Are you looking for Canada’s best online savings account to grow your money in 2024? With so many options from traditional banks and new digital players, it can take time to determine which option best meets your needs.
Online savings accounts are an excellent option for Canadians who want to earn a higher interest rate on their savings while still enjoying the convenience and flexibility of managing their money online. The best options offer competitive interest rates, low or no fees, valuable features, and exceptional digital platforms and mobile apps.
To help you find the right fit, we’ve compared the top online savings accounts in Canada for 2024. Whether saving for a short-term goal or a long-term dream, these picks will help you get the most out of your money.
Best Online Savings Accounts In Canada Overview
| Savings Account | Everyday Interest Rate | Promotional Rate | Monthly Fees | Minimum Balance | Transactions | Notable Features |
| EQ Bank Personal Account | 2.50% | Up to 4% if you direct deposit your pay | $0 | $0 | Unlimited free Interac e-transfers and bill payments | Cheap international money transfers, mobile cheque deposits |
| Neo Everyday account | 4.00% | – | $0 | $0 | Unlimited free | Integrates with Neo prepaid card and spending account |
| Simplii Financial HISA | 0.40% – 5.50% | 5.90% for five months (up to $1M) for new accounts | $0 | $0 | Unlimited free | Link external accounts for easy transfers |
| Tangerine Savings | 0.70% | 6.00% for five months for new clients | $0 | $0 | Unlimited free deposits, withdrawals, and transfers | Money Rules free transfers between Tangerine accounts |
| KOHO Savings | 5% | – | $0 – $19 | $0 | – | Cash back on purchases (up to 5%), RoundUps and Goal savings features, no FX fees |
| Scotiabank MomentumPLUS | 1.30% | Up to 6.05% in first three months | $0 | $0 | $1 Interac e-Transfer fee, unlimited free transfers to Scotiabank chequing | Access to Scotia online and mobile banking, Scotia Premium Period Interest Rate |
| Motive Savvy Savings | 4.10% | – | $0 | $0 | 2 free withdrawals per month ($5 per extra), $1 per Interac e-Transfer | Unlimited free deposits |
| Wealthsimple Cash | 4.00% – 5.00% | – | $0 | $0 | Unlimited free, no foreign exchange fees | Get paid early via direct deposit, RoundUp and Overflow savings features |
Best Online Savings Accounts In Canada: A Comparison
EQ Bank Personal Account
The EQ Bank Personal Account offers a high everyday interest rate, no fees, and unlimited transactions. It’s a versatile hybrid account that provides the best savings and chequing account features in one. The EQ Bank Card rounds out the offer.
Our Take
With a 2.50% everyday interest rate, no monthly fees or minimum balance, and unlimited free Interac e-Transfers and bill payments, the EQ Bank Personal Account is an excellent choice for Canadians looking to maximize their savings while enjoying the freedom of a chequing account. The added perks of cheap international transfers, mobile cheque deposits, and the EQ Bank Card significantly enhance this account’s appeal.
The EQ Bank Card offers free ATM withdrawals, cash back on purchases, and no foreign exchange fees, it stands out as a top choice for savvy savers and spenders.
Account Features
- 2.50% everyday interest rate, up to 4% with paycheque deposits
- No monthly fees or minimum balance requirement
- Unlimited free Interac e-transfers and bill payments
- Cheap international money transfers ($30 + 1.5% per transfer)
- Mobile cheque deposits
Neo Everyday Account
The Neo Everyday account stands out for its impressive 4.00% interest rate on all balances with no fees.
Our Take
Earning 4.00% interest on every dollar with no monthly fees or minimum balance requirements makes the Neo Everyday account a lucrative option. Neo Financial’s innovative account also offers unlimited free transactions, CDIC deposit insurance, and seamless integration with Neo’s credit and spending accounts for all-in-one money management.
The real bonus here is the Neo Money™ card, which elevates the company among our picks. This prepaid Mastercard can net you up to 5% cash back at restaurants, bars and more.
Account Features
- 4.00% interest rate on all deposits
- $0 monthly fees and no minimum balance
- Unlimited free transactions
- CDIC-insured eligible deposits up to $100,000
- Easily connect external bank accounts
- Link with Neo credit card and spending account
Simplii Financial High-Interest Savings Account
Simplii Financial’s High-Interest Savings Account offers a standout promotional rate of 5.90% interest for five months on new accounts. Though temporary, this is a market-leading rate.
Our Take
Simplii’s limited-time 5.90% promotional rate for new accounts is among Canada’s highest available intro rates today. The account offers tiered interest rates based on balance but remains attractive with no monthly fees and unlimited transactions. It’s also backed by CIBC, adding to its appeal.
