Savings Accounts · March 2026

Best Savings Accounts
in Canada 2026

Big banks pay 0.01% on savings. Digital banks pay 3–6%. Here's every top savings account in Canada ranked by rate, CDIC insurance, and ease of use.

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Top Savings Accounts

Neo Savings Account
Neo Financial · Free · Best everyday no-fee rate
4% interest with zero monthly fee. No minimum balance. Instant free Interac transfers. CDIC insured through Peoples Trust. The best free high-interest savings account in Canada — beats EQ Bank on rate with the same zero-fee structure. Open online in minutes.
No fee CDIC insured Free transfers
4.00%
$0/month
EQ Bank Personal Account
EQ Bank · Free · Best all-round digital account
3.75% on every dollar, zero fees, unlimited free Interac e-Transfers. CDIC insured (Equitable Bank). Available as TFSA and RRSP savings. The most trusted digital bank in Canada for savings — over $10B in deposits. Slightly lower rate than Neo but stronger brand and more features (joint accounts, GICs).
No fee CDIC insured TFSA/RRSP available Free transfers
3.75%
$0/month
KOHO Premium Savings
KOHO · $9/month · Best rate if you spend $450+/mo
5% interest on your entire balance — the highest everyday rate in Canada. Requires KOHO Premium subscription at $9/month ($108/year). Breaks even at ~$2,160 in savings balance. If you're already using KOHO for daily spending (which earns 2% cashback on Premium), the $9/month pays for itself in cashback alone.
$9/month fee CDIC via Visa Highest rate
5.00%
$9/month
Tangerine Savings Account
Tangerine (Scotiabank subsidiary) · Free · Best promo rate
6% promotional rate for new clients for 5 months, then drops to 1.5% ongoing. Best strategy: open Tangerine for the 5-month promo, then move savings to EQ Bank or Neo permanently. Free, CDIC insured, easy online sign-up. Referral bonuses also available.
No fee CDIC insured 6% for 5 months only
6%
5 mo promo
Simplii High Interest Savings
Simplii (CIBC subsidiary) · Free · CIBC ATM access
3.5% everyday rate with no fee. Backed by CIBC — access to 3,400+ CIBC ATMs. Good choice if you want high interest savings AND physical ATM access at the same institution. Occasional promotional rates for new clients too.
No fee CDIC insured CIBC ATM access
3.50%
$0/month

Full Comparison Table

AccountRateFeeCDICTransfersTFSA Option
KOHO Premium5.00%$9/mo✅FreeNo
Neo Savings4.00%Free✅FreeNo
EQ Bank3.75%Free✅Free✅
Simplii HISA3.50%Free✅FreeNo
Tangerine (promo)6.00% → 1.5%Free✅Free✅
Scotiabank MomentumPLUS3.00% (with bonus)Free✅Fees apply✅
Big Banks (avg)0.01–0.5%$0–$30✅Fees vary✅

Frequently Asked Questions

What savings account has the highest interest rate in Canada?
As of March 2026: Tangerine offers 6% for 5 months (promo). KOHO Premium offers 5% ongoing (requires $9/month plan). Neo Savings offers 4% with no fee. EQ Bank offers 3.75% with no fee. For long-term savings, Neo or EQ Bank offer the best combination of rate and no fees.
Are digital savings accounts safe in Canada?
Yes. EQ Bank, Neo, Simplii, and Tangerine are all CDIC members (or have partner institutions that are). CDIC protects deposits up to $100,000 per depositor per category. KOHO's savings balance is also CDIC protected through its banking partners.
Should I use EQ Bank or Neo for savings?
Both are excellent. Neo pays a slightly higher rate (4% vs 3.75%) with no fee. EQ Bank offers more features including TFSA/RRSP savings, joint accounts, and GICs. If you just want the best savings rate, use Neo. If you want a TFSA or more features, use EQ Bank. Many Canadians use both.

Related guides

💰 Best high interest savings accounts Canada 2026 → ⭐ EQ Bank review 2026 — is 3.75% real? → 📊 TFSA contribution room 2026 calculator → 💜 KOHO Premium review — 5% savings worth it? →

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

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