Savings account rates in Canada vary enormously between institutions. The difference between the best and worst rates can be 3–4 percentage points — meaning thousands of dollars of lost interest annually for Canadians keeping large balances at low-rate banks. This comparison shows where rates stand in 2025.
| Institution | Standard Rate | Type | CDIC/Coverage |
|---|---|---|---|
| EQ Bank | ~3.00–4.00%+ | Online bank | CDIC (Equitable Bank) |
| Motusbank | ~2.50–3.50% | Digital credit union | DICO (unlimited) |
| Wealthsimple Cash | ~2.50–3.50% | Fintech hybrid | CDIC via partners |
| KOHO | ~2.00–3.00% | Prepaid/fintech | CDIC (Peoples Bank) |
| Tangerine (standard) | ~0.50–1.00% | Online bank | CDIC |
| Simplii Financial (standard) | ~0.50–1.00% | Online bank | CDIC (CIBC) |
| RBC (standard) | ~0.01–0.05% | Big 5 bank | CDIC |
| TD (standard) | ~0.01–0.05% | Big 5 bank | CDIC |
| BMO (standard) | ~0.01–0.05% | Big 5 bank | CDIC |
| Scotiabank (standard) | ~0.01–0.05% | Big 5 bank | CDIC |
| CIBC (standard) | ~0.01–0.05% | Big 5 bank | CDIC |
| Institution | Promo Rate | Duration | Notes |
|---|---|---|---|
| Tangerine | 4–6% | 90–180 days | New clients; reverts to standard |
| Simplii Financial | 4–6% | 90–180 days | New clients; reverts to standard |
| EQ Bank | No promo needed | Ongoing | Standard rate stays high |
| Big 5 banks | ~2–4% | Varies | Occasional limited promos |
The promotional rate model used by Tangerine and Simplii is a well-known pattern: attract depositors with a high teaser rate, then revert to a lower standard rate after 3–6 months. Many Canadians forget to move their money after the promo ends and end up earning near-zero rates indefinitely.
EQ Bank's approach is different: their standard rate stays high year-round. There's no promotional period to track, no deadline to move funds, and no rate drop to watch for. For long-term savers, EQ Bank is the simpler and better choice.
| Rate | Annual Interest on $100 | Institution Example |
|---|---|---|
| 0.01% | $1.00 | Big 5 standard |
| 0.50% | $50.00 | Tangerine post-promo |
| 2.50% | $250.00 | KOHO / Wealthsimple |
| 3.50% | $350.00 | EQ Bank |
| 5.00% | $500.00 | Tangerine promo (90 days) |
KOHO earns competitive interest on your balance with no monthly fees and no minimum balance. Use code 45ET55JSYA for a bonus when you sign up.
Open KOHO Free — Use Code 45ET55JSYAThe savings rate gap between online banks and Big 5 banks is not marginal — it's enormous. EQ Bank's standard rate of 3–4%+ versus a Big 5 standard rate of 0.01% is a 300–400x difference. Moving your savings to EQ Bank takes 10 minutes and starts earning more immediately, with equivalent CDIC protection. There is no downside.