KOHO Earn Interest

Assuming you’re in Canada, my shortlist would be:

Best savings accounts Canadians actually use

My actual recommendation

If you want a simple, practical setup:

1. Use Wealthsimple Save if you want the best all-around modern app and a strong everyday rate.
2. Use EQ Bank if you want a bank-like savings hub for emergency funds and online banking.
3. Use Oaken — or Saven if you’re in Ontario — if the main goal is squeezing out the best ongoing HISA rate.
4. Keep Tangerine or Simplii open only if you’re willing to move money around for 4–5 month promo rates.

Quick safety note

For true bank deposits, CDIC generally protects eligible deposits up to $100,000 per insured category, per member institution. Fintechs may use trust arrangements or CIPF/partner-bank structures, so check the specific protection wording before keeping large balances there. (cdic.ca)

Here's a rundown of the most popular and highly-rated savings accounts/products Canadians are actually using right now:

🏆 Top picks overall

EQ Bank Personal Account — Consistently the most recommended option. It has consistently offered one of the most competitive everyday interest rates on the market, and includes no monthly fees, no minimum balance requirements, free transfers, and CDIC insurance protection. It's popular because it works as a hybrid chequing/savings account, so you're not sacrificing convenience for rate.

Wealthsimple Cash — Very popular, especially with people already using Wealthsimple for investing. It's a hybrid chequing and savings account, and unlike many of the big banks, this institution offers a regular high interest rate, plus it gives you unlimited transactions with zero fees. You can also make no-fee bill payments and Interac e-Transfer transactions, use your Wealthsimple card anywhere Mastercard is accepted, and earn 1% cash back. A current promo: Earn 4.50% for 5 months, an offer that ends November 30, 2026. It's also nicely integrated — for Canadians already investing on Wealthsimple, it offers unmatched integration, letting you move cash instantly from savings to TFSA or RRSP without waiting for transfers.

KOHO — A favourite for people who want cash back + interest in one card/account. With a KOHO account, you can earn up to a 3.50% interest rate on every dollar and up to 5% cash back on purchases, and the interest rate is non-promotional with no end date. Like EQ Bank, it works as a hybrid bank account with unlimited free Interac e-Transfers, bill payments, free credit score checks, a budgeting app, and 0% APR cash advances of up to $250.

Simplii Financial — Owned by CIBC, popular for its no-fee everyday chequing PLUS aggressive savings promos. Current offer: Simplii Financial High Interest Savings Account offers 4.60% for five months, then a base rate of 0.30% after that, available to new clients or existing clients within their first 60 days, with the offer ending October 31, 2026.

Other solid mentions

• Oaken Financial (backed by Home Trust) — frequently listed among the top-rate GIC/HISA providers.
• Manulife Bank TFSA/HISA — noted as a strong option when it comes to mirroring rate increases in your savings.
• Big banks (RBC, TD, Scotiabank, etc.) — generally not competitive on base rates but occasionally run decent short-term promo rates if you want everything under one roof.

A few practical notes for choosing

• Whether a GIC is better than a HISA depends on your need for access to funds — GICs typically offer higher guaranteed rates but lock your money in for a fixed term, while a HISA provides full liquidity so you can access funds any time while still earning interest.
• Before choosing, check the small print: restrictions on transactions per month, lock-in periods, fees on withdrawals/transfers, whether transactions are free, and whether the advertised rate is promotional or ongoing.
• Many "top" rates you'll see (4.5–4.6%) are welcome/promo rates for 3–5 months, after which they drop to a much lower base rate (often under 1%) — so if you're chasing the promo, be ready to switch banks or accounts once it expires.
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Some of the top savings accounts in Canada combine high interest rates, low or no fees, and convenient features, with EQ Bank Personal Account, KOHO Earn Interest, and Scotiabank MomentumPLUS among the most popular choices.

Top Recommended Accounts

1. EQ Bank Personal Account

Interest Rate: Up to 2.75% (boosted with monthly direct deposits) Fees: $0 for everyday banking Features: Free Interac e-Transfers, online bill payments, prepaid Mastercard with 0.5% cash back, and international money transfers with low fees Why it stands out: Offers an excellent combination of high interest, zero fees, and hybrid savings and spending functionality, making it one of the most versatile accounts in Canada.

2. KOHO Earn Interest

Interest Rate: Up to 3.5% depending on the subscription level Fees: None for the high-interest account Features: Integrates with KOHO prepaid Mastercard for both spending and savings, allows earning cash back on purchases Why it stands out: This hybrid account functions as both a spending and savings tool, while offering an attractive interest rate for regular savers.

3. Scotiabank MomentumPLUS Savings Account

Interest Rate: Up to 4.75% promotional rate for the first three months, then 0.85% ongoing Fees: No monthly fees Features: Encourages disciplined saving through a premium offer period Why it stands out: One of the best promotional accounts from a major Canadian bank, ideal for savers seeking high short-term returns.

4. BMO Savings Amplifier Account

Interest Rate: 0.7% base + promotional bonus up to 5% for initial period Fees: Low or no fees with qualifying steps Why it stands out: Good for beginners or conservative savers seeking a bank-backed account with a simple bonus structure.

5. Tangerine Children’s Savings Account

Interest Rate: 0.4% Fees: None Features: Designed for minors with separate login and automatic savings plans Why it stands out: Helps children build savings habits and learn financial responsibility.

6. Alterna High Interest eSavings Account

Interest Rate: 1.15% Fees: $0 for unlimited transactions Features: Easily accessible emergency fund account, unlimited Interac e-Transfers, bill payments, and debits Why it stands out: Offers convenient, tax-free high-interest saving through a credit union option.

7. EQ Bank US Dollar Account

Interest Rate: 2.5% Fees: No monthly fees for maintaining a U.S. dollar account Features: Useful for Canadians who hold or transfer US funds, integrated with low-fee international transactions Why it stands out: Efficient for those managing U.S. dollars, especially with global transactions.

Key Tips for Choosing a Savings Account in Canada

Prioritize interest rate: Higher APY means your savings grow faster. Watch fees and minimums: Prefer accounts with low or no monthly fees and minimal balance requirements. Consider convenience: Look for accounts that integrate easily with your chequing account for transfers, bill payments, and e-Transfers. Check for CDIC insurance: Ensure your money is protected up to $100,000 per insured category.

For high yields, online banks like EQ Bank or KOHO are often superior to brick-and-mortar banks. For major bank reliability, Scotiabank and BMO provide strong promotional options. Choosing the right account depends on whether you value flexibility, higher ongoing interest, or short-term promotional rates Forbes+2.