Best savings accounts in Canada, according to AI.

The most consistently strong savings accounts in Canada are EQ Bank, Oaken Financial, Neo Money, Saven Financial, Tangerine, and Simplii—each offering competitive rates, no fees, and national availability for most Canadians.

I’m not a financial advisor, so consider consulting a qualified professional before making decisions.

🇨🇦 What Canadians Actually Use Most

Based on the supplied rankings and rate tables, the most commonly chosen HISAs fall into two groups:

Everyday high-rate accounts (stable, non‑promotional) Promo-heavy accounts (very high short-term rates, then drop sharply)

Below is a structured breakdown using the cited data.

📈 Top Everyday High-Interest Accounts (Non‑Promotional)

These accounts offer stable rates without relying on temporary bonuses.

Oaken Financial Savings Account — 2.80% CDIC‑insured, online-only, no fees, no minimum balance. Strong long-term rate stability. Oaken Financial Savings Account — 2.80% Saven Financial High Interest Savings — 2.85% Ontario-only; insured by FSRA up to $250,000. No fees except a one-time $25 membership. Neo Savings Account — 2.25%–3.00% depending on membership Hybrid spend/save account with cash-back rewards; CDIC coverage via Concentra Bank. Wealthsimple Cash — 2.25% Hybrid chequing/savings with unlimited free transactions and 1% cash-back card. Wealthsimple Cash — 2.25% EQ Bank Personal Account — 2.75% with qualifying direct deposit No fees, no minimum balance, free Interac e‑Transfers. Very popular nationwide.

⚡ Best Promotional Rates (Short-Term Bonuses)

These accounts offer very high introductory rates, then revert to low base rates.

Tangerine Savings Account — 4.50% for 5 months (0.30% after) Extremely popular; no fees; strong digital experience. Simplii Financial HISA — 4.60% for 5 months (0.30%–1.00% after) No fees; widely used by CIBC customers; strong promo history. CIBC eAdvantage Savings — 4.60% for 3 months (0.30% base) Big‑bank option with easy transfers if you already bank at CIBC. BMO Savings Amplifier — 5.00% for 120 days (0.45% base) Requires opening a BMO chequing account and completing qualifying steps.

Promos are excellent for short-term savings goals but not ideal for long-term parking.

🏦 Comparison Table (Most Popular Accounts)

Account | Rate (2026) | Fees | Insurance | Notes EQ Bank Personal Account | 2.75% with qualifying deposit 1 | None | CDIC | Very popular; strong digital tools Oaken Financial Savings | 2.80% 1 | None | CDIC | Stable long-term rate Neo Savings | 2.25%–3.00% 1 | None | CDIC (via Concentra) | Hybrid account + cash back Saven Financial HISA | 2.85% 1 | None (membership $25) | FSRA | Ontario-only Wealthsimple Cash | 2.25% 1 | None | CDIC | Unlimited transactions; 1% cash back Tangerine Savings | 4.50% promo, 0.30% regular 2 | None | CDIC | Best-known promo account Simplii HISA | 4.60% promo, 0.30%–1.00% regular 2 | None | CDIC | Strong promo history 2 Sources2

✅ How to Choose the Right One

Pick EQ Bank or Oaken if you want stable long-term rates. Pick Tangerine or Simplii if you want short-term promotional boosts. Pick Neo or Wealthsimple if you want hybrid spending + saving with rewards. Pick Saven if you’re in Ontario and want high stable rates with provincial insurance.

🔍 One helpful follow-up

Would you prefer a stable long-term rate or a high promotional rate for the first few months?

Several Canadian comparison sites agree on a short list of popular accounts. Rates change often and the sources don't match exactly, so check each provider's site before you open an account.

Most-recommended options

EQ Bank Personal Account is the most common top pick.

• Ratehub names it the best HISA for 2026. Finder also lists it as the overall best.
• The rate is 1.00% base and 2.75% with direct deposit. Another source puts the direct deposit requirement at at least $2,000 per month.
• Its rates are non-promotional.

Oaken Financial Savings Account is good if you want a high rate with no gimmicks.

• It pays a regular 2.80%, with no introductory period or promotional limits.
• The minimum to qualify is $1,000.

Neo Financial is a digital option.

• It pays 2.00% on the free membership and up to 2.75% on the paid Grow membership at $14.99/month.

Wealthsimple Cash suits people who already invest with Wealthsimple.

