates and fewer fees. It's not a short-term promotional strategy — online banks have been consistently out-rate-competing traditional banks for over a decade.
EQ Bank is widely considered the gold standard for online savings in Canada. It offers a hybrid account that earns competitive interest on every dollar while still functioning as a day-to-day account with free e-Transfers and bill payments. No monthly fees, no minimum balance, CDIC-insured.
A Home Trust subsidiary, Oaken offers strong HISA and GIC rates. Pure savings focus — less suitable as a primary chequing account but excellent for parking savings at top rates.
CIBC's digital brand offers no-fee chequing and periodic promotional savings rates. Better integration if you already bank with CIBC.
Scotiabank's online bank. Strong promotional offers for new customers and a user-friendly app. Standard rates tend to trail the best online banks once promotions end.
Strong everyday rate, particularly for clients using Wealthsimple's investing products. Great for those who want one platform for both saving and investing.
Yes — the major online banks in Canada are regulated and CDIC-insured (or provincially insured for credit unions). EQ Bank, Oaken, Simplii, and Tangerine all hold Schedule I or II bank status. Your deposits are as safe as at any major bank, insured up to $100,000 per category at CDIC members.
Opening an account typically takes 5–10 minutes online. You'll need to provide your SIN, a government ID, and a void cheque or banking details to link for initial funding. There's no need to visit a branch.
Many online banks offer TFSA savings accounts, which means you earn their competitive rate with zero tax on interest. This combination — high rate plus tax shelter — is extremely powerful. The 2025 TFSA annual limit is $7,000; cumulative room may be $95,000+ depending on your age and contribution history.
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