Best high-interest savings accounts in Canada (2026): rates compared

The best high-interest savings account in Canada in 2026 depends on one thing: whether you want the highest rate today or the best rate you can keep. The headline numbers, 4.50% to 4.60% at Tangerine and Simplii, are promotions that expire in about five months. For a strong rate that doesn’t reset, a no-fee account like EQ Bank is the steadier pick. This roundup ranks the real options by job, not by whoever shouts the biggest number. The table above lines them up on rate, fees and CDIC status. Below is how each account actually works, who it suits, and where the catch is. One option on the list, Lodavo, is free and rewards your saving with a weekly cash draw, so you keep the best rate below and get a shot at a prize on top.

How we ranked these high-interest savings accounts

We ranked on the things that decide how much your money earns and how safe it is: the ongoing rate, any promotional rate and how long it lasts, monthly fees, and whether the account is CDIC-protected. That sorts the field into three groups, plus one outlier.

• Best ongoing rate, no promo clock: EQ Bank and Neo Financial. A solid rate you keep, with nothing ticking down.
• Highest promotional rate: Simplii Financial and Tangerine. The biggest headline numbers, for new money, for about five months.
• A rate bundled with more: Wealthsimple (saving next to investing) and KOHO (spending and saving in one app).
• Not a savings account at all: Lodavo. No interest, but free, and it adds a weekly cash draw on top of whichever account you choose.

For context on why the everyday numbers sit where they do: the Bank of Canada held its policy rate at 2.25% on June 10, 2026 (opens in a new tab), its fifth hold in a row. That’s the gravity behind these rates, so an ongoing 2.5% to 2.75% is genuinely competitive, and anything above 4% is a temporary promo built to win your deposit.

Best for keeping your full rate and a shot at cash: Lodavo

Lodavo rewards your saving with a weekly cash draw, for free. Connect the bank account you already have, and the more you save, the more free tickets you earn. It doesn’t replace a high-interest account; it sits on top of one, so you keep your full rate.

Here’s why that matters for a rate-shopper. Because Lodavo never holds or moves your money, you give up nothing to use it. Your savings stay in whatever account you pick from this list, earning their full rate, and the draw tickets are free on top. It’s a chance at a prize alongside your interest, not instead of it. Park your money in EQ Bank at 2.75%, or in a Tangerine promo at 4.50%, and run Lodavo free over the same balance.

The draw runs weekly. You can win up to $10,000, and a guaranteed prize of at least $100 goes to a user every week. The connection to your bank is read-only through Plaid (opens in a new tab), which covers over 99% of Canadian deposit accounts, so the app only ever sees your balance to award tickets. You can check past results on the winning numbers page and how the draw is run on the provably fair page. It won’t be for everyone: if the only thing you care about is the number on your statement, a high-interest account below is all you need. Lodavo is there for the extra, turning the saving behind that number into a weekly shot at cash.

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.

Best no-fee high-interest savings account: EQ Bank

For the best rate you can actually keep, EQ Bank is the pick. Its Personal Account pays 1.00% base, rising to 2.75% (opens in a new tab) when you set up qualifying recurring direct deposits of at least $2,000 a month, as of June 2026. There are no monthly fees and no minimum balance, and its 30-day Notice Savings Account pays 2.75% if you can give notice before withdrawing. EQ Bank is the digital arm of Equitable Bank and a CDIC member, so eligible deposits are protected to $100,000 per category. It’s best for someone who wants a dependable, fee-free rate without watching a promo clock. The catch: the headline rate needs that direct deposit, so if you won’t route a paycheque through it, you’ll earn the 1.00% base. See how it lines up against a free prize-linked layer in Lodavo vs EQ Bank.

Best promotional rate on a savings account: Simplii Financial

If you want the single highest rate available today and you’re a new client, Simplii Financial leads. Its High Interest Savings Account is running a 4.60% promotional rate (opens in a new tab) for 153 days (about five months) on balances up to $100,000, ending July 31, 2026, for people who haven’t held a Simplii product before. Simplii is the no-fee digital division of CIBC, a CDIC member, and it frequently pairs the savings promo with a cash bonus for opening a no-fee chequing account. After the promo, the rate drops to a low base under 1%, so this rewards people who’ll move money again when the clock runs out. Set a reminder for the end date. One thing to know: Simplii isn’t available to residents of Quebec.

