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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. 

Savings account - how to choose

Best Online Savings Accounts In Canada Overview

Savings AccountEveryday Interest RatePromotional RateMonthly FeesMinimum BalanceTransactionsNotable Features
EQ Bank Personal Account2.50%Up to 4% if you direct deposit your pay$0$0Unlimited free Interac e-transfers and bill paymentsCheap international money transfers, mobile cheque deposits
Neo Everyday account4.00%$0$0Unlimited freeIntegrates with Neo prepaid card and spending account
Simplii Financial HISA0.40% – 5.50%5.90% for five months (up to $1M) for new accounts$0$0Unlimited freeLink external accounts for easy transfers
Tangerine Savings0.70%6.00% for five months for new clients$0$0Unlimited free deposits, withdrawals, and transfersMoney Rules free transfers between Tangerine accounts
KOHO Savings5%$0 – $19$0Cash back on purchases (up to 5%), RoundUps and Goal savings features, no FX fees
Scotiabank MomentumPLUS1.30%Up to 6.05% in first three months$0$0$1 Interac e-Transfer fee, unlimited free transfers to Scotiabank chequingAccess to Scotia online and mobile banking, Scotia Premium Period Interest Rate
Motive Savvy Savings4.10%$0$02 free withdrawals per month ($5 per extra), $1 per Interac e-TransferUnlimited free deposits
Wealthsimple Cash4.00% – 5.00%$0$0Unlimited free, no foreign exchange feesGet paid early via direct deposit, RoundUp and Overflow savings features

Best Online Savings Accounts In Canada: A Comparison

eq bank

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

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)

Scotia logo

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 logo

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 crypto

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 TypeWhat it isWhy 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 AccountsSpecial high-interest savings accounts for youth and post-secondary students, often with no monthly feesGood option for young people to start saving and earning interest
US Dollar Savings AccountsSavings 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 AccountsAccounts 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:

  1. Be a Canadian resident
  2. Have reached the age of majority in your province or territory
  3. Have a valid Canadian address
  4. 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:

  1. Visit the bank’s website and navigate to the account opening page for your desired savings account.
  2. Enter your personal information, including name, address, phone number, email address, date of birth, and SIN.
  3. 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.
  4. Link your existing bank account by providing the institution name, transit number and account number. You may need to verify two small deposit amounts.
  5. Review and accept the account terms and conditions.
  6. Make your initial deposit if required (not all online savings accounts have a minimum deposit requirement).
  7. 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?

Yes, online savings accounts offered by banks and financial institutions in Canada are safe and secure. When choosing an online savings account in Canada, confirm that your deposits are protected by CDIC insurance. While many online banks offer this coverage, not all accounts are guaranteed.

How often does interest get paid on online savings accounts?

Interest on most online savings accounts is generally calculated daily and paid monthly, though the frequencies can vary. 

Can I withdraw money from an online savings account?

Yes, you can typically withdraw money from your online savings account anytime. However, some accounts may have limitations on the number of debit transactions or Interac e-Transfers allowed monthly. Some online savings accounts allow you to withdraw cash directly if they offer a debit card with ATM access.

Do I pay taxes on the interest earned in an online savings account?

Yes, interest earned on your online savings account is taxable income in Canada and must be reported on your tax return. Generally, if you earn $50 or more in interest, your bank will issue you a T5 slip (or An RL-3 for Quebec residents). The only exception is if your online savings account is a registered account like a TFSA, in which case the interest earned is tax-free.

What are the best interest rates for online savings accounts?

Online savings account interest rates can change frequently, so checking the latest rates before opening an account is important. At the time of writing, some of the highest online savings account rates in Canada are:
  • 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
Trevor O'Hagan avatar on Loans Canada
Trevor O'Hagan

Trevor is a personal finance, SEO, and technical sales expert. He received an Honours BAA (Economics) degree from Wilfrid Laurier University. Trevor previously worked at Salesforce and used his personal finance knowledge to become a homeowner in Ontario by age 25. Aside from Loans Canada, Trevor contributes to Forbes Advisor and Hardbacon. He also serves as the chairman of the Schwartz-Reisman Alumni Association and is a content specialist at Croton Content.

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