Simply put, you can expect a rate of just 0.40% after the promotional period unless your balance is over $100,000. Though Simplii promotes up to a 5.50% ongoing rate, it’s out of reach to most Canadians – requiring a $1,000,000 deposit.
Otherwise, Simplii Financial is recognized for convenient, cost-effective banking solutions.
Welcome Offer
From May 1st to July 31st, 2024. Get a special interest rate – Earn 5.90% interest for 5 months on your first Simplii Financial High Interest Savings Account. Limits apply.
Account Features
- 5.90% promotional rate for five months (up to $1M)
- Regular rates:
- 0.40% up to $100k
- 0.65% $100k – $500k
- 1.25% $500k – $1m
- 5.5% over $1m
- No monthly fees or minimum balance requirement
- Unlimited free transactions and Interac e-transfers
- CDIC deposit insurance
Tangerine Savings Account
The Tangerine Savings Account offers a competitive 6.00% bonus interest rate for five months for new clients. Plus, you can earn an additional $500 with the existing welcome bonus.
Our Take
Tangerine’s savings account stands out for its attractive promotions. With no monthly fees or minimum balance, free unlimited transactions, and convenient features like free transfers between Tangerine accounts and automatic savings, this account is a solid choice. As a Tangerine client, you’ll have no-fee access to Scotiabank’s ATM network.
The $500 welcome bonus encompasses 20% cash back on online debit transitions up to $400 in rewards. You can earn an additional $100 bonus by establishing automatic transfers from your Tangerine chequing to your savings account.
Account Features
- 6.00% bonus interest rate for five months for new clients
- 0.70% ongoing interest rate
- No monthly fees or minimum balance
- Unlimited free deposits, withdrawals, and transfers
- Free transfers between Tangerine accounts
- Money Rules to automate transactions
- CDIC deposit insurance
KOHO High-Interest Savings
KOHO’s hybrid account offers 5% interest with few strings attached. It also features up to 50% cash back at select merchants, blending everyday rewards with a significant savings potential.
Our Take
Beyond the 5% interest, KOHO offers cash back on spending. Their product suite includes pre-paid credit cards, a budgeting app, and compelling saving programs.
Its innovative features, such as automated savings goals, high-interest earnings on all funds, and a credit-building tool, position KOHO as a leading alternative to traditional banking.
That said, you’ll need a paid plan to access the best features.
Account Features
- 5% interest on savings balances
- Tiered accounts: Easy, Essential, Premium
- Up to 2% cash back on groceries, transportation, food, and drink
- 50% cash back with select KOHO partners
- RoundUps and Goal savings features
- No FX fees
- CDIC insured (via Peoples Trust)
Scotiabank MomentumPLUS Savings Account
The Scotiabank MomentumPLUS Savings Account rewards you with bonus interest up to 6.05% for the first three months.
Our Take
Scotiabank’s MomentumPLUS Savings Account is tailored for longer-term savings goals, combining the benefit of no monthly fees with the minor drawback of a $1 fee for Interac e-Transfers.
The opportunity to earn up to 6.05% interest in the first three months, followed by a competitive 1.30% regular interest rate, makes it a compelling option for savers preferring a big bank.
The most unique feature here is the Scotia Premium Period Interest Rate. Like a GIC, you can earn an additional 0.85% to 1.25% on top of the regular interest rate if you are willing to keep your money in the account for a more extended period.
Account Features
- Up to 6.05% bonus interest in the first three months
- 1.30% everyday interest rate
- No minimum balance
- No monthly fee
- Unlimited free transfers to Scotiabank chequing
- $1 Interac e-Transfer fee
- Access to Scotia online and mobile banking
- CDIC coverage
Motive Savvy Savings Account
Motive Financial’s Savvy Savings Account boasts one of the highest ongoing interest rates at 4.10%.
Our Take
Motive’s 4.10% everyday high-interest rate on all balances makes it one of Canada’s most competitive savings accounts. Their high-interest account is an excellent choice for savers without monthly fees or a minimum deposit required. The key drawback is the $1 Interac e-Transfer fee and the limitation of only two monthly free withdrawals.
As an online division of Canadian Western Bank, Motive offers the convenience of digital banking coupled with the security of CDIC insurance.
Account Features
- 4.10% everyday high-interest rate
- No monthly fees
- No minimum balance
- Unlimited free deposits
- Two free withdrawals per month ($5 per extra)
- $1 per Interac e-Transfer
- CDIC eligible
Wealthsimple Cash
Wealthsimple Cash lets you earn even higher interest rates of up to 5.00% as your savings grow.