• Its rate ranges from 1.75% to 2.25%, with $0 fees and CDIC insurance.

Tangerine and Simplii are best if you want a promotional rate on a new account.

• Simplii offers 4.60% on eligible deposits for the first five months. Tangerine offers 4.50% for the first five months.
• Both rates drop sharply afterward. Simplii's base rate is 0.30%.

Other solid ongoing rates:

• Canadian Tire Bank pays 2.40%.
• Saven Financial pays 2.85%. It's Ontario only.

The Big 5 banks

RBC, TD, BMO, Scotiabank and CIBC are convenient if you already bank with them, but their regular rates are low.

• Typical big-bank rates run from 0.01% to 0.55%.
• Some run new-client promos. For example, BMO offers 5.00% for 4 months, but it requires a new chequing plan or package.

Tips

• Promo rates fade. If you chase them, set a reminder to move your money when the promo ends.
• Check CDIC coverage. Most of the accounts above are CDIC-insured, but not all. For example, Saven is listed under FSRA and Achieva under DGCM, which are provincial credit-union protections.
• Consider a TFSA. If you'll keep the money for a while, holding a savings product inside a TFSA makes the interest tax-free. Many of these providers offer that option.
• Read the fine print. Look at transaction limits, minimum balances and monthly fees.

Simple pick: EQ Bank works for most people. Oaken is a good choice if you want a high flat rate and can meet the $1,000 minimum. If you're a new customer, a Tangerine or Simplii promo can earn more in the short term.

In Canada, the “best” savings account depends on whether you want a consistently good everyday rate, a promo rate, app convenience, or branch access. Rates change constantly, so don’t pick on a single decimal—check the current rate and whether it’s promotional.

Practical shortlist for most Canadians

My top recommendations by use case

1. Best default for most people: EQ Bank Savings Plus Account.
   If you want one no-fee savings account with a usually competitive rate and no promo games, EQ Bank is the most common recommendation in Canadian personal-finance circles.

2. Best for promo chasers: Tangerine or Simplii Financial.
   Many Canadians open these mainly for sign-up bonuses and limited-time savings rates, then move money out when the promo ends. Set a calendar reminder.

3. Best if you already use Wealthsimple: Wealthsimple Cash.
   Great for keeping cash alongside investments and spending. It’s convenient, but it’s a cash account, not a traditional savings account—check CDIC details.

4. Best set-and-forget alternatives: Motive Financial or Oaken Financial.
   Good for people who don’t want to chase promos but still want a competitive CDIC-insured rate.

5. Best if you need a branch: Big Five bank savings account.
   Use it only for convenience or if you have a bundled package. Don’t keep large savings there just for yield.

TFSA note

If you have TFSA room, compare savings accounts inside a TFSA—e.g., EQ Bank TFSA savings, Motive TFSA, Tangerine/Simplii TFSA promos, Oaken TFSA options. Interest is tax-free, so a slightly lower TFSA rate can beat a higher non-registered rate depending on your tax bracket.

Insurance note

• CDIC covers eligible deposits up to $100,000 per depositor per insured bank (categories apply). EQ, Tangerine, Simplii, Motive, Oaken/Home Trust, and Alterna Bank are CDIC members.
• Credit unions like Hubert, Achieva, or Implicity are provincially insured, not CDIC—check your province’s coverage.
• Wealthsimple Cash is not a bank; coverage is through partner banks and can be structured differently—verify current terms.

Bottom line: For most Canadians, open EQ Bank as the main no-fee savings account, keep Tangerine/Simplii for promo rates, and use Wealthsimple Cash only if you value the app/spending integration. Use a Big Five savings account only for convenience, not for yield.

When looking for the best savings accounts in Canada, the right choice depends on whether you want a consistent everyday high rate, a high introductory promo rate, or the convenience of a traditional branch network.

Most Canadians looking for high-interest savings accounts (HISAs) use direct/digital banks because the "Big Five" traditional banks (RBC, TD, BMO, Scotiabank, CIBC) pay very low standard base rates (often 0.30%–0.50%) unless you are on a temporary promotion.

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1. Best Overall Everyday Rates (No Promos to Chase)

These options offer consistently high base interest rates without making you move your money every few months.

