In the article, I will present to you the High-Yield Savings Accounts in Canada to assist you in picking the right institution that offers high risk and high return savings accounts.
No matter the preference for a digital bank, a credit union, or a traditional bank, these accounts come with competitive rates, low fees and easy access to the savings.
Key Points & Best High Yield Savings Accounts in Canada (2025) List
| Account Name | Key Point |
|---|---|
| EQ Bank Personal Account | Offers high interest with no monthly fees or minimum balance. |
| EQ Bank Notice Savings Account | Higher interest rate in exchange for 30-day withdrawal notice. |
| LBC Digital High-Interest Savings Account | Competitive rates with no monthly fees or minimum deposit. |
| Maxa Financial High-Interest Savings | Consistently high rates, available across Canada. |
| Motive Savvy Savings Account | High interest plus 2 free withdrawals per month. |
| Neo High-Interest Savings Account | High yield, integrated with Neo card for daily rewards. |
| Saven Financial High-Interest Savings Account | Ontario-only access with strong interest and credit union security. |
| Scotiabank MomentumPlus Savings Account | Bonus interest for no-withdrawal periods up to 360 days. |
| Simplii Financial High-Interest Savings Account | High interest and easy integration with Simplii chequing. |
| Tangerine Savings Account | Promotional interest rates for new clients, plus full mobile support. |
| Wealthsimple Cash | Combines savings with spending, offers cashback and FDIC-style protection. |
| KOHO Save Account | Cashback on spending plus interest on every dollar saved. |
| Manulife Advantage Account | Tiered interest, includes chequing features and overdraft protection. |
| Canadian Tire High-Interest Savings Account | High rate and convenient transfers for Triangle members. |
| TD High-Interest Savings Account | Trusted bank option, low fees but lower rates than fintech rivals. |
| CIBC eAdvantage Savings Account | Bonus interest when you deposit $200+ each month. |
| BMO Smart Saver Account | Offers bonus rates but requires linking with other BMO accounts. |
17 Best High Yield Savings Accounts in Canada (2025)
1.EQ Bank Personal Account
The EQ Bank Personal Account is appealing because it combines high interest rates and daily banking seamlessly and offers competitive interest rates not usually available for promotional or special accounts.
Deposits are eligible for CDIC protection through EQ Bank’s parent company Equitable Bank. EQ Bank has user-friendly mobile and web apps and no monthly fees.
The account has no monthly fees and unlimited Interac e-Transfers®, bill payments, and other electronic services to make banking easier.
Withdrawals are easy and don’t hamper saving, meaning it doubles as a savings and spending account, eliminating the need for a chequing account.
| Feature | Description |
|---|---|
| Interest Rate | Competitive high interest, non-promotional |
| Fees | No monthly fees |
| Minimum Balance | No minimum balance requirement |
| Access | Unlimited Interac e-Transfers and bill payments |
| Deposit Insurance | CDIC insured |
| Digital Experience | Mobile & web apps with easy navigation |
| Account Type | Combined savings & spending account |
2.EQ Bank Notice Savings Account
As a planning saver, the EQ Bank Notice Savings Account is a perfect fit for your needs. Unlike the personal account, this one rewards a higher interest payout but requires a withdrawal notice 30 days in advance.
This form is long term saving but won’t lock away funds forever. There are no monthly fees or minimum balance requirements.
The account is great for Canadians looking to increase their interest earnings on savings while having flexible access to funds with some advanced notice.
Like all other products from EQ Bank, the deposits are insured by CDIC. It’s the utmost product for novices trying to reap the benefits that come with saving.
| Feature | Description |
|---|---|
| Interest Rate | Higher than personal account with 30-day notice |
| Withdrawal Notice | 30 days withdrawal notice required |
| Fees | No monthly fees |
| Minimum Balance | No minimum balance |
| Deposit Insurance | CDIC insured |
| Access | No immediate withdrawals without notice |
| Ideal For | Long-term savers with planned withdrawals |
3.LBC Digital High-Interest Savings Account
The savings account offered by Laurentian Bank, LBC Digital High-Interest Savings Account, has a strong non-promotional interest rate and does not charge any monthly fees or require a minimum deposit. It allows unlimited free inter-LBC Digital account transfers and provides a streamlined digital banking interface.
The account has CDIC deposit insurance, meaning the savings are protected. While lacking some features such as bill payment services and debit cards, the account is great for individuals focused on savings.
