7 Best High-Interest Savings Accounts in Canada 2025

Want the top savings accounts in Canada with high interest? Here is a quick look at seven great options for 2025 to help you grow your money fast.

Quick Picks:

• Scotiabank MomentumPLUS: Up to 5.00% extra rate, no costs, and tools to meet saving aims.
• CIBC eAdvantage: Up to 4.90% extra rate, no monthly costs, but you pay for other moves.
• BMO Savings Amplifier: Up to 4.75% extra rate, no cost to move money in BMO.
• RBC High Interest eSavings: 4.70% extra rate, many ATMs to use, and no monthly costs.
• Tangerine Savings: Up to 4.50% extra rate for new folks, all online, no monthly costs.
• KOHO High Interest: Up to 4.00% solid rate with paid plans, mixes spending and saving.
• Simplii Financial: 3.70% extra rate, no costs, and use CIBC’s ATM range.

Look at This Table:

Account	Interest Top Rate	Monthly Fee	Main Points	How to Reach
Scotiabank MomentumPLUS	Max 5.00%	$0	Rates by tier, goal check	Web only, no ATM use
CIBC eAdvantage	Max 4.90%	$0	Extra Rate Bonus	Web, pay for ATM
BMO Savings Amplifier	Max 4.75%	$0	Free BMO moves	Web & ATM okay
RBC High Savings	4.70%	$0	App, wide ATM net	ATMs all over
Tangerine Savings	Max 4.50%	$0	No costs, online tools	Only on Web
KOHO High Savings	Max 4.00%	$0–$14.75	Money back, no cap	App, preload card
Simplii Financial	3.70%	$0	Bonus if you bring friends	Web, CIBC ATM okay

Every account has CDIC insurance up to $100,000, so your money is safe. Want better promo rates, web-only banks, or old-style banks with ATMs? There's a choice for you. Let's look into each account’s fine points.

Best and Worst High-Interest Savings Accounts in Canada 2025 🇨🇦

1. Scotiabank MomentumPLUS Savings Account

The Scotiabank MomentumPLUS Savings Account stands out with its tiered interest system designed to help Canadians grow their savings faster. By combining appealing promotional rates with user-friendly features, this account offers a practical way to make the most of your savings. Let’s dive into the details.

Interest Rates

This account offers a mix of regular and promotional interest rates that cater to different savings goals:

• Regular rate: 0.55%
• Promotional rates:
  • 4.90% for 90 days
  • 5.00% for Ultimate Package holders
  • 4.95% for Preferred Package holders
• New accounts: A 4.10% rate applies for the first three months.
• Premium periods: Depending on the term (90 to 360 days), you can earn bonus interest ranging from 0.25% to 0.50% [4].

Fees

One of the most appealing aspects of the MomentumPLUS account is its lack of fees. Here’s what you can expect:

• No monthly fees: You won’t pay a monthly maintenance fee.
• No minimum balance: There’s no requirement to maintain a specific balance.
• Unlimited free transfers: Move money between Scotiabank accounts without any charges.
• Paper statement fee: If you prefer paper statements, they cost $2.25 each. However, you can avoid this by opting for free digital statements [4][5][6][7].

Accessibility

The account is designed for digital banking, offering convenience but with certain limitations:

• Online access: Manage your account through Scotiabank’s online banking platform.
• Unlimited free transfers: Transfer funds to other Scotiabank accounts at no cost.
• No ATM or point-of-sale access: You won’t be able to withdraw funds or make purchases directly using this account.
• No direct bill payments: Automated bill payments aren’t available, which helps maintain its competitive rates [4][6].

Special Features

The MomentumPLUS account includes several tools and features to help you meet your savings goals:

• Savings goal management: Use online tools to organize and track multiple savings goals, whether it’s for a vacation, an emergency fund, or a big purchase [8].
• Premium periods: Choose from 90, 180, 270, or 360-day terms to earn bonus interest. Keep in mind that withdrawing funds during a premium period will forfeit the bonus, but the remaining balance will automatically start a new premium period of the same duration [4].
• Rate bonuses for package holders: Ultimate Package customers earn an extra 0.10%, while Preferred Package customers get an additional 0.05%.
• Automatic savings plans: Set up recurring contributions to grow your savings effortlessly [4].

This account offers a flexible and fee-free way to save while rewarding you with higher interest rates for longer-term commitments.

2. CIBC eAdvantage Savings Account

The CIBC eAdvantage Savings Account has been highlighted by NerdWallet Canada for its enticing bonus offer [3]. This account blends a promotional interest rate with a Smart Interest feature that rewards steady saving habits, making it a strong option for Canadians looking to grow their savings.

