This page compares selected high-interest savings account rates in Canada. A savings account is generally better for emergency funds and short-term goals because you can access the money, while a GIC usually locks in the deposit for a fixed term.
Snapshot checked August 25, 2026: rates are annual advertised rates and may have different effective dates. Promotional, tiered, and qualifying rates are labelled. Financial institutions can change rates without notice, so confirm the rate, eligibility, fees, minimum balance, withdrawal rules, and deposit insurance before opening an account.
Selected competitive savings rates
| Institution | Account or condition | Advertised rate | Important details |
|---|---|---|---|
| Oaken Financial | Savings Account | 2.80% | No minimum balance; variable rate. Oaken lists the rate as effective July 20, 2026. |
| Neo Financial | Neo Savings | 2.00%–2.75% | Tiered by combined balance; the highest rate applies above the qualifying balance threshold. |
| EQ Bank | Personal Account | Up to 2.75% | 1.00% base rate plus a qualifying direct-deposit bonus. EQ also lists a 30-day notice account at 2.75%. |
| Tangerine | New-client savings promotion | 4.50% for 5 months | Promotional rate; the posted savings rate after the offer is currently listed separately. Check eligibility and expiry conditions. |
| Haventree Bank | Everyday savings comparison snapshot | 2.50% | Confirm account availability, minimums, and current terms with the institution. |
| Manulife Bank | Investment Savings Account | 1.65% | Variable rate; interest is calculated daily and paid monthly. Advisor-supported product. |
| Wealthsimple | Cash account client tiers | 1.25%–2.25% | Rate depends on client tier; review eligibility and account terms. |
| DUCA Credit Union | Savings account comparison snapshot | 2.00% | Credit-union membership and provincial deposit-insurance rules may apply. |
Major-bank reference rates
Large-bank posted rates are often lower than promotional or online-bank rates. The following comparison snapshot was advertised around August 19, 2026; use the lender links to verify the live rate and account conditions.
| Institution | Selected savings rate | Official rate page |
|---|---|---|
| BMO | 0.45% | Check BMO rates |
| CIBC | 0.30% | Check CIBC rates |
| RBC Royal Bank | 0.55% | Check RBC rates |
| Scotiabank | 0.40% | Check Scotiabank rates |
| TD Canada Trust | 0.01% | Check TD rates |
How to choose a savings account
- Compare the ongoing rate, not only a short promotional rate.
- Check whether the rate depends on a minimum balance, direct deposit, paid plan, or membership.
- Confirm how interest is calculated and paid, and whether withdrawals are limited.
- Check whether the institution is a CDIC member or covered by a provincial deposit insurer, and review the applicable coverage limits.
- Use the Canadian savings calculator to compare what different rates and monthly contributions could produce.
Savings accounts vs. GICs
A high-interest savings account offers flexibility and a variable rate. A GIC can offer a fixed rate, but the money is usually locked in until maturity. Compare current GIC rates in Canada if you do not need access to the funds during the term.