• EQ Bank (Personal Account & Notice Savings Account)

  • Why people use it: EQ Bank is arguably Canada's favorite digital bank for straight savings. It functions as a hybrid savings/chequing account.
  • Key Features:
    • Solid standard interest rate on every dollar (boosted even higher if you set up direct deposit).
    • EQ Bank Notice Accounts: Offers optional 10-day or 30-day notice savings accounts for higher yield in exchange for agreeing to give advance notice before withdrawing funds.
    • Free Interac e-Transfers and zero monthly fees.
    • The EQ Bank Card gives you free cash withdrawals at any ATM in Canada (they reimburse the operator fees).
    • CDIC insured.
  • Best for: Anyone who wants a zero-fee, set-it-and-forget-it everyday savings account with easy cash access.

• Wealthsimple (Wealthsimple Cash)

  • Why people use it: Wealthsimple has evolved from a robo-advisor into an all-in-one financial hub for spending, saving, and investing.
  • Key Features:
    • High base rate paid on all balances (rates increase as your total asset portfolio grows—Core, Premium, or Generation tiers, plus direct deposit bonuses).
    • 1% cash back on spending using the Wealthsimple Mastercard debit card.
    • No foreign exchange fees on purchases.
    • CDIC protection up to $500,000 (via sweeping funds through partner CDIC member banks).
  • Best for: Investors, tech-savvy Canadians, or anyone who wants their savings, chequing, and TFSA/RRSP/FHSA trading accounts under one clean app.

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2. Best for Promotional Rate Chasing

If you don't mind moving your money around once or twice a year, these digital arms of major banks offer massive intro rates.

• Tangerine (Savings Account)

  • Backed by: Scotiabank.
  • Why people use it: Tangerine frequently runs aggressive introductory rate promotions (often around 4.5% to 5.5% for the first 5 months). Once the promo ends, the rate drops significantly (around 0.30%–0.40%), but existing clients often receive targeted promo extensions.
  • Perks: Free access to Scotiabank’s nationwide ABM network.

• Simplii Financial (High Interest Savings Account)

  • Backed by: CIBC.
  • Why people use it: Very similar to Tangerine, Simplii offers high intro rates for new customers on deposits up to $200,000.
  • Perks: Free access to CIBC ATMs nationwide and no monthly account fees.

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3. Best Niche & Regional High-Yield Options

Smaller direct banks and credit unions frequently offer top-tier standard rates:

• Neo Financial (Neo Savings): Modern app with high competitive base rates and instant integration with their rewards credit card.
• Oaken Financial: Owned by Home Bank, consistently offers some of the highest non-promotional standard rates in Canada, along with competitive GICs.
• Saven Financial: A digital division of FirstOntario Credit Union that offers top rates (though restricted to Ontario residents).

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4. What About the Big 5 Banks?

If you prefer to stay with RBC, TD, BMO, Scotiabank, or CIBC, standard savings accounts pay almost no interest. However, a few specific accounts are worth noting if you want to keep your funds in the same ecosystem:

• CIBC eAdvantage Savings Account: High promotional rates for new accounts or bonus rates when you save a minimum amount each month.
• BMO Savings Amplifier Account: No monthly fees and competitive promo rates, though standard rates require ongoing deposits.
• Scotiabank MomentumPLUS Savings Account: Pays higher rates if you commit to leaving your money untouched for longer "premium periods" (90 to 360 days).

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How Most Canadians Set Up Their Accounts

A common setup used by Canadians looking to maximize their returns:

1. Everyday Banking: Keep a primary checking account at a Big 5 bank or a free online bank (like Tangerine or Simplii) for branch access or physical bill payments.
2. Emergency Fund & Short-Term Savings: Move emergency money to EQ Bank or Wealthsimple Cash for a strong, reliable base yield without promo expirations.
3. Registered Savings (TFSA / FHSA / RRSP): Use high-interest TFSA or FHSA savings options at EQ Bank or Wealthsimple to earn interest tax-free.

What to Keep in Mind

• CDIC Protection: Ensure the provider is a member of the Canada Deposit Insurance Corporation (CDIC) or a provincial deposit insurance framework (like DICO/FSRA in Ontario or CUDIC in BC) so your money is insured up to $100,000+.
• Taxes: Non-registered HISA interest is treated as regular income and taxed at your marginal rate. Consider holding savings in a TFSA HISA if you have unused contribution room.

When looking for the best High-Interest Savings Accounts (HISAs) in Canada, Canadians generally gravitate toward digital-only banks and fintechs rather than the traditional Big Six banks, which typically offer baseline everyday rates as low as 0.05% to 1.00%.