Best promo if you also want a registered (TFSA or RRSP) rate: Tangerine

Tangerine runs a similar promo and adds a registered option that Simplii’s offer doesn’t. New clients can get 4.50% on a non-registered Savings Account (opens in a new tab) and 4.60% on a registered one (opens in a new tab) (TFSA, RRSP or RIF), each for 153 days on balances up to $1,000,000, as of June 2026. Tangerine is a Scotiabank subsidiary and a CDIC member, so eligible deposits are protected. The same catch applies: once the five months are up, the rate falls to a low base around 0.30%, so it suits someone who’ll actually move money on schedule. Its much higher promo cap also makes it the better fit for a large one-time deposit. For other no-fee options, see our roundup of Tangerine alternatives in Canada.

Best everyday tiered rate plus rewards: Neo Financial

For a no-fee rate that climbs with your balance and comes with a rewards ecosystem, Neo Financial is the pick. Its Neo Savings account is tiered (opens in a new tab): 2.00% on the first few thousand dollars, rising to 2.75% on balances over $20,000, as of June 2026, with no fees or minimums. (Note its separate, older High-Interest Savings product pays just 1.25%, so use Neo Savings for the rate.) Neo isn’t a bank; balances are CDIC-eligible through its partner, Peoples Bank of Canada. It’s best for someone who wants a competitive everyday rate alongside cash-back cards and a rewards marketplace in one app. It’s less of a fit if you’d rather keep things simple with a name you already know. More on how it stacks up in Lodavo vs Neo Financial.

Best high-interest account if you also invest: Wealthsimple

If you want your savings to sit next to your investments in one app, Wealthsimple is the strongest pick. Its no-fee Chequing account (opens in a new tab) (renamed from Cash in 2025) pays 1.25% to 2.25% depending on your client tier, as of June 2026, with the top rate reserved for larger balances. It’s a lower rate than the promos above, but it comes with no fees and the option to invest in the same place. The Chequing account is CDIC-eligible through partner banks; investments are protected by CIPF, not CDIC. Wealthsimple also runs a Monthly Millionaire draw, where every dollar in Chequing counts as an entry, so it’s the one other account here with a prize element. The difference from Lodavo: Wealthsimple’s draw needs your money inside Wealthsimple, while Lodavo leaves it in the bank you already use. We break down both draws in Lodavo vs Wealthsimple.

Best spend-and-save app with a rate: KOHO

KOHO isn’t a traditional savings account, but it pays interest on your whole balance and people often compare it to one. It runs on a reloadable prepaid Mastercard, with a free Essential plan that pays 2% (opens in a new tab) and paid plans (Extra at $18 a month, Everything at $22) that lift the rate to 2.5% and 3.5% and add cash back and credit building, as of June 2026. KOHO isn’t a bank; eligible balances are held in trust at CDIC-member banks. It’s best for someone who wants budgeting, a card and a savings rate in one app, and will use the perks to justify the fee. If all you want is raw interest on cash, a no-fee bank account beats paying $22 a month for 3.5%. We compare them in Lodavo vs KOHO and list more options in KOHO alternatives in Canada.

How to choose a high-interest savings account

Start with how you’ll actually use the account. If you want the highest rate and you’ll keep moving money, open a Simplii or Tangerine promo and diarize the end date. If you’d rather set it once and forget it, EQ Bank’s up-to-2.75% with direct deposit is the better home. Neo suits you if you want a tiered rate plus rewards, Wealthsimple if you want to invest in the same app, and KOHO if you want spending and saving together and will use the perks. There’s no single best account, and nothing stops you from holding more than one: a steady account for your core savings and a promo for new money is a common, sensible setup.

Whatever you choose for the rate, you can add Lodavo free on top. It rewards that saving with a weekly shot at a cash prize, and because your money never leaves your account, you keep every point of your rate. For the wider picture, see our roundup of the best savings apps in Canada, our guide to prize-linked savings in Canada, or the question of whether prize-linked savings counts as gambling.