If you’re looking for a simple place to stash some extra cash and earn a higher-than-average interest rate, the EQ Bank Personal Account may be exactly what you’re looking for, which is why we chose it as the Best Savings Account in Canada for 2026.
Offering up to 3%* interest, the EQ Bank Personal Account has currently one of the highest rates for savings accounts in Canada. You also get free Interac e-Transfers, bill payments, and $0 everyday banking fees, as well as a prepaid Mastercard so you can earn rewards on your purchases. These perks, and other features, are why this account leads the pack for Canadian savings accounts in 2026.
Best Savings Account 2026 winner: EQ Bank Personal Account
Minimum Interest Rate
1%
Maximum Interest Rate
3%
Balance Required For Maximum Interest Rate
$0
If you’re looking for a simple place to stash some extra cash and earn a higher-than-average interest rate, EQ Bank Personal Account may be exactly what you’re looking for. It does have a few other features, including the ability to easily send International Money Transfers, but otherwise it’s mostly geared to earning you interest.
Pros
- High daily interest rate
- Easy access to all other EQ Bank products
- Less expensive international money transfers
- Zero everyday banking fees
- Free Interac e-Transfers, electronic funds transfers, and bill payments
- No minimum balance
Cons
- No welcome bonus
Provinces
ALL
Eligibility
- Age of majority
- Canadian citizen
Why You Want It
One of the highest interest rates at 3%* + Free Interac e-Transfers.
Special Features
- Very high interest rate
- Includes a prepaid cash back Mastercard
- No ATM fees, plus reimbursement for any independent fees
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
The EQ Bank Personal Account stands out in 2026 with its exceptional 1% daily interest rate—and you can boost that to 3% with monthly direct deposits of $2,000 or more. You'll pay zero everyday banking fees, get reimbursed for any ATM charges, and gain access to EQ's full lineup of investment accounts including TFSAs and RSPs, making it a true all-in-one financial hub.
What makes this account special is the included prepaid Mastercard that earns 0.5% cash back on all purchases with no foreign transaction fees. Combined with reduced international transfer rates through their Wise partnership, you get a powerful hybrid account that rewards both your savings and spending while keeping costs at zero.
How much interest you can earn: Up to 3%, with no balance requirement
Why we picked it: Few accounts let you earn top-tier interest and rewards on spending without any fees; the EQ Bank Personal Account nails this balance with its stellar 1% daily rate (boostable to 3%), zero-fee banking, and a prepaid Mastercard that puts cash back in your pocket on every purchase.
Overview of the best savings accounts for 2026
The absolute best savings account for you depends on your situation and your banking needs, which is why we’ve compared the best savings accounts in Canada and grouped them into categories so you can find the top account for your financial goals, big or small.
Here's a look at the best Canadian savings accounts (and their highlights!).
How we picked our winners
To evaluate savings accounts, we analyze over 15 data points to generate our Genius Rating. We consider all aspects of a savings account, including fees, perks, interest rates, customer satisfaction, and promotions, to assess its overall value. Then, the account's features are rated based on how they stack up against other available options.
| Category | Account | Details | Apply here |
|---|---|---|---|
| Best savings account for 2026 | EQ Bank Personal Account | One of the highest interest rates at 3%* + Free Interac e-Transfers. | Apply here |
| Best basic | BMO Savings Amplifier Account | Earn 0.7% regular interest + A bonus 4.6% promo interest rate. | Apply here |
| Best unlimited | EQ Bank Personal Account | One of the highest interest rates at 3%* + Free Interac e-Transfers. | Apply here |
| Best promo rate | Scotiabank MomentumPLUS Savings Account | Get up to 4.75%* interest on your money + No monthly fees. | Apply here |
| Best regular rate | KOHO Earn Interest | Get 2 accounts in 1 with up to 3.5% interest + Cash back on every purchase. | Apply here |
| Best for kids | Tangerine Children’s Savings Account | Earn 0.4% interest + Your child gets their own client number and login. | Apply here |
| Best credit union | Alterna High Interest eSavings Account | Unlimited $0 transactions, bill payments, & debits + Max 1.15% interest. | Apply here |
| Best U.S. dollar | EQ Bank US Dollar Account | Earn 2.5% interest + Send international money transfers using Wise. | Apply here |
Best basic savings account: BMO Savings Amplifier Account
Minimum Interest Rate
0.7%
Maximum Interest Rate
0.7%
Balance Required For Maximum Interest Rate
N/A
The BMO Savings Amplifier Account is one of several savings accounts offered by the Bank of Montreal, providing a base interest rate of 0.7%. It's a very basic savings account that doesn’t offer much, but the security and peace of mind provided by a bank of this stature may just offset its flaws.
