Best CAD Savings Accounts in 2026 2026

Canada offers digital savings accounts yielding 2.5%–4.5% in Canadian dollars, operated by neobanks and digital banks regulated by OSFI and guaranteed by CDIC up to C$100,000. Particularly relevant for Canadian residents or investors with CAD income.

Products compared

4.50%

Best APY available

2.98%

Average APY

#	Entity	Product	APY	Score	Risk	Liquidity	View
1	Simplii Financial	Simplii — High Interest Savings (CA)	4.50%	8.3	Low	Instant	View →
2	Oaken Financial	High Interest Savings	3.40%	8.0	Low	Instant	View →
3	EQ Bank	EQ Bank — Savings Plus Account (CA)	2.75%	7.8	Low	Instant	View →
4	Neo Financial	High Interest Savings	1.25%	7.4	Low	Instant	View →

Want to filter by term, currency or guarantee?
Use the full comparator with all available filters.

Open comparator →

APY Radar — weekly yield alerts

Receive an email when a product exceeds your target APY. No ads, no spam — just data.

Frequently asked questions

What is the CDIC and what does it cover?

The CDIC (Canada Deposit Insurance Corporation) is the Canadian equivalent of the European DGS. It covers deposits up to C$100,000 per account category per member institution. Most major Canadian banks and digital banks are CDIC members.

What is the difference between EQ Bank and a traditional Canadian bank?

EQ Bank operates exclusively online with no physical branches. This allows it to offer more competitive rates than the major Canadian banks (TD, RBC, Scotiabank), which have significantly higher operating costs. EQ Bank is regulated by OSFI and protected by CDIC.

How do Bank of Canada decisions affect savings rates?

The Bank of Canada (BoC) sets the benchmark interest rate. When the BoC raises rates, savings rates rise; when it cuts, they fall. The BoC began a rate-cutting cycle in 2024, so current rates are somewhat below their 2023 peaks.