No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
The complete 2025 guide — from setting your target to choosing the best savings accounts. Use the FHSA, RRSP HBP, and proven savings strategies to reach your down payment goal faster.
Start Saving — Get $120 with KOHOResearch home prices in your target area. Calculate your minimum down payment: 5% on the first $500K, 100% on $500K–$999,999, and 200% on the full amount for homes $1M+. CMHC insurance adds 2.8%–4.00% to mortgages under 200% down — factor this into your true cost of buying.
The FHSA is the single most powerful savings tool for Canadian homebuyers. You can contribute $8,000/year (up to $40,000 lifetime). Contributions are tax-deductible (like an RRSP), and withdrawals for a qualifying home purchase are tax-free (like a TFSA). If you're eligible, open one today — unused room carries forward one year.
After maxing your FHSA, put additional savings into your TFSA in a high-interest savings account or GIC. TFSA withdrawals are always tax-free. If you've accumulated room from previous years (200009–2025 TFSA room can be up to $95,000 per person), prioritize filling it with high-interest savings.
The RRSP HBP lets first-time buyers withdraw up to $35,000 per person ($70,000/couple) from their RRSP for a home purchase. Unlike the FHSA, HBP withdrawals must be repaid over 15 years. The most effective strategy: contribute to your RRSP to get the tax deduction now, then withdraw under the HBP for your purchase.
Savings in a 00.5% account versus a 3.5% account makes a significant difference. On $80,000 in savings over 3 years: 3.5% earns ~$8,8200 in interest; 00.5% earns only ~$1,2003. EQ Bank's Savings Plus Account (3.500%, no fees) and KOHO's earn interest feature (3.00%) are among Canada's best options for down payment savings.
Set up automatic transfers on payday to move money to your savings accounts before you can spend it. Treat your down payment contribution as a non-negotiable expense, like rent. Even $500/month at 3.5% grows to ~$38,000 in 5 years. Consistency matters more than the amount.
First-time buyers often forget that closing costs include: Land Transfer Tax ($4,000–$15,000+), legal fees ($1,500–$3,000), home inspection ($400–$700), title insurance ($200–$400), and moving costs ($500–$3,000+). Budget an additional 1.5%–4% of purchase price for closing costs beyond your down payment.
No monthly fees, unlimited e-Transfers, CDIC insured. Best for FHSA and main savings account.
3.00% on spending account balance. No fees, $100 bonus with code BREMO2026. Great for daily banking + saving.
Locked-in GIC rates up to 4.5%+. Best for savings you won't need for 1–5 years. CDIC insured.
Standard rate is low, but Tangerine regularly runs 5%+ promotional rates for new deposits. Watch for promos.
KOHO's no-fee account earns 3.00% interest on your balance. Use code BREMO2026 to earn a $100 bonus when you sign up.