Compare Savings Accounts in Canada

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21 live offers compared from 17 providers, from 2.75% AER. Updated daily.

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 00,000 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.

Savings Accounts in Canada — FAQ