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 four camps: a no-fee high-interest account, an all-in-one spend-and-save app, round-up investing, and prize-linked savings, led by Lodavo, Canada’s first prize-linked savings app and the only one that works on top of the bank you already have. 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

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 four jobs. Lodavo is a different shape from the rest. It pays no interest at all, so we judge it on its own job: a free chance at cash prizes for saving.

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.
• Round-up investing: Moka. Your spare change goes into the market (and can go down).
• Prize-linked savings: Lodavo. No interest, but free weekly draw tickets for what you save, 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, so the everyday savings rates below are realistic, and the eye-catching numbers are short promos. Always read the end date.

Best for a chance at cash prizes while you save: Lodavo

If you want a shot at real cash for the saving you are already doing, Lodavo is built around exactly that, and it is the only app here that works on the bank you already use, for free. It is not a rate rival. It pays no interest and never holds, moves or charges your money. Instead, it connects read-only to the bank account you already use, tracks your savings balance each week, and gives you free draw tickets based on what you save. The more you save, the more tickets.

The draw runs weekly. You can win up to $10,000, and a guaranteed prize of at least $100 goes to a member every single week. Because Lodavo holds nothing, the smart move is to pair it with the best-rate account on this list: keep your money in, say, EQ Bank earning interest, and run Lodavo free on top for the weekly draw. You lose no yield and move no money.

The read-only connection runs through Plaid, which covers over 99% of deposit accounts in Canada and gives apps scoped read 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. Who it is not for: if all you want is the highest interest rate and nothing else, a plain high-interest account below will serve you better. Lodavo is the layer on top, not the account itself.

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 /contest-rules.

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% 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 is not for you if you will not route a paycheque through it, since the headline rate needs that direct deposit.

Best for chasing promo rates: Tangerine and Simplii Financial

If you are 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 June 2026, Tangerine is running a 4.50% promotional rate on new deposits for 153 days (about five months) for new clients, and Simplii has a 4.60% offer on a first HISA, also for 153 days, ending July 31, 2026. 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 will actually move money again when the clock runs out. Set yourself a reminder for the end date.

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

For one app that handles spending and saving together, KOHO is the strongest pick. It is built on a reloadable prepaid Mastercard, with a free tier 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 (about $14.75 a month), with no minimum balance, as of June 2026. KOHO is not 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% 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 is 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 is 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.

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 High-Interest Savings account pays a stable 4.00% on every dollar with no fees and no minimums, and a separate tiered Neo Savings account runs around 3.00%, as of June 2026. Neo is not 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 is 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.

Best automatic round-up investing: Moka

If your goal is to invest small amounts on autopilot rather than park cash, Moka fits. Now branded Moka.ai under Orion Digital (formerly Mogo), it rounds up your everyday purchases and invests the spare change into managed ETF portfolios. It runs on a subscription of roughly $15 a month plus the ETF fees, as of June 2026. This is the one option here that is not savings at all: it is investing, so it is not CDIC-protected (CIPF applies) and your balance can fall as well as rise. Best for someone comfortable with market risk who wants hands-off investing of spare change. It is the wrong tool if you need your money safe and accessible, which is what every other pick on this list is for.

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 will move money on schedule). If you want spending and saving in one app, take KOHO; for investing and banking together, Wealthsimple; for hands-off round-up investing and you accept market risk, Moka.

Then, whatever you choose for the money itself, you can add Lodavo free on top. Because it pays nothing and holds nothing, it does not compete with your rate. It just gives you a weekly shot at cash prizes for the saving you are already doing. There is 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 are 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.