Its mobile application is intuitive, and customer service can be reached both online and via phone. Canadians looking for a traditional bank to set up a digital account with a simple and high-rate earning platform will find LBC Digital most appealing.
| Feature | Description |
|---|---|
| Interest Rate | Competitive non-promotional |
| Fees | No monthly fees |
| Minimum Balance | No minimum deposit |
| Access | Unlimited free transfers between LBC Digital accounts |
| Deposit Insurance | CDIC insured |
| Digital Experience | User-friendly app and website |
| Ideal For | Simple savings without additional banking features |
4.Maxa Financial High-Interest Savings
Maxa, a brand of Westoba Credit Union, is known for having some of the highest earning interest savings accounts in Canada. There are no monthly account charges or minimum balances with this account.
Though based in Manitoba, Maxa is available to Canadians from coast to coast. Deposits are covered by the provincial credit union deposit insurance, which is similar to CDIC protection.
Maxa does not have a mobile app with full featured capabilities and its website interface is somewhat outdated, but the credit union’s attention to the rate offered to depositors makes up for this.
This institution is ideal for those who want to maximize savings with little effort, and do not mind a less polished digital experience.
| Feature | Description |
|---|---|
| Interest Rate | One of the highest rates in Canada |
| Fees | No monthly fees |
| Minimum Balance | No minimum balance |
| Deposit Insurance | Provincial credit union deposit insurance |
| Digital Experience | Basic website, limited mobile app |
| Accessibility | Nationwide access |
| Ideal For | Savers prioritizing high interest over digital features |
5.Motive Savvy Savings Account
Offered by Canadian Western Bank, the Motive Savvy Savings Account comes with a high interest rate and two withdrawals for free each month. Additional withdrawals have a minor fee attached, which helps encourage spending less.
There are no monthly fees or minimum balance requirements, while supporting e-Transfers and internal transfers.
The online bank model allows them to offer greater interest than traditional banks due to lower costs. Funds are supported by CDIC. This account is ideal for disciplined savers who want great returns and don’t rely on having access to their money too often. Companion chequing products are also offered by Motive.
| Feature | Description |
|---|---|
| Interest Rate | High interest rate |
| Withdrawal Limits | 2 free withdrawals per month, fees after |
| Fees | No monthly fees |
| Minimum Balance | No minimum balance |
| Deposit Insurance | CDIC insured |
| Digital Experience | Online-only banking |
| Ideal For | Disciplined savers with infrequent withdrawals |
6.Neo High-Interest Savings Account
At Neo Financial, the High-Interest Savings Account is a product of savings that offers the best interest rate with advanced fintech features. No fees are charged in a monthly basis neither is there a minimum balance. It is linked to Neo’s spending card, which allows users to earn cashback and interest at the same time.
The funds are held in Concentra Bank, and insured by CDIC. Using Neo’s modern app, customers get smooth interaction withs their funds in real time as well as spend alerts and self evaluation features with amazing eye-catching designs.
It has no payment features like mobile payment check deposits or traditional banking features check depositing, but Neo is strking for tech friendly savers that look for easy to use, mobile saving accounts that also pay good interest rates.
| Feature | Description |
|---|---|
| Interest Rate | Strong competitive rate |
| Fees | No monthly fees |
| Minimum Balance | No minimum balance |
| Deposit Insurance | CDIC insured |
| Access | Linked with Neo spending card for cashback |
| Digital Experience | Sleek fintech app with real-time insights |
| Ideal For | Digital-first savers who want cashback + interest |
7.Saven Financial High-Interest Savings Account
Saven is a digital banking brand from FirstOntario which is a credit union based in Ontario. It provides a high interest rate, no monthly service fee, and a completely fees free account with no minimum balance. Saven is tailored towards pure savers.
There is no debit card issued, payment of bills is not supported, and account transfers are done only through external linked accounts.
Deposit insurance from Financial Services Regulatory Authority of Ontario (FSRA) is available, which provides coverage similar to CDIC.
Designed with a straightforward and robust interface, Saven will appeal to residents of Ontario who want an account with simple features that yields attractive savings interest. Its communally owned credit union system may also be appealing to those savers who are more socially aware.
| Feature | Description |
|---|---|
| Interest Rate | High rate, Ontario-only |
| Fees | No monthly fees |
| Minimum Balance | No minimum balance |
| Deposit Insurance | FSRA insured (Ontario credit union insurance) |
| Access | No debit or bill payments, transfers only |
| Digital Experience | Simple, no-frills online platform |
| Ideal For | Pure savers in Ontario wanting high returns |
8.Scotiabank MomentumPlus Savings Account
The Scotiabank MomentumPlus Savings Account is beneficial because customers earn interest on their funds the longer they refrain from making withdrawals.
Secondary interest is worse than some digital-only rivals, but the perk interest can add up to a substantial figure if the funds are not touched for 90, 180, or even 360 days.
Also, there are no monthly account maintaining fees, and it can be linked to a Scotia bank Chequing account for simple transactions.
