Compare Savings Accounts in Canada

Savings accounts in Canada are tracked across high-street banks, building societies and digital challengers, with all eligible deposits CDIC-insured up to C$100,000 per deposit category. Compare introductory bonus rate expiry dates carefully — many top-rate accounts revert to a lower standard rate after 12 months, and the switch requires action to retain the rate.

21 live savings accounts offers tracked across 17 Canadian providers, with rates from C$1 /month. Data current as of 23 October 2026 and updated daily from the Giraffy database.

Live offers

21 live offers compared from 17 providers, from C$1 /month. Updated daily.

We’re giving away $1M, plus $3M in Canadian prizes Wealthsimple

C$1 /month

  • Provider: Wealthsimple

EQ Bank Notice Savings Account EQ Bank

2.75% AER

  • Interest Rate: 2.75% ongoing
  • Account Type: Notice savings
  • Rate Conditions: 10/30-day withdrawal notice
  • Balance Limits: No minimum balance
  • Deposit Protection: CDIC — up to C$100,000

Oaken Financial Savings Account Oaken Financial

2.80% AER

  • Interest Rate: 2.80% ongoing
  • Account Type: Online HISA
  • Rate Conditions: No conditions
  • Balance Limits: CDIC-insured limits
  • Deposit Protection: CDIC — up to C$100,000

Saven Financial High Interest Savings Saven Financial

2.85% AER

  • Interest Rate: 2.85% ongoing
  • Account Type: Online HISA
  • Rate Conditions: Ontario membership required
  • Balance Limits: CDIC-insured limits
  • Deposit Protection: CDIC — up to C$100,000

RBC High Interest eSavings RBC

3.50% AER

  • Interest Rate: 3.50% p.a.
  • Account Type: HISA
  • Rate Conditions: Online only
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

BMO Smart Saver Account BMO

3.50% AER

  • Interest Rate: 3.50% p.a.
  • Account Type: HISA
  • Rate Conditions: Online only
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

Scotiabank MomentumPLUS Savings Scotiabank

3.50% AER

  • Interest Rate: 3.50% p.a.
  • Account Type: Bonus Saver
  • Rate Conditions: Deposit $500/month
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

Desjardins Advantage Savings Desjardins

3.50% AER

  • Interest Rate: 3.50% p.a.
  • Account Type: HISA
  • Rate Conditions: QC/ON mostly
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

TD High Interest Savings Account TD

3.65% AER

  • Interest Rate: 3.65% p.a.
  • Account Type: HISA
  • Rate Conditions: Intro 3 months
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

CIBC eAdvantage Savings Account CIBC

3.65% AER

  • Interest Rate: 3.65% p.a.
  • Account Type: HISA
  • Rate Conditions: Intro 3 months
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

National Bank Ideal Savings Account National Bank

3.65% AER

  • Interest Rate: 3.65% p.a.
  • Account Type: HISA
  • Rate Conditions: Online deposit
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

ATB Financial Savings ATB Financial

3.75% AER

  • Interest Rate: 3.75% p.a.
  • Account Type: HISA
  • Rate Conditions: Alberta only
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

Simplii Financial HISA Simplii Financial

3.75% AER

  • Interest Rate: 3.75% p.a.
  • Account Type: HISA
  • Rate Conditions: Online only
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

Meridian CU HISA Meridian Credit Union

3.80% AER

  • Interest Rate: 3.80% p.a.
  • Account Type: HISA
  • Rate Conditions: Ontario only
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

Hubert Financial HISA Hubert Financial

3.95% AER

  • Interest Rate: 3.95% p.a.
  • Account Type: HISA
  • Rate Conditions: Online only
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

Motive Financial Savings Account Motive Financial

3.95% AER

  • Interest Rate: 3.95% p.a.
  • Account Type: HISA
  • Rate Conditions: Online only
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

Wealthsimple Cash Wealthsimple

4% AER

  • Interest Rate: 4.00%
  • Account Type: Hybrid cash account
  • Rate Conditions: Asset-tier based
  • Balance Limits: Under $100,000 total assets
  • Deposit Protection: CDIC — up to C$100,000

Wealthsimple Save Wealthsimple

4% AER

Wealthsimple Save is a savings accounts offer from Wealthsimple in Canada. Key details — Interest Rate: 4.00% p.a.; Account Type: HISA; Rate Conditions: No conditions; Balance Limits: No minimum.

  • Interest Rate: 4.00% p.a.
  • Account Type: HISA
  • Rate Conditions: No conditions
  • Balance Limits: No minimum
  • Deposit Protection: CDIC — up to C$100,000

Tangerine Savings Account Tangerine

4.50% AER

  • Interest Rate: 4.50% intro (5 months)
  • Account Type: Online HISA
  • Rate Conditions: New accounts by 2026-07-31
  • Balance Limits: Promo on up to $1,000,000
  • Deposit Protection: CDIC — up to C$100,000

Simplii High Interest Savings Simplii Financial

4.60% AER

  • Interest Rate: 4.60% intro (5 months)
  • Account Type: Online HISA
  • Rate Conditions: New accounts — promo period only
  • Balance Limits: Tiered after $50,000
  • Deposit Protection: CDIC — up to C$100,000

Wealthsimple Plan Wealthsimple

C$20 /month

  • Provider: Wealthsimple

What is a savings account in Canada?