Pros
- High base interest rate (for a big bank account)
- High promotional rate
- No monthly fees
- Free to transfer money to yourself
- No minimum balance requirement
Cons
- Fees for external transfers
- No other interesting or useful features
Provinces
ALL
Eligibility
- Age of majority
- Canadian citizen
Why You Want It
Earn 0.7% regular interest + A bonus 4.6% promo interest rate.
Special Features
- Free transfers between BMO accounts
- BMO Savings Goals feature
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
4.6%
Welcome Bonus Value
N/A
Promo End Date
November 02, 2025
How much interest you can earn: 0.7%
Why we picked it: The BMO Savings Amplifier Account is one of several savings accounts offered by the Bank of Montreal, providing a base interest rate of 0.7%. It's a very basic savings account that doesn’t offer much, but the security and peace of mind provided by a bank of this stature may just offset its flaws.
External transfers incur fees, and while the interest rate is decent for a big bank, it pales in comparison to rates offered by other accounts, especially those from online banks. But if basic is what you want, this BMO account fits the bill.
Best unlimited transactions: EQ Bank Personal Account
Minimum Interest Rate
1%
Maximum Interest Rate
3%
Balance Required For Maximum Interest Rate
$0
If you’re looking for a simple place to stash some extra cash and earn a higher-than-average interest rate, EQ Bank Personal Account may be exactly what you’re looking for. It does have a few other features, including the ability to easily send International Money Transfers, but otherwise it’s mostly geared to earning you interest.
Pros
- High daily interest rate
- Easy access to all other EQ Bank products
- Less expensive international money transfers
- Zero everyday banking fees
- Free Interac e-Transfers, electronic funds transfers, and bill payments
- No minimum balance
Cons
- No welcome bonus
Provinces
ALL
Eligibility
- Age of majority
- Canadian citizen
Why You Want It
One of the highest interest rates at 3%* + Free Interac e-Transfers.
Special Features
- Very high interest rate
- Includes a prepaid cash back Mastercard
- No ATM fees, plus reimbursement for any independent fees
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
How much interest you can earn: 3%
Why we picked it: The EQ Bank Personal Account gains a whole lot of points for its solid maximum 3% interest rate, and then also stands out for having no everyday banking fees, earning rewards on purchases, and offering free transactions, bill payments, and Interac e-Transfers.
While it may have lost some ground for having no welcome bonus to speak of, the benefits of this account far outweigh this minor inconvenience.
Best promo rate: Scotiabank MomentumPLUS Savings Account
Minimum Interest Rate
0.4%
Maximum Interest Rate
0.85%
Balance Required For Maximum Interest Rate
N/A
With one of the highest savings rates you can get from a big bank account, the Scotiabank MomentumPLUS Savings Account packs some serious punch for your money. Right now, you could get up to 4.75%* interest for the first 3 months on your savings.
Pros
- Savings goals with bonus interest rates
- Multiple savings goals, one account
- Bonus interest rates
- No monthly fees
- Unlimited free self-service transfers
- No minimum balance
Cons
- Money is locked in if you want the bonus interest rate
- No free Interac e-Transfers
- No free debit transactions
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Get up to 4.75%* interest on your money + No monthly fees.
Special Features
- Save for multiple goals at once
- Tiered Premium Period interest rates
- Unlimited tree transfers between Scotiabank accounts
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
4.75%
Welcome Bonus Value
N/A
Promo End Date
See Issuer for Details
How much interest you can earn: 0.85%
Why we picked it: From one of Canada's largest and most reliable banks comes the Scotiabank MomentumPLUS Savings Account, a no-fee savings account designed to help you save money and reach your financial goals faster. It offers "premium period" interest rates and account bonuses that give you up to 4.75%,* for the first three months.
This account certainly encourages you to save, as it strongly dissuades you from touching your account until the premium period ends. If you're going to lock in your money for a period of time, you should be using a savings account with the best interest rate you can find.