Being a big-bank product, it also offers robust online and in-branch support. This account is best for customers who want the ease and security of a major bank while working toward long-term savings goals.
| Feature | Description |
|---|---|
| Interest Rate | Bonus interest for no withdrawals (up to 360 days) |
| Fees | No monthly fees |
| Minimum Balance | No minimum balance |
| Deposit Insurance | CDIC insured |
| Access | Linked to chequing account |
| Digital Experience | Full online, mobile, and branch support |
| Ideal For | Savers rewarded for longer-term deposits |
9.Simplii Financial High-Interest Savings Account
Being the digital banking wing of CIBC, Simplii Financial boasts of a well featured high interest savings account with no monthly fees and no minimum deposit. There are also high interest rate promotional offers for new deposits which Simplii Financial runs frequently.
The account integrates easily with Simplii’s credit and chequing products providing seamless full service digital banking, offering an effortless experience for full-service digital banking. Accounts with CDIC insurance are protected.
Other features include mobile cheque deposit, e-Transfers, and customer support which is available 24 hours a day. This account is specifically ideal for those Canadians seeking high returns on their savings and the convenience offered by a major financial institution.
| Feature | Description |
|---|---|
| Interest Rate | High rate with occasional promos |
| Fees | No monthly fees |
| Minimum Balance | No minimum deposit |
| Deposit Insurance | CDIC insured |
| Access | E-Transfers, mobile cheque deposit |
| Digital Experience | Seamless integration with Simplii chequing |
| Ideal For | Users wanting digital banking backed by major bank |
10.Tangerine Savings Account
Tangerine offers a high-interest savings account with no monthly fees, a minimum balance requirement, and includes a mobile application. Often, new customers receive promotional interest rates in the first few months.
The account is insured by the CDIC and it works seamlessly with Tangerine’s chequing, investment, and credit card products. Transfers, bill payments, and e-Transfers are all possible.
Tangerine is an excellent option for a digital-first bank with reliable support, funds management, promotional offers, and flexible features. Users who prefer a fully functional banking experience alongside competitive savings rates will find Tangerine particularly appealing.
| Feature | Description |
|---|---|
| Interest Rate | Promotional rates for new clients |
| Fees | No monthly fees |
| Minimum Balance | No minimum balance |
| Deposit Insurance | CDIC insured |
| Access | Bill payments, e-Transfers, mobile app |
| Digital Experience | Fully digital with strong customer support |
| Ideal For | Digital-first savers seeking full-service banking |
11.Wealthsimple Cash
With all funds held, users can also enjoy the ability to send and receive money instantly. Wealthsimple Cash combines features of a savings account with those of a prepaid spending account.
Users earn interest on all funds held and it is offered without monthly fees and has no minimum deposit. Funds are protected by the CDIC through partner banks. The account also offers cashback on spending through the Wealthsimple card.
Wealthsimple offers sleek responsive designs and intuitive integrations with its investing products. This account is best for users looking to merge saving and spending into one account with advanced technology at a lower cost.
| Feature | Description |
|---|---|
| Interest Rate | Competitive interest on cash balances |
| Fees | No monthly fees |
| Minimum Balance | No minimum deposit |
| Deposit Insurance | CDIC insured via partner banks |
| Access | Instant transfers and spending with cashback |
| Digital Experience | Intuitive app with investing integrations |
| Ideal For | Users wanting combined saving and spending features |
12.KOHO Save Account
Savings complement other features of KOHO’s digital financial products. The KOHO Save account generates cashback on spending and interest on all the funds within the account. The basic account does not incur monthly fees, and interest and cashback can be enhanced through optional paid plans.
Although not a savings account in the traditional sense, KOHO Save is best viewed as a savings prompted account due to its functionality of encouraging funds retention in the app.
Funds are held with a federally regulated Financial Institution and backed by the CDIC. This account best suit Canadians looking for a single product that combines saving and spending.
| Feature | Description |
|---|---|
| Interest Rate | Interest on every dollar saved |
| Fees | No monthly fees (optional paid plans for extras) |
| Minimum Balance | No minimum balance |
| Deposit Insurance | CDIC insured |
| Access | Cashback on spending linked to saving |
| Digital Experience | Modern app with integrated budgeting tools |
| Ideal For | Savers who want rewards on both saving and spending |
13.Manulife Advantage Account
The Manulife Advantage Account combines a high interest savings account with a checking account and enables users to earn interest on the funds.
Interest rates for the account are tiered and users can perform everyday banking transactions like payments and debit purchases.
The account has no monthly fees if a minimum balance is maintained, otherwise a small fee applies.
