Best savings account interest rates in Canada

Rates as of early 2026; subject to change and conditions like balance tiers or promos.​

1. High-Interest Savings Accounts (HISA)

High-Interest Savings Accounts offer elevated rates compared to traditional bank savings, often from online banks or credit unions. Providers like EQ Bank and Simplii Financial lead with rates up to 3.50-3.90% on promotional balances. These accounts suit short-term savers parking cash for 3-12 months, with no or low fees but potential rate drops after promo periods. Liquidity remains high, allowing easy transfers without penalties.​

2. Tax-Free Savings Accounts (TFSA)

TFSA savings accounts grow tax-free on interest, ideal for flexible, long-term goals like emergencies or vacations. Big Five banks offer modest 0.10-0.35% rates, while challengers like EQ Bank hit 1.50%. Eligibility requires Canadian residency and age 18+, with annual contribution limits around $7,000 in 2026. Withdrawals don't count against future room, making them versatile.​

3. Promotional or Bonus Rate Accounts

Promotional accounts boost rates temporarily, like Simplii's 3.90% for 153 days on new deposits. These target switchers from low-rate banks, often requiring direct deposits or minimum balances. Post-promo, rates fall to 1-2%, so they're best for lump sums with planned spending. Check fine print for eligibility, like existing customer exclusions.​​

4. Notice Savings Accounts

Notice accounts demand advance warning (30-90 days) for withdrawals, rewarding higher rates like 2.60% from WealthONE. They appeal to patient savers avoiding daily access temptations. Rates beat standard savings but lag top HISAs; provincial credit unions dominate. Not ideal for emergencies due to penalty risks on early access.​

5. Tiered or Balance-Based Accounts

Tiered accounts scale rates with balance, e.g., higher yields over $20,000 or $100,000. Saven Financial offers 2.85% base with tiers up to that, while Wealthsimple starts at 2.25%+ for premium users. Suited for high-net-worth individuals; lower balances get base rates around 1-2%. Automation like auto-transfers maximizes tiers.​

6. Credit Union Savings Accounts

Credit unions like FirstOntario or Saven Financial provide competitive 1.1-2.85% rates, often provincially insured beyond CDIC. Ontario residents access top tiers, but national options exist. Member-owned structure means personalized service, though online access varies. Rates adjust frequently with market shifts.​

Savings account rates in Canada have trended downward from 2023 peaks above 5%, now clustering at 1-3.5% amid Bank of Canada cuts. Online-only providers dominate high yields due to lower overhead, outpacing Big Five banks stuck at 0.1-0.35%. CDIC insures up to $100,000 per institution, so spread funds across providers like EQ, Simplii, and Wealthsimple for safety.

Choosing depends on goals: HISAs or promos for quick growth, TFSAs for tax perks. Compare via sites like highinterestsavings.ca for real-time charts. Factor liquidity, fees (rare but check), and minimums—many have none. Direct deposit bonuses or cashback add-ons sweeten deals, like $25 from Wealthsimple.​​

Big banks offer convenience via branches but lag rates; alternatives demand app-based banking. Track changes monthly, as November 2025 saw Saven rise to 2.85% while PC fell to 2.20%. Inflation at ~2% means real returns hover near zero on low-rate options—prioritize 2.5%+.

For Nairobi-based expats eyeing Canadian rates, note remote opening for most online banks requires SIN and address proof. Rates beat Kenyan fixed deposits currently, but forex and taxes apply on repatriation. Always verify latest via provider sites, as this reflects February 2026 data