Saven Financial

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)

The top savings accounts in Canada right now (as of late 2026) combine competitive rates, no/low fees, easy access, and CDIC (or equivalent) insurance. People commonly use digital banks and fintech options like EQ Bank, Neo, Tangerine, and Simplii for their strong rates and user-friendly apps, often alongside or instead of Big 5 banks.

Rates fluctuate frequently, with many institutions running temporary promotional offers (often 4.5–4.6% for new clients over 3–5 months) that drop sharply afterward. For long-term holding, focus on sustainable “ongoing” rates around 2.5–2.85%. Always verify the latest rates directly on the provider’s site before opening an account, as they can change quickly.

Top Recommendations People Actually Use

Here are the standout options based on recent comparisons, user discussions (e.g., Reddit’s r/PersonalFinanceCanada), and expert roundups:

• EQ Bank Personal Account (or Joint Account): Often rated as the best overall for most Canadians. It offers up to 2.75% (with qualifying recurring direct deposits of at least $2,000/month; base rate is typically 1.00%). No monthly fees, no minimum balance, CDIC-insured, and it functions as a full chequing/savings hybrid with free e-transfers and bill payments. It’s praised for reliability, competitive ongoing rates, and versatility—many keep their emergency fund or main savings here long-term. Forbes frequently highlights it highly.

• Neo Savings Account: A strong fintech contender with up to 2.75% (tiered by balance or membership level). No fees or minimums, CDIC via partner bank, and integrated with rewards/credit card features. Popular for everyday banking and savings goals tracking; users like the app experience and competitive non-promo rates.

• Tangerine Savings Account (Scotiabank-backed): Frequently used for its promotional rates (e.g., 4.50% for the first 5 months on new clients, then drops to ~0.30%). No fees, easy app, and CDIC-insured. Great for short-term boosts or if you already bank with Scotiabank; many Canadians open it specifically for promos and then transfer funds elsewhere.

• Simplii Financial High Interest Savings Account (CIBC-backed): Similar to Tangerine—4.60% promo for 5 months (new clients or early existing ones, limits apply), then ~0.30%. No fees, unlimited transactions/e-transfers in some cases, and widely used for its simplicity and Big 5 backing. Popular for promo-chasing.

• Other strong ongoing options:

  • Oaken Financial Savings Account: Around 2.80% ongoing, no fees/minimums, CDIC via Home Bank. Solid flat rate without promos.
  • Saven Financial High Interest Savings: Often 2.85% (Ontario-focused credit union with strong deposit insurance). Good for higher sustained rates.
  • Wealthsimple Cash Account: Up to 2.25%, seamless if you invest with them, CIPF-protected. Convenient for integrated users.

Quick Tips for Canadians

• Promo vs. ongoing: Use Tangerine or Simplii promos for short-term parking of cash, then move to EQ Bank or Neo for better long-term yields. Many people rotate between promos.
• Tax efficiency: Hold savings in a TFSA version of these accounts where possible to keep interest tax-free (contribution room applies).
• Access and insurance: Most are CDIC-insured up to $100,000 per depositor, per insured category, per institution. Credit unions may have provincial guarantees. EQ and Neo are noted for good liquidity.
• Big 5 banks: Traditional options like RBC, TD, or Scotiabank usually pay far less (often under 1%) unless you qualify for specific premium accounts—most savers prefer the digital alternatives above.
• Other factors: Consider your province (e.g., some products limited in Quebec), need for joint accounts, or integration with investing/chequing. All top picks above have strong app reviews and no hidden fees.

Rates as of mid-to-late 2026 comparisons; they can shift with Bank of Canada policy. Shop around on sites like Ratehub or directly with providers, and consider your full banking needs (e.g., EQ or Neo pair well as a primary digital bank). If you have a specific balance, time horizon, or province, I can refine this further!

For everyday savings in Canada, the EQ Bank Personal Account is widely regarded by personal finance experts as the best overall choice due to its consistent 2.75% interest rate (unlocked with a qualifying $2,000 monthly direct deposit), zero monthly fees, and functional hybrid features. If you prefer chasing short-term yields, Simplii Financial and Tangerine Bank lead the market with high introductory promotional rates reaching up to 4.60%.

📈 Top Everyday Accounts (No "Promo" Clocks)

These accounts are best if you want a consistently high interest rate without having to move your money around when a teaser rate expires.

EQ Bank Personal Account: Offers up to 2.75% interest if you direct deposit at least $2,000/month (otherwise a 1.00% base rate). It functions like a hybrid checking/savings account with free Interac e-Transfers, no minimum balance, and full Canada Deposit Insurance Corporation (CDIC) protection. Oaken Financial Savings Account: Provides a steady 2.80% to 3.00% ongoing interest rate with no monthly fees or minimum balances. Notably, Oaken Financial is one of the few digital-first options completely accessible to residents of Quebec. Saven Financial HISA: Offers a top-tier non-promotional rate of 2.85% to 3.15%. It is backed by an Ontario credit union and insured via the Financial Services Regulatory Authority (FSRA) rather than the CDIC.

🌟 Top Promotional & Digital Accounts

If you don't mind shifting your money every few months to capture maximum yield, these digital divisions of major Canadian institutions provide excellent introductory perks.

Simplii Financial High Interest Savings Account: New clients can earn a promotional 4.60% interest rate for the first 5 months on eligible deposits. After the promo period ends, the rate drops back down to a standard base of 0.40%–1.00% depending on your balance. Tangerine Savings Account: Owned by Scotiabank, Tangerine offers a new-customer promotional rate of 4.50% for the first 5 months. It features an exceptional mobile app, no monthly fees, and fee-free access to Scotiabank’s nationwide ATM network. Wealthsimple Cash: This financial platform provides a highly popular alternative to traditional savings, offering anywhere from 2% to 2.75% base interest (or higher depending on your total net worth tier across the platform) with zero fees and automated investment integrations.

⚠️ A Note on the "Big Five" Traditional Banks

While Canada’s legacy brick-and-mortar financial institutions—such as RBC, TD Canada Trust, and BMO—offer maximum physical convenience, their standard everyday savings rates are typically very low (often under 0.50%) unless you catch a specific 3-month promotional window. If you choose to keep your primary savings with them, look out for temporary sign-up offers that can mimic online bank yields for brief intervals.

To help narrow down the best choice for your money, let me know:

Are you looking to open a registered account like a TFSA or FHSA, or a standard non-registered account? Do you want a steady long-term rate, or are you willing to hop between promotional offers? Do you live in Quebec (which changes your digital banking options)?