Best Overall Savings Accounts for Canadians
Scotiabank MomentumPLUS Savings Account
Best High-Yield Savings Accounts for Canadians
Min. deposit
$0
EQ Bank Savings Plus
4.5/5
Monthly fee
$0
Bonus offer
Interest rate
4.00% (ongoing)
None
Account Details:
Why it's great:
Solid ongoing interest rate (no promo tricks)
100% digital, no fees
Free everyday banking features (bill pay, e-transfers)
Key Details:
APY: 4.00% ongoing
Minimum Deposit: $0
Monthly Fees: $0
Bonus Offer: None
Best For: People who want easy, no-fee online savings
Min. deposit
$0
Manulife Advantage Account
4.7/5
Monthly fee
$0
Bonus offer
Interest rate
Up to 4.70% (promo)
None
Account Details:
Why it's great:
Good interest if you already have a BMO chequing account
No monthly fees
Reliable and simple to manage
Key Details:
APY: Up to 4.80% promotional rate
Minimum Deposit: $0
Monthly Fees: $0
Bonus Offer: None currently
Best For: People who already bank with BMO
Min. deposit
$0
BMO Savings Amplifier
4.7/5
Monthly fee
$0
Bonus offer
Interest rate
Up to 4.80% (promo)
None
Account Details:
Why it's great:
Good interest if you already have a BMO chequing account
No monthly fees
Reliable and simple to manage
Key Details:
APY: Up to 4.80% promotional rate
Minimum Deposit: $0
Monthly Fees: $0
Bonus Offer: None currently
Best For: People who already bank with BMO
Min. deposit
$100
CIBC eAdvantage
4.9/5
Monthly fee
$0
Bonus offer
Interest rate
Up to 5.00% (promo)
High promo rate
Account Details:
Why it's great:
Strong promotional rate for new deposits
No monthly fees
Backed by a major Canadian bank
Key Details:
APY: Up to 5.00% (promo for new deposits)
Minimum Deposit: $100 recommended
Monthly Fees: $0
Bonus Offer: Promo interest only (not cash)
Best For: Easy savings option from a trusted big bank
Min. deposit
$0
Scotiabank MomentumPLUS
4.9/5
Monthly fee
$0
Bonus offer
Interest rate
Up to 5.00% (promo)
High promo rate
Account Details:
Why it's great:
Great short-term interest rate (up to 5.00%)
No monthly fees
Easy to open if you already bank with Scotiabank
Key Details:
APY: Up to 5.00% promotional rate (90-day term)
Minimum Deposit: $0
Monthly Fees: $0
Bonus Offer: High promotional interest only (no cash bonus)
Best For: People who want to grow savings quickly in the short term
Scotiabank MomentumPLUS Savings Account stands out as the best overall high-yield savings account in Canada for its competitive interest rates, flexible savings options, and bonus rate structure that rewards longer saving periods—all with no monthly account fees.
Rating: ★★★★★ (4.8/5)
Monthly Fee: $0
Interest Rate:
-
Up to 5.00% promotional interest (for 5 months, as of current promo)
-
Base rate: 1.30%
-
Premium period bonus: Up to 1.25% extra when you leave your money untouched for 90–360 days
-
Total potential rate: Up to 5.00% (promo + premium + base)
Best For: Canadians looking to earn more interest while keeping their savings accessible, without locking into a GIC or committing to a long-term investment