Best regular rate: KOHO Earn Interest
Minimum Interest Rate
2%
Maximum Interest Rate
3.5%
Balance Required For Maximum Interest Rate
N/A
Want a savings account that consistently has one of the best rates in Canada? You'll want to check out KOHO Earn Interest With The KOHO Prepaid Mastercard, which gets you up to 3.5% interest, depending on your subscription level.
Pros
- No transaction fees
- Earn 3.5% interest on every dollar
- Comes with a free cash back prepaid Mastercard
- Supports major digital wallets
- Free app for tracking spending and setting savings goals
- Automate your savings with RoundUps
Cons
- Monthly fees
Provinces
ALL
Eligibility
- You must meet your province's age of majority
Why You Want It
Get 2 accounts in 1 with up to 3.5% interest + Cash back on every purchase.
Special Features
- Comes with a KOHO Prepaid Mastercard which you can upgrade for even more perks
- Earn up to 6.5% cash back on your spending
- Free app for setting saving goals and tracking spending
- Savings paid on a monthly basis
- KOHO International Money Transfer allows you to send money abroad to people in over 190 countries, right from your KOHO balance
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
How much interest you can earn: 3.5%
Why we picked it: Known primarily for their pair of prepaid Mastercards, KOHO has since branched out, adding a credit building service and now a high interest savings account to its portfolio of products. KOHO Earn Interest is a unique savings account offering with several interesting and valuable features, including an impressive interest rate.
KOHO Earn Interest is more than just a HISA. It's actually part of your KOHO Prepaid Mastercard, making it a hybrid spending and savings account. Not only do you earn cash back on all the purchases you make with your KOHO card, you'll also earn interest on the balance of your account. Win win.
Best for kids: Tangerine Children’s Savings Account
Minimum Interest Rate
N/A
Maximum Interest Rate
0.4%
Balance Required For Maximum Interest Rate
N/A
The Tangerine Children’s Savings Account is a no-fee kid’s bank account designed to help parents and guardians encourage the habit of saving early in life. It offers a modest 0.4% interest rate, the ability to set up automatic savings plans, and a separate login for kids to manage their account online.
Pros
- No monthly or service fees
- The child gets their own client number and login
- Earn 0.4% interest
Cons
- No welcome bonus
- There are other youth accounts with more perks
- Only for children 11 years old and younger
Provinces
ALL
Eligibility
- 11 years old or younger
- Must open an adult savings account
- Canadian citizen
Why You Want It
Earn 0.4% interest + Your child gets their own client number and login.
Special Features
- Unique client number and login
- Competitive interest rate (for youth accounts)
# Of Free Transactions
0
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
How much interest you can earn: 0.4%
Why we picked it: The Tangerine Children’s Savings Account is a no-fee kid’s bank account designed to help parents and guardians encourage the habit of saving early in life. It offers a modest 0.4% interest rate, the ability to set up automatic savings plans, and a separate login for kids to manage their account online.
Although the Tangerine Children’s Savings Account lacks a few of the bonus features and perks that come with other youth accounts, it's a practical tool for teaching children the value of money and the power of compound interest over time.
Best credit union account: Alterna High Interest eSavings Account
Minimum Interest Rate
1.15%
Maximum Interest Rate
1.15%
Balance Required For Maximum Interest Rate
N/A
If you’re looking for a good place to stash an emergency fund where it will earn a bit of interest while still being easily accessible, the Alterna High Interest eSavings Account might be just the ticket.
Pros
- Relatively high interest rate
- Free and unlimited transactions, bill payments, and debits
- No fees of any kind
- No minimum balance requirements
Cons
- Higher interest rates available elsewhere
- Maximum $250,000 balance per customer
Provinces
ALL
Eligibility
- You must be a Canadian resident
- You must have reached the age of majority in your province or territory
- Have an account at another major Canadian Financial Institution
Why You Want It
Unlimited $0 transactions, bill payments, & debits + Max 1.15% interest.
Special Features
- Free and unlimited transactions
- No minimum balance requirements
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
How much interest you can earn: 1.15%
Why we picked it: If you’re looking for a good place to stash an emergency fund, where it will earn a bit of interest while still being easily accessible, the Alterna High Interest eSavings Account might be just the ticket.
With a 1.15% interest rate and free, unlimited Interac e-Transfers, bill payments, debits, and other transactions, this high interest savings account has a lot going for it.
