Banking
Canada Savings Rate Report: October 2026
Big banks pay an average 0.45% on savings while the best online rate is 2.80%, 6.2 times more. Our October data on savings, welcome rates and GICs before the Bank of Canada’s October 28, 2026 decision.
How much more do online banks pay than the big banks?
About 6.2 times more. The Big Six average 0.45% on their regular savings accounts (range 0.30%–0.55%); the best online rate we track is 2.80% at Oaken Savings Account.
| Account | Bank type | Regular rate | Interest on $10,000 a year |
|---|---|---|---|
| TopOaken Savings Account | Online / alternative | 2.80% | $280 |
| Canadian Tire High Interest Savings | Online / alternative | 2.40% | $240 |
| KOHO Spending & Savings | Online / alternative | 2.00% | $200 |
| Neo Savings Account | Online / alternative | 2.00% | $200 |
| EQ Bank Personal Account | Online / alternative | 1.50% | $150 |
| Wealthsimple Chequing | Online / alternative | 1.25% | $125 |
| Alterna High Interest eSavings | Online / alternative | 1.05% | $105 |
| RBC High Interest eSavings | Big Six bank | 0.55% | $55 |
| National Bank High Interest Savings | Big Six bank | 0.55% | $55 |
| BMO Savings Amplifier | Big Six bank | 0.45% | $45 |
| TD ePremium Savings | Big Six bank | 0.45% | $45 |
| Scotia MomentumPLUS Savings | Big Six bank | 0.40% | $40 |
| Simplii High Interest Savings | Online / alternative | 0.30% | $30 |
| Tangerine Savings Account | Online / alternative | 0.30% | $30 |
| CIBC eAdvantage Savings | Big Six bank | 0.30% | $30 |
Online and alternative banks average 1.51%. On $10,000, the gap between the big-bank average and the best rate is about $235 a year.
Put it into practiceBest savings accountsWhich welcome rates end soon?
6 accounts advertise temporary welcome rates, up to 5.00%. BMO Savings Amplifier: 5.00% for 4 months, apply by November 2; Simplii High Interest Savings: 4.60% for 5 months, apply by October 31; RBC High Interest eSavings: 4.60% for 3 months, apply by October 27; Tangerine Savings Account: 4.50% for 5 months, apply by November 30.
| Account | Welcome rate | Length | Then | Offer ends |
|---|---|---|---|---|
| TopBMO Savings Amplifier | 5.00% | 4 months | 0.45% | November 2 |
| Simplii High Interest Savings | 4.60% | 5 months | 0.30% | October 31 |
| RBC High Interest eSavings | 4.60% | 3 months | 0.55% | October 27 |
| CIBC eAdvantage Savings | 4.60% | 3 months | 0.30% | No end date |
| Tangerine Savings Account | 4.50% | 5 months | 0.30% | November 30 |
| Scotia MomentumPLUS Savings | 4.05% | 3 months | 0.40% | No end date |
Welcome rates are for new clients and usually last 3–5 months before dropping to the regular rate.
What are the best GIC rates in October 2026?
1-year 3.80% (Oaken Financial); 2-year 4.25% (Oaken Financial); 3-year 4.30% (Oaken Financial); 4-year 4.35% (Oaken Financial); 5-year 4.50% (Oaken Financial). The best big-bank 1-year rate we track is 3.00%.
| Provider | 1 year | 2 years | 3 years | 5 years |
|---|---|---|---|---|
| TopOaken Financial | 3.80% | 4.25% | 4.30% | 4.50% |
| EQ Bank | 3.70% | 4.00% | 4.15% | 4.30% |
| Achieva Financial | 3.70% | 4.05% | 3.90% | 4.30% |
| Coast Capital | 2.90% | 3.50% | 3.50% | 3.80% |
| BMO | 3.00% | 3.20% | 3.30% | 3.55% |
| Alterna Bank | 2.65% | 2.85% | 3.10% | 3.30% |
| Scotiabank | 2.45% | 2.50% | 2.60% | 2.75% |
| CIBC | 2.00% | 2.00% | 2.10% | 2.20% |
Locking $10,000 into the best 1-year GIC earns about $80 more than the best big-bank 1-year GIC.
What happens to savings rates if the Bank of Canada cuts?
The policy rate is 2.25% heading into the October 28, 2026 decision. Savings rates usually follow cuts within weeks; a 0.25-point drop costs about $25 a year per $10,000 saved. GIC rates are locked once you buy, so savers who expect cuts often lock in part of their cash.
How was this report compiled?
WalletReturn checks every rate on the providers’ official pages each week. Figures are as of October 15, 2026, for regular personal savings accounts on a $10,000 balance and non-redeemable GICs. Download the full data as CSV from our press page.
Official sources and further reading
Terms vary by product. Confirm the provider’s current terms before acting. This guide does not predict approval, realized value or credit-score changes. How WalletReturn calculates value