Interest Rates

This account offers a tiered interest structure designed to reward higher balances. New clients can take advantage of a promotional rate for the first three months. Additionally, the Smart Interest feature boosts returns on balances up to $200,000, provided you save at least $200 each month. This setup encourages consistent saving while delivering competitive returns.

Fees

One of the account's appealing aspects is the absence of a monthly maintenance fee:

• Monthly fee: $0.00
• Transactions: $5.00 each
• Interac e-Transfer: $1.50 plus applicable fees
• Non-CIBC ATM withdrawals: $2.00 plus applicable fees

To avoid these transaction fees, you can transfer funds for free between your CIBC accounts or move money into a CIBC chequing account that offers free transactions [9].

Accessibility

Funds in the eAdvantage Savings Account are accessible through ATMs and online banking. However, since each withdrawal incurs a fee, this account works best when paired with a CIBC chequing account for everyday spending.

Deposit Insurance

Another key benefit of this account is the peace of mind provided by deposit insurance. Deposits are protected by the Canada Deposit Insurance Corporation (CDIC). As a CDIC member, CIBC offers automatic, no-cost insurance coverage on deposits up to $100,000 per category, which includes both principal and interest. This protection applies across various account types [10][11].

Special Features

The Smart Interest feature stands out as a defining element of this account. By saving at least $200 monthly, you unlock a higher interest rate on balances up to $200,000. Additionally, the account integrates seamlessly with CIBC's digital banking tools, making it easy to track your savings progress and see when the enhanced rate applies. This combination of features makes it a practical choice for those aiming to build their savings efficiently.

3. BMO Savings Amplifier Account

The BMO Savings Amplifier Account, earning a 4.6/5 rating from NerdWallet Canada, combines competitive promotional interest rates with fee-free basic banking. It's designed to help you grow your savings without unnecessary costs [3].

Interest Rates

This account offers a base interest rate of 0.80%. New customers can unlock a promotional rate of up to 4.75% (as of June 18, 2025) by opening a Performance, Premium, or AIR MILES Chequing Account alongside their savings account [3][12]. While this promotional rate is attractive, it’s slightly below alternatives like the CIBC eAdvantage Savings Account (up to 4.90%) and the Scotiabank MomentumPLUS Savings Account (up to 5.00%).

Fees

The account is free of maintenance fees, making it an accessible choice for savers:

• Monthly fee: $0
• Minimum deposit: $0
• Transfers to other BMO accounts: Free

However, certain transactions come with charges. For instance, pre-authorized debits, in-branch or Telephone Banking transfers, and cash withdrawals each cost $5.00 [12][13].

Accessibility

The account provides easy access through BMO’s digital banking platform and extensive ATM network. It also integrates effortlessly with other BMO products, allowing you to transfer funds between accounts without extra charges.

Deposit Insurance

Your deposits are insured by the Canada Deposit Insurance Corporation (CDIC) for up to $100,000, offering peace of mind [2][14].

Special Features

One standout feature is the ability to boost promotional rates by linking the account to a qualifying BMO chequing account. Plus, there’s no minimum balance requirement, making it a flexible option for all savers.

4. RBC High Interest eSavings Account

The RBC High Interest eSavings Account combines reliability with the backing of RBC's strong presence in the Canadian banking market.

Interest Rates

New clients who sign up between June 6 and July 30, 2025, can take advantage of a promotional rate of 4.70%. This rate is a combination of a 3.95% bonus and a 0.75% regular rate, and it applies to balances up to $1,000,000 [17][18]. After the three-month promotional period, the regular rate will apply and may fluctuate depending on market conditions. While this rate is slightly lower than the 4.90% promotional rate offered by the CIBC eAdvantage Savings Account, RBC's offer remains competitive in the Canadian market.

Now, let’s look at the fee structure to better understand potential costs.

Fees

This account has no monthly fees, but certain transaction charges may apply. These include fees for excess debits, Interac e-Transfers, cross-border transactions, and ATM withdrawals [17].

To keep costs low, you can benefit from one free RBC ATM cash withdrawal per month and free transfers between RBC accounts. For added flexibility, pairing this account with an RBC Day to Day Savings Account allows you to transfer funds for a free debit withdrawal [17].

Accessibility

In addition to competitive rates and manageable fees, this account offers convenient access via online, mobile, and telephone banking [17]. RBC was ranked first in both online banking and mobile app satisfaction in the J.D. Power 2024 Canada Online Banking Satisfaction Study [19]. Through the RBC Mobile app, you can easily check balances, pay bills, set up alerts, send money, or even deposit cheques using your smartphone camera. For those who prefer face-to-face service, customer support is available by phone or through in-person appointments at RBC branches [19].