Best U.S. dollar account: EQ Bank US Dollar Account
Minimum Interest Rate
2.5%
Maximum Interest Rate
2.5%
Balance Required For Maximum Interest Rate
N/A
The EQ Bank US Dollar Account is one of the best U.S. bank accounts available in Canada, offering a higher interest rate than most similar accounts, as well as many other valuable money-saving features. EQ makes it easy to move your U.S. funds around, but it doesn't offer unlimited transactions, which would be a nice added touch.
Pros
- High interest rate on USD balance
- Competitive USD exchange rate
- Free EFT between linked accounts
- Send international transfers
Cons
- Not available in Quebec for now
- No physical locations
- No direct withdrawals or deposits
Provinces
AB, BC, MB, NB, NL, NU, NT, NS, ON, PE, SK, YT
Eligibility
- Canadian citizen
- Age of majority in your province
- Need a social insurance number
- Need a Canadian phone number
- Need an EQ Bank Personal Account
Why You Want It
Earn 2.5% interest + Send international money transfers using Wise.
Special Features
- Send money abroad with Wise
- Free, unlimited USD to USD transfers within Canada
- Very reasonable exchange rates
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
How much interest you can earn: 2.5%
Why we picked it: The EQ Bank US Dollar Account is one of the best U.S. bank accounts available in Canada, offering a higher interest rate than most similar accounts, as well as many other valuable money-saving features. EQ makes it easy to move your U.S. funds around, but it doesn't offer unlimited transactions, which would be a nice added touch.
Overall, this account can save you considerable amounts of money on transactions and conversion fees, especially when compared with similar accounts on the market. It's not a perfect account, but it does cover all the bases and more.
Best savings account interest rates
If earning interest is the most important thing to you, here are some of the top interest-earning accounts in Canada:
| Savings Account | Interest Rate |
|---|---|
| KOHO Earn Interest | 3.5% |
| Laurentian Bank High Interest Savings Account | 3.2% |
| Neo Savings Account | 3% |
| Oaken Savings Account | 2.8% |
| EQ Bank Personal Account | 3% |
| Canadian Tire High Interest Savings Account | 2.4% |
| Wealthsimple Chequing | 2.25% |
Pros and cons of savings accounts
Here's an overview of the important pros and cons to consider about savings accounts:
| Pros | Cons |
|---|---|
|
|
Types of savings accounts
All of the best accounts we chose above fall into one of just a few categories of savings accounts:
High interest savings accounts (HISA)
High interest savings accounts generally offer higher interest when compared to "regular" savings accounts. They’re typically offered by online banks which have less overhead costs so they’re able to pass those savings onto their customers. Often, they will have lower minimum deposits and fees.
Hybrid
Hybrid accounts earn interest on your balance and purchases made on the account’s prepaid card. No matter what you do, you'll come out ahead.
Tiered
Tiered savings accounts function similarly to traditional ones, but there are tiers based on how much money you have in the account. The more you save, the higher your interest rates you'll earn on your balance. You can also see tiers offered depending on how long you keep the money in your account.
When to use a savings account
A savings account is a specific type of bank account that people use when they want to store funds they don't need regular access to.
Here are a few examples of why people choose to set money aside in a savings account:
- Create an emergency fund
- Save for a down payment on a house, car, or other big purchase
- Plan and fund their retirement
- Prepare for upcoming home repairs or renovations
- Save for post-secondary education
- Save for travel and other experiences
- Increase their financial independence
Are savings accounts taxable in Canada?
Aside from TFSAs, account holders are typically required to pay income tax on the interest earned within a savings account. Your institution will send you a document that outlines the investment income you earned (called a T5 form), and you must include this information when filing your tax return.
As the name suggests, you don't have to pay taxes on interest earned within a tax free savings account. Your contributions aren't tax-deductible either.
Savings account fees and features to look out for
There are many bank fees and sneaky features that can cost you money if you're not careful. Keep an eye out for these in particular:
- Foreign transaction fees: This is a percentage charged when you convert currency, make an international transfer, or make a purchase in a foreign currency. Fees can be as high as 2.5%
- Membership fees: Usually charged by credit unions, a membership fee may be an annual fee or a one-time payment for new members. It may be as low as $5 or as high as $25.
- Transaction overage fees: You'll be charged a fee if you use more than the allotted transactions per month. This ranges from $1 to $5 per transaction.
- Low regular interest rate after promo: Promo rates can be as high as 4.5% and then drop to well below 1%.
