Compare savings accounts
Compare interest rates, fees, and key features for a range of online and high-interest savings accounts in Canada.
By Yvonne Taylor | Verified by Andrew Boyd | Updated 21 Mar 2023
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Comparing savings accounts
On website
Neo Money™
Interest rate
2.25% p.a.
Monthly fee
$0.00
Min - Max balance
$0.00 - N/A
Highlights
- Earn one of the highest interest rates on savings in Canada (2.25%) — up to 225x more than traditional banks.
- No annual or monthly fees or minimum balances, with unlimited free transactions.
- Manage everything from the app, whenever and wherever you are.
Bank promo
Pros
Cons
EQ Bank Savings Plus Account
Interest rate
2.50% p.a.
Monthly fee
$0.00
Min - Max balance
$0.00 - $200,000.00
Highlights
- Earn 2.50% interest on your savings.
- No monthly or hidden fees and free transactions.
- Free Interac e-Transfers, Electronic Funds Transfers, and bill payments.
Pros
Cons
EQ Bank TFSA Savings Account
Interest rate
3.00% p.a.
Monthly fee
$0.00
Min - Max balance
$0.00 - $200,000.00
Highlights
- Earn 3% interest on your savings.
- No fee as long as you do not over-contribute to your TFSA account.
- Easy signup process.
Pros
Cons
Wealthsimple Cash
Interest rate
4.00% p.a.
Monthly fee
$0.00
Min - Max balance
$1.00 - N/A
Highlights
- Save and earn up to 4% interest annually.
- No monthly fees and no fees when you send or receive money.
- The Wealthsimple App has useful features like splitting the bill and sending money.
Pros
Cons
Tangerine Savings Account
Interest rate
1% p.a.
Monthly fee
$0.00
Min - Max balance
$0.00 - N/A
Highlights
- Sign up using promo code EARNMORE & open a Savings and Chequing Account – you could earn a 5% Savings rate and $400 cashback. Terms and Conditions apply.
- Grow your savings with a regular interest rate of 1%.
- No monthly fees.
Pros
Cons
Simplii Financial High Interest Savings Account
Interest rate
0.40% p.a.
Monthly fee
$0.00
Min - Max balance
$0.00 - N/A
Highlights
- Earn a special interest rate of 5.25% on your savings when you open an account on or before 30 April 2023. Terms and Conditions apply.
- Earn a regular interest rate of 0.40%.
- No monthly or transaction fees.
Pros
Cons
Scotiabank MomentumPLUS Savings Account
Interest rate
1.50% p.a.
Monthly fee
$0.00
Min - Max balance
$0.00 - N/A
Highlights
- Earn a savings rate of up to 5% interest for a limited time. Terms and Conditions apply.
- Earn a regular interest rate of 1.50%.
- No monthly account fees.
Pros
Cons
Scotiabank Savings Accelerator Account
Interest rate
1.50% p.a.
Monthly fee
$0.00
Min - Max balance
$0.00 - $249,999.00
Highlights
- Earn a regular interest rate of 1.50%.
- No monthly account fees.
- Enjoy unlimited self-service transfers.
Pros
Cons
Scotiabank Money Master Savings Account
Interest rate
0.01% p.a.
Monthly fee
$0.00
Min - Max balance
$0.00 - N/A
Highlights
- No monthly account fees.
- Grow your savings every time you use your debit card with Bank the Rest saving program
- Earn a regular interest rate of 0.01%.
Pros
Cons
Saven Financial High Interest Savings Account
Interest rate
3.75% p.a.
Monthly fee
$0.00
Min - Max balance
$0.00 - N/A
Highlights
- Earn a competitive regular interest rate of 3.75%.
- No fee when you transfer money.
- No minimum balance is required.
