Savings · rates checked
Best Savings Account Rates
Canada's high-interest savings accounts side by side, with what each would pay on your own balance.
Rates checked on the banks' own websites on October 27, 2026. Rates change often: confirm on the bank's site before you open an account.
Most you'd earn
$0
| Account | Rate | You'd earn | Conditions | |
|---|---|---|---|---|
| EQ Bank Personal Account CDIC | 2.75% | — | With $2,000+ a month of direct deposits | Visit |
| Neo High-Interest Savings (Grow) | 2.75% | — | Grow membership; 2.50% on Build, 2.00% on Essentials | Visit |
| Wealthsimple Chequing (Core) | 1.75% | — | 1.25% base + 0.5% with $2,000 direct deposit in 30 days; Premium 1.75%/2.25%, Generation 2.25% | Visit |
Interest is taxable outside a TFSA, RRSP or FHSA. "More than a typical big bank" compares with 0.5% for savings and 2.5% for GICs. We aren't paid by any bank listed. Not financial advice.
How to pick a savings account
Look past the headline rate: many accounts pay their top rate only with a monthly direct deposit, a paid membership or for a few promotional months. The conditions column shows what each rate needs.
Keep an emergency fund of three to six months of spending somewhere you can reach instantly and that is CDIC-insured. For money you won't need for a year or more, a GIC usually pays more; see GIC rates.
Hold savings in a TFSA where you can, so the interest isn't taxed. Outside one, interest is taxed at your full marginal rate.
Sources: EQ Bank · Neo Financial · Wealthsimple
Frequently asked questions
What is a good savings account rate in Canada?
The best accounts we checked pay up to 2.75%, usually with conditions. Big-bank savings accounts often pay well under 1%.
Is interest on a savings account taxable?
Yes, at your marginal rate, unless the account is inside a TFSA, RRSP or FHSA.
Is my money safe in an online bank?
Deposits at CDIC members are insured up to $100,000 per category per bank, the same as at a big bank.
Keep growing your savings
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