Best high-interest savings accounts in Canada (2026): rates that last

The best high-interest savings account in Canada in 2026 depends on one thing: whether you want the highest rate today or the best rate you can keep. The headline numbers, 4.50% to 5.00% at Tangerine and Simplii, are promotions that expire in about five months. For a strong rate that doesn’t reset, EQ Bank pays 2.75% if you route a paycheque through it, and Wealthsimple pays 2.5% whether you do or not. This roundup ranks the real options by job, not by whoever shouts the biggest number. The table above lines them up on rate, fees and CDIC status. Below is how each account actually works, who it suits, and where the catch is. At the end you’ll find Lodavo, the free app we make, which isn’t a savings account at all: it rewards your saving with a weekly cash draw, so you keep the best rate here and get a chance at a prize on top.

How we ranked these high-interest savings accounts

One disclosure before the list: Lodavo publishes this site, and Lodavo isn’t a savings account, so it isn’t ranked among them. The accounts below are ranked on their published rates, fees and CDIC status, with each provider’s own rate page linked so you can check the numbers yourself.

We ranked on the things that decide how much your money earns and how well it’s protected: the ongoing rate, any promotional rate and how long it lasts, monthly fees, and whether the account is CDIC-protected. That sorts the field into three groups.

• Best ongoing rate, no promo clock: EQ Bank, Wealthsimple and Neo Financial. A rate you keep, with nothing ticking down. EQ Bank wants a direct deposit for its best number; Wealthsimple pays 2.5% whatever you do.
• Highest promotional rate: Simplii Financial and Tangerine. The biggest headline numbers, for new money, for about five months.
• A rate bundled with more: KOHO, which puts spending, saving and credit building in one app.

The gap between a 4.60% promo and an ongoing 2.5% is worth less than it looks, because the promo only runs five months and the ongoing rate doesn’t stop. You can do the math on your own balance with our high-interest savings calculator.

Lodavo is on this page too, further down: it isn’t an account and pays no interest, but it’s free and it adds a weekly cash draw on top of most of the accounts above.

For context on why the everyday numbers sit where they do: the Bank of Canada has kept its policy rate at 2.25% since October 2025, most recently on September 2, 2026 (opens in a new tab). Savings rates follow that number, so an ongoing 2.5% to 2.75% is genuinely competitive, and anything above 4% is a temporary promo built to win your deposit.

Best no-fee high-interest savings account: EQ Bank

For the highest rate you can keep, EQ Bank is the pick, as long as you’ll meet its one condition. Its Personal Account pays 1.00% base, rising to 2.75% (opens in a new tab) when you set up qualifying recurring direct deposits of at least $2,000 a month, on rates in effect September 16, 2026. There are no monthly fees and no minimum balance, and its 30-day Notice Savings Account pays 2.75% if you can give notice before withdrawing. EQ Bank is the digital arm of Equitable Bank and a CDIC member, so eligible deposits are protected to $100,000 per category. It’s best for someone who wants a dependable, fee-free rate without watching a promo clock. The catch: the headline rate needs that direct deposit, so if you won’t route a paycheque through it, you’ll earn the 1.00% base. See how it lines up against prize-linked savings in Lodavo vs EQ Bank.

Best promotional rate on a savings account: Simplii Financial

If you want the single highest rate available today and you’re a new client, Simplii Financial leads. Its High Interest Savings Account is running a 4.60% promotional rate (opens in a new tab) for 153 days (about five months) on balances up to $200,000, for people who haven’t held a Simplii product before. The clock starts when you open the account, and Simplii opens a new round a few times a year. Simplii is the no-fee digital division of CIBC, a CDIC member, and it frequently pairs the savings promo with a cash bonus for opening a no-fee chequing account. After the promo, the rate drops to a low base under 1%, so this rewards people who’ll move money again when the clock runs out. Set a reminder for the end date. One thing to know: Simplii isn’t available to residents of Quebec.

Best promo if you also want a registered (TFSA or RRSP) rate: Tangerine

Tangerine runs a similar promo and adds a registered option that Simplii’s offer doesn’t. New clients can get 4.50% on a non-registered Savings Account (opens in a new tab) and 5.00% on a registered one (opens in a new tab) (TFSA, RRSP or RIF), each for 153 days on balances up to $1,000,000, as of September 2026. Tangerine is a Scotiabank subsidiary and a CDIC member, so eligible deposits are protected. The same catch applies: once the five months are up, the rate falls to a low base around 0.30%, so it suits someone who’ll actually move money on schedule. Its much higher promo cap also makes it the better fit for a large one-time deposit. For other no-fee options, see our roundup of Tangerine alternatives in Canada.

