Free savings tool
High-interest savings calculator
See how much more your savings could earn at a higher rate. Enter your balance, pick your current account and one to compare, and the calculator shows the extra interest you'd earn by switching. $10,000 at 2.5% instead of 0.05% is about $250 more in a year. It's free and runs entirely in your browser.
These are the rates your own banks pay. Lodavo isn't a bank and pays no interest. It's a free app that gives you weekly prize-draw tickets for saving, whichever account you keep your money in.
Rates are approximate, as of July 2026, and you can edit any of them. Check the current rate with each bank before you move money.
You could earn
$248
more in interest over 1 year, at 2.5% instead of 0.05%.
Your $10,000 would grow to $10,253, versus $10,005 where it sits now.
How we calculate this
We grow your balance at each rate with no extra deposits, compounding monthly, then take the difference. It answers a switch question: what a better rate would add to money that's already sitting in savings.
Numbers are rounded and are a guide, not financial advice or a guaranteed return. Real accounts can compound daily, pay tiered or promotional rates, or change over time, so confirm the current rate before you move anything.
Rate benchmark: Canadian savings rates loosely track the Bank of Canada policy rate (2.25% as of June 2026); each provider sets its own, so check yours.
How much interest are you leaving on the table?
Most Canadians keep their savings in a big bank's everyday account, where the rate is often around 0.05%. Online banks and fintechs regularly pay 2% to 3% or more on the same money. On a $10,000 balance, that's the difference between about $5 and $275 in a year, for savings you'd keep either way. Over a few years, and on a larger balance, the gap gets hard to ignore.
Switching is usually low-effort: a high-interest savings account is still your own account, still eligible for deposit insurance, and your money stays as easy to reach. Whichever account you land on, you can connect it to Lodavo and turn saving into a weekly chance at a cash prize. A better rate and a free draw, on the bank you already chose.
What Canadian savings accounts pay
Representative ongoing rates as of July 2026, and the interest each would earn on a $10,000 balance in one year. Some depend on a direct deposit or your balance, and rates change, so treat these as a starting point and confirm before you switch.
| Account | Rate | Interest on $10,000 (1 year) |
|---|---|---|
| KOHO on the top plan | up to 3.5% | $356 |
| EQ Bank with direct deposit | up to 2.75% | $278 |
| Neo by balance | up to 2.75% | $278 |
| Wealthsimple Chequing by tier | up to 2.25% | $227 |
| PC Money Account | 2.2% | $222 |
| Big-bank savings account | 0.05% | $5 |
| Chequing account | 0% | $0 |
Rates are representative, gathered from each provider as of July 2026 and rounded. Tangerine and Simplii also run higher promotional rates for new clients for a few months at a time. For the current picture, see our best high-interest savings accounts in Canada.
Frequently asked questions
How much more interest can I earn by switching to a high-interest savings account?
It depends on your balance and the gap between the two rates. On $10,000, moving from a typical big-bank rate near 0.05% to a high-interest account around 2.75% is roughly $270 more in the first year, and more as it compounds. Enter your own balance and rates above to see your number.
Do I lose anything by moving to a higher-rate account?
Usually not. A high-interest savings account from a Canadian bank is still your own account, still eligible for deposit insurance up to the usual limits, and your money stays easy to withdraw. Watch for conditions that can lower the headline rate, like a required direct deposit, a minimum balance, or a promotional rate that ends after a few months.
Which Canadian banks pay the most interest on savings?
Online banks and fintechs lead: accounts from EQ Bank, Neo, and Wealthsimple, and KOHO's paid plans, tend to pay the most ongoing, while big-bank everyday savings accounts pay very little. Tangerine and Simplii often run high promotional rates for new clients. Rates move, so compare current numbers before you decide.
Are these savings rates guaranteed?
No. Savings-account rates are variable: they move with the Bank of Canada's rate and with each provider's promotions, and a tiered or direct-deposit rate can change if you no longer qualify. Use the figures here as a guide and confirm the current rate with the bank.
Does Lodavo pay this interest or hold my money?
No. Lodavo is not a bank and pays no interest. You earn whatever interest your own account pays, your money never leaves your bank, and Lodavo connects read-only through Plaid to turn steady saving into free tickets in a weekly cash draw. Better rate, same money, plus a chance to win.
Keep going
Canada’s first prize-linked savings app
A better rate, plus a shot at a prize.
Move your savings to a higher rate, then let Lodavo turn every week you save into free draw tickets. You could win up to $10,000.
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