Best Online Savings Accounts for Canadians
Wealthsimple TFSA
Wealthsimple TFSA stands out as the best registered high-yield savings account in Canada for its tax-free growth potential, high interest on idle cash, and seamless integration with automated investing—all with no monthly fees or minimum balance requirements. It’s ideal for Canadians who want their savings to grow faster while remaining accessible and fully protected within a TFSA structure.
Rating: ★★★★★ (4.8/5)
Monthly Fee: $0
Interest Rate:
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Base rate: ~4.00–4.50% on cash (varies slightly by market conditions)
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Tax-free status: All interest earned is completely tax-free
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No minimum balance required: Start with as little as $1
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Automated features: Auto-deposit and smart rebalancing available
Best For: Canadians looking for a hands-off, tax-free way to grow short- and long-term savings with better-than-bank interest rates
Best Online Savings Accounts for Canadians
Best for: Everyday Flexibility
Tangerine Savings Account
Min. Deposit
None
Monthly Fee
$0
Bonus Offer
Interest rate
4.50%
$200
Account Details:
Why it's great:
Strong promotional rate for new deposits
No monthly fees
Backed by a major Canadian bank
Key Details:
APY: ~1.00–1.25%
Minimum Deposit: None required
Monthly Fees: $0
Bonus Offer: $200 cash bonus (conditions apply)
Best For: Everyday flexibility
Best for: Cashback Savers
KOHO High Interest Savings Account
Min. Deposit
None
Monthly Fee
$0 - $14.75
Bonus Offer
Interest rate
4.00%
Up to 5% cashback
Account Details:
Why it's great:
Hybrid account with spending and saving
No-fee option with great interest
Cashback rewards on everyday purchases
Key Details:
APY: Up to 5.00% with direct deposit
Minimum Deposit: None
Monthly Fees: $0 (Free) / $9 (Extra)
Bonus Offer: Up to 5% cashback with KOHO Extra
Best For: Cashback savers
Best for: High Interest
EQ Bank Personal Account
Min. Deposit
None
Monthly Fee
$0
Bonus Offer
Interest rate
3.50%
N/A
Account Details:
Why it's great:
High everyday interest rate
Free Interac e-Transfers and bill payments
No fees or minimums
Key Details:
APY: ~2.50–4.00%
Minimum Deposit: None
Monthly Fees: $0
Bonus Offer: None
Best For: High interest
Best for: Tax-Free Growth
Wealthsimple Registered Savings Account (TSFA)
Min. Deposit
None
Monthly Fee
$0
Bonus Offer
Interest rate
4.50%
N/A
Account Details:
Why it's great:
Tax-free interest and growth
Easy to automate savings
Great for long-term investing
Key Details:
APY: ~4.00–4.50% (cash component)
Minimum Deposit: $1
Monthly Fees: $0
Bonus Offer: $25 bonus on $500+ deposit
Best For: Tax-free growth