Best everyday tiered rate plus rewards: Neo Financial

For a no-fee rate that climbs with your balance and comes with a rewards ecosystem, Neo Financial is the pick. Its Neo Savings account is tiered (opens in a new tab): 2.00% on the first few thousand dollars, rising to 2.75% on balances over $20,000, as of June 2026, with no fees or minimums. (Note its separate, older High-Interest Savings product pays just 1.25%, so use Neo Savings for the rate.) Neo isn’t a bank; Neo Savings balances are CDIC-eligible because they’re held in trust at member institutions. It’s best for someone who wants a competitive everyday rate alongside cash-back cards and a rewards marketplace in one app. It’s less of a fit if you’d rather keep things simple with a name you already know. More on how it stacks up in Lodavo vs Neo Financial.

Best rate with no conditions attached: Wealthsimple

If you don’t want to route a paycheque anywhere or pay for a plan, Wealthsimple pays the best rate here. Its Savings account pays 2.5% (opens in a new tab) with no tiers, no balance minimum, no promo clock and no fee, as of September 2026. It’s the only rate above 2% on this page you can get without meeting a condition first. The catch is the protection. Savings is a non-registered investment account, so your cash is covered by CIPF up to $1,000,000 instead of by CDIC. CIPF covers you if the firm holding your money goes under; CDIC covers you if a bank does. That’s the trade for a rate with nothing attached.

Its separate no-fee Chequing account (opens in a new tab) (renamed from Cash in 2025) pays 1.25% for Core clients, 1.75% at Premium ($100,000 in assets) and 2.25% at Generation ($500,000), plus 0.5% on Core and Premium with a $2,000 monthly direct deposit. Chequing is CDIC-eligible through partner banks. Wealthsimple also runs a Monthly Millionaire draw, the one other prize element on this page. Entries come from net deposits: the money you move into Wealthsimple, minus what you take back out. The difference from Lodavo: Wealthsimple’s draw rewards you for moving money in, while Lodavo counts what you save at the bank where it already is. We break down both draws in Lodavo vs Wealthsimple.

Best spend-and-save app with a rate: KOHO

KOHO isn’t a traditional savings account, but it pays interest on your whole balance and people often compare it to one. It runs on a reloadable prepaid Mastercard, with an Essential plan that pays 2% (opens in a new tab), free with direct deposit or $1,000 a month in deposits, and paid plans that lift the rate to 2.5% and 3.5% and add cash back and credit building. Extra and Everything cost $18 and $22 a month, or $12 and $14.75 a month if you pay for the year up front, which is the price KOHO’s own rate page shows, as of September 2026. KOHO isn’t a bank; its eligible balances are held in trust at CDIC-member banks. It’s best for someone who wants budgeting, a card and a savings rate in one app, and will use the perks to justify the fee. If all you want is raw interest on cash, a no-fee account at 2.5% beats paying $22 a month for 3.5% on any balance under about $26,000. We compare them in Lodavo vs KOHO and list more options in KOHO alternatives in Canada.

A weekly cash draw on top of your rate

You can use Lodavo for free with every account here except KOHO and Neo, which can’t be connected yet. Every $25 sitting in your account earns you a free ticket in a weekly cash draw, so the same balance earning 2.75% at EQ Bank, or 4.50% on a Tangerine promo, is also in the running for up to $10,000. At least $100 goes to a user every week.

You keep your full interest either way, and the tickets cost nothing. Lodavo works with over 99% of Canadian deposit accounts, so there’s no money to move and no choice to make between the two. Past results are on the winning numbers page, and how each draw is verified is on the provably fair page.

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.

How to choose a high-interest savings account

Start with how you’ll actually use the account, then take the row that sounds like you.

There’s no single best account, and nothing stops you from holding more than one: a steady account for your core savings and a promo for new money is a common, sensible setup. If you do open a promo, put the end date in your calendar.

Whatever bank or credit union you choose for the rate, you can add Lodavo free on top. It rewards that saving with a chance to win cash every week, and you keep every point of your rate. For the wider picture, see our roundup of the best savings apps in Canada, our guide to prize-linked savings in Canada, or the question of whether prize-linked savings counts as gambling.