A savings account holds money you are not spending day to day and pays interest on the balance, while keeping the funds available when you need them. In Canada the standout options are high-interest savings accounts (HISAs) from digital banks, which pay far more than the negligible rates on Big Five branch savings accounts.

Unlike a GIC, a savings account is not locked — you can withdraw any time — making it the natural home for an emergency fund or short-term goal where you want both growth and access.

How the Canadian market works

Digital banks and credit unions such as EQ Bank, Wealthsimple, Saven and Oaken compete hard on interest, often paying several times the branch-bank rate, sometimes with a promotional bonus for new money. Some accounts pay everyday high interest with no minimum balance or fees, while others reserve top rates for promotional periods. You can hold a savings account non-registered or inside a TFSA to shelter the interest from tax — valuable, since savings interest is fully taxable otherwise.

Interac e-Transfer and linked chequing accounts make moving money in and out quick, though some accounts limit free transactions.

Benefits

Everyday access — withdraw any time, unlike a locked-in GIC.

Competitive interest — digital HISAs pay well above branch-bank rates.

No fees — leading accounts charge nothing and require no minimum balance.

Tax shelter — hold inside a TFSA to keep the interest tax-free.

How to choose

Compare the ongoing rate rather than a short promotional teaser, and check whether the top rate needs a minimum balance or lapses after a few months. Confirm there are no monthly fees or transaction limits that would erode the return, and make sure the provider is a CDIC member or covered by provincial deposit insurance. Consider a TFSA wrapper if the interest would otherwise be taxed.

Leading providers in Canada

EQ Bank, Wealthsimple, Tangerine, Simplii Financial, Saven Financial and Oaken Financial are among the strongest for high-interest savings, generally beating RBC, TD and the other branch banks on rate. Credit unions like Saven (a division of FirstOntario) sometimes lead the market on headline rates. Many savers pair a digital HISA with their existing chequing account.

What it costs

Savings accounts are free at the leading providers, so the figure that matters is the interest rate — currently roughly in the 2.75% to 20% range in the market, where the very top rates are limited-time promotional offers on new deposits and the sustainable everyday rates cluster lower. Watch for balance caps, promo expiry and any transaction fees on lower-tier accounts.

Protections and regulation

Savings deposits at CDIC member banks are insured up to C$100,000 per insured category, and separately within registered accounts like a TFSA. Credit-union deposits are covered by provincial insurance schemes, some more generous than CDIC. Banks are federally regulated by OSFI and the FCAC, while Quebec institutions such as Desjardins fall under the AMF.

Common questions

Is the advertised rate permanent? — Often not; check whether it is an ongoing rate or a limited promotional offer on new money.

Is savings interest taxed? — Yes in a non-registered account; hold the account in a TFSA to keep the interest tax-free.

Savings account or GIC? — A savings account offers access and variable rates; a GIC locks a higher fixed rate for a set term.

The cheapest Savings Accounts in Canada is C$1 /month from Wealthsimple.

Savings Accounts in Canada — FAQ

What is the highest savings rate in Canada right now?

Giraffy tracks 21 savings accounts across 17 providers in Canada. The highest tracked rate on Giraffy is currently C$1 /month. Sort by highest rate and filter by account type (easy access vs. fixed) to find the best deal for your timeline.

Is my money safe in a savings account?

Yes — CDIC insures eligible deposits up to C$100,000 per category, per institution. Always confirm your institution is OSFI-regulated before depositing. If your balance exceeds the protection limit, spread funds across multiple separately-licensed banks.

What does p.a. mean on a savings account?

p.a. (per annum) is the standardised rate that accounts for how often interest is compounded over a year. It's the fairest number to compare across accounts — always compare like-for-like using p.a. rather than the gross or monthly rate.

What is the difference between easy access and fixed-rate savings?

Easy access accounts let you withdraw your money at any time — rates are variable and may change. Fixed-rate bonds or term deposits lock your money away for a set period (usually 1–5 years) at a guaranteed rate, which is typically higher. Choose fixed if you don't need the funds before the term ends.

Do I pay tax on savings interest?

Tax on savings interest varies by country and income level. Check your country's tax authority guidance or speak to a financial adviser if your interest income is significant.

Can I open multiple savings accounts at different banks?

Yes — and it can be a smart strategy. Spreading savings across banks maximises your deposit protection (C$100,000 under the CDIC per institution) and lets you earn the best rate at each bank. Just keep track of all accounts to avoid losing money to dormancy fees.

How quickly can I access my money in an easy access savings account?

Most easy access accounts transfer funds to a linked checking account within one working day, and many process withdrawals the same day. Some accounts restrict the number of free withdrawals per month — check the terms before you open one if flexibility matters to you.