Best savings apps in Canada (2026): an honest roundup

So which one is actually the best? Honest answer: there isn’t a single best savings app in Canada, and any 2026 list that crowns one is selling something. You can even combine several of these based on your goals, which is often the smartest move. The right pick depends on what you want the app to do. This roundup sorts them into two camps, a no-fee high-interest account and an all-in-one spend-and-save app, then closes with prize-linked savings: Lodavo, the free app we make, which runs on top of the bank you already have rather than replacing it. The table above lines them up side by side. Below is how each one actually works and who it genuinely suits.

How we grouped the best savings apps in Canada

Worth saying plainly: Lodavo publishes this site. So the apps below are ranked on their own published rates and fees, each linked to the provider’s own page, and Lodavo comes last, because it isn’t an account and can’t be ranked against one on rate.

We ranked on four things that matter for your money, not on hype: the rate it pays, what it costs, whether your balance is CDIC-protected, and whether the app holds your money or just sits beside it. That splits the field into two jobs, plus Lodavo, which is a different shape from the rest.

The camps:

• No-fee high-interest savings: EQ Bank, Tangerine, Simplii Financial, Neo Financial. Pick these for the rate.
• All-in-one spend-and-save: KOHO, Wealthsimple. A daily-money app with budgeting, a card, and some interest.

Then Lodavo, at the end: prize-linked savings, where the more you save, the more free weekly draw tickets you earn, on top of any bank.

For the rate environment behind all of this: the Bank of Canada held its policy rate at 2.25% on April 29, 2026 (opens in a new tab), so the everyday savings rates below are realistic, and the eye-catching numbers are short promos.

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

For a clean, no-fee account that pays a strong everyday rate from a real CDIC-member bank, EQ Bank is the pick. Its Personal Account pays a 1.00% base rate, rising to up 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. EQ Bank is the digital arm of Equitable Bank and is a CDIC member, so eligible deposits are protected to $100,000 per category. Best for someone who wants a dependable everyday rate without chasing promos. It’s not for you if you won’t route a paycheque through it, since the headline rate needs that direct deposit. We compare the two directly in our Lodavo vs EQ Bank breakdown.

Best for chasing promo rates: Tangerine and Simplii Financial

If you’re willing to move new money for a high short-term rate, Tangerine and Simplii are the promo machines, both backed by big banks. As of August 2026, Tangerine is running a 4.50% promotional rate (opens in a new tab) on new deposits for 153 days (about five months) for new clients, and Simplii has a 4.60% offer (opens in a new tab) on a first HISA, also for 153 days, counted from the day you open the account. Both banks bring these offers back a few times a year. Both are no-fee and CDIC-covered (Tangerine is a Scotiabank subsidiary; Simplii is a CIBC division). The catch is the same for both: once the promo ends, the rate drops to a low base (often well under 1%), so these reward people who’ll actually move money again when the clock runs out. Set yourself a reminder for the end date. For more no-fee options, see our roundup of Tangerine alternatives in Canada.

Best all-in-one spend-and-save: KOHO

For one app that handles spending and saving together, KOHO is the strongest pick. It’s built on a reloadable prepaid Mastercard, with an Essential tier that’s free with direct deposit or $1,000 a month in deposits and $4 a month otherwise, plus paid plans that add a higher savings rate, cash back and credit building. Interest runs 2.00% on the Essential plan up to 3.50% on Everything (opens in a new tab) (about $22 a month), with no minimum balance, as of June 2026. KOHO isn’t a bank; eligible balances are held in trust at CDIC-member banks. Best for someone who wants budgeting, a card and saving in one place and will use the perks to offset the fee. If you only want raw interest, a no-fee bank account beats it. For a closer look, see our Lodavo vs KOHO comparison and the wider list of KOHO alternatives in Canada.

Best for investing plus everyday banking: Wealthsimple

If you want investing and day-to-day money in one polished app, Wealthsimple is the one to beat. Its Chequing account (renamed from Cash in 2025) pays 1.25% to 2.25% (opens in a new tab) depending on your client tier (and a 0.50% boost with qualifying direct deposit, capped at 2.25%), as of June 2026, while investing earns market returns. There’s no monthly account fee. The Chequing account is CDIC-eligible through partner banks; investments are covered by CIPF, not CDIC. Wealthsimple also runs a Monthly Millionaire prize draw, where every dollar in its Chequing account counts as an entry, so it’s the one other pick here with a prize element. The difference from Lodavo is simple: with Wealthsimple you move your money in to play, while Lodavo leaves your savings in the bank you already use. Best for someone who wants to invest, trade and bank in one place and may hold larger balances to unlock the higher tiers. If a high cash rate is all you want, the top tier needs serious assets, so a no-fee bank account may pay you more on smaller balances. We break down the two prize draws in Lodavo vs Wealthsimple.

Best variable high-interest plus rewards: Neo Financial

For an app-first savings account bundled with cash-back cards, Neo Financial is the pick. Its Neo Savings account pays a tiered rate up to 2.75% (opens in a new tab) with no fees and no minimums, while its separate High-Interest Savings product pays just 1.25%, so Neo Savings is the one to use for the rate, as of June 2026. Neo isn’t a bank; balances are CDIC-eligible through its partner, Peoples Bank of Canada. Best for someone who wants a strong everyday rate plus a rewards ecosystem and cash-back cards in one app. It’s less of a fit if you want the simplest possible setup from a bank you already recognize, where EQ Bank or a big-bank promo may feel more familiar. More on how the two stack up in our Lodavo vs Neo Financial comparison.

Lodavo, prize-linked savings on whichever app you picked

Lodavo is the odd one out here, and deliberately so. It’s a free prize-linked savings app rather than an account, so it pays no interest and there’s no balance to move. What you get instead is a chance to win cash every week just for saving. It’s also the only app on this page that runs on the bank you already use. Your tickets are based on what you save, and it brings all your savings into one place with goals and daily tips to help the habit stick.

The draw runs weekly. You can win up to $10,000, and a guaranteed prize of at least $100 goes to a user every single week. Because your money never leaves your bank, the sensible way to run it is alongside the best-rate account above: keep the cash in, say, EQ Bank earning interest, and add Lodavo free over the same balance. You give up no yield to do it.

The connection runs through Plaid (opens in a new tab), which covers over 99% of deposit accounts in Canada and gives apps scoped access, never your bank password. You can see past results on the winning numbers page, and the draw mechanics are published on the provably fair page.

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.

Which savings app should you actually pick?

Start with your goal, not the brand. If you want the highest guaranteed-safe rate, open a no-fee high-interest account (EQ Bank for a steady rate, or a Tangerine or Simplii promo if you’ll move money on schedule). If you want spending and saving in one app, take KOHO; for investing and banking together, Wealthsimple.

Then, whatever you choose for the money itself, you can add Lodavo free on top. The more you save, the more chances you get at a cash prize each week, and it works alongside your account without touching your rate. There’s no single winner here. The best setup for most people is one good account for the money and Lodavo layered on for the draw. If you’re weighing whether a prize-linked layer is right for you, our explainer on whether prize-linked savings counts as gambling and the prize-linked savings guide for Canada go deeper.