Deposit Insurance

Your deposits are protected by CDIC insurance, covering amounts up to $100,000 [17].

Special Features

This account includes free eStatements and notifications, helping you stay on top of your savings. However, unlike competitors such as Manulife, Simplii, and Tangerine, RBC does not typically extend promotional rates to existing customers [15]. That said, existing clients may occasionally receive targeted promotional offers [16].

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5. Tangerine Savings Account

Tangerine makes a clear, no-fee choice among the many you can pick from. Their high-interest savings account aims to keep it simple but still offers good benefits.

Interest Rates

New Tangerine users can get a 4.50% promo rate for the first five months on sums up to $1,000,000 if they join by July 31, 2025. After this time, the rate falls to 0.30%[20][21]. Even though this regular rate isn't as high as digital rivals like KOHO (4.00%) or Simplii Financial (3.70%)[3], it stands well against old bank options.

Fees

The Tangerine savings account has a no-fee plan, so no monthly costs, no need for a certain money amount, and no fees for deals[20][21]. Yet, there are some extra costs to know about, like:

• $2 for paper reports
• $5 for a redo of tax forms
• $45 for not enough funds
• Fees for not using it: $20 a year (going up to $40 after 10 years)
• $50 to move registered accounts[22]

These costs are rare for normal use but matter for some cases.

Accessibility

Tangerine’s phone app is well liked, with 4.6/5 on Google Play and 4.7/5 on the App Store[20]. The bank also got top marks for its great customer happiness, being first in the Midsize Bank Area for 13 years in a row, as per the J.D. Power Canada Retail Banking Happiness Study[21].

You can use most Tangerine services online or on their app, and phone help is there if you like talking to a person. This online-first way is helped by top-notch deposit safety, making the bank easy and safe to use.

Deposit Insurance

The money in Tangerine is safe under CDIC for up to $100,000 per kind of account. This cover is for each person alone, shared accounts, RRSPs, and TFSAs[21][23].

Special Features

Tangerine’s savings account does more than offer good rates. Its easy use and handy digital tools make it great for Canadians who want to handle their money online. Mixed with strong customer likes and sure deposit safety, it’s a top pick for those who want easy banking.

6. KOHO High Interest Savings Account

KOHO gives Canadians a new take on savings by mixing how you spend and save in one easy setup. With over 2 million users in the land, this new money firm brings a cool pick to old bank accounts.

Interest Rates

KOHO stands out with interest rates up to 4%. What you get rides on your chosen plan:

• Essential Plan: 2.5% interest
• Extra Plan: 3.0% interest
• Everything Plan: 4.0% interest

Interest adds up each day and is given each month, on all your money. You don't need to shift your cash to a new spot to get the best rate.

Fees

KOHO has tiered plans with different monthly fees, based on what you pick:

• Essential Plan: $0/month (needs things like direct deposit or adding $1,000 each month)
• Extra Plan: $12/month
• Everything Plan: $14.75/month

While the Essential Plan costs nothing under set terms, the paid plans have higher interest rates. Check the monthly cost against the extra interest to see if moving up fits your saving goals.

Accessibility

KOHO is made for today, with an easy-to-use app that makes banking plain. It works with top pay methods like Apple Pay, Google Pay, and Samsung Pay. With a prepaid Mastercard, you can get cash back as you buy and your cash still grows with high interest. The app also has cool stuff like saving goals and a RoundUps tool that saves your change from what you buy.

Deposit Insurance

Safe deposits up to $100,000 with CDIC insurance.

Special Features

KOHO links your daily buys to saving growth. Their rates can be ten times more than old savings accounts, and your funds stay easy to reach. Other goods include free credit score checks to keep an eye on your money health with your savings. Plus, there are no least limits or caps on earning, so you can start saving now, no matter your amount.

KOHO has won big praise, like a 4.9/5 rating from NerdWallet Canada, called "Best for a steady interest rate with cash back." It also got a 5.0 Genius Rating from moneyGenius.ca and was named Best Savings Account.

7. Simplii Financial High Interest Savings Account

Simplii Financial gives a no-pay, easy online bank service with top rates to make saving simple. Let's look at what this account gives you.

Interest Rates

New folks can get a 3.70% special rate on money up to $500,000, good till June 30, 2025. After that date, the account falls to a normal rate that changes with how much money you have. They work out interest each day and pay it each month, so your money grows all the time.

Fees

This account has no monthly fees or costs for transactions and doesn't need a small amount to keep. It’s a top pick for those just starting to save.

How You Can Use It

As a part of CIBC, Simplii Financial clients can use CIBC's big ATM web all over Canada. All banking is done online with an easy mobile app, so you don't need to go to a branch. New folks can prove who they are using Interac’s doc check system and set up auto deposits to meet their saving goals.