Our Take
This innovative savings account keeps things simple with no monthly fees and unlimited transactions. The 4.00% everyday rate is competitive but increases to 5% for higher balances.
Plus, it’s easy to manage spending, savings and investing all in one place. Your cash account will have a “cash card” that lets you 1% back in stocks or crypto. Wealthsimple has made a significant splash in the Canadian investing market, and its cash product fits seamlessly with its existing offering.
Account Features
- 4.00% interest up to $100,000
- 4.50% interest on $100,000 to $499,999
- 5.00% interest over $500,000
- Additional 0.5% interest with auto-deposit (5% maximum)
- No monthly fees
- No minimum balance
- Unlimited free transactions
- No foreign exchange fees
- Get paid early via direct deposit
- CDIC insured deposits
What Makes Online-Bank Savings Account Different From Big Banks?
Online savings accounts offered by digital banks and fintechs provide several advantages over traditional big banks. The most significant difference is the interest rate, with many online banks offering rates 10-20x higher than the meagre rates paid by brick-and-mortar banks.
With lower overhead costs, online banks can pass on these savings to customers through much higher interest rates and lower or no monthly account fees. Many online banks offer no-fee banking with unlimited transactions and free Interac e-transfers.
However, online banks typically have limited or no physical locations, which can be a drawback if you prefer in-person service. Another big drawback is that not all online banks offer a full suite of financial products like credit cards, loans, and mortgages that you may be able to get at a traditional bank.
Types of Savings Accounts + When You Should Use Each
| Account Type | What it is | Why you would use it |
| High-Interest Savings Accounts (HISAs) | Savings accounts that offer higher interest rates than standard savings accounts | – Saving money that you don’t need immediate access to but could withdraw if needed – Emergency funds – Saving for a home down payment or other goals |
| Registered Savings Accounts (TFSA, RRSP) | Accounts that provide special tax advantages, designed for long-term savings goals | – TFSA: Earn tax-free interest and withdraw funds at any time – RRSP: Save for retirement and get a tax deduction on contributions |
| Youth/Student Savings Accounts | Special high-interest savings accounts for youth and post-secondary students, often with no monthly fees | Good option for young people to start saving and earning interest |
| US Dollar Savings Accounts | Savings accounts that allow you to save and earn interest in US currency | – If you frequently transact in USD – If you want to hold some of your savings in US dollars |
| Hybrid Accounts | Accounts offered by some online banks (e.g., Wealthsimple and KOHO) that combine high-interest rates with the flexibility of a chequing account | – Convenient if you want to pay bills, make purchases, transfer money, and withdraw cash from one account – Reduces the need to move money between accounts frequently |
What Do You Need To Open An Online Savings Account
Opening an online savings account is a quick and easy process that can be done in under 10 minutes if you meet a few simple requirements and have the necessary information handy. To open an online savings account, you must:
- Be a Canadian resident
- Have reached the age of majority in your province or territory
- Have a valid Canadian address
- Provide your Social Insurance Number (SIN)
How Do You Open An Online Savings Account
The online account opening process varies slightly between banks but generally involves the following steps:
- Visit the bank’s website and navigate to the account opening page for your desired savings account.
- Enter your personal information, including name, address, phone number, email address, date of birth, and SIN.
- Verify your identity. Depending on the bank, you may need to provide photos or scans of 1-2 pieces of government ID, such as a driver’s license, passport, or utility bill.
- Link your existing bank account by providing the institution name, transit number and account number. You may need to verify two small deposit amounts.
- Review and accept the account terms and conditions.
- Make your initial deposit if required (not all online savings accounts have a minimum deposit requirement).
- Start saving and earning interest!
Bottom Line
The best online savings account for you will depend on your specific financial goals and needs. The top options on our list provide competitive interest rates, low fees, and convenient digital banking.
For a chequing/savings hybrid, consider the EQ Bank Savings Plus Account or Wealthsimple Cash. The Neo Money™ Account and Motive Savvy Savings Account offer some of the highest regular interest rates.
If you’re looking for a great promotional rate, the Simplii Financial High-Interest Savings Account (5.90% for five months), KOHO, or Tangerine’s new account offer are both worth considering.
Online Saving Account FAQs
Are online savings accounts safe?
How often does interest get paid on online savings accounts?
Can I withdraw money from an online savings account?
Do I pay taxes on the interest earned in an online savings account?
What are the best interest rates for online savings accounts?
- Neo Money™ Account: 4.00%
- Motive Savvy Savings Account: 4.10%
- Wealthsimple Cash: Up to 5.00%, depending on your balance
- Simplii Financial High-Interest Savings Account: 5.90% promotional rate for five months