The top brands and products that Canadians actually use and trust are categorized below by what they do best:

1. The Overall Fan-Favourite: EQ Bank

Product: EQ Bank Savings Plus Account / Personal Account EQ Bank Savings Plus Account The Vibe: Widely considered the gold standard for everyday digital banking and emergency funds. Why people use it: It combines the high interest of a savings account with the flexibility of a chequing account. There are no monthly fees, no minimum balance requirements, and free mobile check deposits and electronic transfers. Perks: CDIC insured, great mobile app, and seamless integration if you want to lock money into notice savings or short-term GICs.

2. Best for Everyday High Base Rates: Neo Financial

Product: Neo Savings Account Neo Savings Account The Vibe: A modern fintech challenger that routinely beats out traditional online banks on steady, ongoing yields. Why people use it: Unlike promotional "teaser" rates that drop after a few months, Neo offers a competitive everyday standard rate (hovering around 2.90%) without requiring you to constantly chase new promotions. Perks: No monthly fees on basic tiers, CDIC insured partnership, and a sleek app experience geared toward millennial and Gen Z spenders/savers.

3. Best for Long-Standing Reliability: Tangerine

Product: Tangerine Savings Account Tangerine Savings Account The Vibe: The pioneer of no-fee digital banking in Canada (formerly ING Direct). Why people use it: Canadians love Tangerine for its aggressive promotional welcome rates (often lasting 5 to 6 months). Many savvy savers practice "Tangerine hopping"—moving funds in when a high promo rate hits, and shifting elsewhere once it expires. Perks: Backed by Scotiabank (CDIC insured), zero monthly fees, and easy account opening in CAD or USD.

4. Best Alternative Fintech: KOHO

Product: KOHO Earn Interest KOHO Earn Interest The Vibe: A spending-and-saving hybrid prepaid card account. Why people use it: KOHO offers high yields (up to 3.5%) on your entire balance depending on the chosen plan, essentially treating your spending money like a high-interest savings vehicle. Perks: Earn cash back on everyday purchases while your resting balance collects solid interest (though some higher-yield tiers require a small monthly subscription fee).

5. Best "Big Bank" Digital Offshoot: Simplii Financial

Product: Simplii Financial High Interest Savings Account Simplii Financial High Interest Savings Account The Vibe: CIBC's digital banking arm. Why people use it: It gives you the security and infrastructure of a major Schedule I bank (CIBC) with zero of the traditional monthly fees. They regularly run strong 5-month promotional interest spikes for new clients. Perks: Free access to CIBC ATMs, CDIC insured, and completely fee-free everyday transactions.

Quick Checklist Before Choosing:

Promo vs. Base Rate: Decide if you want to chase 4%–5% introductory "teaser" rates (which require moving money around every few months via Tangerine or Simplii) or prefer a steady, set-and-forget ongoing baseline rate via EQ Bank or Neo. CDIC Insurance: Ensure the institution is a member of the Canada Deposit Insurance Corporation (CDIC) so your deposits are government-guaranteed up to $100,000 per depositor category. Canada Deposit Insurance Corporation (CDIC) Tax Shelters: Remember that interest earned in a standard HISA is fully taxable as income. If you are maxing out your savings, consider opening these same accounts inside a TFSA (Tax-Free Savings Account) wrapper if the provider supports it.

The best savings accounts in Canada for everyday use combine high interest rates, no monthly fees, and CDIC deposit insurance. Canadians typically choose between ongoing digital banks (like EQ Bank or Wealthsimple) and high-promotional-rate offers from online arms of major banks (like Tangerine, Simplii, or Scotiabank).