Safety for Your Money

Your deposits are safe with CDIC insurance, keeping your money secure.

Extra Cool Bits

Simplii Financial also has a Refer-a-Friend deal, where you can get cash for bringing friends - up to 50 friends a year and 250 in all your life.

"We make saving your money simple" - Simplii Financial [24]

With a 4.2/5 score from NerdWallet [3], Simplii Financial shines due to its promo rate, no fees, and use of a big ATM network across the nation. It's a great pick for Canadians wanting an easy, web-based way to save money.

Good and Bad Points

With savings accounts, every choice has its good and bad sides that set your money plan. Let’s look at the main things to think about.

High interest rates pull you in - like Scotiabank's 5.00% or CIBC's 4.90%. But, here's the trick: these rates often fall after the first bit. Big boss Tim Nargassans says:

"monitor rate changes to ensure your money is always working for you in the best possible way." [1]

Old banks, like RBC, BMO, and Scotiabank, give no month costs and have a lot of spots and ATMs. But, web banks such as Tangerine and Simplii Financial are all online. This is fine if you know tech, but not so for those who like face-to-face bank talks or need cash often.

One thing to think of is how key it is for your savings to grow steady over time. Even though short-term rates may look good, the main rate keeps your savings going up. In Canada, normal rates are about 1% to 2.50%. So, accounts with big main rates are better for a long run.

Here is a fast look at some well-liked savings accounts:

Account	Interest Rate	Monthly Fee	Rating	Key Plus	Key Minus
Scotiabank MomentumPLUS	Up to 5.00%*	$0	4.4/5	Top temp rate	Rate falls after 3 months
CIBC eAdvantage	Up to 4.90%*	$0	4.7/5	Good online setup	Short-term high rate
BMO Savings Amplifier	Up to 4.75%*	$0	4.6/5	No small limit	$5 costs per use
RBC High Interest eSavings	4.70%*	$0	4.0/5	Big ATM reach	Few free moves
Tangerine Savings	Up to 4.50%*	$0	4.5/5	Top extra deals	Web-only use
KOHO High Interest	Up to 4.00%	$0–$14.75	4.9/5	Same rate all over	May have a cost each month
Simplii Financial	3.70%*	$0	4.2/5	CIBC ATM get to	Lowest temp rate

All these accounts come with CDIC insurance up to $100,000, making you feel safe [25].

One more point to look at is how you can get to your money. Some credit groups only let people from certain places join, but these accounts are open to folks all over Canada. How well the digital banking works is also key. For example, KOHO gets the best NerdWallet rating of 4.9/5 for its easy-to-use app and good customer help, while RBC gets 4.0/5 [3].

Conclusion

To sum up, the best savings account for you hangs on your money goals and how you plan to use it. Some accounts start with good rates that change to normal levels later, while others keep a steady growth rate. For instance, KOHO keeps a stable 4.00% rate even after any special offers end.

If you like online banking, Tangerine and Simplii Financial are good picks. They both offer easy-to-use web setups with no monthly costs, but Tangerine often has better deals. If you prefer going to a bank, options like RBC’s High Interest eSavings or BMO’s Savings Amplifier might be better. RBC gives you many ATMs, while BMO lets you move money for free between BMO accounts and asks for no starting money.

If you need to get cash often, big banks with many branches and ATMs might be good. But if you want the most returns, special rates can help in the short run. For a simple, online-only bank, think about KOHO or Tangerine.

FAQs

What should I watch out for with low intro rates on savings accounts?

Low intro rates on savings accounts can catch your eye, but they often have catches. First off, these rates are usually short-term and only last for a while before dropping to a lower normal rate. If you're not ready, this change can hurt your long-term saving goals.

Also, these rates can change since they are often not fixed. They can go up or down based on how the economy is doing. This can make it hard to know what you will get back. Plus, some accounts have rules - like limits on how much you can take out or extra costs - that could limit your access to your money and cut into the perks of the high early rate.

To make the most of these deals, look closely at all the details. Know exactly when the low rate ends, and look at the normal rate that comes after to see if it works with your saving plans.

Are there fees or rules to know about when using high-interest savings accounts in Canada?

In Canada, many high-interest savings accounts have few or no fees, but watch out for some rules. For example, some places may limit the number of times you can pull money out without paying extra. If you take out more than the free limit, you might have to pay more. Also, some accounts may ask you to keep your cash there for a set time, which stops you from using your money for a while.

To avoid sudden costs or troubles, read the account's details well. Look carefully for any fees or limits that could change how you use your savings.

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