- Minimum balance requirement: Especially if your account has tiered interest rates, not having the right balance can mean you miss out on significant interest. It's rare, but some savings accounts charge monthly fees for accounts under a certain balance (similar to chequing accounts).
- Dormancy penalties: Accounts are considered dormant after 12 or 24 months of inactivity, with fees ranging from $20 to $60. The account may be closed after 10 years of dormancy.
Alternatives to savings accounts
Here are a few alternatives to consider if you want to use or grow your money differently:
- Chequing account: For your spending money, lower interest rates but some perks
- Tax-free savings account (TFSA): For growing your money, tax-free
- Registered Retirement Savings Plan (RRSP): For growing your money, tax-deferred
- Registered Education Savings Plan (RESP): For growing your child's education fund
- First Home Savings Account (FHSA): For saving for your first home purchase
Who should consider a U.S. savings account?
Frequent U.S. travellers: People who visit the U.S. often may benefit from having a U.S. savings account to hold their currency and avoid frequent exchanges.
People with U.S. bills: If you have bills to pay in U.S. dollars, then a U.S. savings account could make sense for you. This may also be helpful if you get paid in U.S. dollars.
Diversify your currency holdings: If you want to mitigate the risks that come with holding all your investments in one currency, a U.S. savings account can help. It may also open up other investment opportunities.
FAQ
What is a high interest savings account in Canada?
A high interest savings account is one that offers an especially high interest rate, one that's higher than other savings accounts from the same institution. This rate applies to the entire balance, is calculated daily, and is paid monthly.
Are savings accounts free?
Yes, savings accounts are usually free in Canada, although hybrid accounts sometimes charge a monthly fee. You'll still be required to pay certain bank fees, such as transaction fees, ATM fees, Interac e-Transfer fees, etc., with a savings account.
Is a savings account better than a TFSA?
A TFSA is a type of savings account. Compared with regular savings accounts, TFSAs are tax-sheltered accounts, which means you don’t pay taxes on the savings in the account. However, they also have annual contribution limits, which a typical savings account doesn't have.
How old do you have to be to open a savings account?
This can vary by banking institution and individual account, but you usually have to reach the age of majority in your province/territory before you can open a savings account. Otherwise, a parent or guardian will have to help you.
Where can I find my savings account number?
You can find this number by logging into your online banking account, on a bank statement, or printed on the bottom of a personal cheque. You can also call or visit a bank branch and ask for this information.
Which bank is best for savings accounts in Canada?
With the most options and best rates, Scotiabank is the best big bank for savings accounts. Motive Financial is the best for a high-interest savings account, and EQ Bank has the best selection of savings accounts among online banks.
Check out more banking products
Here are some more top bank products available for Canadians.
GC: $100
Scotiabank Ultimate Package
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.GC: $75
BMO Premium Chequing Account
$75 GeniusCash + $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply.
EQ Bank Notice Savings Account
Earn up to 2.75% interest + Unlimited withdrawals with advanced notice.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
Latest Articles in Savings
Personal Finance
Compare the best children's savings accounts in Canada, including Tangerine, Scotiabank, and RBC. Find accounts with high interest, no fees,...
Personal Finance
A tiered savings account rewards you for saving money – the more you save, the more interest you earn. Find out how these accounts work and ...
Personal Finance
The Scotiabank MomentumPLUS Savings Account offers high, tiered interest rates, free transfers, and no monthly fees – it’s our favourite Big...
Personal Finance
Are you interested in exploring options outside of a traditional savings account? We’ve compiled a list of alternatives to savings accounts,...
Personal Finance
Explore the 7 main types of savings accounts and discover their unique benefits and drawbacks. Find the best account for your financial goal...
Personal Finance
A savings account is a banking product that offers a secure place to store your money and potentially earn interest in the meantime.
Personal Finance
The best online savings account in Canada is the Simplii High Interest Savings Account – but there are other top quality options to consider...
Personal Finance
If you're a BMO customer already, opening up a free BMO savings account can feel like the obvious thing to do. But is it? We take a look at ...
Personal Finance
The best high interest savings account in Canada is the KOHO Earn Interest account, though there are many other high-quality options availab...
Make Money
The best business savings account in Canada is the RBC Business Essentials Savings Account for its competitive interest rates and good debit...
Personal Finance
This writer chose to join the BC-based credit union Coast Capital Savings for its excellent banking products and social conscience. Read mor...