Top Canadian Savings Accounts & Brands

EQ Bank (Personal Account / Savings Plus) Interest Rate: Base rates around 1.50% to 2.75% (up to higher tiers with direct deposit) Monthly Fee: $0 Insurance: CDIC Insured (Equitable Bank) Why people use it: Widely considered the best all-around digital account for everyday use, offering free Interac e-Transfers, no minimum balance, and high liquidity. You can explore the account on the EQ Bank Website. Wealthsimple Cash Interest Rate: Around 2.50% (non-promotional simple interest) Monthly Fee: $0 Insurance: CDIC/CIPF partner coverage (up to $1M combined via partner institutions) Why people use it: Ideal if you already use Wealthsimple for investing or crypto, providing instant access without lock-in periods. Learn more on the Wealthsimple Savings Page. Tangerine Savings Account Interest Rate: Promotional rates often hit 4.50% – 5.00% for the first 3–5 months (dropping to a standard base rate of ~0.30%–0.70% afterward). Monthly Fee: $0 Insurance: CDIC Insured (Scotiabank subsidiary) Why people use it: Great for "promotional hopping" or beginners who want a full suite of mobile banking tools backed by Scotiabank. Check current offers on the Tangerine Website. Simplii Financial High Interest Savings Account Interest Rate: Promotional offers up to 4.60% for new clients (dropping to lower base rates after 3–5 months). Monthly Fee: $0 Insurance: CDIC Insured (CIBC subsidiary) Why people use it: Seamless integration with CIBC ATMs and zero-fee digital transfers. Review details on the Simplii Financial Website. Neo Financial (Neo Money Account) Interest Rate: Tiered rates up to 2.25% – 3.00% depending on balance thresholds. Monthly Fee: $0 Insurance: CDIC Insured via partner institutions (ATB Financial) Why people use it: Combines spending and saving features with a no-fee structure. See the Neo Financial Website.

Comparison Summary

Financial Institution Typical Rate (Base or Promo) Monthly Fees CDIC / Insured? Best For EQ Bank 1.50% – 2.75%+ $0 Yes Best overall everyday digital banking Tangerine Up to 4.50% (Promo) $0 Yes New customer promotional rates Simplii Financial Up to 4.60% (Promo) $0 Yes CIBC-backed no-fee convenience Wealthsimple Cash ~2.50% $0 Yes (Partner network) Investors already on the platform Neo Financial 2.25% – 3.00% (Tiered) $0 Yes Tiered balances & mobile experience Big 5 Banks (RBC, TD, CIBC, BMO, Scotiabank) 0.01% – 1.00% (Base) Varies Yes In-branch access only (poor yields)

What to Watch Out For

Introductory Promo Rates vs. Ongoing Rates: Many traditional and online banks advertise high rates (like 4.5% to 5.0%), but they only last for 3 to 5 months before reverting to a low base rate of 0.30%–0.70%. Big Banks Are Usually Not Worth It: Traditional accounts at the Big 5 banks often pay near-zero interest (0.01% to 0.5%). Compare Real-Time Rates: You can track minute-by-minute shifts across Canadian institutions using the HighInterestSavings.ca Comparison Chart or run broad side-by-side specs via the Ratehub Savings Comparison Tool.

The top savings accounts (high-interest savings accounts or HISAs) that Canadians actually use right now focus on competitive rates, no or low fees, easy digital access, and CDIC insurance (up to $100,000 per depositor per insured category).

Rates fluctuate frequently (often monthly or with promos), so always verify directly on the provider’s site before opening or transferring funds. Most are fully digital with no monthly fees or minimum balances. Big Five banks (RBC, TD, Scotiabank, BMO, CIBC) typically offer much lower ongoing rates (often under 1–2%) unless you chase short-term promos.

Top Recommendations (as of early November 2026)

Here are the standout options based on recent comparisons, ongoing vs. promo rates, user feedback (e.g., Reddit discussions on ease of use and reliability), and popularity:

• EQ Bank (Personal Account or Joint Account): One of the most frequently recommended for everyday use. Offers a strong ongoing rate (typically around 2.5–2.75%, e.g., base ~1.5% + bonus with qualifying $2,000+ monthly direct deposits; or via their Notice Savings Account with 10–30 days’ notice for similar rates). No fees, unlimited transactions, e-Transfers, CDIC-insured via Equitable Bank. Popular for its reliable rate without constant promo-chasing, good app, and flexibility. Many Canadians use it as a primary or secondary savings spot.

• Tangerine Savings Account: Very popular for new-client promotional rates (recently advertised around 4.5% for ~5 months on eligible new deposits, then drops sharply to ~0.3%). Backed by Scotiabank with CDIC coverage and access to Scotiabank ATMs. Easy onboarding and widely used by Canadians rotating funds for promos or as a simple no-fee option. Great if you qualify as a new client.

• Simplii Financial High Interest Savings Account: Similar to Tangerine—strong intro promos (e.g., around 4.6% for 5 months for new clients on eligible amounts, then low base rate ~0.3–1%). CIBC-backed, CDIC-insured, no fees. Popular among users who like the promo cycle or already bank with CIBC ecosystem.