The account also comes with overdraft protection, is CDIC insured, and is best suited for Canadians looking for a hybrid between a savings account and daily banking. It supports withdrawals while earning interest.’
| Feature | Description |
|---|---|
| Interest Rate | Tiered interest rates increasing with balance |
| Fees | No fee with minimum balance; otherwise small fee |
| Minimum Balance | Minimum balance required to avoid fees |
| Access | Full chequing features including debit and bill pay |
| Deposit Insurance | CDIC insured |
| Digital Experience | Online and mobile banking available |
| Ideal For | Users wanting combined savings and everyday banking |
14.Canadian Tire High-Interest Savings Account
The account is managed by Canadian Tire Bank. It is a no-frills online savings account that provides competitive interest rates with no monthly fees and no minimum balance requirements. Access is available through a web portal or mobile application.
The account offers free transfers to and from other bank accounts, however, debit transactions and bill payments are not supported. The deposits are insured by the Canadian Deposit Insurance Corporation (CDIC), while interest is computed on a daily basis and paid monthly.
This account is mainly for individuals with a long-term saving plan and looking for a simple account. Members of Triangle Rewards would enjoy the more brand integration as an added advantage.
| Feature | Description |
|---|---|
| Interest Rate | Competitive high rate |
| Fees | No monthly fees |
| Minimum Balance | No minimum balance |
| Deposit Insurance | CDIC insured |
| Access | Online and mobile transfers, no debit/bill pay |
| Digital Experience | Simple digital platform |
| Ideal For | Savers who are Triangle Rewards members or want straightforward savings |
15.TD High-Interest Savings Account
With one of Canada’s largest banks, TD Canada Trust offers a High-Interest Savings Account. Although the base interest rate is lower than many fintech alternatives, TD does provide promotional rates from time to time.
The account has no monthly fees, but there may be limitations on fee-free withdrawals. It is simple to link with a TD chequing account, enabling seamless transfer of funds.
Deposits are insured by CDIC, and account holders enjoy access to in-person banking services at TD branches across the country. It’s suitable for conservative savers who seek a banking experience dominated by physical branches and eye-catching interest rates.
| Feature | Description |
|---|---|
| Interest Rate | Moderate high interest |
| Fees | No monthly fees |
| Minimum Balance | No minimum balance |
| Deposit Insurance | CDIC insured |
| Access | Full branch, mobile, and online banking access |
| Digital Experience | Robust platform with physical branch support |
| Ideal For | Customers preferring big-bank security and services |
16.CIBC eAdvantage Savings Account
The CIBC eAdvantage Savings Account inscribes interest rates which include promotional advantages, and offers the ease of online banking and fund management. Although base earnings are paid at a lower rate, customers can earn bonus interest by depositing at least \$200 monthly.
There are no fees incurred, and balance can be held in CIBC checking accounts. Online banking features are comprehensive, while CDIC sponsorship ensures coverage of deposits made.
The account is especially useful for CIBC clients who wish to maintain a low balance while earning higher interest. It is particularly appealing to clients willing to set up direct deposits to qualify for promotional rates.
| Feature | Description |
|---|---|
| Interest Rate | Bonus interest when $200+ deposited monthly |
| Fees | No monthly fees |
| Minimum Balance | No minimum balance |
| Deposit Insurance | CDIC insured |
| Access | Easy online transfers and bill payments |
| Digital Experience | Integrated with CIBC digital banking |
| Ideal For | Savers with steady monthly deposits |
17.BMO Smart Saver Account
The BMO Smart Saver Account is a basic, safe account offered by one of Canada’s top five banks. It earns a low rate of interest, yet is tied to the entire BMO banking system which includes many other banking services.
There are no monthly fees for the account, however some withdrawals or transfers may incur a fee. The account is insured by the Canada Deposit Insurance Corporation, and can be managed through online banking, mobile apps, or in-person at branches.
While some digital-only banks may offer higher interest rates, this account is a good option for anyone looking for personal support from a recognized bank.
| Feature | Description |
|---|---|
| Interest Rate | Modest interest rate |
| Fees | No monthly fees, some transaction fees may apply |
| Minimum Balance | No minimum balance |
| Deposit Insurance | CDIC insured |
| Access | Online, mobile, and branch banking |
| Digital Experience | Traditional bank with digital access |
| Ideal For | Those wanting simple savings with big-bank support |
Conclusion
To summarize, Canada features a wide array of high-yield savings accounts from big-name banks and digital-only providers. No matter which criteria you have, be it high interest levels, flexibility, or easy app-based navigation, there’s something that will help every saver.
The selection of an account that is optimal for your needs is determined by your economic objectives, desired level of access, and how much you want to utilize online banking. The best accounts offer minimal clawbacks and fees while maximizing returns, letting you carefully grow your funds.