• Wealthsimple Cash / Savings Account: Favoured by investors and app users for seamless integration with investing platforms. Tiered rates (often 1.25–2.5%+ depending on assets held or direct deposits; sometimes higher tiers). No fees, CDIC via partners. Popular for those who want one app for cash + investments and value convenience over the absolute highest rate.

• Oaken Financial Savings Account: Competitive ongoing base rate (around 2.8% in recent data). CDIC-insured (via Home Trust/Home Bank). Good for a straightforward higher-rate option without heavy conditions; more GIC-focused but solid for savings too. Less “app-heavy” but reliable.

Other Notable Mentions

• Neo Financial or KOHO: Tiered rates (higher with paid memberships or plans, up to ~3–3.5% in some cases). Popular for rewards integration or younger users, but factor in any fees.
• Saven Financial: Often shows one of the higher base rates (~2.85%), but limited to Ontario residents (FSRA-insured, not CDIC).
• Provincial credit unions or others (e.g., Bridgewater, Canadian Tire Bank) can compete on rate but may have geographic limits.

Quick Tips for Canadians

• Promos vs. ongoing rates: Tangerine/Simplii shine for short-term boosts if you’re comfortable moving money every few months. EQ Bank or Oaken are better for “set it and forget it” higher baseline rates.
• Tax efficiency: Consider holding these in a TFSA (tax-free growth/withdrawals) if you have contribution room—many providers offer TFSA versions of the above accounts.
• GICs for longer terms: If you don’t need immediate access, locked-in GICs (e.g., via EQ Bank, Oaken, or others) often pay more than variable savings (recently 3.5–4.5%+ for 1–5 years depending on term).
• Safety & practicality: Stick to CDIC-insured institutions for peace of mind. Compare total features (e-Transfers, ATM access, app quality) alongside rates. Rates are variable and can change with Bank of Canada policy.
• Next steps: Check sites like EQ Bank, Tangerine.ca, Simplii.com, or Wealthsimple for current rates and eligibility. Tools like rate comparison sites (e.g., WOWA or similar) help track updates.

These are among the most discussed and used options in recent reviews and community feedback. Your best choice depends on whether you prioritize max promo rates, consistent ongoing yield, or ecosystem fit—EQ Bank and the promo banks (Tangerine/Simplii) top many lists for broad appeal. Always confirm the latest details directly.

If you’re in Canada, I’d start with Wealthsimple, EQ Bank and Tangerine. They’re practical choices for different reasons: a straightforward ongoing rate, everyday banking with interest, and a strong—but temporary—new-client offer. Rates can change, so check the offer before opening an account.

My short answer: Choose Wealthsimple Savings if you want to park cash at a simple ongoing rate; EQ Personal if you’ll meet its payroll-deposit condition and want one everyday account; or Tangerine if you’re eligible for the promotion and willing to move or reassess your money after five months.

One important distinction: ordinary savings interest is generally taxable. If you have TFSA contribution room, compare TFSA savings products separately—a regular savings account doesn’t become tax-free just because you’re saving for a long-term goal. For bank deposits, CDIC’s usual limit is $100,000 per insured category, per member institution, including eligible deposits you hold in the same category at that institution. (canada.ca)

For most Canadians, the best practical choices are EQ Bank, Simplii Financial, Tangerine, Wealthsimple, and Oaken Financial. The right one depends mainly on whether you want a strong ongoing rate, a temporary promotional rate, easy everyday banking, or a registered account.

Practical recommendation

• Emergency fund or general savings: EQ Bank Personal Account.
• Short-term rate maximization: Use a Simplii or Tangerine promotion, then reassess when the promotional period ends.
• Savings you will rarely touch: Oaken Financial or EQ Bank Notice Savings.
• One-app banking and investing: Wealthsimple.
• You want branches and an existing banking relationship: BMO, RBC, CIBC or Scotiabank—but compare their ongoing rate carefully, because standard savings rates at major banks are often less competitive than online banks.
• First-home savings: Consider an FHSA before a regular taxable savings account if you are eligible.

Promotional rates should not be treated as permanent returns: confirm the base rate, bonus duration, eligible deposit rules, withdrawal restrictions and whether the account is CDIC-insured before transferring money. Many listed accounts have no monthly fee, but deposit protection differs for banks, provincially regulated credit unions and other institutions.

For a simple setup, keep your day-to-day banking where it is and place your emergency savings in EQ Bank; use Simplii or Tangerine only when the promotional-rate terms justify moving the money.